Mortgages for the Self-Employed
When it comes to self-employed individuals seeking a mortgage, there are some key things to note as this process can differ from the standard mortgage. For self-employed individuals with an established business seeking best rate financing, the business must have a minimum of two years of history. This includes self-employed applicants who own a full […]
7 Steps for Mortgage Prep
Step 1 – Your Credit Score Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down […]
Get Better Credit With The 5 C’s
Buying your first home is an incredible step in life, but it is not without its hurdles! One of which is demonstrating that you are creditworthy, which all comes down to your ability to manage credit. This is how lenders and credit agencies determine the interest rate you pay. A higher credit rating could mean […]
Should You Use Spare Cash to Pay Off a Mortgage or Invest?
It’s a long-running debate: What’s the best way to get the most from your hard-earned dollars? You have debts to pay, retirement savings to pad and an investment portfolio to build. If you find yourself with a bit more money than expected — maybe because you’re spending less while hunkered down during the pandemic — […]
Low Rates Helping Borrowers Pay Off Mortgages at Record Pace
Home prices may be astronomical in certain parts of the country, but historically low mortgage rates are allowing borrowers to pay off their mortgages faster than ever. At today’s average rates, 61% of a new homebuyer’s very first mortgage payment is going towards principal repayment, according to data from Edge Realty Analytics. In the early […]
Insured and Uninsured Mortgage Stress Test Changes Confirmed for June 1
Starting June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed on Thursday that it will move ahead with its stress test changes first announced last month, which will apply to uninsured mortgages (typically […]
