Self-Employed Mortgages

There are two different types of mortgages for self-employed borrowers. One is based on qualifier income (proof of income on paper) and the other is non-qualifier income (no proof of income on paper). There are big differences in lender policy based on each type of borrowers. Borrowers who qualify based on provable income: Once you are self-employed the mortgage broker or lender will ask to see...

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Why use a mortgage broker?

If you asked your bank representatives how are fixed and variable mortgage rates calculated and did not know how to answer your question, what would you think? If you asked your bank representative how they calculate their fixed rate mortgage penalties and they did not know, would you still want to work with them? Majority of people still do. In Canada we are brain washed into believing that...

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New to Canada and Non-Resident Program

New to Canada Program requires minimum of 5% down.  Must be working full-time permanent for at least 3 months and be living in Canada under 5 years. Work permits are accepted. For new to Canada applicants without a job they need 35% down and have 12 month of mortgage and property tax payments. For non-residents living outside of Canada looking out purchase  in Canada they need 35% down and...

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Private and Second Mortgages

What is Private Mortgage Financing? Private Mortgage Financing can occur when the borrower has to obtain financing outside of the traditional lending sources, i.e. Banks, credit unions, trust companies. The private lenders can be individuals who are searching for a better return on their money or, companies specifically, designed for these purposes.   Private financing is not shady as the bad...

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Fixed Rate Mortgage vs. Variable Rate Mortgage

Fixed Rate Mortgage vs. Variable Rate Mortgage Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term. Even though it may feel like you are taking a gamble going with a variable rate mortgage, because it can...

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How to pay down your mortgage faster !

The main objective of any mortgage borrower is to pay down there mortgage as soon as possible.  Naturally coming up with the money to do this is not that easy.  Two ways to chip away at your mortgage is to take an accelerated payment frequency and take advantage of the automatic payment increase allowed on your mortgage by your mortgage lender.  Here is an example. A $300,000.00 mortgage at a...

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