Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Q3 Lender Earnings: The Unexpected Recovery Dec 2nd
The country’s key mortgage lenders recently released their third-quarter earnings, and it’s safe to say results were better-than-expected all around. Equitable Bank had its best-ever third quarter, while First National had its own record quarter. “For customers and partners, we ori.... More »
Could a home-based business affect your mortgage? May 27th
Registering a business at your home may seem harmless, but it can raise questions for lenders, insurers and municipalities. Here’s what homeowners should know before using their home address for business purposes..... More »
Latest in Mortgage News: Financial experts see less risk of an imminent recession + MORE Apr 27th
A recent survey of financial experts reveals a shift in recession expectations, showing a decrease in the likelihood of an imminent economic downturn. However, there is growing uncertainty regarding the timing and degree of anticipated Bank of Canada interest rate cuts..... More »
How much is the average mortgage payment in Canada? + MORE Aug 12th
There’s a cost-of-living crisis affecting many Canadians in 2023. Despite inflation falling to 2.8% in June, the run-up in prices of 2022 and early 2023 have made many staples, including groceries, unaffordable for everyday people. Meanwhile, the Bank of Canada’s (BoC) efforts to bring infla.... More »
The best credit cards for newcomers to Canada for 2024 + MORE Jan 3rd
Credit Cards
The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
.... More »
Mortgage Career of the Week
– canadianmortgagetrends.com
Company: Bello Mortgage Corp. Ltd. Position Title: Mortgage Agent/Broker Years of Experience Required: NA Licences Required: Mortgage Agent/Broker Location of Position: Anywhere in B.C. Applicants may contact: info@bellomortgage.ca Advertise your mortgage Read More
While most Canadians want to be debt free, those carrying mortgages feel more comfortable owing money than previous generations.
RRSPs, RESPs, a mortgage: Monday Makeover looks at Toronto couple. Mom has a two-hour commute, and wants more time with children.Self employed mortgage options – updated
– mortgageshowdown.com
Self employed mortgage options
As we discussed in the “building blocks of your mortgage” section, mortgages are made up of a sum of our down payment, credit, and income. In the case of many self employed clients, they have the flexibility to show less personal income in lieu of their write offs in the case of a sole proprietor, and retained earnings in the case of a corporation. For self employed mortgage lending in Canada, many lenders have specialized and unique programs that allow for more flexible income underwriting in lieu of stronger down payment and good credit.
The government, through their bill called B-20, has made changes that lenders have since implemented that place much stronger restrictions upon how lenders determine reasonable income for self employed clients. The below options are assuming we do not fit the “traditional income ratios” discussed previously. Prior to the government changes we would often confirm that our clients were self employed and the length of their self employment…
As we discussed in the “building blocks of your mortgage” section, mortgages are made up of a sum of our down payment, credit, and income. In the case of many self employed clients, they have the flexibility to show less personal income in lieu of their write offs in the case of a sole proprietor, and retained earnings in the case of a corporation. For self employed mortgage lending in Canada, many lenders have specialized and unique programs that allow for more flexible income underwriting in lieu of stronger down payment and good credit.
The government, through their bill called B-20, has made changes that lenders have since implemented that place much stronger restrictions upon how lenders determine reasonable income for self employed clients. The below options are assuming we do not fit the “traditional income ratios” discussed previously. Prior to the government changes we would often confirm that our clients were self employed and the length of their self employment…
