Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Winding down self-employment and planning for retirement Aug 18th
Q. I am a 60-year-old female, working full-time employed/self employed on a 100% commission basis and averaging between $107,000 and $140,000 gross annual income.
I own my home, with a $70,000 balance left on my mortgage. My mortgage payment (not including property taxes) is $457 biweekly. The curre.... More »
Canada’s financial consumer watchdog unveils guidelines to support at-risk mortgage borrowers Jul 6th
The country's financial consumer watchdog today unveiled new guidelines urging financial institutions to provide support to mortgage holders who are facing "severe financial stress" and are at-risk of default..... More »
‘It’s choking me’: This homeowner’s mortgage payments have shot up by more than $1,000 a month. What should he do? + MORE Dec 31st
‘I was naive. I’ve never experienced rate hikes like this before,’ homeowner says, adding he plans to switch to a five-year fixed rate when rates hit 3%..... More »
Three ways mortgage brokers can reassure concerned borrowers Feb 12th
Many mortgage brokers are fielding calls from clients concerned about rising interest rates and an uncertain economic outlook..... More »
Deferring Your Mortgage Could Cost You More Down the Road + MORE Jun 4th
Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders.
It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the.... More »
The Ultimate Guide to Buying a Home When You’re Self-Employed
– ratesupermarket.ca
Almost half (45%) of Canadians will be self-employed by 2020, according to Intuit. In some cases, these individuals are supplementing employment income by working on the side. But the trend is clear: self-employment is becoming increasingly common in Canada. Here’s a look at how being self-employed can affect the mortgage buying process, along with some tips to help get you into a new home.
Proving Income as a Self-Employed Canadian
When applying for any type of mortgage, the bank requires proof of income. For those who are self-employed, the process can be a little more complicated. There are two main ways business owners, freelancers and independent contractors can prove their income when buying a home:
Proved income: The average amount you’ve earned over a period of time, typically at least two years.
Stated income: A reasonable estimate of your income based on the type and size of your business. Typically, you can only use this method if you’ve been in business for at least a few years…
Are Toronto House Prices Headed Back to 2016 Levels?
– canadianmortgagetrends.com
Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stress tests on both insured and uninsured mortgages. While sales activity and prices took a hit in both markets, the recovery for the Greater Toronto Area seems to be nearly complete. The […]
