Interested in learning more about property mortgages in Canada? Look no further!
Latest News
New Study: Blended Families Say They Face Financial Challenges + MORE Aug 10th
Merging families is never easy, but if you plan on sharing a home with a new partner, stepchild or even your great aunt, you need to be prepared for the potential financial challenges you may face. As more and more families blend together, having the ability to talk openly about the household’s f.... More »
Canadians are turning to family—and credit—to stay afloat + MORE Jul 20th
Two new surveys reveal the growing financial strain that Canadians face amid rising costs and stagnant wages.
A report from Mortgage Professionals Canada (MPC) found that 70% of recent home buyers say they couldn’t have purchased their property without financial help. A separate survey by.... More »
Will you make money on your rental property? + MORE Sep 8th
After a strong rise in real estate prices in 2021 and in early 2022, many markets are now seeing weakening home prices. Current rental property owners, as well as new potential investors looking to buy, may be wondering how to determine if a rental property is a good strategy for them.
If you are.... More »
Bissada on Online Origination + MORE Sep 23rd
Few people in this country understand the potential of online mortgage origination better than Yousry Bissada, President & CEO of Kanetix. That’s why it’s always informative to hear his predictions on the topic. Bissada visited Canadian Mortgage Hangout on Friday and shared his re.... More »
Mortgage up for renewal? Read this first + MORE May 9th
New mortgage rules and higher interest rates may make it more difficult for you to renew your mortgage..... 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…
