The serious go getter comes in many shapes and sizes, but they’re easy to spot. Be on the lookout for someone like this:
All posts by sarah sloane
What information is in a gift letter?
Some lenders have their own gift letters that we’ll need to use, but they’ll all be (pretty much) some variation of ours pictured below. Printable copy
How does “stated income” for self employed people work?
The stated income program is for people who are self employed, but can’t prove their income in the traditional manner. We’ll take into consideration: the industry you’re in what kind of experience you have how many employees you have whether or not you have a physical location or a website the reasons why proving your […]
Can I borrow money to use as a down payment?
Yes, you can 🙂 We will have to include the payment for the loan in your mortgage application and you will have to have good, established credit (ie. credit score of 650 or higher) for at least two years.
How do I know if my credit is good enough to qualify for a mortgage?
Can I get a mortgage if I am not a Canadian resident?
Yes, you can! To get started, you’ll need: a down payment of at least 5% from your own resources. (ie. savings, documented sale of property) a valid work permit or verification of landed status After that, the requirements change depending on how much you have for a down payment. To get answers about your personal […]
Do I have to get a home inspection done?
In most cases, a home inspection is not mandatory for your mortgage approval. Buuut it’s a good idea to get one 🙂
Can I use my RRSP for my down payment?
If your RRSP is cashable, then you can use it. If you’re a first time buyer, you may qualify to withdraw money from your RRSP under the Home Buyer’s Plan. Find out all you need to know about that by clicking here.
How long can I take to pay my mortgage back?
What we’re talking about here is your amortization. The longest you can take to pay back your mortgage is a quarter of a century. Or as we like to call it, 25 years 😉 Unless you’ve got more than 20% down. In that case, most lenders will let you take up to 30 years because […]
Can I get cashback on my mortgage?
You sure can 🙂 Not so fast, champ! You’ll want to consider the rate you’ll pay to get that extra cash. Generally speaking, the rate will be higher than what you would pay if you didn’t take the money. You’ll also want to be crystal clear on the repayment terms if you break your contract […]