Category: Getting started
I’ve started a new job. How long do I have to wait until I can use my income to apply for a mortgage?
High Fives for starting a new job! We love fresh starts 🙂 Whether or not income from a new job can be used to qualify for a mortgage will depend on a couple of things: Full Time? We can use your income to qualify for a mortgage right away, as long as you’re not on probation. Many employers have a […]
I need to pay down some debt and I’m freaking out – where should I start?
We’ve all been there. Take a deep breath; we can help. The key is to take it one step at a time. First, Make sure you’re paying at least the minimum owing on every loan and credit card each month. If it’s hard to keep track, set up automatic payments on your online banking so […]
How much do I need for a down payment?
To buy a home with 5% down, you’ll need to meet the following: owner occupied property (not a rental property or investment property) provable income purchase price of less than $500,000 in most cases, Canadian residency would be required the ability to prove a 12 month history of good credit (if you just moved to […]
How long will it take to get an approval once I’ve made an offer on a house?
How exciting!! You’ve found a house and you’re making an offer – what a thrilling time!! When you make an offer on a property, your realtor will typically write up the offer so that you have time to get your mortgage financing finalized. Even if you’ve done as much as possible up front (ie. provided […]
When I give a deposit with my offer to purchase a property, does that go toward my down payment?
The short and sweet answer: Yes, it does 🙂 For those who want a little something more to read: When you make an offer to purchase a property, you provide a deposit along with the offer as a show of good faith to the seller. Typically, when you make an offer on a property there […]
Could an email from a Nigerian prince be downpayment for a mortgage?
No, sorry. 🙂 But you could borrow money for a downpayment. 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.
Why would I want a line of credit secured by my house? (HELOC or Home Equity Line of Credit)
The reasons why you would take out a line of credit on the rental instead of a “standard” mortgage product would be: You want to be able to re-advance the mortgage funds in the future and use the money again without having to qualify for it. You want to put large sums of money (in […]
Why do I qualify for less if I am taking a variable rate?
When lenders qualify you for a mortgage, they look at a number of things. They’ll check your credit, income, assets and they’ll take the property you are buying in to consideration as well. When they determine how much you qualify for, they will look at your debt ratios. In simple terms, your debt ratio is […]
Why do I qualify for less if I am taking a term shorter than 5 years?
When lenders qualify you for a mortgage, they look at a number of things. They’ll check your credit, income, assets and they’ll take the property you are buying in to consideration as well. When they determine how much you qualify for, they will look at your debt ratios. In simple terms, your debt ratio is […]