Why do I Need to Pre-Qualify for a Mortgage
If you’ve already been out searching for your next dream home, you might find that a lot of sellers require potential buyers to pre-qualify for a mortgage. For many buyers, there’s little that will strike more fear in their hearts. What is pre-qualifying for a mortgage? Is that a complicated process, and will it drag out the process of you getting that dream home? And most of all, why do you need to pre-qualify in the first place?
Read moreWhat is an Underwater Mortgage?
Thankfully, even with the recession that hit in 2008, the Canadian housing market never really suffered all that badly, and we didn’t have thousands of underwater mortgages on the market. But the U.S. did, and lots of people lost their homes because of it. Now, the housing market in the United States is the best it’s been in 5 months, and people are rejoicing at the number of underwater mortgages going down. While this is obviously great news, it has a lot of people (in Canada and the U.S.) asking the same thing: just what the heck is an underwater mortgage?
Read moreSelf-Employed and Getting a Mortgage: Get your Documents Ready!
For the past two weeks we’ve been exploring the different ways to get around the obstacles of obtaining a mortgage when you’re self-employed, and the many options that are available for those that work for themselves when it comes to home loans. But the process of getting a mortgage when you’re self-employed can be a bit more complicated than if you have a paycheque coming from the Big Boss every two weeks; and being armed with all the documentation you’ll need will help you get your mortgage that much quicker.
Read moreHow to Retire Your Mortgage Before You’re 65
A Royal Bank of Canada housing study done in the past couple of weeks has everyone all in a flurry, after that report stated that the majority of Canadians will be carrying their mortgage with them into their retirement years. But just because a study says it, does that mean that’s what’s actually going to happen? Of course not, it’s simply a reminder of where we are, and what we need to do to get where we want to go. And in order to make sure that you’re not one of the majority taking your mortgage with you, here are a few things you can do to avoid it.
Read moreSelf-Employed Mortgage Option #1: The Stated Income Mortgage
On Friday we looked at a few reasons why it can be so difficult for the self-employed to obtain a mortgage. And if you’re self-employed and have already tried to obtain a mortgage, you already know many of those obstacles. One of the main ones being that often, the self-employed don’t have an actual income to prove and verify. While you may have tax documents, you still don’t have the security of that paycheque every two weeks, and lenders can often look unkindly on that. But, find the right lender with the right kind of mortgage, and you might just be their perfect applicant.
Read moreWhy is it So Hard for the Self-Employed to get a Canada Mortgage?
Last month we kicked off our first mini-series with a close look at closing costs. This month, we explore another question that is at the front of Canadians’ minds: why is it so hard to get a Canada mortgage when you’re self-employed? In this first part of our mini-series, we’ll look at the reasons why the self-employed often have a hard time getting a mortgage; then, further on in the series, we’ll tell you about the options you have when you’re self-employed!
Read moreWhy Being Thirtysomething is So Financially Stressful
The thirtysomething years are supposed to be some of the best times of your life, right? You’ve probably already gotten your career off to a flying start (or at least now know what you want that career to be;) you might be married, maybe you even have a child, or several. And you may even own your own home; maybe even with your own car sitting in the driveway. So what’s to be stressed about? Easily summed up, all of the above.
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