There are many Common Questions people have with regards to Qualifying for a Mortgage. Here are some of the Most Common
How much Down Payment do you need?
The Minimum Down Payment you need for a Mortgage in Canada is 5%. This can come from your Own Funds, RRSP's in some situations, Gifted from a Family Member, or in Some Cases Borrowed from a Lender.
Please Contact us to get more details on Down Payment Sources.
What kind of Income is acceptable to Lenders?
All Lenders have different Rules on what types of Income they will Accept. In can be Hourly, Salary, commision, Tips, and Self Employed Income. Some Lenders also accept Spousal and Child Support, as well as Canada Child Care Benefit and Foster Care Income
Please contact us for more Details on the Acceptability of your Income Sources.
What kind of Employment is acceptable to Lenders?
Depending on the Lender we can use Business for Self Income, Commission Income, Contracted Income, Hourly Income and Salaried Income. We also have solutions for Tips, Child and Spousal Support, Foster Care Income, Maternity Leave, and Rental Income. We also have solutions for Seasonal, Part - Time, and Full-Time Employment. Let us maximize your Allowable Income to Maximize your Qualification Budget.
Do Lenders look at Property types when qualifying?
One of the Most Crucial Factors of a Mortgage Approval is the Property Itself. Not all Lenders accept all Property Types so having access to Multiple Lenders allows us to help you Purchase your Dream Home.
Can I purchase a home if I am new to Canada?
Yes, We have solutions for Clients that our New to Canada on Work Visa's, Pending Landed Immigrant Status or recent Permanent Status.This Includes client that does not have Established Credit in Canada. Let us show you the Path to Owning your First Home in Canada.
Can I get approved if I have previous Credit Issues?
Of course! We have Access to Lenders that work with all types and Levels of Credit and Credit Situations. Let us help you get back on track to building a solid Credit Background.
Can I use my RRSP's for my Down Payment?
Yes there are First Time Home buyer Programs Available to allow you to use your RRSP's Tax Free to allow you to Purchase a Home. Please contact us to see if you and your types of RRSP's Qualify.
How do I deal with a Property in a Divorce or Separation?
We have Solutions for Couples and Business Partners to allow one of them to Buy out the other and in Some Instances pay off Joint Debt. This can mean the difference of having to sell a Home and Incur costs to letting one person remain in the house and Maintain Family Harmony in a tough Situation. It also allows the leaving Partner to recieve equity that can be used to purchase a property for them. Let us explain all your options in this sometimes Difficult Time.
Can I transfer my Current Mortgage to get better Rates?
Of course! There are Switch and Transfer Programs as well as Refinance options that allow you to secure a Better Rate and in some cases Release some equity from your home to Consolidate Debt. Let us show you your Options.
Let us Answer any Questions you May have!!
Contact us now for your Free No Obligation Advice.