Rental Suites Increase Qualifying Income In today’s market with stricter mortgage rules, a rental suite can make a huge difference when qualifying for a mortgage and knowing which lenders offer the biggest bang for your buck is even more important. Different lenders allow different amounts of the rental income to be added into your qualifying income. Some lenders only allow 50% of the rental income to be used when qualifying for a mortgage, while others allow 80% and even 100%. If a lender allows 50% of the rental income, and the rent is $1200 per month, this will increase the
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Archives for Mortgage Minute
8 Tips the Banks Won't Share with You in 2019
Tips and strategies to get the mortgage you need, tweak the one you have, or plan for renewal
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Renewing Your Mortgage
Before you sign that mortgage renewal...
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Should I Buy or Wait?
Should I buy now or wait a year as prices are dropping, but interest rates are rising?
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Mortgage Rates On The Rise
Mortgage rates started going up again in early October and we will likely see the Bank of Canada bump the rates up in October.
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Owning Versus Renting in Canada
Owning Versus Renting in Canada Mortgage Professionals Canada released a very interesting report today, Owning versus Renting a Home in Canada. In the report, they compare the expected costs of housing for Canadians who will choose to rent versus those who choose to own. In the 266 scenarios examined in the report, taken from a broad cross-section of regions throughout Canada, the monthly cost of home ownership is lower than the cost of renting equivalent housing in the majority of cases today and becomes, even more, cost-effective over time. “The report demonstrates that the money Canadians are spending on monthly
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Credit Score: How does it work?
Your credit score is critical when obtaining credit these days, yet many people are unclear about what makes up their score. Credit scores range from 300 to 900 with most mortgage lenders requiring a minimum of a 680 score. Many factors go into your score but the 2 largest contributors are how you make your payments and how much of your available credit you are using. The first is easy; make your payments on time and your score goes up; have late payments or collections and your score goes down. Any late payments stay on your bureau for years and
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Are You Falling Behind On Your Home Equity Loan?
Mortgage rates have now been on an upward trend for over a year, and this trend is expected to continue, which could create some trouble for those homeowners with Home Equity Lines of Credit (HELOC).
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Interest Rates Shouldn't Be All We Focus On
Important things to consider when choosing a lender or a mortgage product.
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Legalizing Marijuana – Don't put your house at risk!
Marijuana may become legal in the coming months, but growing it in your house is still a really, really bad idea.
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