Some lenders will qualify you based on the income earned from your business bank account rather than the income you declare on your CRA taxes. This gives you much more purchasing power for your home.
Month: April 2023
12
Apr
Bank Of Canada Policy Interest Rate Announcement April 12, 2023
Posted by: Croydon DeMello
‘The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%.’ – Bank Of Canada
5
Apr
Personal Credit Score and Report
Posted by: Croydon DeMello
Your credit score and report can affect your mortgage approval and interest rate.
Maintain track of your credit score and liabilities reported to ensure accuracy and to give you insight to increase your score if needed.
You can visit https://www.consumer.equifax.ca/personal/ to get a copy of your credit score and report.
There are lenders than can accommodate a variety of credit profiles
4
Apr
The Underused Housing Tax
Posted by: Croydon DeMello
The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian owners – Government of Canada
3
Apr
Can a Lender help pay for your closing costs?
Posted by: Croydon DeMello
Some lenders have promotions where you can receive anywhere from $500 to $4,000 as a cash back offer depending on your mortgage balance.
These funds can be used to help reimburse you for costs paid during the mortgage process such as lawyer fees, appraisals, home inspection, moving fees, any penalties incurred to break a previous contract or to put towards your new home (subject to conditions.)
Jane was a first time home buyer working with limited savings. After her mortgage closed she received $3,500 cash back from her lender which helped to offset her lawyer fees and appraisal fees. Alongside her first time home buyer land transfer tax credit she ended up paying very minimal costs to close her home and ended up with more money in her savings account.