13 Apr

If you are self-employed

General

Posted by: Croydon DeMello

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.

5 Apr

Personal Credit Score and Report

General

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

General

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?

General

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.