Feb 26, 2009...how to buy a house
with 100% financing
Let's say that a property cost 100K to buy. With poor credit,
you would need 25% down, or 25K. If you don't have a down
payment, it will be hard to buy the house.
But if you can get a 75K 1st
mortgage, perhaps the seller will take back a 25K second
mortgage. This only works if the seller doesn't need all of
his money at once. The net effect for you is that you
can purchase the property with 100% financing. The net
effect for the seller is that he gets 75K cash, and he will
receive monthly payments from you for the 25K second
mortgage. For more articles on mortgage brokers in
Canada, click here.
Feb 17, 2009...Appraisal tips when
applying for a loan
When applying for a loan, you will
need an appraisal from an accredited appraiser. The lender
or broker may choose appraiser from a list of approved appraisal
companies. But no matter who is doing the evaluation, you
need to make sure that your house is in tip-top shape to get
maximum value. Ensure that the yard is clean from messes
and your rooms are clean. Just think like you are having
an open house. If you have a poor evaluation, it may
reflect in a lower price. For info on mortgage brokers in
Canada,
click here
Feb 15, 2009...Canadian home
improvement loan with bankruptcy
Even though you may have suffered a
bankruptcy, and most conventional lenders will want you to wait
2 years before lending to you, we have private lenders who will
lend without a waiting period. Our Canadian lenders will
even consider the loan if you only have a conditional
bankruptcy. Every deal will be considered. For more
information on mortgage brokers in British Columbia,
click here
Feb 11, 2009...ratios for your
Canadian debt consolidation loan
What is the GDS and TDS. Your
GDS is the amount of your monthly mortgage payment (Principal
and interest), property taxes, and sometimes half of your
utility bills. TDS is your GDS plus all of your other
monthly debts (ie car loan, Visa, personal loans, etc).
These monthly debts are compared to your monthly gross income.
Most major banks allow for a 35% GDS ratio and a 42% TDS ratio.
For more information on the lowest mortgage rate in Canada,
click here
Feb 8, 2009...the amount of equity
determines the size of your Canada loan
Sometimes you may hear ads that state
that if you own your own home and you have a job, you can get an
equity loan. That is not necessarily true. If your
home is worth 200K and you have a 200K mortgage on it, you do
not have any equity. Equity is determined by the value of
your property less all mortgages or loans that are secured
against the property. If you have no equity, there is no
security for the lender to attach a Canadian mortgage to,
therefore no secured loan is possible. For more information
on a Canada loan,
click here
Feb 3, 2009...Canadian bankruptcy
discharge tips
Here's a helpful hint if you have had
a previous bankruptcy. Make sure that you have received
the final bankruptcy discharge papers. Even if your
bankruptcy was 10 years ago, it will be difficult to get a
Canada mortgage loan if you have not been officially discharged.
After discharge, conventional lenders may still want you to wait
for 1-2 years before granting a Canadian home mortgage. For more info on
home equity loan in Canada,
click here
Feb 1, 2009...an interest-only
Ontario Mortgage loan
What is an interest-only loan.
Most of you are familiar with a Canadian mortgage loan that is
amortized over 25 years. After 25 years of making
payments, your mortgage is completely paid off, because with
every payment that you made, a little bit goes towards retiring
the principal. With an Ontario home loan that is interest
only, all of the payments are interest only. At the end of
the mortgage term, the balance outstanding will be the same as
at the beginning, because none of the payments were used against
the principal. For more info on debt consolidation
loans in Canada,
click here
Jan 28,
2009...Alberta mortgage loan details
Before you sign your Canadian 2nd
mortgage papers, make sure you know the terms of the deal, and
how long you are committed for. For example, if the Canada
mortgage term is for 2 years, you should know whether or not you
can refinance the mortgage before the term has expired. In
the contract, it will state if you can break the contract, and
if so, what the penalty is. It might cost you the
equivalent of 3 or 6 months of interest payments. Make
sure you know these things before you sign. For more info on a Canadian
mortgage interest rate,
click here
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