News, Views and Trends!
This is probably the biggest positive mortgage lending change in 10 years. A major lender has just announced a new program for self-employed individuals!
For the last several years, mortgage lenders were not including any business income when qualifying for a mortgage.
Continue reading “BIG NEWS: Mortgage includes Self-Employed Business Income and Best Rates!”
Would it surprise you to learn that your doctor uses a mortgage broker? Well, it’s true – doctors use mortgage brokers all the time.
In fact, I personally have an extensive list of medical professionals as clients, including family doctors, specialists, dentists, veterinarians… and the list goes on.
So, why would these high-income earners use a mortgage broker?
Did you file your 2017 taxes on time, yet your NOA is MIA? If so, you’re not alone!
I’ve had this happen with a few of my clients… as well as with my own tax return! That’s right! My accountant filed my personal tax return in April… and for months, I didn’t receive my NOA. Every time I called the Canada Revenue Agency (CRA), they either told me it was coming, they were working on it, or they reminded me they have up to four months to complete the return (FOUR MONTHS!?)!
Well, four months passed… and still nothing! Continue reading “Is the Gov’t Stalling on Your Tax Return? Here’s How I Handled it!”
TIME IS ALMOST UP..
With just days to go before the new mortgage rules take effect on January 1st, we are seeing a flurry of mortgage applications. Panic buying and refinancing is at its peak. And rightfully so.. next year, you will qualify for at least 15% less mortgage.
(TIP… get a preapproval before Dec 31st and it will remain valid for 120 days from the date of preapproval. You do not have to enter into a purchase agreement before Dec 31st. And if refinancing, you don’t have to close prior to Dec 31st. This is not with all banks. Call my office for more info.)
LET’S BEAT UP ON THE SELF-EMPLOYED SOME MORE Continue reading “Last call for mortgage approvals under the current rules….and an in-depth look at how these new rules will impact YOU in 2018.”
IT STARTED WITH 2008
In 2008, the world experienced the U.S. sub-prime mortgage crisis. Financial markets and real estate values nose-dived around the world…. well, not everywhere. Some countries, like Canada, held their own. Most of Canada didn’t really suffer like the rest of the world. Call it luck, govt intervention, maybe being 5 yrs behind the U.S. (that’s personally what I think it was), or whatever. Today, property values have never been higher!
Here’s the strange thing. Our Federal govt has made several mortgage rule changes that makes getting a mortgage tougher. Yet, those changes were made AFTER the crisis. In fact, they have made annual changes since 2009, including 2013. Somehow, our real estate market remains red-hot. (That’s something to discuss another day).
The govt demanded higher credit scores, more proof of income, larger down payments, shorter amortizations and reduced how much your can borrow against your house. Yes, all these changes were made AFTER the 2008 crisis and are as recent 2013. And that’s what so amazing our current real estate market.. it’s resilient. It’s continued to grow and climb even with all the govt tinkering. Continue reading “Self-employed and can’t prove all income? There’s a new mortgage solution.”
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