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A recent study does by Statistics Canada reports that Canadians are becoming more wealthy, but why you ask? It has a lot to do with the homes they own. The study also found that the average net income of Canadian families was at $243,800.00 in 2012. This was 44.5% higher than the average net income in 2005 and a whopping 80% increase than 1999. We do have to take into account inflation, but that is still a positive increase. Based on the survey though, the largest asset most Canadian families owned was their property, particularly their principal residence. Average value for their principal residence came in around $300,000.00 in 2012, this was an increase of 83.2% from 1999 and a 46.6% increase from 2005. Keeping in mind that these are just median values, it is important statistics in understanding Canadians are today’s assets and real estate. Giving the idea that real estate could be your safest investment yet.
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If you asked your bank representatives how are fixed and variable mortgage rates calculated and did not know how to answer your question, what would you think? If you asked your bank representative how they calculate their fixed rate mortgage penalties and they did not know, would you still want to work with them? Majority of people still do. Click on the link to find out more.
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There are two different types of mortgages for self-employed borrowers. One is based on qualifier income (proof of income on paper) and the other is non-qualifier income (no proof of income on paper). There are big differences in lender policy based on each type of borrowers.
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According to new reports, Canadians are turning to renovations more and more, with their current homes and new purchases as well known as ‘fixer-uppers’. This is what people are referring to as the ‘HGTV effect’. It is no secret that right now, the home renovation shows are all the rage on television right now. From shoes like Disaster DIY, Property Brothers, love it or list it, we cannot deny that these shows are all the rage right now. Spending for this hit a record of $63.4 billion last year and is on the rise to surpass that figure for 2014. Based on figures, more money is being driven into home renovations than new constructions in Canada.
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What is Private Mortgage Financing?

Private Mortgage Financing can occur when the borrower has to obtain financing outside of the traditional lending sources, i.e. Banks, credit unions, trust companies. The private lenders can be individuals who are searching for a better return on their money or, companies specifically, designed for these purposes.   Private financing is not shady as the bad criticism it may receive. It represents a large portion of the mortgage financing industry here in Canada and provides another option for Canadian borrowers.
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All inspections should take between 2-3 hours minimum. If they are shorter, this may be a red flag.
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1. Income Qualifications and Supporting Documentation required; when you are obtaining a mortgage for the first time, you will need to provide specific documentation in regards to your employment situation. For salaried individuals, typically an employment letter, recent pay stub, and 2 years notice of assessments are usually enough. If you are self-employed, the lender will require 2 years notice of assessments, 2 years T1 GENERALS (tax returns), and company financial statements for the last 2 years if incorporated. Typically some documents are asked for such as: 2 years statements of business account, articles of incorporation, and business license.
2. Appraisal; An appraisal is performed by an appraiser who is a licensed, regulated professional who will come and evaluate the price of your new home. Most lenders that you go with will request this as they want to confirm the purchase offer price is in line with what the property is actually worth. This is not a cost that is covered by your lender and it must come out of pocket. The typical appraisal ranges from $300-$500 dollars, depending on the size of the property and what is being assessed. We [the mortgage brokers] contact the appraisal company on your behalf to schedule a time. Typically from there, the appraiser will contact the real estate agent who is the listing agent for that property to schedule a time to appraise the property.

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What is a Reverse mortgage?

What if you had the money to travel, pay off debts, renovate your home, and help your children buy a home or just have more income to do more of the things you wanted to do?  CHIP Canada Home Income Plan / Reverse Mortgage Canada could be just what you need. It’s the simplest and sensible way to use and unlock your home’s equity and turn it into a steady flow of income or a lump sum cash payment to help you enjoy life on your terms.
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This is potentially the new answer to our retirement savings crisis however, inheritance will start to become scarce if we keep taking this route for retirement needs. To give you an idea of their rising popularity, particularly with mortgage lender HomEquity Bank reports that they are up 26% this year compared to this time last year. In amounts, this translates to about 3,000 reverse mortgages that will be done. This may be a solution for retirees that do not have a workplace pension plan or a hefty amount of RRSPs saved up for their retirement.
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If you are a new immigrant to Canada, obtaining a mortgage has never being easier.  You can qualify for a standard mortgage of up to 95% of borrowing.  That is right, up to 95%!  This program is open for all new immigrants with permanent residency, temporary residency, or a work VISA.
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