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Expert advice, market reports, and tips from the Niagara Region real estate professionals.
April 2022 - Market Watch - MORTGAGES FOR THE SELF-EMPLOYED
MORTGAGE NEWS - LOW CREDIT IS SPOOKY - GET BETTER CREDIT WITH THE 5 C’S
Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not required.
A vast majority of parents are currently supporting their children (ages 18-35 years) financially, spending an average of $5,623 per year! This is an extensive additional cost that most parents cannot afford. In fact, over 30% of parents are seeing delayed retirement in order to help kids with post-secondary costs and are facing an inability or delayed timeframe in paying off their own debts.
When conventional lenders (such as banks or credit unions) deny mortgage financing, it can be easy to feel discouraged. However, it is important to remember that there is always an alternative!
GET THE SCOOP ON RENTAL PROPERTIES
As you may have heard, the Bank of Canada recently changed the stress test rules as of June 1, 2021. With these changes, now both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage.
MORTGAGE NEWS - BUILDING YOUR OWN HOME? 5 THINGS TO CONSIDER. Building a house is an exciting adventure and the ultimate way to customize your home. To ensure you have the best experience, I have put together 5 important things to know before getting started.
Did you know? Reverse mortgages are continuing to gain popularity for 55+ homeowners in Canada! For many Canadians who are looking to retire but currently facing high debt load and ongoing expenses, as well as reduced income, it can be a challenge. This is where the reverse mortgage can help!