Many Canadians think getting a mortgage is complicated

Many Canadians think getting a mortgage is complicated A new survey commissioned by ING DIRECT found that 67% of Canadians who have had or currently have a mortgage felt the process was either complicated, confusing , or hard to figure out. Thirty-eight per cent of current or former mortgage holders ...
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When You Need a High Risk Mortgage

In the wake of the collapse of the housing market in 2008 and 2009, banks became a lot more selective about making mortgages. The sheer number of foreclosures, particularly in the subprime market, brought banks to the brink of ruin -- and past it, in some cases. High Risk Mortgage ...
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Debt Service Ratio

Understanding Debt Service Coverage Ratio When you are shopping for a residential mortgage, you will find that the process is basically the same for every applicant. However, with commercial mortgages, the process can differ widely from one applicant to the next. When lenders look at commercial applications, though, there are ...
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Homes for sale financed by owner

Homes for Sale Owner Financing Agreements The majority of home buyers today go through the conventional process. This means having a 20 percent down payment, a reliable and verifiable stream of income, and a credit score that shows a solid track record of paying your obligations in a timely manner ...
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Landlord to Lender

The Easy and Natural Transition If you currently own property that you are renting out to tenants, it is definitely worth considering making the transition from landlord to lender. As a landlord, you bear a considerable amount of responsibility when it comes to the properties that you own. When a ...
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CMHC Mortgage Rules

Canadian Mortgage and Housing Corporation Mortgage Rules The Canadian Mortgage and Housing Corporation (CHMC) provides mortgage insurance for loans approved for buyers who want to buy a home while putting down less than 20 percent of the agreed purchase price as a down payment. The Canadian Bank Act forbids the ...
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How to Pay Your Mortgage Off Early

Calculating How to Pay Your Mortgage Off Early When you take out a mortgage in Canada, one of the choices that you have to make is between an open and a closed mortgage, in addition to fixed, variable, or adjustable. A closed mortgage has a lower interest rate, but if ...
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Mortgage Broker Responsibility

Choosing the right mortgage brokerage is crucial not only for getting the best deal possible but also for ensuring that all of the details of the transaction are handled correctly. There are many elements to conducting a real estate purchase, and mortgage brokers with experience and a track record of ...
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8 Easy Tasks to Knock Out Before Your Home Appraisal

When you apply for a mortgage from a private lender, your credit is not an important part of the equation, but the condition of your property is even more important than it is when you apply for a mortgage through a bank or traditional lender. The reason for this that ...
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Difference Between CMA and Appraisal

What is the Difference Between CMA and Appraisal When you are selling or buying a home, the real estate professionals that deal with the different elements of the final transaction are going to use at least one valuation tool in order to bring your contract to execution. The most common ...
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Four Ways to Lose Your Mortgage Approval

Buying your first house is one of the most exciting times of your life – and it should be. You’ve cut back on all of your costs to save up a down payment large enough to qualify for a mortgage. You’ve been hunting all over town for the perfect house ...
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Nine Little Lies That Can Keep You from Buying a Home

Many times, the stress that comes with taking out a mortgage becomes so great that we forget that there is another party that is undergoing considerable worry on our behalf – the lender. After all, a mortgage application is a request for a lot of money, based on the trust ...
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Seven Ways to Torpedo Your Loan Request

One reason why Amansad Financial Services, Inc. opened its doors was to help borrowers who have the means to take on a mortgage or some other form of financing but cannot successfully negotiate the thicket of government regulations. We have encountered many borrowers over the years who have damaged their ...
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Seller Financing Pros and Cons

Given the current state of mortgage regulations, seller financing is becoming an increasingly popular option for new homebuyers. It offers them a chance to get a home loan when a traditional source, such as a bank, will not advance the funds. It gives a seller who has the financial flexibility ...
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Condo Buying and Associations

The Good and the Bad of Condo Buying & Associations: Many people purchase condominiums each year and enjoy living in them. However, many others find themselves overwhelmed by the burden of being in a condominium association. Understanding what a condominium is and how working with a board and association works ...
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