If i am an IT contractor for 2 years, and every year I reported company income as 150K, but my T4 is only 60k.Is there anyway we can get mortgage based on my incorporation income(T1) instead of personal income (T4)?
Jan 19th, 2021 2:12 pm
Looking for advice on how mortgages are handled while buying a new house and trying to sell my current home. We have met with a couple of local builders about new construction and they all require a full mortgage approval prior to start ...
Jan 17th, 2021 8:54 am
Hi, looking for a reality check on what size mortgage I can realistically get when it comes down to an actual approval vs what the preapprovals say. Salary: $250k (single earner) Downpayment: $300k Prop taxes: ~$600/month Location: West GTA Utilities ...
Jan 16th, 2021 11:58 am
My mortgage renewal is coming up this summer and I know I'll be able to secure a rate that's quite low for a 5 year fixed, but I can only imagine how high rates are going to be in 5+ years given the current situation and wondering ...
Jan 14th, 2021 1:44 pm
Are you still able to get a mortgage if your spouse is on an 18 month maternity leave?Lender says that a letter with regular salary on it is required but my wife is an RN and they are paid hourly so her income fluctuates a bit.
Jan 12th, 2021 8:30 pm
Is getting mortgage from the lenders other than 5 main banks (TD, BMO, RBC, SCOTIA, CIBC) risky ?For example, First National ,Street Capital, XMCI am getting mortgage from the mortgage broker. They recommended above 3 but I am not sure about the risk.
Jan 10th, 2021 8:26 pm
Hello, I am a first home buyer and have a few questions. #1. Would it be beneficial to get mortgage from mortgage broker than main bank (TD, RBC, BMO and etc) ? I found the rate is usually much lower with the broker's. #2. I know the mortgage brokers usually lend money ...
Jan 10th, 2021 6:14 pm
So let's assume I have 2 mortgages with 2 banks using 2 different credit bureaus. If I don't let them know I have 2 mortgages, they won't find it out. Will that be a fraud?
Jan 6th, 2021 2:29 pm
... how best to "use" it. Opt 1: - Pay off unsecured debts (CC+loc). This would bump up the score a bit as well <--43% of $$$ used here - Put annual mortgage pre-payment for 2021 <-- 15% of $$$ - Remainder of funds would be saved for "emergency" <--42% of $$$ - We can take another 15% for 2022, 2023 ...
Jan 6th, 2021 1:59 pm
... used my LOC for the 20% down payment - about $70k. Question - should I leave that on the LOC or should I transfer amount to my primary residence’s mortgage at a lower interest rate (1.8% vs 3.5%). Since the interest is deductible does it matter? Curious if there’s a benefit to where the down payment ...
Jan 5th, 2021 6:49 pm
I'm looking into applying for a mortgage in the near future with a co-applicant who's currently a PhD student. They currently have guaranteed tax-free scholarship income (until 2023) totaling to about $35K/year. Will lenders take into account ...
Jan 5th, 2021 6:13 pm
... debts, no car finance or lease. The property has a legal suite which can generate $1,500 rental income per month. I am wondering what is the max mortgage amount we can get from the big banks?
Jan 4th, 2021 1:12 pm
Hi All, I'm pretty new to Mortgage in Canada. What is the consideration when deciding to put your spouse name in the mortgage or not? From what I read if you don't put your spouse in mortgage the house will be only on your name and if ...
Jan 3rd, 2021 2:48 am
Hey, Is 720k mortgage possible on a 900k house with 20% down? 2 people making around 63k a year, 0 debts aside from car lease which is like 200 a month and 25k in savings. 1 person has another mortgage with his brother. Rental property, ...
Jan 2nd, 2021 6:46 pm
Hi, I am looking to get some recommendations or advice concerning my current mortgage. I have a feeling I am missing out on the new insane low rates. Here is my current situation: I am on a 3 year fixed rate with CIBC at 2.89% Maturity is end of may 2022. So there ...
Dec 28th, 2020 9:51 am
My wife and I are purchasing our home and want to capitalize on the low mortgage rate by taking out a larger mortgage and investing the excess. We would like some advice regarding what our investment options can be. Our investment options: Maxing out our TFSA ...
Dec 26th, 2020 3:27 pm
I've shot an email to my mortgage broker but would like some other input as well. We are looking to sell. Just renewed our mortgage a couple months ago at 1.74 fixed, 277k mortgage. If we buy and sell within 90 days we can port the mortgage ...
Dec 25th, 2020 12:51 am
I am currently with Meridian (my first mortgage( and looking to switch my mortgage provider to BMO or HSBC when my Meridian term expires on May 1st. From my understanding, I will need to pay Meridian a discharge fee of about $300. What fees ...
Dec 23rd, 2020 10:31 am
Currently unemployed. I want to start a rental unit business. I want to get my first rental property but I don't have income since getting laid off. Can the fact that it is a rental property and the future tenant can pay my mortgage good enough so that I can refuse proof of income?
Dec 22nd, 2020 11:01 pm
with CIBC now, my fixed rate is 2.9% with 3 years remaining, would it be possible to switch to a variable rate (which is much lower now) with minimum penalties?google says there is something called 'blended rate'...?
Dec 21st, 2020 9:24 am