Finance Minister Jim Flaherty Tuesday announced tighter lending standards for mortgages, saying that while the housing market is healthy and there’s no solid evidence of a bubble, the moves are needed to “help prevent negative trends from developing.” 1. Under the new rules, all borrowers will need to meet standards for five-year fixed-rate mortgages regardless [...]
Filed under: Approval Process, General Mortgage News | Leave a Comment »
Self-Employed individuals generally include realtors, contractors, business owners, financial planners, network marketers, stock brokers, and all 100% commissioned jobs…etc. These individuals do NOT have T4s. Instead, they have T1 General that shows business income (loss). If a Business-For-Self (BFS) individual has reported sufficient taxable income on Notice of Assessment (NOA), with 2 year working history, [...]
Filed under: Am I Qualified?, Approval Process, Self-Employed Mortgage (BFS) | 2 Comments »
Mortgage approval process is more or less the same for all residential mortgages. 1) Purchase Contract – Offer AcceptedThe majority of mortgages are applied when your “offer of purchase contract” is being accepted by the seller. There is usually a “subject removal date”; before this specific date, your mortgage approval should be lined up and [...]
Filed under: Approval Process | Leave a Comment »
