Critieria for Mortgage Registered in Company Name

CMHC GUIDELINES
-CMHC will allow a full rental property to be registered in a company name for fully qualified deals only.
-CMHC BFS simplified program is not eligible.
-When submitting a rental application with a Corporate borrower, the corporation’s full legal name is entered in the guarantor field and the individuals providing their personal loan guarantees in the [...]

Prime Rate Announcement: 2.25%

MORTGAGE RATE NEWS
Bank of Canada (June 4th) has announced to maintain the prime rate at 2.25%. In recent weeks, financial conditions and commodity prices have improved significantly.  Consumer and business confidence have recovered modestly and the underlying macroeconomic risks are roughly balanced. Conditional to the outlook for inflation, the rate can be expected to remain [...]

Zero Down Strategy (Residential Property) Canada

100% Financing is no longer available through CMHC, Genworth or AIG. However, you can still do 100% financing using the follow methods:
1. CMHC
 insured mortgages will
 allow 
5% 
down
payment
 to 
come 
from
 Non
-traditional 
sources:
a. Gift
 from 
family 
member
b. Borrowed
 funds
–
LOC,
loan,
but 
payments 
must 
be 
included 
in 
TDS 
calculation
c. 5% 
Cash
back
 from 
Lender
–
  Currently
 there are [...]

Home Buying – All Closing Costs and Associated Fees

What It Will Really Cost to Own a Home?
As a quick rule of thumb, any home buyer can expect to pay from 1.5% – 4.0% of the purchase price of their home in closing costs.
Here are a list of expenses and some of them are optional:
Cost of Home
Purchase Price
GST (on new/significantly refurbished homes)
Upfront Costs
Appraisal fee [...]

2009 Federal Budget – EcoENERGY Retrofit Grant

EcoENERGY Retrofit for Homes provides home and property owners with grants of up to $5,000 to offset the cost of making energy-efficiency improvements. ecoENERGY Retrofit grants apply to a host of measures that reduce energy consumption and provide for a cleaner environment, from increasing insulation to upgrading a furnace.
The maximum grant one can receive per [...]

2. Federal Home Improvement Grant 2009 – Eligible Improvements

Here is the list of eligible improvement. (Click here to read more about EcoACTION Retrofit Grant)
Being a first time home buyer, you are eligible to receive home renovation tax credit up to $1350 for projects begun or completed before Feb 2010.  The credit aplies to expenses between $1,000 to $10,000.
Improvements that qualify for the mortgage [...]

Renewing or Refinance Citi Financial Mortgage?

Do you have a Citi bank mortgage up for renewal? Contact us and let us help.
With the financial crisis in the States, Citi Financial has officially pulled out from subprime lending and cut their broker channel last year 2008 November.
If you currently have a Citi Financial mortgage up for renewal, even it is at [...]

How Can Debt Consolidation Benefit You?

Debt Solidation Surrey BC, Debt Consolidation Vancouver BC Canada, Debt Solutions BC, Debt Consolidation BC Canada
What is debt consolidation?
If you have numerous credit card debts at high rates, plus auto loans, retail loans, and etc…, it maybe better off to consolidate all debt into one account – if you own your primary residence.
How does it [...]

Flex Down payment VS Traditional Down Payment

Flex Down” actually has been around for some time. Flex down (CMHC program) is available for an “employed individual” who receives salary, or for “self employed” only if he/she claims sufficient income to debt service.
Flex down payment could include the following:

personal line of credit (LOC)
credit card transfer
borrowed funds.

Whereas, a traditional down payment can be [...]

Mortgage Tips for the Self-Employed

Keep your taxes up to dateIn order to qualify for a mortgage, home buyers must submit a credit history and declare all outstanding debts. They must also provide documentation of their income.
With salaried individuals, banks generally ask to see a letter of employment and a pay stub. With self-employed people, banks typically require two [...]