July 27, 2010...rent out space to help with your Canada mortgage..

During these uncertain financial days, sometimes we need help in paying the mortgage.  You may wish to consider renting out space in your house.  You could have a renter staying at your place paying room and board, and the extra income will make the Canadian mortgage payments easier to handle.  Maybe even pay for them totally.  Another option is to put in a self contained, licensed suite.  But make sure that it is fully licensed and approved.  Many cities allow single family residences to have a secondary suite for renters.  Surrey, BC is the most recent city to approve legal suites.

July 7, 2010...Alberta debt consolidation loan with an appraisal...

If you have poor credit, but have equity in your Edmonton home, there is a good chance that we can get you an Alberta home equity loan.  The key to the mortgage is a good appraisal.  The private lenders always like to see "pride of ownership", so make sure that when the appraiser comes by that your kitchen is clean, beds are made, and everything looks tidy.  Same for the outside of the house.  Make sure the backyard is tidy and all junk cleaned up.  A strong appraisal will give you the best chance of getting a Canada home mortgage from a private lender.

June 11, 2010...thinking of a British Columbia home equity loan?....

Do you need to do some home renovations, or are you planning a trip this summer?  You may have the money that you need right in your very home.  A Canadian home loan can free up the money you need.  If you own your home, and have enough equity (ie the difference between the value of your property and the total of all mortgages), then you may be eligible to take out a Canada debt consolidation loan or an Alberta equity mortgage.

June 2, 2010...Canadian mortgage rates may be going up....

There is good news and bad news on the Canada mortgage interest rates.  The 5 year rates have gone down in the last month.  To get an Ontario mortgage loan, the rate was about 4.64% a month ago, but today I just gave a mortgage commitment to a client at 4.35%.  But effective today, the prime lending rate went up 25 basis points to 2.5%.  So if you have a variable Alberta home mortgage loan, you will be paying more on your next payment.

May 24, 2010...don't give away your money.....

Sometimes when you are desperate to get a Canadian loan, you may do things that are not in your best interest.  For example, there are Canada lenders that will guarantee that you will get a loan from them if you send them a non-refundable deposit.  My advice is:  don't do it.  Legitimate lenders do not ask you to give them money in advance, with no guarantee.  There are lenders that guarantee that you will get your deposit back if they can't provide the loan.  Those guys are OK.  But beware of the others.

May 16, 2010...the pros and cons of a co-signer.....

If you have poor credit and you are wishing to get an Alberta home equity loan, you may be asked to provide a co-signer.  A co-signer is someone with great credit who can guarantee the loan in case you default.  But the co-signer has to have more than just good credit.  They need to be able to income qualify as if they were taking out the Canadian mortgage by themself.  This gives the lender the added assurance that their Canada home loan is secure.

May 6, 2010...a quick lesson on Canadian credit scores.....

With Equifax Canada, credit scores are rated on a 900 scale.  People who have a credit score of 700 and above will normally have no problem getting a Canadian mortgage through a conventional bank or lending institution, and you will only need 5% down on a purchase Scores in the 600's may qualify for conventional financing, but it depends on the lender guidelines.  Scores in the 500's usually mean that you will have to use an alternative lender or private lender.  You will need between 10% - 30% down for a Canada mortgage loan, and there will be lender fees.

Apr 20, 2010...More rate hikes coming soon.....

Hey everyone, news has just come out that there will more Canadian mortgage interest rate hikes coming in June.  So the days of constant low interest rates are over.  The main reason for the rate hikes is that the government feels that the economy is doing OK, and that it doesn't need to stimulate economic activity with low rates.  They will just let the interest rate rise.  So, the bottom line for you, is that if you are planning on purchasing a British Columbia home or you need a Vancouver renovation home equity loan, now would be a good time to apply.

Apr 19, 2010...Canadian mortgage rates on the rise...

Well, the days of continual low mortgage rates are gone.  Over the last month, the Canada national banks have had a couple of rate increases.  The current rate is 4.64%, which is still low, but if you are wondering if you should refinance now or later, you may wish to consider doing it now.  The private lenders rates have remained the same, so if you are wanting to do an Ontario home loan for renovations or debt consolidation, we still have money at the same rates.

Apr 4, 2010...Have you paid your Canadian Income taxes

When you are applying for a Canada debt consolidation loan, the lender will want you to prove that you are current with your income taxes.  You will need to show your 2008 Notice of Assessment which shows that you have filed your taxes and indicates whether taxes are owing or paid up.  And the main reason that the lender needs to know this is because if the lender needs to foreclose on your property, the government always gets their money first and if you owe taxes, the lender may be left short.

Apr 2, 2010...Make sure you can afford an Alberta home loan

These are tough times in the economy, and even though mortgage rates are low, you've got to make sure that you can afford a mortgage.  And not just at the beginning of your Canada home loan, but all the way through.  A Canadian report indicates that approximately 20% of Canadians are having a very tough time keeping up with their mortgage payments, and are in jeopardy of losing their house.  And this percentage is unfortunately increasing.  So getting a house may be easy, but keeping it may be tougher.

Mar 29, 2010...Canada home mortgage

Hey everybody, here is some important information for you if you are considering making a house purchase, and you need a Canadian mortgage loan.  Many clients ask me if they can purchase a house with nothing down, and get a 100% mortgage.  The simple answer is no, though you may be able to work with the vendor to have them take back a second mortgage to avoid a cash downpayment.  The reality is that the Canadian government has inserted a new rule that states that you must have a minimum of at least 5% down.

Mar 17, 2010...BC debt consolidation loan

To be eligible for an Alberta equity mortgage, you must be on title to the property.  Sometimes I get clients who wish to get a consolidation loan, but even though they live in the property, they don't have ownership. Being on title protects the owners from other family members who may wish to take advantage of the equity, which is not theirs.  And sometimes I have clients who contribute to the household income, but lenders will not consider their income is the debt service ratio because they are not on title.