What to Know about the First-Time Home Buyer Incentive?
What’s a First-Time Home Buyer Incentive? If you want to get technical, the incentive is a shared equity mortgage. That means thegovernment of Canada will help you finance part of your first home — without adding toyour financial burden Basically, the federal government will lend you a certain amount based on the purchaseprice of your […]
Why do mortgage applications get declined?
There are several reasons that a mortgage app may have been declined. While alender is certainly incentivized to lend out the institution’s money as amortgage, there are times when doing so represents a greater level of risk thanthe institution is willing to take. Some of these risk factors are presented below: 1. Poor or insufficient […]
CMHC less than 20% down payment Calculating GDS / TDS.
How key inputs calculate a borrower’s debt service ratios. To receive the best quality decisions in the shortest timeframe, here is someinformation on the treatment of the key inputs used to calculate a borrower’s debtservice ratios. Gross Debt Service Formula: Principal + Interest + Taxes + HeatGross Annual Income Total Debt Service Ratio Formula: Principal […]
Analysing an Income Property, Does it worth it
Financial Statements Financial analysis begins with a review of Income Statements, the BalanceSheets and the Rent Roll. We will typically consider the last two years. Thecurrent twelve month period is the best indication of recent performance whichshould serve to establish the market value of the property. The capitalization rate (cap rate) also known as the […]
Real Estate Lawyer
Whether you’re buying, selling or refinancing your home, one of the mostimportant people you’ll work with is your real estate lawyer or notary. No matterwhich process you’re going through, your lawyer’s overall responsibility is tomake sure your paperwork is filed, your rights are protected and your transactiongoes through. Here’s a breakdown of their other duties, […]
5 things you need to know about your RRSP
In case you didn’t know, the Registered Retirement Savings Plan (RRSP) contributiondeadline is March 1st. It’s the same day every year, which is why you’ll always see adsrunning promoting RRSPs in January and February. An RRSP is one of the best vehicles to save for your retirement, but many people haveno idea how they work. […]
Purchase
If you’re looking to buy a home or property, chances are you’ll need a mortgage. Amortgage is a loan that allows an individual to purchase a property. Most people require amortgage because few have the cash on hand to buy a home outright. As with all loans, youmust repay the amount borrowed, plus interest. That’s […]
