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Top 10 tips to get your Mortgage approved every time in Canada

Top 10 tips to get your Mortgage approved every time in Canada

Top 10 tips to get your mortgage approved every time in Canada requires preparation and due diligence.

Canadian professional real estate investors understand the challenge to get a mortgage with favorable terms.

There are lot of hidden costs built in from all major Canadian banks, lenders and private hard money lenders.

 

Here are Top 10 tips to get your mortgage approved every time in Canada,

tricks, secrets and strategies, Canadian investors and home owners can use.

1. Have your documents ready to go – if you’re not sure what you’ll need, find out first and get a head start on any paperwork you’re missing.

2. Get a mortgage pre-approval ahead of time – if you are unsure as to whether you will qualify for a mortgage or what you have to do before even qualifying for a mortgage have a lender take a preliminary look at your application so there are no disappointments when you are ready to buy.

3. Have a good credit score – the higher the score the better.Minimum credit of 750 is the best.You can boost and fix your credit by yourself.Strategic Credit Repair Guide from http://www.GovernmentGrantsCanada.ca

4. Don’t borrow your down payment if you don’t have to – the more you have from your own resources, the more appealing you look to a lender.Proof of funds make it much easier than otherwise.

5. Have minimal debt – the less, the better.

6. Buy within your means – you need to qualify for what you buy, ensure it’s affordable.

7. Have good job tenure – the longer you’ve been with the same employer, the better it looks.

8. Provide a large down payment – the more the better because it means less risk for the lender.

9. Sell your existing property first – if you don’t sell, you must qualify to carry both.

10. Have good credit repayment history – a good credit score doesn’t mean much if there’s not enough history of debt repayment.

11. Have positive net worth – assets look good to a lender.

12. Don’t rush – sometimes you can’t rush a good thing.

13. Shop around for the best rate before you buy – prevent delays when it comes time to buy. Deal with experienced Canadian mortgage broker with proven record.

14. Do your research first – be prepared to avoid surprises.

15. Don’t change jobs at the last minute – your lender will need the new details and probation can cause issues.

16. Avoid last-minute large purchases – material changes to your application, including debts, can alter your approval status.

17. Consult a professional – use their experience to your advantage.

18. Augment your savings account – more money is always a good thing, right?

19. Understand what a co-signer is – just in case it’s needed, you’ll be ready.

20. Ask for exceptions – you don’t get what you don’t ask for.

21. Be prepared to negotiate – if it’s very important to you, be prepared to discuss it.

22. Don’t take no for an answer – if you don’t succeed on the first try, try and try again.

23. Have a back-up plan – if it doesn’t work out one way, prepare for a plan B.

24. Fill out your paperwork accurately the first time – save time and energy by doing it right the first time. Ask questions if you’re unsure how.

25. Be honest – mortgage approvals can be withdrawn if a falsification is discovered.

26. Know your income if you’re self-employed – it needs to be clearly presented to a lender, so make sure you’re on top of it.

27. Be open to alternatives – there may be other options.

28. Budget for closing costs – costs can vary, be prepared.

29. Pay attention to detail – sometimes it’s the small things that can make a big difference, read the fine print.

30. It’s okay to wait – an approval may not be possible right now, that doesn’t mean it’s never going to happen.

31.Always obtain AACI appraisal in Canada.

32. Get your own credit report to make sure it is clean and there are no errors.

33 Do not allow everyone to check your credit score.

34 Never use more than 60% of available credit.

35.Use owner financing or vendor take mortgages.

36.Be aware of zero percent mortgages from private, government and charities.

37.Ask about penalties before signing up any documents.

38. Be aware of Interest rate differential (IRD)

39. Ask the lender to pay your legal fee.Nothing gains unless you ask for it.

40 Do not renew with the same lender, shop around for better rates and terms.

While the above tips might make getting a mortgage approval a bit more likely, working with an experienced mortgage professional who can successfully structure your application for acceptance by a lender is the quickest route to home ownership.

Once approved, make sure you’re comfortable with the commitment you’re about to make.

Ensure the new mortgage supports your lifestyle by being affordable and aligns with your financial goals.

Please feel free to suggest to add more tips to Top 10 tips to get your mortgage approved every time in Canada.

DISCLAIMER

We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.

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Homeownership 10% Downpayment Assistance Program in Windsor – Ontario

Homeownership 10% Downpayment Assistance Program in Windsor – Ontario

Investment in Affordable Housing Program for Ontario Extension (IAH-E)

The Federal and Provincial governments partnered to fund a Homeownership Downpayment Assistance Program in Windsor – Ontario. It is estimated the program can provide assistance for a limited number of households. Downpayment assistance of 10% of the purchase price of an eligible home, up to a maximum of $19,700 is provided by a 20-year forgivable loan registered on title as a second mortgage. Completed applications will be generally processed on a first come, first serve basis having regard to a fair distribution of the program funds across Windsor and Essex County. The program expires when program funds are depleted or November 30, 2016, whichever occurs first.

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Top 10 tips to pay off your mortgage sooner

Top 10 tips to pay off your mortgage sooner

Top 10 tips to pay off your mortgage sooner:

Canadian homeowners and real estate investors may not have a clear understanding how the Canadian mortgages work. All mortgages in Canada are compounded semi-annually. Mortgage penalties and administration costs are mostly misunderstood or not being explained to borrower of the mortgage.

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Yukon Down Payment Assistance Program

Yukon Down Payment Assistance Program

Yukon Down Payment Assistance Program:

Beginning in 2005, the cost of homes in the Yukon began increasing sharply and, over the last 6 years, have nearly doubled in price. This has directly increased the required minimum down payment which has made saving a down payment more difficult for many potential homebuyers.

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Windsor Homeownership 10% Down Payment Program

Windsor Homeownership 10% Down Payment Program

Windsor Homeownership 10% Down Payment ProgramWindsor Homeownership 10% Down Payment Program:

The federal and provincial governments partnered to fund a Homeownership 10% Down Payment Program for Windsor and Essex County in 2013. It is expected the program can provide assistance for approximately 30 to 40 households. Down Payment assistance of 10% of the purchase price of an eligible home, up to a maximum of $17,300 is provided by a 20 yearforgivable loan registered on title as a second mortgage. The Windsor Homeownership 10% Down Payment Program expires December 10, 2013, or when program funds are depleted, whichever occurs first.

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RBC Energy Saving Mortgages

RBC Energy Saving Mortgages

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient.

For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver Mortgage, may qualify for a rebate of $300 to their RBC account.

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Ontario Rebates

Ontario Rebates

Ontario rebatesOntario homeowners can choose from a shopping list of renovation grants from the Government of Canada:

  • Furnaces — high-efficiency gas or oil, up to $790
  • Central air conditioners — replacement $250
  • Hot water heaters — condensing gas $375
  • Hot water heaters — tankless/instantaneous gas, condensing-type $375
  • Boilers — high-efficiency gas or oil $750
  • HRV — heat recovery ventilator $375
  • Solar — hot water system $1,250
  • Heat pumps — air-source heat pump which doubles as air conditioner $500
  • Geothermal — ground- or water-source heat pumps which are energy-efficient heating and cooling systems up to $4,375

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Home Adaptations For Seniors’ Independence

Home Adaptations For Seniors' Independence

The Home Adaptations for Seniors' Independence program provides funding to homeowners and landlords so that they can make home renovations that will benefit seniors.

Delivered by: Canada Mortgage and Housing Corporation (CMHC)

Continue reading Home Adaptations For Seniors’ Independence