If you are interested in learning how to get a mortgage for commission-based income in Canada, this article is for you. We’ll discuss all the ins and outs of commission income mortgages below, so that if you’re serious about buying a home in the next few years, you can start planning now.
Interested in learning about what private mortgage lenders offer for the self-employed? This article will answer popular questions around self-employment financing and teach you how to get the loan you’re after.
When talking to BFS — business-for-self — individuals, most of them are unhappy with the many write-offs they receive, which, in turn, lowers their income.
The discussion often drifts into comparing the taxation rate with the bank’s mortgage rate, but here is the trick; when looking at the whole picture with the goal of saving money, the tax rate should be compared with the interest rate. This is what makes alternative mortgages substantially cheaper.
Taxation is one thing. Interest is another.
Here are a few tips to help you find a mortgage lender, traditional or private while maintaining your status as self-employed.
Meeting all the qualifications required for getting a self-employed mortgage can be challenging but not impossible. Traditionally the bread and butter of B-lenders, the ever-expanding private sector of individual contractors and freelancers have encouraged A-lenders to accept their business too.
However, if you’re self-employed, there are a few things to keep in mind to secure a possible mortgage offer.
Mortgages for contractors have their own set of rules. Here’s how to secure a mortgage if you are an independent contractor in BC, Canada.
Recent surveys show that self — or at least part-time — employees make up for about 15% of all Canadian income earners. They can have a wide range of backgrounds, including administrative, accounting, consulting and so on, and they work for both large and small companies.
Gaining access to the housing market in Canada also means becoming familiar with specific terms coined to describe certain intricacies of the financial system. While traditional mortgages may already be pretty common knowledge, there are still a few things to be said about reverse mortgages.
Private Mortgage Insurance (PMI) is a form of insurance that protects the lender against loss in case you default on your mortgage payments. If something were to happen and you lost your house because of illness or loss of job, a PMI won’t pay the mortgage on your behalf. Read on to learn more about getting private mortgage insurance in Canada.
Buying a house is never a 100% seamless process, regardless of where you find yourself in the world. It’s no different in Canada either. Homeownership comes with costs that are typically difficult to be paid upfront and in full by the great majority of home buyers.
Living in Canada? Making income from listing an Airbnb property? Here’s all you need to know about taxes and mortgage options for short-time rental property owners.
Recently, Airbnb made it even easier for Canadians to rent out an extra room in their home or maintain a vacation property in full-time rental mode.
However, as lucrative as short-term rental income might be, there are several income taxes and regulations to bear in mind.
If you are creating a rental portfolio, you should know that, even though technically there’s no limit to how many conventional mortgages you can acquire, getting more than four is pretty much impossible. In this scenario, most buyers resort to private lenders, who offer much more flexibility around portfolio loans.
In this article, we’ll discuss the main differences between private lenders and banks in regards to owning several rental properties.
If you own one or more residential properties, you are required to make a yearly property status declaration. This will determine if your property has to be subjected to the Empty Homes Tax.
Properties deemed, or declared empty in the 2021 reference year, are subjected to a 3% property tax from its fully assessed taxable value in that year. Keep in mind that the Province of BC requires a Speculation and Vacancy Tax on top of the City’s Empty Home Tax.
How you choose to approach the issue of buying someone out of a house depends on the complexity of your relationship. One usual solution for many parties terminating their relationship is completing a buyout.
So how do you buy someone out of a house? Are married couples facing more red tape than common-law couples? How do you decide who stays and who goes?