Dealing with bad credit? You might be wondering if there is an easy way to get a home equity loan. Or if you are eligible for one at all…
Will a low credit score allow you to pull equity out of your home and use it for home improvements, a family vacation, or your daughter’s wedding?
Can you get a home equity loan with a 500 credit score?
Grasping the ins and outs of real estate is a complex process, more so when understanding what goes into property taxes for homeowners, investors and potential home buyers. In cities like Vancouver, where the real estate market is vibrant and ever-changing, this becomes even more critical.
Vancouver is known for its high property values, which directly influence the amount of property tax payable. The city’s property tax revenue is a significant source of income used to fund various public services and infrastructure that contribute to the city’s livability.
Private mortgage lenders, also known as private home loan lenders, represent a segment of the lending market that is often misunderstood. Unlike traditional banks and financial institutions, private mortgage lenders in BC, Canada are usually companies or individuals that provide mortgage loans using their own funds.
They don’t rely on public deposits or similar means of funding. Instead, they provide home loans to individuals who may not qualify for mortgages from traditional lending institutions, often due to unique or challenging financial circumstances.
Over the past decade, the landscape of residential mortgage credit in British Columbia has experienced remarkable expansion. The consistent and robust growth in this sector is attributable to various factors, including increased demand for housing spurred by favourable demographics, urbanization trends, and historically low-interest rates.
Within this evolving landscape, an interesting development is the rise of Mortgage Investment Corporations (MICs). These unique entities have emerged as potent players in the lending ecosystem, offering attractive alternative lending sources for investors and borrowers alike.
Have a low credit score? Unable to secure a conventional mortgage? Then you might be interested in exploring what private lenders for mortgages with bad credit can offer you. In this article, we will discuss the benefits of working with a private lender, how to find one, and how to ensure you get the best offer for your needs.
Private money lending might seem scary, especially if you aren’t familiar with the financial industry. However, this is a very common type of financing with numerous benefits, including flexibility and fast loan approvals. In this article, we’ll discuss private mortgage lending in Canada and show you how the process unfolds.
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.
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.
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.
