Mortgage guidance for self-employed Canadians, including qualification and financing options.
A few points on your credit score can feel surprisingly important when you’re about to take out a mortgage. Someone with a 680 score might wonder whether getting to 700 will unlock a better rate. A borrower sitting at 740 may be holding off on an application because they’re convinced they need to reach 800…
You’ve saved the down payment. You’ve been pre-approved. You’ve found the house, negotiated the offer and started thinking about possession day. Then your lawyer tells you how much money you’ll need to bring to closing. That’s when some buyers discover an uncomfortable truth: The down payment isn’t the last expense of buying a home. There…
You find a home you like. You’ve saved a down payment. The mortgage numbers look manageable. Then someone tells you that you need mortgage insurance. Naturally, you might ask a very reasonable question: “Insured against what?” And often another one: “Am I paying insurance to protect myself or the bank?” Mortgage terminology doesn’t make this…
There’s a point in almost every home search where browsing listings starts to feel serious. Maybe you’ve been watching a neighbourhood for months. Maybe you’ve already found a house you like. Or maybe you’re just tired of wondering what you can realistically afford. That’s usually when mortgage pre-approval comes up. And one of the first…
Choosing between a fixed and adjustable mortgage sounds pretty straightforward until you actually have to make the decision. With a fixed rate, you know what you’re paying. With an adjustable rate, you’re accepting that your payment could move. So why would anyone choose the second option? Because there’s another side to that uncertainty. When rates…
Most homeowners don’t start looking for a second mortgage because they’ve always wanted one. Usually, something has changed. Maybe there’s a large tax bill to deal with. Credit card balances have become expensive. A renovation can’t wait another two years. Or you’ve built substantial equity in your home but don’t want to break a first…
It usually starts with a project. Maybe you’re planning a major renovation. Maybe you’re thinking about paying off high-interest debt. Or perhaps you’ve found an investment opportunity and want to use the equity you’ve built in your home. Then comes the question almost every homeowner asks. “Should I refinance my mortgage or get a HELOC?”…
For a lot of homeowners, debt doesn’t become overwhelming overnight. It usually builds slowly. A credit card balance that’s meant to be temporary sticks around longer than expected. A line of credit helps cover a renovation. Maybe a car loan, unexpected expenses, or rising living costs start putting pressure on the monthly budget. Eventually, the…
If you’ve owned your home for a few years, you’ve probably heard someone say, “You should use the equity in your house.” Maybe it came up while talking about a renovation. Maybe a friend mentioned using their equity to consolidate debt, or you read an article about homeowners buying investment properties without touching their savings….
When comparing a private mortgage vs B-lender in Alberta, many homeowners start their search after being turned down by their bank. While that can feel discouraging, a bank’s decision doesn’t necessarily mean your homeownership goals are out of reach. For many homeowners, it’s the moment they start wondering whether buying, refinancing, or accessing equity is…
