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Bad Credit Mortgages Overview | Home Loan for Bad Credit
Private companies or individuals who loan funds to borrowers who need a second mortgage.
Is your bank turning you down?
Speak with a mortgage broker who specializes in loans for Canadians with lower credit scores.
Find a broker
Other important factors
You will notice that for some credit scores - take 650 for example - you may be able to qualify for a loan with either a prime lender or a bad...
Mortgage Loans from Private Lenders | RateHub.ca
Fees associated with a private mortgage loan
With a prime or conventional lender, the broker is paid a commission directly from the lender. When using a private lender, you (the borrower) pay the broker's fee directly. Private loans also incur set-up fees bringing total fees paid between 1-3% of the loan amount.
The good news is, these fees can be financed through the mortgage loan. Let's say...
Mortgage Affordability Calculator Canada | RateHub.ca
Housing Expenses + Credit Card Interest + Car Payments + Loan Expenses
Ratio should be < 40%
Note that while the industry guideline for GDS and TDS is 32% and 40% respectively, most borrowers with good credit and steady income will be allowed to exceed these limits. The maximum allowed is 39% and 44%. The calculator uses these maximums to estimate affordability.
Mortgage Broker vs. Bank | What is a Mortgage Broker?
TD, RBC, BMO, CIBC, Scotia, ING
The Mortgage Centre, Dominion Lending, Safebridge Financial, CanWise Financial
Banks allow you to consolidate your services with a provider you have an ongoing relationship with and have deemed trustworthy.
Mortgage brokers essentially 'shop' around, negotiate for you, and present the lowest rate on the market. Volume discounts achieved by mortgage brokers are...
Mortgage Term vs. Amortization | Loan Payment Timeline
Mortgage Term vs. Amortization
One of the most common sources of confusion for prospective home buyers is the difference between a mortgage term and amortization period. A typical mortgage in Canada has a 5-year term with a 25-year amortization period.
The length of time you are committed to a mortgage rate, lender, and conditions set out by the...
First-Time Home Buyer Education Centre | RateHub.ca
Tax credits for first-time home buyers
If you're buying your first home you may have access to a number of tax breaks. These include the First-Time Home Buyers' Tax Credit which is claimed on your annual tax return. In most provinces, first-time home buyers can also claim a land transfer tax rebate. First-time home buyers can also take advantage of tax-sheltered savings using the Home Buyer's Plan, which allows you to withdraw money tax-free from your RRSP to buy a home.
First-time home buyer programs