Self-employed individuals may must provide extra cash documentation such as taxation assessments when applying for the mortgage. The CMHC provides tools like mortgage calculators and consumer advice to help educate house buyers. Mortgage Refinancing to a lower rate will help homeowners save substantially on interest costs over the amortization period. Skipping or delaying mortgage payments […]
Most lenders allow porting mortgages to new properties so borrowers can hold forward existing rates and terms. The CMHC Green Home rebate refunds up to 25% of annual mortgage insurance costs for buying cost effective homes. Mortgage applications require documenting income, tax statements, deposit sources, property value and overall financial picture. The Canadian Mortgage and […]
Government guarantees on mortgage backed securities allow lenders to fund mortgages at lower rates. Tax and insurance payments are trapped in an escrow account monthly by the bank then paid for the borrower’s behalf when due. The mortgage approval to funding processing timelines range 30-120 days from completed applications through risk assessing documentation verification appraisals […]
