Self Employed Equity Mortgage

Posted by on Oct 19, 2015 in Blog, Home Equity Loan, How To.... | 0 comments

Self Employed Equity Mortgage BC | Equity Mortgage Programs Self employed and have trouble providing enough income to qualify under your banks strict guidelines? You seen self employed mortgage videos and read many financial articles on it, but for many BFS income earners providing proof of income can significantly affect their business due to the amount you will be required to pay in personal income tax. Most banks have products that allow you to state income but the income stated must be groused up 15% from your income claimed. For many business owners this just does not provide enough income. 1st & 2nd Home Equity Mortgages BC |Bank Rates up to 65% of Homes Value I have sourced some unique products for my self employed clients. These products work for many of my clients due to the ease of qualifying documents. If you are self employed and have been for two years or more, owe no personal income tax live in Metro Vancouver you can qualify. You do require to pay for an appraisal to confirm lending value but the process is very basic. Details & Documents for BC Home Equity Mortgage Self Employed The Requirements are: Owner occupied Purchase or Refinancing Terms 1-5 ye 7 & 10years, 5 year variable rate Amortization 30 years No min Beacon Score (must be explainable credit no r2 reporting in the last 2 years) No past Bankruptcy No income required (lender must be satisfied with clients ability to make monthly payments) Self Employed Income Proof: Min 2 years BFS evidence: Articles of Incorporation, Business License min 2 years, Accountant Prepared Financial Statements, T1 General with Statement of Business Activities, two year business bank account statements Property Types: SFD, Townhouse & Condo (marketable good salable condition) 1st & 2nd Mortgage (2nd mortgage will only be granted to CMHC approved lending institutions) Call Your BC Mortgage Broker To Help You Navigate Your Financial Future....

Read More

Mortgage Lenders

Posted by on Sep 10, 2015 in Blog, Home Equity Loan, How To...., Mortgage Solutions | 0 comments

Insiders Info On Private Mortgage Lenders. CALL US! Private mortgage lenders fill the gap when banks and home owners needs do not match. In life there are ups and downs but for bank profits they only want to look at the ups. This is where private mortgage lenders come into play. They will consider financing solely based on your homes equity not income or credit. How Do I Negotiate The Best Private Mortgage Lenders Rate? Negotiating the best rate from a private mortgage lender is harder than it looks. This is manly due to the different between rate & cost of arranging the mortgage financing. There are some very good private mortgage lenders out there that have straight forward mortgage documents and very competitive rates. There are also lenders that provide lower than average rates in hopes that less sophisticated borrowers look only at the rate and payment structure of the financing and not the cost to arrange the financing. How Do I Know If I Am Getting A Good Private Mortgage Loan? A good private mortgage loan is part rate, part cost & part terms. To fully understand the benefits of private mortgages is determining your use. You must be realistic about your situation, are you in a position that will be fixed in one years time or is this something that may take a few years? In most cases an outside expert like a mortgage broker is your best advocate to determine if you are being realistic about your situation and your time frame. Who To Call To Obtain A Quote From A Private Mortgage Lender? A Mortgage Broker who is not associated with the lender is a good start. Not all mortgage brokers have a ton of experience in Private Mortgage Lending due to this type of lending makes up about 5% of the mortgage application. I am a very experienced Mortgage Broker with many of different private mortgage lenders that I frequently work with. I am able to quickly attain which lender has the best product and/or what lender may be sitting on a lot of money. When private mortgage lenders are flush with available funds they are usually willing to provide more options or lower costs to get their money out working for them. There are many lenders out their that are more familiar to the public due to the amount of advertising they offer but in most cases they are not a great fit in terms of product. Jeff DiLorenzo The Mortgage Group Canada Inc Call for no obligation over the phone estimation...

Read More

Consumer Proposal Affect My Renewal?

Posted by on Apr 24, 2015 in Blog, How To.... | 0 comments

Will A Consumer Proposal Affect My Mortgage At Renewal? Unique financial situations come into play for many people and choosing a consumer proposal is something that some Canadians turn to when debts and other bills put them at risk of loosing their home. I have personally witnessed clients that have had great success going through these debt consolidation programs.  But there are things to be aware of and debt owed to the same institution that holds your mortgage is something you should take great consideration prior to including this into your restructuring. I know how difficult it is as a mortgage broker to try to think of all aspects of a transaction, current and in the future and the affects it may have on my clients. The same thing I am sure that credit counselors consider when structuring a consumer proposal. One thing I see often is client calling me up one or two years after they have entered into a consumer proposal. Sometimes they ask, “How will the consumer proposal affect my chances of the bank renewing my mortgage?” Other times they are in a panic and tell me “My bank will not renew my mortgage due to my consumer proposal.” I am sure there are many things to considered by a consumer proposal counselor when doing up a consumer proposal like, reducing as much debt for the client, getting the best payment structure for the client to maintain a successful repayment program.  The one thing I see as a mortgage broker dealing with renewals or refinancing a mortgage for clients that have went into a consumer proposal is the debts owed to the same bank that holds your mortgage payment may cause issues at the time of renewal. It can be more costly to have to refinance your existing mortgage if your bank will not renew your mortgage due to you walking away from a small credit card or unsecured LOC. Prior to including these debts, I would have a long talk with the branch that holds that debt to get some assurance that it will not affect the mortgage renewal. I have seen clients go through with the proposal only to have the bank not renew 3 years later and they end up having no options available to refinance and are forced to sell. If you considered a consumer proposal as a way to save your home make sure you keep your current mortgage lender happy and discuss in length what debt you should or should not include. I am available to speak to you and provide options from 9am to 9pm 7 days a...

Read More

Income Tax Deadline 2015 is April 30th what happens if you didn’t file a return?

Posted by on Mar 5, 2015 in Blog, How To.... | 0 comments

Income taxes are due April 30th at midnight for most Canadians, but what if you missed it or skipped it?  This answer varies depending on whether or not you owe taxes.   You can still file them after the deadline but penalties may apply. As well you can mail or Netfile taxes returns usually up to September 30th. Don’t owe taxes then there are not penalties but you will not receive your refund until your taxes get filed. Don’t owe taxes but you haven’t filed; there might be a delay in receiving benefits like, GST or Child Tax Benefits If you owe taxes and have not paid or filed by May 1st penalties & daily compounding interest will begin. Penalties start at Five percent of the amount owing Penalties can double for Individuals that file late more than once in a four-year period Fail to report an amount on your return in pervious years within a four year period you could be hit with a repeated failure to report income penalty of 20% What if you owe more than you can pay for in income tax? Experts say you should still file your income taxes. Check out this article by Susan Ward: What Happens If I Can’t Pay the Income Tax That I Owe?   I have helped many individuals that for one reason or another are years behind in their personal income tax. When your bank will not assist you due to tax arrears I have lenders that will lend sole on the equity in your home. Call today if you require...

Read More

Home Equity Loan Rate Shopper DIY Mortgage Specialist

Posted by on Mar 3, 2015 in Blog, Debt Consolidation, Home Equity Loan, How To...., Mortgage Solutions | 0 comments

Mortgage Rate Shopper or Work with a Mortgage Professional? Rate Shopper “What is the lowest home equity loan rate you have” is a question I get every day. As rate shopper looking for a BC Home Equity Loans (this does not apply to Home Equity LOC’s to 65% LTV at a bank or financial institution) you are dealing with a product that means for  one reason or another you do not qualify under conventional mortgage criteria. Although rate should play a part in every transaction your Mortgage Brokers knowledge in lenders & negotiating terms and conditions is going to be the major factor in determining costs associated with arranging the financing now and possible costs in the future. Let’s look at a few scenarios, why you do not qualify for conventional financing and why you should use a mortgage expert rather than becoming a rate shopper and get a better understanding of your needs and the difference between Home Equity Loan rates & lenders: You are self employed and do not want to claim all your income due to the cost savings in taxes. This is true in some cases but if you are stuck with a very low max mortgage (lets say $150,000) and you have to top this up with a larger home equity loan (lets say $150,000) at a higher rate of interest this might be a good time to start paying the government and stop paying the high rate home equity loan. An experienced mortgage professional can help you run the numbers and make an informed decision. A direct lender may not work with you to better your current situation because they do not provide conventional financing options to their clients. It is not about rate it’s about dealing with a true professional mortgage broker independent from the lenders that can show you the cost associated with the mortgage rather than being just a rate shopper. You have bad credit and you are looking to borrow money to payoff debts. That is great!! But do you know some of the pitfalls or techniques to do it correctly? Credit can recover quickly if you do it right, for example sometimes it is best to pay off and entire card and other times it is good to just pay the balance down under 50% of the limit. Paying off cards or other loans and closing accounts can have devastating impact on your credit. Trade lines tell a story about your payment history over time, like it or not. But bad credit is sometimes a moment in time and not a reflection on you over a long period of time. Deleting that history can have a larger impact than the missed payments....

Read More

Title Insurance BC

Posted by on Feb 26, 2015 in Blog, Uncategorized | 0 comments

Title Insurance What Is It & Why So Many Private Lenders Require It. British Columbia works on the modified Torrens land title system that “guarantees” your title. It is questionably one of the best systems for land registration. This system is very accurate in determining who the owner is and what registered charges are against the property. The province assurance fund also pays financial compensation in appropriate cases where the possibility of lose of title through fraud occurs. This system has been in place for many years and is considered great for normal transactions. What Is Title Insurance & Why You Might Consider Getting It. Title Insurance insures buyers or lenders against potential loss of title (for example, ownership of the property you’re buying) &/or problems with the title. Almost all private mortgage lenders require title insurance on all mortgages they do. Example of a Problem with Title: Client purchases a home with a shared driveway. The home in question has no other access to the road system without using this driveway. Later the home owner finds out that the driveway has no right of way or easement for the title of his/her home and the other home owner will not grant this to them. This is a case where title insurance can cover the lender & possible the home purchaser. As well title insurance might cover you for construction done by the previous home owner without permits or building by-law infractions, land use as well as set back problems. Very few mortgage fraud cases happen in BC in the past two decades but they do get quite a bit of media attention when they do.  If an innocent home owner is defrauded through transfer of their title and the fraudster who then takes out a mortgage and takes off with the money, then the lender now bears the risk of loss. This makes the small cost of Title Insurance worth it for you in BC. If you are considering the purchase or refinance of  a home consider  title insurance or talk to a Real Estate lawyer to better understand the benefit or other useful product for your particular...

Read More