Own Your Own Home, Now!
Mortgages, interest rates, maximum buying power, GDS, TDS, CMHC -- know what you need to know to afford your own home, right now. This article outlines how to get the bank to accept your mortgage application, why they might reject it, what type of mortgage you should apply for, your financing options, and what you should know otherwise than just your interest rate to afford and own your home in Canada.
The Reality -- Owning a Home Today in Ontario, Canada
What's next? Canada Finance Minister Jim Flaherty recently said that, due to rising national indebtedness, buying a house now requires a larger down payment. Why? Interest rates got so low that more and more people have been buying houses and accepting mortgages that they weren't able to handle. As such, a housing bubble grew over Canada; meanwhile more borrowers defaulted on their loans and so banks became increasing wary -- causing the current credit crunch.
To own your own home was never easy in Ontario, Canada. But this credit crunch has made it even more strenuous for Canadians to own their own houses.
The Information Gap -- What You Need to Know to Protect Your Future
If you want to own your own house in Canada, it is crucial to understand the basics of Canadian mortgage system. The bank becomes your best friend on this journey -- and, believe it or not, banks are ready to lend you the money you need to own your home. But are you prepared to qualify for it?
Get prepared. Simply hoping to qualify for mortgage is not enough in today's market. Banks have strategically tightened their lending criteria, changing the rules of engagement. If you want to qualify, you have to get strategic as well.
What's Possible -- Afford Your Own Home Now!
We reinforce the importance of paying attention to details prior to submitting your application to the banks. In today's market, every applicant has to be knowledgeable, prepared, and well-positioned in front of any lender.
You will also learn a unique solution to own a house when banks cookie cutter approach rejects your application.
Let's start with basics -- "What is a Mortgage?"