Are you a self-employed Canadian dreaming of owning your own home? You're not alone. The prospect of homeownership is an exciting one, but it comes with its own set of challenges, especially when you're self-employed. Your credit score is one of the most critical factors that can significantly impact your ability to secure a mortgage and buy the house of your dreams.
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The Importance of Building Strong Credit as a Self-Employed Homebuyer
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The Benefits Of Working With A Mortgage Broker Vs. A Bank
Buying a home is a major milestone for many people, and it’s one of the most significant financial investments you'll ever make. Whether you're a first-time homebuyer or a seasoned real estate investor, finding the right mortgage is key to ensuring that you get the best possible deal.
When it comes to securing a mortgage, you have two options. Working with a mortgage broker or going directly to a bank. In this blog post, we’ll explore the benefits of working with a mortgage broker versus a bank, and why Mortgages By Erin, the best mortgage broker in Toronto, Ontario, is a great choice for you.
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What You Need To Know About Pre-Approval And Pre-Qualification For A Mortgage
As one of the most significant financial investments you'll make in your life, buying a home requires careful planning, research, and financing. For many Canadians, obtaining a mortgage is the only way to afford a home purchase, but the process can be confusing, especially if you're new to it. Before you start looking for a home or a mortgage lender, it's important to know the difference between pre-approval and pre-qualification.
Pre-qualification and pre-approval are often used interchangeably, but they are two different things. Pre-qualification is a preliminary assessment of your creditworthiness, income, and debt. It gives you an idea of how much you can afford to borrow but doesn't guarantee that you'll be approved for a mortgage. On the other hand, pre-approval is a more in-depth process that involves a lender reviewing your financial documents, credit history, and employment status to determine whether you're eligible for a mortgage and how much you can borrow.
When it comes to home buying, pre-approval is more beneficial than pre-qualification. Here's why:
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The Advantages Of Working With A Local Mortgage Broker
If you're thinking of buying a new home or refinancing your existing mortgage in Toronto or anywhere in Ontario, you may be wondering whether to work with a local mortgage broker or a big bank. As a licensed Ontario and GTA broker, Mortgages By Erin can help you navigate the market with confidence. While both options have their advantages, there are many reasons why working with a local mortgage broker can be a smart choice, especially if you're looking for the best mortgage lender in Toronto.
In this blog, we will explore the advantages of working with a licensed Ontario and GTA mortgage broker and why Mortgages By Erin is the best choice for your mortgage needs in Toronto and beyond.
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Canadian Markets Are Seeing A Real Estate Boom With Population Declines
Original Article Source Credits: Better Dwelling , https://betterdwelling.com/
Article Written By: NA
Original Article Posted on:
Link to Original Article: https://betterdwelling.com/canadian-markets-are-seeing-a-real-estate-boom-with-population-declines/
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Bank of Canada Reaffirms Its Low-Rate Outlook
Original Article Source Credits: CANADIAN MORTGAGE TRENDS ,https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: September 10, 2020
Link to Original Article: https://www.canadianmortgagetrends.com/2020/09/bank-of-canada-reaffirms-its-low-rate-outlook/
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Big Banks Still Dominate Mortgage Market Share, Says CMHC
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: September 14, 2020
Link to Original Article: https://www.canadianmortgagetrends.com/2020/09/big-banks-still-dominate-mortgage-market-share-says-cmhc/
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Has COVID Really Resulted in Toronto Residents Fleeing to the Suburbs?
Original Article Source Credits: Toronto Storeys , https://torontostoreys.com/
Article Written By: Christina Varga
Original Article Posted on: September 10, 2020
Link to Original Article: https://torontostoreys.com/toronto-moving-to-suburbs-covid/
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How This New Mortgage Rule Could Affect You
As of July 1st, CMHC is tightening its guidelines for high-ratio/insured mortgages, to reduce demand and stabilize housing markets. It’s also a direct response to the high number of mortgage deferrals after the COVID-19 pandemic. Read on to learn more.
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A New Home Checklist: Things To Do Before You Move
Organizing a successful move into a new home can be quite a challenge. After all, moving can often create a list of never-ending chores, making the process stressful or laborious. Yet, with a little preparation, you can handle the task with ease and complete it quickly.
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Five Tips To Help Resolve Your Financial Difficulties In Light Of COVID-19
As coronavirus (COVID-19) continues to spread across countries and cities, economies across the world have taken a hit. Uncertainty in the markets, declining economy, and rise in unemployment have impacted thousands of lives. If you’re finding it challenging to pay your rent or meet your mortgage payments, and other expenses, you’re not alone.
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Refer Mortgages By Erin And Stand A Chance To Win
As a leading mortgage broker in Toronto, ON, I’m offering my clients the chance to be entered into a draw to win one of seven amazing prizes.
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Should You Renew Your Mortgage With The Same Lender?
Obtaining a mortgage can be a tedious process, especially with the tighter approval criteria presented by the Canadian lending authorities. But, once your mortgage is approved, you can relax for a bit until it’s time to renew your mortgage.
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The Vast Difference Between Reverse Mortgages In Canada Vs. The U.S.
How much do you actually know about reverse mortgages? Most people know that they are available to help Canadians who are fifty-five years and older with access to equity in their homes tax-free. But many people mistakenly think that Canadian reverse mortgages are just like those offered in the U.S.
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First Time Home Buyer’s Incentive With Mortgages By Erin
If you’re struggling to obtain your first mortgage, you’re in luck because the government’s First-Time Home Buyer Incentive (FTHBI), is now at your disposal. The FTHBI is a shared equity program introduced by the government of Canada and is available to first time home buyers. The program was officially launched on September 2, 2019, by the CMHC (Canadian Mortgage and Housing Corporation), and is meant to help younger buyers afford a new house with lower mortgage payments.
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Announcing The New Website
We are delighted to announce the launch of our new website!
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New Website Under Construction.
We are currently revamping our website. Our new website will be interactive and mobile friendly! Watch this space for updates. Just a few more weeks to go!
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