Before the global financial crisis, a self-employed person could easily obtain a mortgage. Things have become a little trickier for entrepreneurs nowadays as lending regulations have been stricter and banks are less eager to provide financing for non-traditional customers. The B-20 guideline, put forward by the Office of the Superintendent of Financial Institutions in 2012, mandates that federally regulated banks tighten up their lending procedures. Mortgages for business owners and independent contractors were one of the affected business practices.
Are you interested in buying a residential property? If so, Mortgages of Canada can assist you in figuring out what you can afford and provide you with alternatives to help you reach your investment objective. It’s possible that you may use the equity in your present property to aid with your acquisition.
A sensible financial move could be to buy a house to rent out. It could appreciate the value and generate a reliable monthly income that you can put toward your current mortgage, your retirement account, or just spend as extra cash. Flipping properties is another popular investment tactic that many homeowners use. The goal of a flip is to profit from a property that is undervalued by the market. The owner may be having financial difficulties or the house may need maintenance, which is why it is being offered at a reduced price. It’s important to conduct your research before picking an investment property because lenders’ down-payment requirements may vary depending on the type of property.
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We specialize in residential and commercial mortgage services, being the best solution for all types of borrowers.