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  • Mortgage matters


    By kanjis




    Some simple hints for Home ownerships for Self Employed, Commissioned Sales Person, Seasonal Employees and Regular Incomes.

    Self-employed
    With unprovable incomes for most BSF or 'business for self ' homebuyers situation can become tough.However, under the CMHC programs, the BSF can now qualify easily under programs called, Self Employed. this is for those who are paid commissions and those who own businesses. Home based business come under this program

    Employees
    Many consumers derive income from a number of sources, not all earnings are ‘provable’ Those with second part-time jobs, those in the restaurant industry making good tips
    Non Income Verification (NIV) products provide an opportunity to qualify and be a proud home owner

    New Immigrants
    Lack credit and employment history in Canada for the NEW immigrants. The CMHC has a 'welcome to Canada 'Program and most immigrants who have been here leass than two years can borrow under this creteria.

    Seasonal Workers:
    Lenders are more sympathic if the incomes ae explainable and reasonable. For this type of clients there are lenders who go for "Rule of Thumb- It Makes Sense" approach.

    Debt Service Ratios
    This your affordability of a loan. The new 30,35 and 40 years amortisation have made it easier and simpler for low income buyers to become proud homeowners.

    Divorce Challenges
    Most objections from banks are over comed by sending in Statements of explaination to the lenders, for borrowers with slow credits after a nasty divorce.

    High Loan to Value Borrowers
    There is an obvious need for people to be able to borrow more in terms of Loan to Value ratios. Uninsured, non-conventional mortgages enable this segment to borrow funds required when they do not qualify for the government’s CMHC program. Mortgages up to 90% of the home’s value are available

    Credit Challenged
    Just like in Hockey, Clients have to go to a panelty box! what this means is that, the buyer will borrow from lenders other than Banks for a year or two at a little higher interest rate (remember the panelty box?) and than once they have proved that they are paying on time and have done so for a year or two, than the regulare bank products are available to them. One example is FirstLine Trust has program called EXCESS for such buyers. Since Firstline is owned by the CIBC, it is a smooth flow to move to the CIBC after a year of making payment and honouring your contract. In otherwords, "It's time to get out of the panelty box"!

    Property Types
    Moneys are available for all types of Properties. Regular homes, condos, Townhouses, Holiday properties that is on landlease, Secondhome for your childeren when they are at University, Investments and Commercial Properties.

    Summary:
    The above are helpful hints. For your specific situation feel free to contact us.

    Home is where the heart is!

    Salim J Kanji BA 


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