The Financial Forum
The Financial Forum is an online and full service mortgage brokerage firm in operation for over 28 years.
Why Would You Refinance? - The Financial Forum. Home Ownership As A Single Parent. When it comes time to providing for your child or children, we all want to provide the best we possibly can and where you call home has to be at or near the top of this list.
If you’re a single parent, you probably want to give your children the best possible environment to grow up in. If part of your plan for that includes getting a house for you and your kids, there are a few things you need to think about. Mortgage Pre-approval Vs Mortgage Pre-qualification - Understand The Difference. Purchasing a home is very exciting and rewarding, no doubt about it.
However, the process can also be confusing and overwhelming. There are many factors and issues that must be considered. You need to worry about the home details such as location, condominium or freehold, schools, proximity to essentials in your life, etc., etc. However, the financing part of the purchase is also very critical and in fact, probably one of the most critical aspects of the home buying process. Buy Your First Home - Your Guide To Home Ownership. Want to know what it takes to move into the housing market with confidence?
Looking to stop renting and buying your first home? We can assist you in creating a logical and realistic plan in achieving the goal, the dream, of home ownership. How Do The New Mortgage Qualification Rule Changes Affect You. New housing policies are coming into effect and leaving many Canadians unclear about how their finances have been affected.
This material will focus primarily on Low Ratio Mortgage Loans – mortgages with 20% or more equity or down payment. Outlined below is a very clear and concise summation of how you have been affected, but in order to understand the new rules it’s important to understand the previous rules. A fixed rate mortgage loan with a 5 Year Term was not subject the Benchmark Rate (also known as Mortgage Qualifying Rate). Mortgage loans with terms of 4 years or less, and/or variable rate mortgages, were subject to the Benchmark Rate as established by the Bank of Canada 20% – Approximate decrease in home purchasing power for all Canadians High Ratio Mortgages.
Mortgage Qualification Changes - Effect of New Housing Policies. The Financial Forum can best guide and counsel you through your mortgage needs On October 17th, new housing policies came into effect and have left many Canadians unclear about how these have impacted them.
Outlined below is a very clear and concise summation of how you have been affected. 20% – Approximate decrease in home purchasing power for all Canadians High Ratio Mortgages. New Mortgage Rules – How Do They Impact You? So, on October 3, the Department of Finance introduced some major changes to how you get qualified for a mortgage.
Why? Apparently, they want to protect Canadians from taking on bigger mortgages than they can afford while we are in this period of historically low interest rates. Good intentions. But – Still no intervention relating to credit card debt, unsecured lines of credit and loans. Is Debt Consolidation Right for You? Do you know what makes up the majority of revolving debt for most consumers?
Credit cards Probably not a surprise, but the appetite for credit cards continues to grow, and it shows no signs of changing. For many, debt gets to a point where is suffocates you, it becomes overwhelming, it controls you and becomes a major point of stress. It could even replace another four letter word we often hear. Debt, when left unmanaged, is toxic and can bring individuals and families crumbling to their knees. 5 Ways To Get The Best Mortgage Rate You Can. Bad Credit Mortgage - Turn Yourself From A Liability To A Sound Investment. Who does not fear risk?
We all do, and lenders are no different. While risk is an inherent part of business, a lender will choose risk wisely and prudently, especially when they have a choice to lend on multiple applications. Understandably, many mortgage companies are reluctant to finance people with bad credit history or with little or low down payment. This is where a mortgage broker experienced with bad credit mortgages comes in. Winning Amortization Battle - Ways To Pay Off Your Mortgage Faster. You hear and perhaps read about this topic often enough.
But, have you ever considered to explore practical options that can be implemented and really can work for you? Let’s explore. Winning The Amortization Battle! What Should Your Financial Goals Be By Age 30? Doesn’t matter what education level or career path you chose, everyone longs for financial security and financial freedom for retirement.
When you are young, 30 and 40 year olds seem very old, over the hill and past their prime. However, time passes quickly and you will soon realize how young 30 is, yet how fast you reached this age. Feeling young also means putting things off. Why Can’t I Get a Mortgage If I Have Great Credit? - The Financial Forum. Everyone tells you that getting a great deal on your mortgage comes down to a great credit rating and score. This is a great thing to have and maintain, no doubt. However, it isn’t the only thing that lenders will review. In fact, even if you have a bad credit rating, you can still get a mortgage. There are several factors that contribute to the credit decision. How is your Credit Score Calculated? - The Financial Forum. Credit rating always seems to be a mystery to many clients. Let’s breakdown the process and make it a little easier to understand. Payment Record – Your payment record and history is obviously one of the most important factors in determining your credit score.
Approximately 35 percent of your credit score is attributed to this category. Paying all of your accounts such as loans, credit cards, lines of credit, retail department store accounts; car loans, student loans, mortgages, etc. on a timely basis is crucial to a good credit score. All public records and collection items such as bankruptcies, foreclosures, liens, judgments, and delinquencies reported to collection agencies are taken into consideration. Is Home Ownership still affordable for first home buyers? - The Financial Forum. When you’re a young Canadian looking to purchase your first home, it’s all about affordability. Considering the huge price increases that some cities in Canada have seen over the last while, you would not be alone in thinking that it’s not possible to get into the housing market at these prices and that there aren’t any affordable places left in the country. However, you should not always be led be what you hear and read. There are definitely some bargains to be found, both in home values and in interest rates.
In spite of the housing price increases, affordability is actually pretty good at the moment. What does this mean? Well, for starters, outside of major metropolitan areas, house prices remain relatively in check. So, with this in mind, affordability is very good right now. Low rates mean more affordability Yes, we are in a period where we are experiencing the lowest rates in history. Why Can’t I Get a Mortgage If I Have Great Credit? - The Financial Forum. Pay Off Mortgage Fast Vaughan. Mortgage Refinance Products Vaughan. Home Renovation Loans & Mortgage Financing. Self Employed Mortgages Vaughan. If, as a business owner you often find it difficult securing a mortgage, there is “light at the end of the tunnel”.
Just because some lenders treat you like a second-class citizen when it comes to securing a home loan doesn’t mean we will. Here at The Financial Forum, we recognize that self-employed people shouldn’t be penalized for their entrepreneurialism. We understand that sometimes self-employed people are busy building their business and that their financial information may not always be reflective of how you and your business are really doing. That’s why we have a wide range of Low Doc mortgage loans specifically for self-employed people like yourself.What that means is that proof of income requirements are less stringent. Mortgage Pre-Approval Vaughan. First Time Home Buyers Plan Vaughan. The Home Buyers Plan (HBP) is a Canadian federal government program which helps Canadian residents buy a home for the first time. Mortgage Products & Services Vaughan. VERICO The Financial Forum Ltd. Mortgage Tips for First Time Home Buyers. Know exactly how much you can afford for your down payment and closing costs.
You can purchase a home with as little as 5 percent down. With a down payment of at least 20 per cent you can avoid costly mortgage loan insurance. Investment Property Mortgages Toronto. Vaughan, Toronto, Ontario. New Home Purchase Mortgage Vaughan. First Time Home Buyers Mortgages. Best Home Purchase Mortgage Rates & Loans Vaughan. Vaughan, Toronto, Ontario - The Financial Forum. No Cost Mortgage Transfers Vaughan.
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