Richards Mortgage Group Articles

About 1 in 6 working Canadians are self-employed and, in recent years, the self-employed mortgage qualifying rule book has changed considerably. These evolving rules have created significant challenges for those seeking mortgage financing, and the property you can qualify for might not be what you expected....

Last month in my blog, I talked about new Canadian Government rules coming into effect and how they might impact the mortgage lending landscape. Besides explaining the new mortgagequalifying stress test, I touched on CMHC’s (Canadian Mortgage and Housing Corporation) soon-to-be-gone role as a provider of “bulk” or “low-ratio” mortgage insurance to the mortgage lending industry, and how it provided stability and promoted competition. As of Nov 30th, 2016 CMHC officially no longer provides that and certain other services, hence many mortgage lenders who had previously relied on these categories of mortgage insurance to manage their lending operations have been forced – over the last 30 days – to dramatically scale back their offerings.

Last updated: May 2019 One of the things I like about being a mortgage broker is a real opportunity to help people out when life throws them a curve ball. Recently my phone rang from a self-employed mortgage holder, a couple trying to get some options as they had fallen behind on their mortgage payments, not to mention numerous other credit cards and, bills.

In this article, we talk about the importance of being current with your Income Tax, as it determines whether qualifying for a mortgage in Canada, especially a self-employed mortgage, will be easy or hard for you. Super-Priority Definition What the heck is Super-Priority and why should I care? If you want to get a mortgage and income tax isn't you favourite topic, time to learn.

Updated Feb 17, 2021 One of the things about getting a mortgage in today's mortgage market is the amount of documents you have to provide your broker or lender to prove your income, down payment, property details, etc. I guess when you're borrowing hundreds of thousands of dollars, the lender has a right to make sure everything is legit!

Breaking down self-employment, the aftermath of the global recession, and what it all means at the mortgage table. Did you know that one in six (16%) of working Canadians are self-employed? If this is or will be you or someone you know, and you are thinking about buying a home, please take a moment to understands how the new self-employed income documentation rules affect mortgage qualifying.