Gord Malin - Northwood Mortgage Ltd.
7676 Woodbine Ave, Suite 300, Markham, Ontario L3R 2N2About
Location :
Added by Jopie, at 19 June 2014
Gallery
Add missing information
8 Reviews
-
30 March 2017
https://www.thestar.com/…/province-stripping-tarion-of-buil…
response / report this review -
12 October 2016
Some incite into the governments latest policy changes governing mortgage financing.
response / report this review -
27 August 2014
http://bit.ly/1nsPieJ
response / report this review -
07 August 2014
Yes, you can get a mortgage if you are self employed!!
More and more people seem to be making the move toward self-employment these days, so it’s only natural that questions about self-employment and mortgages would also be on the radar. The short answer to the main question is “yes” you can still get a mortgage if you’re self-employed, but it usually isn’t quite as easy.
Types of Income
The two basic types of income that are used when determining mortgage approval are “Full” or "Provable" income and “Self-employed” or “Stated” income. If you have a full time job and receive a regular pay cheques, you have full income and you can report your income in the regular way. If you are self-employed and have a really high net income, you’ll also have an easier time of it.
However, if you’re self-employed and don’t have a high net income, you are working with stated income and your options have a lot to do with the size of your down payment. The down payment categories are as follows:
10% to 14.99% 15% to 19.99% 20% to 34.99% 35% and over.
Things like your credit score, tax returns, the amount of time you’ve been self-employed, and how you receive your income will all come into play, along with the down payment amount.
Tighter Rules
It’s important to keep in mind that no one has anything against self-employed people. Lenders just want to know that the mortgage amount will be paid back and that you have the means to pay it back. When you have a regular, full-time job your income is just easier to verify than when you are going it alone.
If you can prove that your stated income will be there on a consistent basis, you’ll shouldn’t have too much trouble. Not too long ago, self-employed people were able to declare an income and they were off and running. But when people started taking advantage of that system and wouldn’t be able to make their payments, the rules had to be tightened.
Qualified, Expert Help
Now, you need to back up your statement of income with proof. A lender may want to see bank statements, contracts, tax returns, or anything else that might shed light on your income. If you need some guidance or a push in the right direction, give me a call. I deal with this sort of thing on a daily basis. You’ll be glad you did!
647 547-8278 - Toronto Direct 705 999-1570 - Barrie / Angus
response / report this review -
30 July 2014
Canadians expect to be mortgage free later than previously thought http://bit.ly/Uq92Hr
response / report this review -
24 July 2014
RATES ARE DOWN AGAIN !!
I now have a 2.35% ( prime -.65% ) VRM on all conventional and high ratio deals. Purchases, Refinances and Free Switches/Transfers !
Contact me for more information
response / report this review -
04 July 2014
Watch this short video that explains what we do and why we do It! I am a member of the Verico Group!
response / report this review -
26 June 2014
Welcome to my New Business Page ! Watch for Future Rate Updates Mortgage, Financial News Posts and Tips on how to secure the Best Mortgage Available for your Family!
response / report this review