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Thursday, 12 December 2013

Zero down payment home buying; not a dream, strategy

Not a secret, it is a strategy! You hear this from people; buying a home with no down payment! Many mortgage broker advertise this, however few have the experience and or the connections to do it for you. Rule are few, but has to be followed 100% no matter what. Some component might have a little leeway, but do not count on it. Here are some of the Required Program Qualifications:
1.    Flawless credit history
now derogatory credit rating on your Credit Bureau
all your revolving credits and loans must be paid on time
complete disclosure of all liabilities and good track record of payments
2.    Employment history and qualifications
you will be required to show a letter of employment with 2 years on the job ( if you have changed employer, but in the same profession, a good mortgage broker will be able to explain
self-employed individuals have added qualifications, but it is not impossible with MortgagePRO
3.    Ability to keep mortgage current at all times
without down payment naturally the monthly payments will be higher as the mortgage larger
these payments can be many hundreds of dollars more, requires to show your ability to maintain mortgage without hardship

4.       Qualifying properties
also the importance of the property to be residential, single family, multi family unit like condominiums, duplex and most properties you want to occupy with your family

To get more information, please contact MortgagePRO Ltd. team of experienced mortgage brokers, providing mortgage financing since the turn of the century. We also provide mortgages for people with issues, provide plans, solutions and help to reach your goal, own your dream home. 

Tuesday, 3 December 2013

How to borrow down payment from your RRSP Plan

Home Buyers' Plan (HBP)
   The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your registered retirement savings plan (RRSPs) to buy or build  for yourself.  You can withdraw up to $25,000 in a calendar year.
Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP, or they may not be deductible for any year.
coupleGenerally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income and pay tax for that year. Now, that can hurt to pay huge amount, avoid it. 
Most importantly get a FREE Consultation session with us and we will help you on the way with the arrangement of the loan as well as to get you the best mortgage rate custom fitted to your circumstances and not of your lenders.