As we are couple of weeks away from a new calendar year, there is one thing that has clearly changed in the business world. In the words of the famous CEO Gary Vaynerchuk, “Entrepreneurship has been put on such a pedestal, and people are going to suffer from it”. He doesn’t necessarily mean from a…
When we speak of mortgages, it’s always about families with a stable income that will comfortably pay it off after a certain time. What is never spoken about are entrepreneurs and their housing plans; as we know, being self-employed means your salary can vary on a monthly basis, but being an employee on a payroll…
Statistics show that nearly 20% of all income earners in Canada are now self-employed (at least part-time). We often question why it is so difficult for this growing demographic to get a mortgage. Some of the issues include the fact that income for the self-employed is usually hard to prove. Many business-for-self owners are…
CMHC will no longer insure self-employed mortgages without income validation. So this is obvious now that self-employed people have better chances to get mortgage using mortgage brokers than regular lenders such as banks. It is extremely hard to navigate which lenders specialize in self-employed mortgages or have more favorable terms for the self-employed. Mortgage brokers…
Canada Mortgage and Housing Corp (CMHC) said late Friday April 25, 2014 it will stop insuring mortgages on second homes, effective May 30, 2014. Anyone who has an insured mortgage will no longer be able to act as a co-borrower on another mortgage that CMHC insures. In addition, it will stop offering mortgage insurance to…
