Licensed Mortgage Broker with Verico-Ambro & Associates
Mortgage Consultants LTD.
| 6 month | 4.45 |
| 1 year | 2.75 |
| 3 year | 2.89 |
| 5 year | 3.29 |
| 7 year | 3.95 |
| 10 year | 3.95 |
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VARIABLE RATE MORTGAGE
> Our aim is to provide our clients the best possible mortgage program in the shortest amount of time with a customized mortgage package.
> We accomplish this regardless of our client’s income or credit status.
What is the role of a co-signer or guarantor?
Lately with the new underwriting regulations our financing requirements might not meeting the qualifying guidelines. Like a change job, the start of a new family, or a move to a new location. Those changes can make it more challenging to qualify under the usual bank guidelines.
How can a co-signer or guarantor help?
A co-signer is someone who signs your mortgage with you. In most cases, they have to have a reliable or proven steady income, good credit, limited debt, and some accumulated assets
In the event that the borrower can’t make a regular payment and/or if the mortgage goes into arrears, the co-signer or guarantor is called upon by the bank to help make up missed mortgage payments.
How is a co-signer or guarantor different from a borrower and co-borrower?
A co-signer or guarantor is required to complete a mortgage application and provide employment/income confirmation for the approval process.
A co-signer is not on the title of the property! A borrower and co-borrower are both on the mortgage document and the title. Often a co-signer is only required for a short amount of time.
For example, if you are buying a home and need a co-signer because you are new on your job, you may be able to apply to carry the mortgage in just your name and have the co-signer removed once you have at least 1 year with your new employer and are past the probation period. Or, if you are newly self-employed, you may be able to apply in just your name once you have a 2 or 3 year history of earnings in your business.
If you have any questions about financing or the co-signing process please contact us.
BoC leaves overnight rate at 1.00%, nudges up economic outlook
Concern over rising consumer debt levels is prompting Ottawa to make three new changes to Canada’s mortgage rules.
Finance Minister Jim Flaherty announced Monday that new federal rules will reduce the maximum amortization period to 30 years from 35 years for government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. Continue Reading »
