Self-employment and Qualifying for Your Mortgage

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Whether you call it your gig, side-hustle or passion project, the number of people in Canada who are self-employed is on the rise. When you're focused on building your business, home ownership can seem like a challenge. While it's true that qualifying for a mortgage when you're self-employed is different from a regular employee, our team is here to walk you through the options with mortgage lenders and insurers.

How to Qualify for Your First Mortgage

Buying your first home can be confusing. When we talk about qualifying for your mortgage, we mean looking at the ratio of your debt vs. your income and seeing whether you will realistically be able to make mortgage payments.

Insured & Insurable Mortgage Qualifying Changes Coming July 1, 2020

The Canadian Mortgage and Housing Corporation (CMHC) has announced 3 major changes to the way that mortgage applications for insured & insurable files will be assessed. If you are planning to buy a home with less than 20% of the purchase price as a down payment, these qualifying rules will affect you.

COVID-19 and Your Mortgage in Canada

Everything You Need to Know

The COVID-19 situation in Canada is evolving very quickly, resulting in rapid changes to the financial situation and economic outlook for many people. As always, the Auxilium Team is dedicated to staying on top of news related to the mortgage industry to provide you with all of the information you need to make the best decision for your situation. We will update this post as new announcements are made.

Canada's Mortgage Qualifying Stress Test Set To Change For Spring 2020

Just in time for the Spring 2020 real estate market, Canada's finance minister has announced changes to the stress test used to qualify insured and insurable mortgages. The government originally introduced a minimum qualifying rate in 2016 to ensure that home buyers would be able to afford their homes even if interest rates rise, incomes change, or families are faced with unforeseen expenses.

Are Rental Suites Still Mortgage Helpers?

As the price of property in Canada has continued to rise, many home buyers have turned to purchasing a house with a rental suite to help with mortgage payments. Over the past few years, we've worked with many folks who were only able to qualify for a mortgage if they had rental income to supplement their household earnings. But if you're planning on your tenant completely taking care of your mortgage payments, is that really the case?

New Mortgage Rules Affect All Homeowners – Present and Future

The countdown is on to January 1st, when the latest mortgage rules from OSFI will come into effect! A recent survey by Re/Max found that over 40% of Canadians don't even know about the upcoming changes, and another 40% don't think – or aren't sure – that the new rules will affect them. At the same time, nearly half of Canadians are considering purchasing a home in the next five years. A home is the largest purchase most of us will make, so do you really want to go into that decision without all the facts?