Self Employed Mortgages Ontario
Posted: Apr 20, 2017
If you are looking for Self Employed Mortgages Ontario, there are better options than going to your bank. Banks in Ontario, Canada are loaning money more freely than during the global economic meltdown, but will rarely offer you the best deal when you walk in off the street.
Offices in those tall buildings in downtown Toronto owned by the major Canadian banks each have a vested interest to capture Canadian loan business within their own product offerings. Loan officers work for the bank, and can only offer you limited mortgage products or solutions. On the other hand, a mortgage broker works for you and can help you find the best deal for your mortgage needs by shopping your loan across many different types of lenders in Ontario and elsewhere in Canada.
Getting the right financing is crucial when buying a home in Canada, since it will probably be the single biggest purchase you make in your life. As an investment, it makes much more sense to buy a home than rent one in Ontario because unlike anywhere in the United States, there are no capital gains taxes on real estate in Ontario, Canada.
A seasoned, licensed Ontario mortgage professional knows how to negotiate the best deals and can explain all your options to you. As over25% of all Canadians live in Southern Ontario, it is important to draw on the local expertise of an Ontario mortgage broker or agent as lenders in different parts of Canada and internationally all have different requirements. While getting a low interest rate is important, it is not the only consideration. In Ontario, Canada the mortgage brokerage industry is regulated by the Financial Services Commission of Ontario
or FSCO. You can see a legitimate Ontario mortgage brokerage license number posted on all advertising material and websites. A mortgage agent or broker can help you get the best package for your financial needs, taking into consideration fixed versus variable rates; payment options; term or penalties.
Recently the Bank of Canada signalled increasing rates which in turn triggers higher mortgage rates in Ontario. The housing market in Southern Ontario is doing exceptionally well in 2010 and prices are on the rise again. Recent concerns of inflation may have been overblown
and the tempatation for the Bank of Canada to raise interest rates is being balanced by the need to revive a growing yet still fragile Canadian economy. One strategy for Ontario home buyers given the current interest rate levels in Canda is to lock in lower rates for at least 90 days while shopping for their home in order to take advantage of the lowest possible Canadian mortgage rates.
If you want to get more info just visit the link below:
[Url="https://mortgagesintoronto.ca/self-employed-mortgages/"]Self Employed Mortgages Ontario[/Url]