home buyer

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Getting a Mortgage When You’re Self Employed

by Bevony on January 8, 2020 No comments

As a self-employed individual, you work hard. However, you may have already experienced hardships in obtaining credit, whether it is for a credit card, any type of loan or a mortgage. This is especially true if your business is new. Why? Because as a self-employed individual you won’t have a standard regular income that a regularly paid employee will have, some institutions will see you as a high risk. There are, however, institutions that have special lending programs just for you.

One example of this is a lending program that allows an eligible self-employed individual to qualify for mortgage financing. In such a case, they use what they call “reasonable stated income” to frame the terms of the loan. This is mainly because some self-employed people choose to reduce their personal income in an effort to grow their business or to be beneficial for tax purposes. Under this type of program, you will be able to access a mortgage that allows up to 65% financing of the purchase price. There is also the confirmed down payment that is necessary as well as a good credit rating. With the last two in place, you can own home as a self-employed individual.

Documents Necessary for Your Application

If you are self-employed, here are some documents you will need for your application for mortgage financing.

  • T1 General
  • NOA – Notice of Assessment
  • Financial Statements for Your Business
  • Articles of Incorporation
  • Business License
  • Business Credit Report
  • GST/HST Return Summary
  • Proof of Other Income if any

In addition to these documents, the mortgage specialist you deal with may ask you for other documents that may be unique to the type of business you offer.

Flexible Mortgage Options

Several entrepreneurs are opting for flexible mortgage options. There are a number of these available including the Homeline Plan from RBC. This is not the only place you can find this type of offering as most lenders have this type of mortgage product. These types of plans allow you to access both your personal and your business credit under one umbrella. If you opt for this you can even customize your mortgage financing and leverage the equity on your current home.

Our team of experts here you can find the financing you need if you choose us to be your custom home builders. Give us a call today and set up a consultation. Let’s show you how our team can help you make your dream a reality.

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BevonyGetting a Mortgage When You’re Self Employed

Finding the Right Greater Vancouver Neighborhood

by Bevony on June 19, 2019 No comments

Homebuyers are now looking beyond the value of the housing structure itself and looking into the quality of life as they consider which neighborhood they want to call their home.

Greater Vancouver has the highest prices in real estate when it comes to Canada. As such homebuyers are looking or more than the value that is within their house. A good neighborhood can be just the edge needed when sellers are looking to attract potential buyers. So what are the features that can cause a neighborhood to stand out more than any other for potential homeowners?

What HomeBuyers Want

According to a report from RE/MAX in 2019 Canadians rank easy access to dining, shopping and green spaces at the top of their criteria for what makes a neighborhood more livable. Other important factors are proximity to preferred schools, work, public transit, community centers, and cultural centers. The report shows that Canadians spend in excess of two-thirds of their time within their very own neighborhood. This rate is a lot higher for baby boomers who want to stay in their neighborhood and have direct access to all or most of their needs there.

Kerrisdale, West End, and Main are the top three neighborhoods as ranked by RE/MAX in Vancouver when it comes to access to parks, green spaces, retail and restaurants, ease of getting around, walkability and access to public transit.

When it comes down to affordability and a good available housing inventory the neighborhoods mentioned include Renfrew-Collingwood, Downtown-Vancouver and Mount Pleasant. As a matter of fact, if you are considering the Renfrew-Collingwood area, we’re here at SilverBeam Homes have houses for you.

It is important to note that these livability factors are often the ones that cannot be changed whereas price and value can change over time either up or down. The livability factors are what makes a home a great place to live.

Top 10 Vancouver Neighborhoods

A fourth-quarter analysis of Greater Vancouver in 2018 showed the top 10 neighborhoods of the time were:

  • Marpole
  • Vancouver West
  • Saunders
  • Lackner in Richmond
  • West Cambie
  • Steveston North
  • Hastings East
  • Collingwood
  • Queensborough
  • Fort Langley

Queensborough has been rated the best neighborhoods for condo and townhouses on a list with other neighborhoods such as Renfrew, South Cambie, Saunders, Pemberton, and Central.

What are your must-haves for a neighborhood before choosing to purchase a home there? Let us help you find the right home, in the right neighborhood. Contact us today and let us start working towards getting you the keys to your dream home.

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BevonyFinding the Right Greater Vancouver Neighborhood