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Mortgage basics in Canada

Following the trend of interest rates declining, Canadians now owe the banks more than ever before, despite credit requirements toughening, this is also true for residents of Halifax. The recent rise of the Canadian dollar against the American dollar has led to the fact that the Central Bank of Canada cut down interest rates, despite strong national economy. Low interest rates along with stock market volatility stimulate demand for loans to purchase real estate. As a result, real estate prices are rising as wall as the level of indebtedness of the population. However, the Central Bank is not in a hurry to raise rates, so the population continues to borrow money to buy increasingly expensive real estate.

If you have a stable job and funds to make the initial payment, the mortgage loan should not cause problems. Mortgage brokers can help you find the best solution even you have bad credit history, and credit institutions may pay the broker's commission. Click here to find out arguments in favor of mortgage lending.

Banks and other credit institutions usually give out mortgage loans covering up to 75% of the property value you intending to purchase. Once you have established the maximum amount a bank can give you and have received the prior approval, you can start selecting the property, the cost of which fits into this limit. To determine consumer's ability to repay the mortgage, banks usually use the amount equal to 32% of household income. This means that the household expenses should not exceed one-third of income (before taxation) of a person or family, intending to purchase a housing. People, who have received a salary, have submitted income statement in Canada over the past three years and have not bad credit history, are usually approved for a loan without complications. 20 percent of the down payment compensates for the risk that the bank assumes. The situation is more difficult for immigrants, seasonal workers, self-employed and people, who do not have enough funds for the payment of 20%.

The greater the amount of the down payment, the more likely you will be approved for a loan. You can even get a mortgage to start a business in Canada (for example, buy a hotel). Banks are primarily interested in your ability to repay the debt, and if you can prove your financial stability, the bank may be generous in the interpretation of financial statements.

Cecilia Pierce for Easy Financial about getting bad credit loans Halifax.

Read about mortgage programs in Canada

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