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Find the mortgage you are looking for with Rohit Dhawan, Mortgage Intelligence in Richmond Hill, Ontario. Languages: English, Hindi, Punjabi, Urdu

Rohit Dhawan, Mortgage Professional, part of the Mortgage Intelligence in Richmond Hill, Ontario

Trouvez l'hypothèque que vous recherchez avec Rohit Dhawan, Intelligence Hypothécaire à Richmond Hill, Ontario. Langues : Anglais, Hindi, Punjabi, Urdu 

Rohit Dhawan, Professionnel hypothécaire, faisant partie de Intelligence Hypothécaire à Richmond Hill, Ontario

<h3 class="editor_h3" dir="ltr" style="text-align: start;">Mortgages for Self-Employed Individuals</h3>Securing a mortgage as a self-employed individual can come with unique challenges, but it’s absolutely achievable with the right guidance. Whether you're a business owner, freelancer, or contractor, I’m here to help you navigate the process and find a mortgage solution tailored to your needs.<h4 dir="ltr" style="text-align: start;">What Lenders Look For</h4><h4 dir="ltr">Unlike salaried employees, self-employed borrowers often need to provide additional documentation to prove their income and financial stability. Here’s what lenders typically evaluate:</h4> Proof of IncomeNotices of Assessment (NOAs) from the Canada Revenue Agency for the past 2–3 years.Business financial statements or T1 General tax returns. Credit ScoreA strong credit history is essential for demonstrating your ability to repay the loan. Debt-to-Income RatioLenders assess how much of your income goes toward paying existing debts. Keeping this ratio low is key to qualifying for a mortgage. Business StabilityLenders prefer to see at least two years of consistent income from your business. However, alternative lenders may consider applicants with shorter business histories. Down PaymentA larger down payment (usually 10–20%) may be required for self-employed applicants, especially if income verification is challenging.<h4 dir="ltr" style="text-align: start;">Programs and Options for Self-Employed Borrowers</h4><ol><li value="1" class="editor_listItem" dir="ltr">Stated Income Mortgages: These mortgages are ideal for self-employed individuals whose income fluctuates or is difficult to verify. Lenders rely on reasonable income declarations backed by supporting documentation.</li><li value="2" class="editor_listItem" dir="ltr">Alternative Lenders (B Lenders): If traditional banks turn you down, I can connect you with alternative lenders who specialize in working with self-employed borrowers.</li><li value="3" class="editor_listItem" dir="ltr">Private Lenders: For clients with unique situations, private lenders may offer flexible solutions, though interest rates can be higher.</li></ol><h4 dir="ltr" style="text-align: start;">How I Can Help</h4><ul><li value="1" class="editor_listItem" dir="ltr">Understand Your Options: I’ll help you find the best lender for your situation, whether it’s a major bank, B Lender, or private lender.</li><li value="2" class="editor_listItem" dir="ltr">Simplify Documentation: I’ll guide you through the paperwork and help you present a strong application.</li><li value="3" class="editor_listItem" dir="ltr">Competitive Rates: With my extensive network of lenders, I’ll secure a competitive rate and favorable terms.</li></ul><h4 dir="ltr" style="text-align: start;">Tips for Self-Employed Mortgage Success</h4><ul><li value="1" class="editor_listItem" dir="ltr">Keep your business and personal finances organized.</li><li value="2" class="editor_listItem" dir="ltr">File your taxes on time and minimize income deductions where possible.</li><li value="3" class="editor_listItem" dir="ltr">Save for a larger down payment to improve your chances of approval.</li><li value="4" class="editor_listItem" dir="ltr">Monitor your credit score and address any issues before applying.</li></ul><h4 dir="ltr" style="text-align: start;">Start Your Mortgage Journey Today</h4>As a self-employed professional, you have unique needs and I specialize in finding solutions that work for you. Let’s work together to make homeownership a reality.Contact me today to discuss your options!

Securing a mortgage as a self-employed individual can come with unique challenges, but it’s absolutely achievable with the right guidance. Whether you

Self Employed Mortgage Program

New Mortgage Rules for Switching Lenders (Canada 2024) The recent changes to Canadian mortgage regulations bring significant updates for borrowers looking to switch lenders during renewal: Removal of the Stress Test for Switches: The stress test, which required borrowers to qualify at higher interest rates when switching lenders, is no longer necessary for uninsured mortgages during renewals. This change provides borrowers greater flexibility to shop for better mortgage rates without the financial burden of requalification. Previously, this was a major obstacle for those seeking to take advantage of competitive offers from other lenders​ Encouragement of Lender Competition: By removing the stress test requirement, the updated rules aim to foster a more competitive mortgage market. Lenders are now motivated to offer better rates to retain existing clients and attract new ones during renewal periods​ Impact on Homeowners and the Market: Borrowers with uninsured mortgages can benefit directly from lower rates, especially in the current high-interest rate environment. The changes are expected to simplify the renewal process and could lead to significant savings for homeowners​..Effective Date: These updates took effect on November 21, 2024, marking a pivotal shift in mortgage renewal practices​.

New Mortgage Rules for Switching Lenders (Canada 2024) The recent changes to Canadian mortgage regulations bring significant updates for borrowers loo

New Mortgage Rules for Switching Mortgage(2024)

A reverse mortgage is a financial product in Canada designed for homeowners aged 55 or older, enabling them to access tax-free funds from their home equity without selling their property. Here's a summary of the key aspects: How It WorksHomeowners can receive funds as a lump sum, regular payments, or a combination of both.No monthly mortgage payments are required; the loan is repaid when the homeowner sells the house, moves out, or passes away.Borrowers must keep their home in good repair and continue paying property taxes and insurance. AdvantagesCash Flow Improvement: Provides tax-free income, useful for retirees on a fixed income.Retain Home Ownership: You stay in your home while accessing its equity.Flexible Qualifications: No minimum income or credit score requirements, focusing instead on the home’s value and location.Protections: Includes a "no negative equity guarantee," ensuring you won’t owe more than your home's fair market value. ConsiderationsAccruing Interest: Interest accumulates over time, reducing home equity.Higher Costs: Reverse mortgages often have higher interest rates compared to traditional loans.Impact on Inheritance: The loan balance (including accrued interest) is repaid from the home’s value, which could reduce the amount left to heirs.Potential Effect on Benefits: Could influence eligibility for government programs like the Guaranteed Income Supplement (GIS). EligibilityApplicants and co-owners must be at least 55 years old.The home must be the primary residence and meet minimum valuation criteria. A reverse mortgage can be a valuable tool for retirees needing additional income, but it's essential to weigh the long-term financial implications .

A reverse mortgage is a financial product in Canada designed for homeowners aged 55 or older, enabling them to access tax-free funds from their home e

Reverse Mortgage

Refinance and Debt Consolidation Debt consolidation involves combining multiple debts—such as credit cards, personal loans, and lines of credit—into one single loan with a lower interest rate. By refinancing your mortgage, you can access the equity in your home to pay off these debts. How It Works:Refinance your mortgage to borrow additional funds.Use the extra money to pay off high-interest debts.Consolidate all debts into your mortgage, leaving you with one monthly payment. Benefits of Debt Consolidation Through RefinancingLower Interest RatesMortgage rates are often significantly lower than the rates on credit cards or personal loans, helping you save on interest costs. Simplified PaymentsCombining multiple debts into one reduces the complexity of managing several payment schedules. Improved Cash FlowLower monthly payments can free up money for other financial goals or expenses. Potential Credit Score ImprovementBy paying off high-interest debts, you may see an improvement in your credit score over time. Access to Home EquityIf you have equity in your home, refinancing allows you to tap into this resource. Eligibility Requirements Home Equity: You need sufficient equity in your property to qualify. Stable Income: Lenders will assess your ability to repay. Good Credit Score: A higher credit score increases your chances of approval and better rates.

Refinance and Debt Consolidation Debt consolidation involves combining multiple debts—such as credit cards, personal loans, and lines of credit—into o

Refinance and Debt Consolidation

What is a B Lender in Canada?In the Canadian mortgage market, B Lenders are financial institutions or private lenders that cater to borrowers who may not meet the strict requirements of traditional A Lenders (major banks and credit unions). These lenders provide an alternative for individuals with unique financial situations, offering flexibility in their lending criteria. Who Uses B Lenders?B Lenders are often sought by: Self-Employed Individuals: Those with irregular income or limited proof of consistent earnings. Newcomers to Canada: Without established credit history in the country. People with Credit Challenges: Borrowers with lower credit scores or past bankruptcies. High Debt Service Ratios: Those who exceed the debt-to-income limits set by traditional lenders. Unique Property Types: Financing unconventional properties that A Lenders might avoid. Key Features of B LendersFlexible Qualification CriteriaThey evaluate income, credit history, and property differently than traditional banks. Higher Interest RatesDue to the increased risk, B Lenders often charge higher rates compared to A Lenders. Shorter Loan TermsMortgages from B Lenders usually have shorter terms (e.g., 1-3 years), allowing borrowers to improve their financial situation and transition to an A Lender later. Specialized ServicesThey may provide loans for specific needs, such as debt consolidation, second mortgages, or unique property financing. Advantages of B LendersAccess to Financing: Provides opportunities for borrowers who may not qualify with traditional banks.Fast Approvals: B Lenders often process applications quickly.Custom Solutions: Tailored mortgage products for complex situations. Drawbacks of B LendersHigher Costs: Includes elevated interest rates and potentially higher fees.Smaller Loan Limits: They may offer lower loan amounts than A Lenders.Potential Penalties: If borrowers break the mortgage term early, penalties may be higher.Popular B Lenders in Canada Some well-known B Lenders include:Home TrustEquitable Bank Alternative ProgramFirst National’s Alternative ProgramHavenTree BankCommunity Trust For borrowers who don’t qualify with A Lenders, working with a mortgage broker can help navigate the B Lender landscape and find the best solution for their unique circumstances.

What is a B Lender in Canada? In the Canadian mortgage market, B Lenders are financial institutions or private lenders that cater to borrowers who may

What is a B Lender

A private lender is an individual or organization that provides mortgage financing outside of traditional financial institutions, such as banks or credit unions. Private lenders are often used when borrowers do not meet the strict criteria required by conventional lenders or B Lenders. Key Features of Private LendersFlexible Qualification Criteria:Focus is primarily on the value and equity of the property being financed, rather than the borrower’s credit score, income, or debt ratios. Higher Interest Rates:Since private lenders take on higher-risk borrowers, their interest rates are generally higher than those offered by banks or B Lenders. Short-Term Loans:Private mortgages typically have shorter terms, ranging from 6 months to 3 years, designed to provide temporary financing. Quick Approvals:Private lenders can often approve loans faster than traditional lenders, making them suitable for urgent needs. Custom Loan Structures:They can offer tailored solutions, such as second mortgages or bridge financing. When to Use a Private Lender?Bad Credit or No Credit History: Borrowers with past bankruptcies or poor credit scores.Self-Employed: Those with irregular or unverifiable income.High-Risk Properties: Unique or unconventional properties not accepted by banks.Urgent Cash Needs: Situations requiring fast access to funds, such as avoiding foreclosure or seizing an investment opportunity.High Debt Levels: Borrowers with debt levels exceeding the thresholds of traditional lenders. Advantages of Private LendersEasier Access to Funds: Accept borrowers that conventional lenders reject.No Income Verification: Suitable for self-employed or commission-based workers.Fewer Restrictions on Use: Funds can be used for various purposes, including debt consolidation, home repairs, or investments. Drawbacks of Private LendersHigher Costs: Includes elevated interest rates and lender fees.Shorter Terms: May require frequent renewals or refinancing.Risk of Power of Sale: Failure to meet repayment terms can lead to Power of Sale, as private lenders often enforce strict property-based agreements. Private Lender Mortgage ProcessProperty Valuation: A key factor, as private lenders base the loan amount on a percentage of the home’s appraised value (Loan-to-Value ratio).Loan Terms: Borrowers and lenders agree on loan amounts, interest rates, and repayment terms.Approval and Funding: Once approved, funds are disbursed quickly. Who Are Private Lenders?Individuals: Wealthy individuals seeking investment opportunities.Mortgage Investment Corporations (MICs): Pooled investments from multiple individuals or groups.Small Companies: Non-bank institutions specializing in alternative lending. Private lenders can be an excellent option for those who face challenges qualifying with traditional or B Lenders. However, it is essential to carefully consider the costs, risks, and terms involved. Consulting with a mortgage broker can help you navigate the process and find a reputable lender.

A private lender is an individual or organization that provides mortgage financing outside of traditional financial institutions, such as banks or cre

What is a Private Lender for Mortgages

Rental Investment Property Purchase An investment property mortgage is a loan designed to help borrowers purchase real estate specifically for generating income, either through rental income, property appreciation, or both. Here’s what you need to know: Types of Investment PropertiesResidential Rental Properties: Single-family homes, condos, or multi-unit residential buildings (e.g., duplexes, triplexes). Commercial Properties: Office spaces, retail stores, or industrial buildings. Vacation Rentals: Properties intended for short-term leasing, such as Airbnb or cottages. Key Considerations for Investment Property Mortgages Down Payment Requirements:A minimum down payment of 20% is required for non-owner-occupied properties with 1-4 units.For properties with more than 4 units, commercial financing rules apply, often requiring higher down payments (e.g., 25%-35%).Interest Rates: Interest rates for investment properties are typically higher than those for primary residences due to the increased risk. Loan-to-Value (LTV) Ratio:Lenders generally allow financing up to 80% of the property’s appraised value, leaving the borrower to cover the remaining 20%. Income Requirements:Lenders will evaluate your debt-to-income ratio and the potential rental income from the property to ensure you can cover mortgage payments. Property Type and Location:Lenders are more likely to approve loans for properties in stable markets with good rental demand. Additional Costs:Consider taxes, maintenance, insurance, and possible periods of vacancy when evaluating affordability. How to Qualify for an Investment Property MortgageGood Credit Score: Typically 680 or higher to secure favorable terms. Proof of Income: Stable income to demonstrate the ability to manage mortgage payments and other expenses. Rental Income Potential: Lenders may consider up to 50%-80% of expected rental income when calculating eligibility. Debt-to-Income Ratio (DTI): Lenders prefer a DTI ratio under 42%-44%. Advantages of Investment PropertiesSteady Income: Generates monthly rental income.Property Appreciation: Long-term growth in property value.Tax Benefits: Deductible expenses include mortgage interest, property taxes, and maintenance costs. Risks to ConsiderVacancies: Lack of tenants can disrupt cash flow.Market Fluctuations: Changes in property values or rental demand can impact returns.Maintenance Costs: Unexpected repairs and upkeep can affect profitability. An investment property can be a lucrative opportunity if approached strategically. Consulting a professional will help you navigate the complexities and maximize your return on investment.

Rental Investment Property Purchase An investment property mortgage is a loan designed to help borrowers purchase real estate specifically for generat

Rental Investment Property Purchase

<h3 class="editor_h3" dir="ltr" style="text-align: start;">First-Time Home Buyer Program</h3>Buying your first home is an exciting milestone, but it can also feel overwhelming. That’s why I’m here to guide you every step of the way! As a first-time homebuyer, you may qualify for several programs and incentives designed to make homeownership more affordable and accessible.<h4 dir="ltr" style="text-align: start;">Benefits for First-Time Homebuyers</h4><ol><li value="1" class="editor_listItem" dir="ltr">Lower Down Payment OptionsMany first-time buyer programs offer reduced down payment requirements, making it easier to get into your first home sooner. You may be able to put down as little as 5%, depending on your situation.</li><li value="2" class="editor_listItem" dir="ltr">First-Time Buyer Incentives</li><li value="3" class="editor_listItem editor_nestedListItem"><ul><li value="1" class="editor_listItem" dir="ltr">First-Time Home Buyer Incentive&nbsp;(Canada): This government program provides a shared equity loan to reduce monthly mortgage payments, helping you afford your first home.</li><li value="2" class="editor_listItem" dir="ltr">Land Transfer Tax Rebates: First-time buyers in certain provinces may qualify for rebates on land transfer taxes.</li><li value="3" class="editor_listItem" dir="ltr">RRSP Home Buyers’ Plan (HBP): You can withdraw up to $35,000 from your RRSPs (per individual) tax-free to use toward your down payment.</li></ul></li><li value="3" class="editor_listItem" dir="ltr">Competitive Interest RatesAs a first-time buyer, you may qualify for special rates or terms from certain lenders. I’ll work with my network of major banks, B Lenders, and private lenders to find the best deal for you.</li><li value="4" class="editor_listItem" dir="ltr">Guidance on Government IncentivesI’ll help you navigate all available programs and ensure you maximize the benefits offered to first-time homebuyers in Canada.</li></ol><h4 dir="ltr" style="text-align: start;">Why Work With Me?</h4><ul><li value="1" class="editor_listItem" dir="ltr">Expertise: With over 20 years of experience, I understand the challenges first-time buyers face and can simplify the process.</li><li value="2" class="editor_listItem" dir="ltr">Tailored Solutions: I’ll customize a mortgage plan based on your unique financial situation and goals.</li><li value="3" class="editor_listItem" dir="ltr">No Cost to You: My services typically come at no cost, as I’m paid by the lenders.</li></ul><h4 dir="ltr" style="text-align: start;">How to Get Started</h4><ol><li value="1" class="editor_listItem" dir="ltr">Assess Your Budget: I’ll help you determine how much home you can afford and how much you’ll need for your down payment and closing costs.</li><li value="2" class="editor_listItem" dir="ltr">Pre-Approval: Get pre-approved to lock in a competitive interest rate and show sellers you're serious.</li><li value="3" class="editor_listItem" dir="ltr">Choose the Right Mortgage: I’ll guide you through fixed vs. variable rates, term lengths, and repayment options to ensure you make an informed decision.</li></ol> Owning your first home is within reach. Contact me today to start your journey to homeownership!

Owning your first home is within reach. Contact me today to start your journey to homeownership!

First-Time Home Buyer

Overview of Canada’s New Mortgage Rules for 2024The Canadian mortgage landscape is seeing several important changes in 2024 aimed at improving affordability and accessibility, particularly for first-time buyers and those in high-priced housing markets. Key Updates: Increase in the Insured Mortgage CapThe cap has risen from $1 million to $1.5 million, allowing buyers to qualify for mortgage insurance on properties priced up to $1.5 million. This means buyers can now secure homes with lower down payments—5% on the first $500,000 and 10% on the remainder above that threshold. This change is especially relevant in markets like Toronto and Vancouver, where home prices often exceed $1 million. Extended Amortization PeriodsLenders are now offering amortization periods of up to 30 years. While this reduces monthly payments, it significantly increases total interest costs over the life of the mortgage. Buyers need to weigh the benefit of lower monthly payments against the long-term financial implications. First-Time Buyer EligibilityBuyers who haven’t owned a home in the past four years may qualify as first-time buyers under the new rules, giving them access to additional incentives. Considerations: These reforms are intended to address affordability, but buyers should carefully evaluate their financial readiness. Lower barriers to entry, such as reduced down payment requirements and extended amortization, can ease immediate costs but may lead to higher debt and long-term interest expenses. For more tailored advice on how these changes affect your mortgage, please contact me.

Overview of Canada’s New Mortgage Rules for 2024 The Canadian mortgage landscape is seeing several important changes in 2024 aimed at improving afford

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