What Is A Jumbo Loan, And How Do You Qualify for One?

Choosing the right mortgage is one of the most critical financial decisions when buying a home. It becomes more challenging when eyeing a high-value property that exceeds the loan limits set by the Bank of Canada, Canada Mortgage Housing Corporation (CMHC), or private lenders. While you can take multiple loans to finance your purchase; this will lead to mortgage complexities and higher borrowing costs.
Fortunately, you can finance your luxury home purchase using a jumbo loan that does not fall within the set limit. However, although it allows you to borrow more than a standard loan, it has strict qualification requirements that you must know beforehand. Therefore, here is what you should know about a jumbo mortgage and how to qualify.
What Is A Jumbo Loan?
A jumbo or non-conforming mortgage is a home loan that exceeds the loan limits set by the Canada Mortgage Housing Corporation (CMHC), the Bank of Canada, private ...

What Average Credit Score Do You Need To Buy A House?
If you are planning to buy a house in Canada, chances are you will need a mortgage unless you take the cash route. In most cases, new homebuyers focus on saving enough for a down payment, earnest money, closing costs, and other expenses that come with a home purchase.Only a few consider the least important aspect: their credit scores.A credit score is a crucial factor that most lenders check before approving you for any mortgage. Besides ensuring you can pay back your loan comfortably, a good credit score also means you can cover other homeownership costs without falling into bad debts. So, what average credit score do you need to buy a house?Minimum Credit Score to Buy a House in CanadaThe minimum credit score you need to acquire your first property in Canada is anything above 650.With this score, most lenders consider you a low-risk borrower and can approve you for a mortgage with good repayment terms and interest rates.Howe. ...

What You Need To Know Before Selling An Inherited House
Inheriting a home is among the easiest ways to own a property. However, the transition comes with numerous challenges, including inheriting mortgages, property taxes, and home maintenance costs. To avoid such unplanned expenses and conflicts with other heirs; you can decide to rent out the property or sell it and share the profit.
Selling an inherited property is more of a legal process than a typical real estate transaction. Besides prepping the home, you must understand the ownership process and tax implications accompanying inherited homes. Therefore, before offloading that inherited property, here is what to what to expect in the process.
What to Consider Before Selling an Inherited House
Unlike a traditional and straightforward sale, selling an inherited house requires five significant considerations.
These include:
1. How You Own the Property
How you inherit the property determines how straightforward the selli ...