Consolidating credit canada
The mortgage process can be very intimidating and many lenders make the mortgage process very confusing.This has been caused by the banks not taking the time to explain to a borrower how the mortgage process works.You will have todemonstrate that you have the closing costs that is 1.5% of the price of the home you are buying in addition to the 5% down payment.All of these items are important in the mortgage process and if one of these is impaired in any way, then you are not a prime client.For people who owe money on their credit cards, MBNA Canada’s 0% introductory rate for 12 months continues to be the best balance transfer deal in the country to pay off your existing credit card balances – even cheaper than a personal loan or a line of credit .
The lenders use a term called (GDS) Gross Debt Service ratio to determine how much of a mortgage you can afford - the GDS is actually the Principal, Interest, property tax, and heat for the property you are buying.
It’s the cheapest and most effective way to pay off your existing credit card debt – 0% can’t be beat. Let’s say you have a credit card balance of ,000 with a 19.99% interest rate, you’d be saving 8 in interest costs over the 12 month 0% introductory period alone! With a 0% offer for 12 months, there is no better strategy to pay off your credit card debts than a balance transfer, not even a line of credit is cheaper. With the There is a 1% balance transfer fee, which is charged up front when you transfer your balance from the online application.
If you transfer your balance after you’ve applied the fee could go higher.
The banks are limited by charter that the maximum that they can lend on a property is 80% of the value of the home.
This, of course, poses a problem as most people do not have 20% to put down.