MIC Real Estate Opportunities in Toronto

One thing is certain about the current environment in Canada, opportunities for mortgage investments abound. This is because of surging real estate prices in areas like Toronto.

Toronto Opportunities

Home sales in the area of Greater Toronto in particular have gone up by over 3 percent in just a year. They are up over 7 percent from where they were months before that when it comes specifically to condos. As a result, the sales prices in the area have been doing well.

Areas like Toronto in Canada also show signs of staying hot for some time to come as well. It’s definitely a seller’s market and plenty of experts have reason to believe that it will stay this way. People are buying condos in the area for more than $600,000. This is the exact type of opportunity that it’s worth paying attention to since you really have to jump on it when it comes.

MIC Opportunities

Specifically, areas like Toronto will cater to those interested in Mortgage Investment Corporation companies. This is because these companies led to those who want to borrow both in the commercial and in the residential sectors. If you invest in a company that takes in mortgages from a diverse pool, you’ll be much more likely to have a more secure investment with a diverse range of options. As a result, many retired investors have shown interest in this type of approach.

For MICs themselves, the ones that do the best understand when areas in Canada are hot, such as Toronto these days, and they take advantage. There are over 20 such opportunities available in Canada these days that are right at the top of their game because of the situation convalescing there. Many people have catalogued which of these are hot and which aren’t so that you get a sense of what you can initially look at first. It helps to narrow down the list before you have to commit to going for one of the options over the other.

Once you narrow them down to at least 20 or so, it then becomes much easier to focus on which ones will work for you the best from that list. It’s only intimidating when you have to go from all of the potentials in Canada with no sense of the best right from the start.

Overall, those running a mortgage investment corporation will be able to find opportunities with a high ROC yield assuming that they locate the right areas, which include Toronto but don’t correspond only to Toronto. Canadian people have been buying and lending left and right these days, with steady growth across the board. It’s a great time to get involved, provided that you know someone that can guide you properly on the ins and outs of your particular area.

 Jump to top

4 Ways You Can Increase Your Chances of Qualifying for a Mortgage

There are many factors that can prevent you from qualifying for mortgage financing. The main ones include poor credit score, insufficient down payments, low income and too many debts. Luckily, there are certain things you can do to convince a mortgage broker to accept your application.

1. Improve Your Credit Score

Credit score is one of the factors that high risk mortgage lenders consider when determining whether you qualify for a mortgage or not. The lender will use your credit history to know whether you are capable of paying back the loan as agreed. To know your credit background, the lender will check your credit history to how you have been repaying your loan and whether you have any outstanding loan. He will also check to see if you have exceeded your credit card limit.

2. Increase Your Down Payment

The least amount needed for a down payment when purchasing a home is about 3.5 percent of the total value of the house targeted. This down payment will allow you to qualify for federal housing administration loan. The federal housing administration loan is a great option for you if you cannot come up with a huge amount of money. It also does not charge high interest rates on the defaulters. It is important to note that when you are buying a home, you will not only need money for down payment, but you will need some cash for settlement charges.

To increase the amount you can afford as a down payment, you should increase the amount that you save. You can sign up for part-time jobs to increase your savings.

3. Increase Your Income

This is also another important factor you should consider. Your lender will check your income and compare it with the amount you spend on fixed assets. A lender will only consider you when you spend less than 50 percent of your gross monthly income on fixed assets such as mortgage payment, association dues, car loans, student’s loans and property taxes.

4. Reduce Your Debts

The last thing you are supposed to do is to reduce your debts. If your monthly debts are so high to an extent you cannot afford to repay them, lenders may not consider you qualified for a mortgage. They fear you will not be able to repay the loan as required. However, there are some lenders who offer bad credit mortgage refinance services.

It is not easy to qualify for a mortgage. Lenders often consider a lot of factors when determining qualifications. But with the tips discussed above, you can increase your chances of qualifying for a decent mortgage.

What are Your Options if You Can’t Afford to Buy a House?

Realizing that you cannot afford to buy a house can be quite unsettling. After all, there are a lot of things to hate about renting, such as the fact that you are making payments on a home that you will never own and that you may have to move out on relatively short notice if the property owner asks you to. If you think that your situation is hopeless and that you will never be able to buy a house, however, you should know that there are options out there. These are a few that you might want to look into.

Buying a Fixer-Upper

Sometimes real estate agents can help people find really affordable homes and condos that are in need of a lot of work. These houses are often sold at very low prices, and you might even be able to save up enough money to buy one of these houses in cash. You may also be able to look into other financing options that are a bit easier to qualify for, even with a lower credit score. Buying a fixer-upper can be a whole lot of work, but it can be totally worth it when you’re able to own your own home for a price that you can afford.

Purchasing a Mobile Home

A mobile or manufactured home can be a wholelot cheaper than a stick-built house. Even though these homes have a bit of a stigma, they have improved a lot over the years and have become a lot more popular. Some of them are very nice, making them a good option to look into if you’d like to find an affordable home that is right for your family.

Choosing a Rent to Own Option

Another option is to look into a rent-to-own home. In these situations, you rent a home from a landlord in a similar way that you do any other time. However, part of your rent payment will be set aside and saved to go toward a down payment. In a certain length of time, you will be expected to secure your own financing for the house. If you are working on your credit score, this can be a good option for you, especially since you will have help in saving up your down payment. If you talk to a realtor, you can find out more about Toronto real estate options that are available in a rent-to-own type of situation.

Even though you might think that you will never be able to buy a home of your own due to financial reasons, this does not have to be the case at all. If you look into one or all of these options, you might just find one that will work out well for you.