♿ 8th July 2024 - Renters With Disabilities Live In Fear Of Eviction.

💥 Monday 8th July 2024 💥 Buy With Low Or Zero Down Payment! GTA Real Estate Daily: Hot News Digest! "Transform Your Property Goals: Free Reports & Fresh Listings!" "GTA Real Estate Daily: Hot News Digest" keeps you in the loop with the latest and most compelling updates from the Greater Toronto Area's real estate market. Each day, we deliver a curated selection of market trends, expert analyses, and property insights, ensuring you stay well-informed. Whether you're a buyer, seller, investor, or simply an enthusiast, our digest provides the critical information you need to navigate the ever-evolving real estate landscape. Stay ahead of the curve with "GTA Real Estate Daily: Hot News Digest." How do lenders assess the risk associated with low or zero down payment loans, and what factors can homebuyers focus on to improve their chances of approval? Lenders assess the risk associated with low or zero down payment loans through a variety of factors, focusing on the borrower's creditworthiness, income stability, and the overall financial situation. Here are the key factors they consider and what homebuyers can do to improve their chances of approval: Key Factors Lenders Consider Credit Score Credit History: Lenders review the borrower’s credit history to assess their ability to manage debt responsibly. Credit Score: Higher credit scores indicate lower risk and can improve chances of loan approval, even with low or zero down payment. Income and Employment Stability Income Verification: Lenders require proof of steady income, typically through pay stubs, tax returns, and employment verification. Employment History: A stable employment history demonstrates reliability and reduces perceived risk. Debt-to-Income Ratio (DTI) DTI Calculation: This ratio compares monthly debt payments to gross monthly income. A lower DTI indicates better ability to manage additional debt. Acceptable DTI Levels: Lenders usually prefer a DTI below 43%, but requirements can vary. Loan-to-Value Ratio (LTV) LTV Calculation: This ratio compares the loan amount to the appraised value of the property. Lower LTV ratios are less risky for lenders. Impact of Down Payment: With low or zero down payments, the LTV ratio is higher, increasing lender risk. Savings and Reserves Cash Reserves: Having savings or reserves can provide a safety net, making lenders more comfortable with low down payment loans. Emergency Funds: Demonstrating the ability to cover unexpected expenses adds to borrower reliability. Property Type and Value Property Appraisal: The property must be appraised to determine its market value. Lenders want assurance that the property is worth the loan amount. Property Condition: Well-maintained properties in desirable locations pose less risk. Loan Program and Terms Government-Backed Loans: FHA, VA, and USDA loans have lower down payment requirements and are backed by government agencies, reducing lender risk. Interest Rates and Terms: Adjustable-rate mortgages (ARMs) and fixed-rate mortgages have different risk profiles. Improving Chances of Approval Improve Credit Score Credit Report Review: Obtain and review your credit report for errors and dispute inaccuracies. Timely Payments: Ensure all bills and existing loan payments are made on time. Reduce Debt: Pay down existing debt to lower your DTI and improve your credit score. Stabilize Income and Employment Consistent Employment: Maintain steady employment and avoid job changes close to the loan application period. Proof of Income: Keep detailed records of all income sources, including pay stubs, tax returns, and bank statements. Manage Debt-to-Income Ratio Debt Reduction: Focus on paying down high-interest debts to lower your DTI ratio. Budgeting: Create a budget to manage expenses and avoid taking on new debt before applying for a mortgage. Build Savings and Reserves Emergency Fund: Save enough to cover at least three to six months of living expenses. Additional Savings: Even with a low down payment, having additional savings can reassure lenders of your financial stability. Choose the Right Loan Program Government-Backed Loans: Consider FHA, VA, or USDA loans if you qualify, as they offer more lenient down payment requirements. Loan Counseling: Work with a mortgage broker or loan officer to explore the best loan options for your financial situation. Strengthen Your Application Letter of Explanation: If you have past credit issues or other concerns, provide a letter explaining the circumstances and how you’ve addressed them. Co-Signer: A co-signer with strong credit can improve your chances of loan approval. Property Selection Desirable Properties: Focus on properties in good condition and in desirable locations to make your application more attractive. Appraisal Preparedness: Ensure the property is likely to appraise for the loan amount. Additional Tips Professional Advice: Seek advice from financial advisors or mortgage brokers who can guide you through the process and help you present a strong application. First-Time Homebuyer Programs: Research local and regional programs that offer grants or incentives for first-time homebuyers, which can make approval easier. By focusing on these factors, homebuyers can improve their chances of securing a low or zero down payment loan and achieve their goal of homeownership. Renters with disabilities live in fear of eviction. Now, this man with PTSD sleeps in a shed | CBC News The rental crisis is even more dire for Canadians with disabilities, who have a lower median income but who are also more likely to live in rented dwellings than the total population. This has left some people in precarious living situations. cbc.ca READ MORE ... Renters under pressure: When will the fever break in the hot rental market? - National | Globalnews.ca Some of Canada's tightest rental markets are showing signs of easing. Here's what experts say about when renters might find relief. globalnews.ca READ MORE ... Nearly 40% of new Canadians are considering moving due to housing costs Nearly 40 per cent of recent immigrants to Canada are considering moving to another province or leaving the country altogether due to a lack of housing affordability , a recent poll conducted by the Angus Reid Institute suggests. “If you are a young person who has arrived in Canada in the last 10 years, who is renting in one of Canada’s biggest cities, you know, life is not very happy at the moment,” said Shachi Kurl, president of Angus Reid.... msn.com READ MORE ... These are the areas where Ontario housing prices could see the biggest drop Ontario’s housing market has been red hot for years now, but that may soon change, and some areas could be hit harder than others. toronto.ctvnews.ca READ MORE ... Scugog home prices surge 10.9 per cent to $1.16 million in June 2024 Sales were up 30 per cent and active listings were up 39.7 per cent compared to a year ago durhamregion.com READ MORE ... Whitchurch-Stouffville home prices surge 9.2 per cent to $1.52 million in June 2024 Sales were down 14.3 per cent and active listings were up 80.4 per cent compared to a year ago yorkregion.com READ MORE ... Prospective Kelowna homebuyers backed out of deal, ordered to pay over $300K The offer was higher than the listing price, but the bank refused to overpay for the Ethel Street house. infotel.ca READ MORE ... Landlord and Tenant Board practice is creating renter nightmare scenarios in Ontario Imagine if Ontario's Landlord and Tenant Board decided to evict you and write your landlord a blank cheque you then had to pay. It's not a nightmar... blogto.com READ MORE ... Ontario landlord slammed for sketchy listing where tenants are banned from using kitchen Trying to find a place to rent in the GTA that's within your budget range, in proximity to transit or grocery stores, and doesn't come with a compl... blogto.com READ MORE ... Bank of Canada not alone as rate cuts spike It's the fastest rate of action since the pandemic mpamag.com READ MORE ... Rising condo fees exacerbate Ontario's housing affordability crisis Condo manager shortage in Ontario raises fees for owners mpamag.com READ MORE ... This mansion is one of the most expensive homes for sale in Toronto right now Despite Toronto's home price benchmark declining by 4.6 per cent on a year-over-year basis last month, there are still plenty of properties on the ... blogto.com READ MORE ... Was the BoC's rate cut enough to spur a housing market revival? Move was 'like bringing a butter knife to a gunfight', says mortgage strategist mpamag.com READ MORE ... What's next for Toronto's housing market? Real estate board reacts to latest data mpamag.com READ MORE ... Mortgage costs drop slightly with rate cuts, says RBC Modest decrease in homeownership costs takes place, but challenges remain mpamag.com READ MORE ... Are mortgage borrowers turning away from their banks at renewal time? Homeowners increasingly looking around as renewal nears, says broker mpamag.com READ MORE ... More income needed to qualify for mortgages in Calgary Calgary has been one of Canada’s hottest real estate markets with growing demand increasingly making it costly for buyers to qualify for a mortgage, a new study has found. The report by Ratehub.ca, examining the income required to qualify for a mortgage for the average-priced home in respective markets, noted that the city saw among the largest increases in Canada. To purchase an average-priced home in Calgary in May, cited as $587,100 in the... msn.com READ MORE ... If mortgage rates stay above 6.5%, ‘the chances of an imminent recovery are slim’ for housing demand, Capital Economics says Mortgage applications and sales are weak, to say the least, off the back of dampening demand. ca.finance.yahoo.com READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. 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