Help to take a mortgage to buy a home

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Help to take a mortgage to buy a home

Postby Donald01 » Wed Nov 15, 2017 10:10 am

Hi,

I want to take a mortgage to buy a home. I don't know the formalities for getting approved for a mortgage. I am self-employed and have a fair monthly income from the business. I have heard that it is easy for a self-employed to get approved for a mortgage. And my doubts are:

What are the documents required for the application of a mortgage?

How long does the mortgage process normally take?

If I’m unable to confirm my income, could I still qualify?

Which is better: a fixed rate or a variable rate mortgage?

And my plan is to take an open-end mortgage so that I can borrow more money later. Is there any hidden risk in taking an open-end mortgage? And I came across companies offering construction mortgages in Canada. Does anyone know more about this? Is it better to take a construction mortgage or an existing home mortgage?

Though my plan is to buy a home, if construction mortgages have advantages over existing home mortgages, I would definitely choose the first. Hope someone could help me by providing the details. Thank you.
Donald01
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