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RESP

A Registered Education Savings Plan, or RESP, is a special tax-advantaged investment plan that allows an account holder, or subscriber, to invest for the education of a beneficiary child. There are many benefits to an RESP including a government matching scheme and a versatile tax-advantaged investment opportunity, making them excellent investment choices for your child’s future.

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    A bad credit mortgage offers individuals with suboptimal credit scores a pathway to financing their home purchase. Lenders use credit scores, ranging in Canada from 300 to 900, to gauge the risk associated with offering you their services—the higher your score, the better your credit standing. Your credit score and history develop through consistent, reliable repayment of debts, including student and car loans and credit card bills.

    You may qualify for a poor credit mortgage even with a score lower than the preferred threshold. Such a score often reflects past financial struggles, like bankruptcy or loan repayment challenges. We are an experienced bad credit mortgage broker, specializing in assisting individuals with bad credit to secure mortgages, offering hope and solutions to those who might otherwise struggle to obtain home financing.

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    Prime Lenders: Prime lenders maintain the most stringent criteria for bad credit mortgages, yet often provide the most favorable rates. These lenders include the traditional financial institutions that typically come to mind for a mortgage application, including major banks. Although they generally favor applicants with high credit scores, it’s possible to secure a bad credit mortgage through them with a credit score of at least 600.

    Trust Companies and Bad Credit Lenders: Specialized financial institutions, such as trust companies, focus on serving individuals with poor credit scores or histories by offering bad credit mortgages. Generally, these lenders cater to clients with credit scores of 700 or below, and they can potentially secure a mortgage for those with scores as low as 550. 

    Private Lenders: These lenders may be either individual entities or private mortgage companies ready to offer mortgages to individuals with poor credit scores or histories. Certain private lenders may restrict their loans to financing only the down payment on a mortgage. Although their interest rates are significantly higher than those of prime lenders or trust companies, private bad credit mortgage lenders are a viable alternative for individuals whose credit scores fall below 600.

    Mortgage Squad Inc. is a beacon of hope for individuals battling bad credit. By facilitating access to diverse lending sources, from prime lenders to private entities, we help our clients significantly enhance their chances of securing a mortgage. Understanding that each client’s situation is unique, we personalize our approach, ensuring that each individual is matched with a lending solution that best suits their financial circumstances and home ownership goals, including a second mortgage.

    If you’re considering applying for a mortgage with a poor credit score, there are several important factors to keep in mind. During the application process, lenders will scrutinize various aspects, but they will primarily concentrate on:

    Credit Score and Debt History: A credit score and your debt or credit history provide a quick snapshot of your risk profile for a lender. Your credit score will determine whether you are eligible for a regular mortgage or will have to finance your home purchase with a bad credit mortgage. Credit scores in Canada range from 300 to 900, with a higher score being better. If your score is lower than 700 or you have a history of missed payments, you may have to opt for a bad credit mortgage. 

    Income and Employment History: A lender’s primary concern is whether you will be able to repay the loan reliably over time. As such, they will look at your income and employment history when you apply for a mortgage. If your credit is below ideal and you have a low income or an employment history that is difficult to verify, then you may be required to apply for a bad credit mortgage. 

    Property: Any time you apply for a mortgage, the lender will want to look at the property. They will look at the state of the construction and required maintenance costs of the property, the area it is in, and if they consider it affordable for you. If you are applying for a bad credit mortgage, the bad credit mortgage lender may be stricter with the type of property they are willing to finance.

    Down Payment: In Canada, the minimum down payment on a property is 5%, with that amount rising to 10% of a property that is valued over $500,000.

    At Mortgage Squad, we specialize in helping individuals with less-than-perfect credit secure their dream homes. With over 15 years of experience, we are known as a leading bad credit mortgage broker with an expertise in navigating through the complexities of bad credit mortgages. We understand the anxiety and uncertainty that comes with the fear of mortgage denial. That’s why our approach is focused on preparing our clients for success right from the start. Our comprehensive pre-approval services and robust application support are designed to present your case in the best possible light. Trust us to guide you through every step of securing a mortgage, even when your credit score isn’t ideal. Whether you need a second home mortgage or require assistance with mortgage renewal, we are here for you.

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    Win A Free Mortgage Payment

    Register your mortgage renewal date with Mortgagesquad.ca and you could WIN your first month’s mortgage payment upon renewal (see terms and conditions). When you register your renewal date with us, you are securing the lowest interest rate possible up to four months prior to your mortgage coming due. So, if rates go up prior to your mortgage renewing, you can still get the lower rate. If rates go down, you will still get the lower rate… it is a WIN WIN FOR YOU.

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    Tips for Getting a Investment Property

    Because the burden to prove eligibility is greater on self-employed individuals, it pays to be well prepared before applying for a loan. The following should be considered before going into apply for a Self-Employed Mortgage:

    RESP Contribution Limits

    The lifetime maximum for deposits into an RESP account are $50,000 per beneficiary. This can be done at any time however the CESG maximum yearly amount is limited to $500 of government money at a lifetime total of $7,200 so it is generally advised to spread the deposits to maximize the government matching grant. Investments into the account can be made up to and including the year the beneficiary child turns 17.

    RESP Withdrawal Rules

    Withdrawals from an RESP account can only be made by the subscriber, who must provide proof of enrollment to the financial institution. There are two types of withdrawals from an RESP, the contributions made by the subscriber known as Post-Secondary Education Payments (PSE), and that of the government grants and investment income known as Education Assistance Payments (EAP).

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    Commonly Asked Questions

    An RESP is a special tax-advantaged investment plan that allows a subscriber to invest in the education of a beneficiary child. The advantage of the RESP is that investments are matched by the government up to a lifetime total benefit of $7,200, making them excellent ways to save for your child’s future.
     
    The tax-advantaged status of an RESP allows for deposited amounts to be withdrawn tax free and for government grants and investment income to be taxed at the income tax rate of the beneficiary student. Since students usually have low income and have tuition and tax credits there is often no tax paid at all.
     
    There are many benefits to an RESP including a government matching scheme known as the CESG which can give the beneficiary up to $7,200 in free money, a tax-advantaged investment opportunity, and a great deal of flexibility about how they can be used. This makes RESPs excellent tools for investment.
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