Mortgage loans for single women several tips

However, despite the fact that men make more money, they tend to be commitment phobic (no surprise to women), leaving women to buy more homes than men.

In fact, single women are the fastest growing segment of the real estate market making up 25% of home buyers, whereas men make up only about 9%. That means that 1 in four home buyers are single women.

20 years ago it would have been nearly impossible for single women to buy a home alone, because conventional mortgages were the only loans available, which required 25% down.

Imagine, wanting to buy a modest home for about two hundred thousand ($200,000), then having to put down fifty thousand dollars ($50,000) for that home. That would be a barrier for most people, and especially women with lower incomes overall.

Today, there are numerous mortgage options, from zero down payments to as little as 5% down. As an update...Canada Mortgage and Housing (CMHC), recently announced that as of October 15, 2008, they will no longer be offering zero down mortgages, and 40 year amortizations...

Further update..All of the banks and most of the non bank mortgage lenders have now discontinued the Zero Down Payment and 40 year repayment options on CMHC insured mortgages (less than 20% down payment) ahead of the October 15, 2008 deadline. 40 year amortization is still available on conventional mortgages (20% or more down payment). Purchasers will now need a minimum down payment of 5% (of the purchase price).

Naturally, this is in response to the dismal housing picture in the U.S. Canada has always been a more conservative and more regulated market place, but the CMHC is making sure it doesn't suffer such losses. However, CMHC is not the only game in town, yet it is likely only a matter of time before other lenders follow their lead.

Mortgage loans for single women, will still continue to offer 5% down, and 35 year amortizations. With this trend of affordable mortgage loans for single women, women now realize they do not have to wait to be married to own property.

Women are now more educated, have higher paying jobs, despite the discrepancy in pay, and are more willing to take risks.

Here are a few tips to keep in mind when you sit in front of a mortgage agent or broker with the hope of qualifying for a mortgage loan:

1. You will need to have some years of an established credit history. If you don't have a credit card, get one and begin using it strategically, and pay it back on time. When you pay your credit card bills on time or within 30 days your credit rating is R1. Lenders are eager to loan to RI credit card holders.

2. If for any reason you have bad credit, arrange to pay off the loan, and continue to do that until it no longer affects your credit score.

3. For a no down payment mortgage you have to be in a job for more than a year, and have a fairly good income level to qualify.

4. One of the greatest benefits of mortgage loans for single women is that if you are receiving spousal support, and or child support payments, the additional payments will be included in your income, which could allow you to afford more property.

In fact, many single women are aware that once they own a home they can begin to build equity, and will eventually have access to wealth building opportunities right where they sleep.

No need to play the stock market, which is still primarily a male game, and spend endless nights worrying how the market is doing, now single women can build great wealth with one home after another and at their own pace.

For more information about mortgage loans for single women contact me, or you can schedule an appointment with me for any of your real estate needs. and I will put you in touch with a mortgage expert that will find the right mortgage for you.