Resources

One of our mortgage lenders will now allow borrowers to use a credit facility to meet the 5% down payment mortgage rule.  So if a client meets the qualifying criteria to support the mortgage they can use a Line of credit, Visa card etc for down payment.  We include the payment on the credit facility used in the debt ratios.  Currently  clients have to take a 5% cash back mortgage at a higher interest rate to obtain the 5% down payment.  With this lender the client can use the credit facility and still benefit from the low discount rate.  Naturally good employment and strong credit is essential.

The penalties for breaking a 5 year fixed termed mortgage can be astronomical, that is why it is important to do your homework upfront before signing those mortgage papers. This can arise as an issue if you have to end up selling or refinancing your home before the end of your mortgage term.
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Home Equity Secured Lines of Credit.

A Home Equity Line of Credit is a secured loan against your home just like a mortgage but with the features of a line of credit.  It is completely open (paid down at any time without penalty) and is also revolving (can be paid down and then used again.  The loan is always available until closed out.  A Secured Line of Credit can be added alongside a mortgage as s separate product.  For example if a client has equity in their home a lender will allow the client to borrow up to 80% of that equity when adding on a secured line of Credit.

This can be applied on the purchase or refinance of a home.
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New To Canada Mortgage

If you are a new immigrant to Canada, obtaining a mortgage has never being easier.  You can qualify for a standard mortgage of up to 95% of borrowing.  That is right, up to 95%!  This program is open for all new immigrants with permanent residency, temporary residency, or a work VISA.
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This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage.  The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms.
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If you are a new immigrant getting a mortgage in Canada has never being easier.  You can qualify for a standard mortgage of up to 95% of borrowing.  That is right 95%.  This program is open for all new immigrants with permanent residency, temporary residency or working visa.
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Construction mortgage financing option is for clients who want to build or do large renovations to a property both residential and commercial. The construction mortgage makes construction and land development faster and easier.
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What is Purchase Plus Improvements?

This mortgage product allows the purchaser of a property to add renovations cost onto the mortgage.  The renovations must improve the value of the property.  I have done allot of these mortgages and once the renovations stay within the guidelines for home improvements such as new flooring, roof, windows, kitchen or bathroom there is no problem with approval.  A $10,000.00 Persian carpet is not going to fly.
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What is Purchase Plus Improvements?

This mortgage product allows the purchaser of a property to add renovations cost onto the mortgage when setting the mortgage up.  The renovations must improve the value of the property.  I have done allot of these mortgages and once the renovations stay within the guidelines for home improvements that would add immediate value to a home (new flooring, roof, windows, kitchen or bathroom) there is no problem with approval.  A $10,000.00 Persian carpet is not going to fly.
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When your mortgage is up for renewal you do have options.  Believe it or not nearly 85% of Canadians sign their mortgage renewal letter without actually considering other options for a better rate or product.  When you receive a renewal letter from your lender, they (mainly banks) will not offer you the best discount rate.   They are hoping (and in most cases are correct) that the client will just sign the letter and send it back to the lender.  The lenders save allot of money by taken this approach.
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