Residential Mortgages

Canadian residential mortgages have evolved extensively in the past few years. This change has brought forth 40 year amortizations; products geared at the self employed and even special mortgages for immigrants to Canada. With the large number of options available today it's even more important to be proactive in talking with a mortgage associate to discuss potential options before proceeding with an offer on a new home, or refinancing current home.

***There are too many to list, so we've included just a few of the exciting options available to our customers***

Purchases

High Ratio and Low Down Payment Mortgages

• 100% Financing/Zero Down Payment Mortgage
  Buy your dream home without a down payment. For clients with good credit, but have not been able to save the required amount of money for a down payment. You still receive a great interest rate.
• Flex Down-Borrowed Down Payment
  You are able to borrow your down payment from a credit card, line of credit or other source. Created for clients with good credit, but that haven't not had the ability to save a down payment.
• Flex Down-Cash Back
  This product allows you to buy a home and receive money back to help with closing costs, furniture, or perhaps pay off other debts. Lenders require good credit on this product.
• 30 -40 year Amortizations
  Depending on the specific product there is an array of options available and amortization is one of them. By increasing amortization from 25 to 30 years your monthly payment gets smaller allowing you to afford a larger home.

Investor Savvy Mortgages

• Multi-Component Mortgage
  Many investors will tell you that leveraging, or hedging where appropriate are the best ways to build wealth. There are a few products that are perfect for accomplishing this.
  
  
  Example: 5 Year Open Mortgage @ Prime minus .75%
  Value of home $500,000
  Product Borrowing Limit = 90% or $450.000
  Potential Structure: $200,000 Mortgage
  $100,000 line of credit #1
  $100,000 line of credit #2
  $50,000 line of credit #3
  
  
  Why?
  This client had $300,000 from the sale of their other home but wanted to use their equity for investment. They also like to track the interest on their investments so they can assess their tax situation easily, so they use each line of credit for specific purposes. line of credit #1 is invested with their broker into their portfolio, line of credit #2 holds a ¼ interest on some land in Saskatoon and line of credit #3 is not for investment at all, but rather for leisure and day to day living instead of their credit card.
  
• Interest Only Mortgage
  Decrease your monthly payments by eliminating the principal portion of your mortgage payment. In Calgary's market it's been tough to get positive cash flows due to increasing values. Lowering your payment through an interest only mortgage might be enough to put your rental into a positive cash flow situation.
  
• 1 Year OPEN
  If you are buying properties to flip, or for short term holds you want to avoid costly pay out penalties. By utilizing a 1 year open mortgage you can avoid these costly pay out penalties.
  
• Blanket Mortgage
  Ideal if you've run out of liquid funds to buy another property. If you have equity in an existing property you can utilize this equity as a down payment on the other and have a mortgage registered on both properties.

Self Employed or 100% Commission

For years self employed individuals have struggled to get mortgages due to effective tax planning strategies, or lack of financial statements. Things have been changing fast to allow for more ease in obtaining a mortgage if you are in business for yourself. New products that require less documentation and proof of income are now available for entrepreneurs and business owners, even if you've only been in business a short time.

• Stated Income Mortgage
  Since financials don't always reflect the true picture, a stated income mortgage allows individuals to state an income more indicative of true earning power. Available with as little as 5% down payment.
  
  Even people on salary earning tips, or other overtime can utilize the stated income product. I.E. Bartenders, servers, contractors
  
• Alternative Income Documentation
  If your financials don't fully reflect your true income many lenders are willing to accept invoices or bank statements showing your earnings as proof of income. In addition if you have a lack of credit history we may be able to provide up to date cell phone bills, or a letter from a landlord in substitute.
  
• NIQ (No Income Qualifying) Mortgage
  Some lenders do what they sometimes call equity lending. This basically means that if you are buying what the lender sees as a suitable home with a large down payment you can receive a mortgage, even if you don't have the perfect credit or income your banker wanted. The quality of the subject property, and the equity secured by your down payment provides great security for the lender and gives them confidence in your application. This product is also great for debt consolidation if you already own your home and need to catch up on bills due to unforeseen circumstances or bad luck.
  
  ***There are many different types of stated income mortgages so please call for detail or [click here]FORM

Mortgages for Bad Credit

Just because your bank has said no doesn't meant there aren't other options for you. As a mortgage associates we have access to alternative lending sources that specialize in providing mortgage products for people in your situation!

• Tarnished Credit
  Whether you are buying or wanting to take equity out of your home, even with less than perfect credit, we have many alternative lenders who will consider you situation, even with as little as 5% down payment.
• Debt Consolidation
  If you own your own home and are facing judgments, collections, or property tax arrears we have solutions for your troubles. A refinance or 2nd mortgage is available to pay out your high interest debts and combine your payments into one lower monthly payment. Also available: Line of credit, or low interest Visa (8.99% and up, based on credit)
• No Credit
  Either because you are young and haven't established your credit, you've always ran everything through you business, or you are new to Canada. A number of possibilities exist.
• Former Bankrupt or Completed Consumer Proposal
  If you've been bankrupt or have completed a consumer proposal, you may still be eligible for a purchase or refinance up to 85% loan to value.

Refinance (Switch, ETO)

Whether you are refinancing to gain a better interest rate, more flexible terms, to access equity in your home, or simply because your current mortgage is up for renewal, there are many things to consider, especially with all the new products available today.

Why Refinance?

• You previously had a higher rate due to tarnished credit, but you've improved your credit and want a better interest rate
• Your home has gained significantly in value and you wish to use some equity to invest in a vacation home or rental property
• Debt Consolidation or to pay off some bills
• You want a product with greater flexibility, perhaps an OPEN mortgage as you plan on paying your mortgage down in the future.
• Better terms and conditions
  
  • Prime minus .9% closed
  • Prime minus .75% OPEN (add a line of credit, or 3)
  • 3 or 5 year fixed, with growing line of credit
  • 1 year OPEN
  • 6 month convertible (If you are not sure if you are staying or going)
• Equity Take out
  Access the equity in your home with a line of credit, a new 1st mortgage, or a short term 2nd mortgage. Up to 95% loan to value.
• Debt Consolidation
  Use either a line of credit, a 2nd mortgage or a new 1st mortgage to lump all your other high interest loans into one low monthly payment. Short or long term solutions available.

Contact us for more information!