The Mortgage Group offers the following mortgage solutions:
Self Employed Stated Income
Many people who are self employed cannot confirm their income the way an employee can. If you are self-employed you may qualify by simply stating your income and providing confirmation that you are self-employed. In order to qualify for a stated income mortgage you must meet the following conditions:
- A satisfactory credit history.
- Up to date income tax.
- Confirmation of self-employment (such as a business licence, company registration, or a registered business name, etc.).
These mortgages are available in some cases with as little as a 10% down-payment. Please call the Mortgage Group to discuss stated income in more detail.
Home Equity Lines of Credit
A home equity line of credit (sometimes called a HELOC) provides maximum flexibility at a low interest rate. Use the equity in your home for investments, renovations or for the down-payment on a second home. Product Highlights:
- Pay just the interest, or any amount of the principle balance, the choice is yours.
- The interest rate is low – lower than an open fixed rate mortgage or unsecured loan.
- A HELOC has no expiry date. The money is always available, even if you pay it off.
HELOCs are available for up to 80% of the value of your home. Please call the Mortgage Group to discuss a HELOC in more detail.
Newcomers to Canada
Newcomers to Canada can obtain a mortgage to buy their first home in Canada, in some cases with as little as 5% down. Program Highlights:
- There is no minimum period of residency required.
- Permanent residents are eligible with 5% down, even if they have limited credit history.
- Non-permanent residents are eligible with 10% down, a job, and a valid work permit; again, even with limited credit history.
Every family is unique. Please call the Mortgage Group to discuss your family’s situation and find out if you can buy a home as a newcomer to Canada.
No Down-Payment Solutions
Saving enough money for a 5% down-payment is difficult, especially for young people that have recently entered the workforce. If you want to buy now, without saving your own down-payment there are two different solutions available.
- “Free-Down”
- The Borrower receives a five year fixed mortgage at the lender’s posted (un-discounted) interest rate.
- The Lender gives the borrower 5% cash which is used for the down-payment.
- The Borrower must make all the payments for 5 years or else be required to re-pay a portion of the cash that they received.
- “Flex-Down”
- The borrower uses existing credit (lines of credit, credit cards, personal loans etc.) for the down-payment.
- The borrower must be able to afford to pay the mortgage and the payments for the borrowed down-payment.
- The borrow can have their choice of any of the lender’s available fixed or variable rate mortgages.
Each of these two options have advantages and disadvantages over the other. Please call the Mortgage Group to discuss which one may work the best for you if you do not have a 5% down-payment.
Second Homes and Vacation Property
More and more Canadians want to own a second home. This can be accomplished with as little a 5% down. A second home could be:
- A vacation or future retirement property.
- A home that will be occupied by children attending school.
- A home for aging parents.
As long the property is going to be used by you and/or members of your family, and is not going to be rented, any of a number of situations can fit under the second home program. Please call the Mortgage Group to discuss buying a second home.
Rental Property
Investment in real estate has helped thousands of Canadians to acquire wealth, financial security and a comfortable retirement. Whether you are a first time real estate investor, or own a portfolio of properties, there are a number of factors involved in mortgaging rental properties. At the Mortgage Group we can:
- Obtain 80% financing on rental properties.
- Use the net cash flow from across the investor’s entire property portfolio as qualifying income.
- Help you keep your existing home as a rental property when you are ready to move up to a larger home.
If you want to become a landlord, or expand your rental property portfolio, please call the Mortgage Group to discuss the best financing strategy.
Damaged Credit and Unusual situations
Unexpected circumstances can happen to anyone. If you have found yourself in a situation where you have been unable to meet your financial obligations, you are not alone. The Mortgage Group can help with:
- Debt consolidation to reduce monthly payments
- Mortgages to facilitate divorce obligations
- Equity financing where the property, and not your credit rating, is what matters.
There are countless situations that can arise. If you find yourself in difficult or unusual circumstances, the Mortgage Group may be able help you.
