If you’re ready to apply for a mortgage pre-approval, fill out our full application form. We welcome all questions and concerns when it comes to the mortgage application form, so don’t be shy. Our goal is to make this as easy and painless for you as possible. The fewer troubles you have, the happier we are!
The application is the first step in your journey to buying a home. By having this in place, you will be able to search for a home that is within your budget. In fact, many realtors won’t take you home shopping without a pre-approval secured ahead of time. That’s why you should speak with a Calgary mortgage broker you trust to get the process started.
In most cases, our online mortgage application will provide all of the information we require to get you pre-approved. You’re going to need the following information to complete the application form in full:
- Personal information, such as your driver’s license
- Details on your job and proof of salary
- Information about your bank accounts, financial assets, current loans, and other debts
- The amount of your down payment and where that money is coming from
- Proof that you have enough money to cover the costs of closing the sale – this is usually 1.5 – 4 percent of the value of the house
- If you are self-employed, you’ll require two years of tax returns and two years of your Notice of Assessment (NOA)
CHIP Reverse Mortgages are annuity-based solutions that address the financial needs of Canadians who want to access the equity of their top asset – their home. The CHIP reverse mortgage is an excellent choice for customers 55 and older. It will allow you to turn up to 55% of the value of your home into tax-free cash. HomeEquity Bank provides the CHIP reverse mortgage. Users that enjoy the comfort of their home and don’t want to sell their house or move can utilize the CHIP Reverse Mortgage to receive money from their home investment.
The HomeEquity reverse mortgage options are safe and secure and give you the freedom to take control of your finances. With a CHIP reverse mortgage, you won’t have to worry about making payments. Just continue to enjoy living in your home and your retirement. Repayment is only required when you decide to move or sell your home.
The CHIP Reverse Mortgage lets you live the life you want to.
Benefits of a CHIP Reverse Mortgage
- Annuity-based solution for Canadians who want to access the equity in their home
- Designed with homeowners in mind
- You maintain full ownership of your home
- CHIP Reverse Mortgage will never be a burden to your heirs
- Loan secured by your home without any payment interests or principal for as long as you or your spouse live there
- Recognized by all of our country’s major banks (and many small ones), as well as credit unions and financial planners.
A Home Equity Line of Credit (also referred to as HELOC) is a loan in which the lender agrees to lend a maximum amount within a term. The collateral is the borrower’s equity in their house, like a second mortgage.
Homes are usually a consumer’s most valuable asset, which is why many homeowners will use a HELOC to pay for major items. The money is often used for home improvement costs, education, or medical bills. A Home Equity Line of Credit is not meant for financial help with day-to-day expenses.
Factor Everything Before Applying
Before applying for a HELOC, there are a few things you should consider. The first thing is to determine whether you need the extra credit, or would you be able to build and use your savings instead.
If you decide you do need it, make sure to think about flexibility, fees, interest rates, and the terms and conditions of the HELOC. For your peace of mind and to help you plan for repayment, make a plan on how you will use the money you borrow.
Create a realistic budget to determine the amount you need. Once that’s done, create a repayment schedule that will be easy to stick to. You can utilize the equity in your home for investments, renovations, or even for a down-payment on a second home. Contact one of our Calgary mortgage brokers today to discuss applying for a HELOC in more detail!
- You can choose between paying just the interest or any amount of the principal balance
- HELOC has no expiry date. The money is always available to you, even after you’ve paid it off
- The interest rate of HELOC is low – lower than an open fixed-rate mortgage or an unsecured loan
- HELOCs are available for up to 80% of your home’s value
If you’re new to Canada, don’t worry. You can still obtain a mortgage to buy your first home in Canada, sometimes with as little as 5% down.
Every family and case is unique, so make sure you call us at The Mortgage Group to discuss your situation. We will help you become a homeowner as a newcomer to Canada.
The New To Canada mortgage was created to help a single family get into a home. Because of this, the home you buy cannot have more than two units, and you are required to live in one of them. If it is a new home, it must be covered by an approved New Home Warranty Program.
Newcomers to Canada will also be able to purchase an existing home. However, it has to be in a residential area that has shown a consistent history of sales and purchases.
The following are just some of the highlights that you can expect from our New to Canada Mortgage program. We invite anyone who’s looking to buy a home in Canada as a newcomer to contact us about our mortgage services. We’re happy to help walk you through the process!
- Flexible mortgage options for new residents and non-residents
- No minimum period of residency required for the New to Canada program
- Permanent residents are eligible for 5% down, even with a limited credit history
- Non-permanent residents are eligible for 10% down, a job, and a valid work permit; all of this is possible even with a limited credit history
Income properties and investments in real estate have helped thousands of Canadians gain wealth, financial security, and comfortable retirement. Our mortgage services are perfect for both first time real estate investors and seasoned landlords looking to increase their portfolio of properties.
With that being said, there are several factors at play when it comes to mortgaging rental properties. Two of the significant points when buying an income property are: how many units are in the building and will you be occupying one of them. Buildings with four or fewer units are zoned residential, whereas a building with five or more would fall under commercial zoning.
The amount required for the downpayment will be factored by whether or not you will be living in one of the units. At The Mortgage Group Calgary, we can help you navigate the complexities of obtaining an income property.
Here are some of the ways we can help you mortgage your first property or expand your rental property portfolio:
- Obtain up to 80% financing on rental properties
- Utilize the net cash flow from 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 into a different home
- Discuss the best financing strategy to help you achieve your goals
If you’re looking at purchasing a second home or you’re planning on investing in a vacation home, look no further. More and more Canadians want to own a second home, and with our mortgage services we can make that happen. For as little as 5% down, we can get you the second home that you’ve always dreamed of. As long as you or your family are living in the property that you’re planning to buy, and you aren’t planning on renting it out, you can qualify for the second home program.
There are several factors to qualifying for the second home program, so make sure you contact us at The Mortgage Group Calgary to discuss the possibilities of buying a second home! A second home can include:
- Vacation home
- Future retirement property
- A home occupied by grown children who are attending school
- A home for aging parents
Self-employed individuals used to have difficulties applying for mortgage services. One of the biggest reasons was because they couldn’t confirm their income the same way an employee can.
However, with the Mortgage Group Calgary, self-employed individuals may qualify by stating their income and providing confirmation of their status. For self-employed individuals or business owners, mortgages are available in some cases for as little as 10% down-payment.
You can benefit from a range of mortgage products that have built-in flexible options, meaning less paperwork for you! If you are self-employed and interested in obtaining a mortgage for your own house, contact us!
To qualify for a stated income mortgage, you have to meet the following conditions:
- A satisfactory credit history
- Up-to-date income tax
- Confirmation of your self-employment (such as a business license, company registration, or a registered business name, etc.)
- Down-payment availability