If you’re ready to get pre-approved for your mortgage, fill out our full mortgage application form. We welcome all questions and concerns when it comes to our 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 first step of your journey to buying a home is our mortgage application. Our online mortgage application, in most cases, will provide all of the information we require to get you pre-approved for the mortgage you need. 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 cost of the house
- If you are self-employed, you’ll require 2 years of tax returns and 2 years of your Notice of Assessment (NOA)
CHIP Reverse Mortgages are annuity based solutions that address the financial needs of Canadians that wants to access the equity of their top asset – their home. The CHIP reverse mortgage is an excellent choice for customers 55 and older.
HomEquity Bank provides the CHIP reverse mortgage. Users that enjoy the comfort of their home and doesn’t want to sell their house or move to another location can utilize the CHIP Reverse Mortgage to receive money from their home investment.
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 of their top asset – 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 his or her house, like a second mortgage.
Home’s are usually a consumer’s most valuable asset, so homeowners usually use HELOCs on major items. This could include payments for education, medical bills, or home improvements. HELOC is not used for day-to-day expenses. HELOC abuse is often cited as a cause of the subprime mortgage crisis.
Utilize the equity in your home for investments, renovations, or even for a down-payment on a second home. Feel free to call us at the Mortgage Group to discuss a HELOC in more detail!
- You can choose between paying just the interest or any amount of the principle balance
- HELOC has no expiry date. The money is always available to you, even after you’ve paid it off
- 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 following are just some of the highlights that you can come to 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 so that we can 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 has helped thousands of Canadians gain wealth, financial security, and a 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. 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 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 and/or your family is 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.
A huge variety of situations can allow you to qualify 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:
- A vacation home
- A future retirement property
- A home occupied by children attending school
- A home for aging parents
Self employed individuals used to have difficulties applying for mortgages because they couldn’t confirm their income the way an employee can. However, with the Mortgage Group, self employed individuals may qualify by stating their income and providing confirmation that they are self employed.
Self employed or business owner 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! We designed our products for self employed individuals with entrepreneurs in mind. If you are self employed and you’re interesting in finding a mortgage for your very own house, contact us!
In order 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