Roughly 20% of Canadians are self-employed. While many Canadians like to avoid this option because of the responsibility and perceived financial burdens, if you do your due diligence the process does not have to be complicated. If you are self-employed, you know how rewarding yet difficult it can be, especially when you’re trying to buy a home.

Banks tend to treat self-employed people differently than others when it comes to applying for mortgages, so if you’re self-employed we recommend getting help. I will help you go through the documentation and applications thoroughly so that you can get your self-employed mortgage approved.

As a first time home buyer, you’re entering a new world. You may have been told that you need mortgage pre-approval, but what does that mean? Your mortgage is what helps you afford your future home, but there are many steps to this process, including:

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1) Pre-qualification

2) Pre-approval

3) Approval

Mortgage Pre-Qualification: ​ Mortgage pre-qualification is the first step in getting a mortgage. It’s when information has been provided by a borrower but is not yet verified. You supply your overall financial picture, but there is no analysis of your credit report.

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Because pre-qualification doesn’t include a full suite of documents to examine or a close look at your credit bureau, your mortgage professional won’t be able to address any potential issues that may occur. For example, in today’s crowded market, you may end up in a bidding war with another buy, which could result in a shorter financing period. You could lose the house of your dreams if an issue with your financing occurs after a real application is taken. How can you avoid this? By getting a real mortgage pre-approval – that’s how!

Mortgage Pre-Approval: ​ Mortgage pre-approval is the next step in the process. You’ll complete an official mortgage application and supply the lender with any necessary documentation. In this way, the lender will perform an extensive check on your financial background and current credit rating, allowing the lender to tell you the specific mortgage amount you’re approved for.

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With a mortgage pre-approval, you’ll receive a conditional commitment in writing for an exact loan amount. This process allows you to budget for your home purchase and lock in a mortgage rate in case rates change during your home search. Pre-approval doesn’t commit you to a single lender, but it does guarantee that your mortgage rate will be locked in for 120 to 160 days.

Contact Adela Clement- Allen ​ As a first time home buyer, you may be especially confused about the process of obtaining a mortgage. I will explain the ins and outs of the process while helping you find the best rate, terms and conditions available.

So the reality of the world is that a large number of marriages end up in divorce. This is a hard enough time in anyone’s life so the lenders and the mortgage insurers have come up with a product that can help. It is the ability to refinance your matrimonial home up to 95% of its value to payout your ex their portion of the equity and perhaps even some of the debts you incurred together. This is a specialty product and there are certain things you must do. Let’s take a look, shall we?

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Step 1- Legal Separation

You must complete a legal separation agreement through a lawyer. Even if it is the most amicable split in the history of mankind, this has to be done. The reason for this is you want your rights protected fully. If you are the one staying in the house, you want to make sure that your ex has legally and irrevocably given up their rights to the home. If you are the one leaving, you want to make sure that your name is removed from the title so there is no question of you having any further obligation where it is concerned. There will be a cost associated with the legal separation agreement. How much? I would not dare to say but I would budget a bare minimum of $2,500. It is also important to keep in mind that legal matters often take more time than anticipated so don’t imagine you will be able to get this completed in a hurry. Make sure that you address any debts taken on during the marriage. These can be paid out from the proceeds of the new mortgage but only if they are listed.

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Step 2 - Appraisal

Order an appraisal. This has 2 reasons. The first is that you and your ex will be able to determine the true value of the home through an impartial third party. The second is that most lenders require it in this situation.

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Step 3 - Offer to Purchase

Write up an offer to purchase. This one always catches people off guard. Why would you have to write up an offer to purchase on a property you already own? The answer is just this. The lenders require it. This legally binding document shows the agreed upon price and the final closing date to which both parties have agreed. This can be completely through your lawyer, with the help of a willing Real estate professional or on your own with a form available online.

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Step 4 - Get a Mortgage

Get a mortgage. You have likely been in contact with your mortgage professional before now but if not, then now is the time. You are going to have to provide:

• Separation agreement

• Appraisal

• Offer to purchase

• Letter of employment and Paystub

• Last 2 years Notice of Assessments or T4’s

• Any other required documentation

It is very important to note that you will incur new mortgage insurance premiums if you go right to 95% of the home’s value even if you had already done so on the same property. This is a brand new application with you as the sole borrower so a full new premium applies.

Commercial mortgages are loans taken out on commercial rather than residential real estate. They use the property as collateral and are designed as a flexible way to raise capital for businesses, entrepreneurs, and investors who want to purchase or refinance income-producing commercial properties. Commercial mortgages can be taken out on a number of different properties, including offices and retail property. ​

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I'm dedicated to helping individuals and businesses obtain fair mortgage rates. If you’re looking for help improving your company’s commercial mortgage rate, I can help you.

Building a new home is an exciting life event! But, it can certainly come with its fair share of complications. Usually, you’ll either be hiring a contractor, buying a new home from a builder, or you plan on building a home yourself. Within these categories there are two types of applicable mortgages, completion or progress draw, which are available to you to finance the project. A completion mortgage implies you don’t need any of the borrowed funds until the home construction is completed, which can require a small deposit. A progress draw mortgage functions by allowing percentages of the borrowed funds to be released at intervals during the construction process. In the event of progress draw mortgage, a land draw could also be required if you’re purchasing the land and inspections will be required at the pre-set intervals of construction.

When you’re moving to a new country, there’s a multitude of paperwork and time invested into getting all documentation in order. While Canada is no exception, we are a country that welcomes people from all over the world, and at The Place to Mortgage, we’re happy to assist you in getting your new to Canada mortgage. Options are available to those with and without permanent resident status, no matter how long you have held residency. The main sources of documentation required for new-to-Canada mortgages include a substantial down payment in a Canadian bank account, proof of steady income and employment, and a credit report. Allow plenty of time for the application process and visit your mortgage professional early on to fill out your new to Canada mortgage to sort out any complications, hopefully, before they arise.

Purchase Plus Improvements Mortgage is the title of this product and this is how it works. You head out with a realtor to pick the best house for your needs. You write up an offer and bargain your way to the best price. At the same time, you contact a qualified contractor or other service providers, to get quotes for the type of work you would like to do. The quotes will be provided to the lender as part of the financing process. The lender reviews the quotes and provides the thumbs up. This product can also work well for people purchasing a brand-new home. This is an easy way to get the funds you need to finish the basement, remodel a kitchen or build a patio.

A CHIP Reverse Mortgage can be a great way for Canadians, 55 or older, to receive income when the bulk of their equity is tied up in their house. Based on your age, where your property is located, and the type of home, you are able to access up to 55% of the value of your home. The older you are, the more you can access. Unlike a traditional mortgage, there are no income or credit requirements to qualify. The home can be located in a rural community or a city. You don’t make ANY payments, including interest, until you are no longer occupying the home as your primary residence. Because the funds are coming from a loan against your primary residence, the income doesn’t affect your other pension earnings. The money received is TAX FREE. The funds can be taken at once, or in monthly installments, you get to decide how you need them. For example, you can take $40,000 up front and then set up a monthly $2,500 deposit to your account.

Today’s economic climate of tighter credit requirements and increasing unemployment rates taking their toll on some Canadians, there is little doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have even a year ago.

The best solution is to consult a mortgage professional who can determine whether your situation can be quickly repaired or if you are facing a longer road to credit recovery. Either way, for every problem, there is a solution.

The professionals at The Mortgage Collective are experts in helping our clients repair their credit and improve their financial situations via a number of routes. If the situation is beyond our mortgage professionals’ expertise, we can help you connect you with the professionals who can help, including credit counsellors and bankruptcy trustees.

If you have equity built up in your home and you still have a manageable credit score, you can often refinance your mortgage and use the money to pay off high-interest credit card debt. By paying off this debt, you are freeing up more cash flow on a monthly basis.

The current lending environment, with interest rates at an all-time low, is the ideal time for refinancing your mortgage and could possibly save you thousands of dollars a year, enabling you to pay more money per month towards the principal on your mortgage as opposed to the interest, which in turn can help build your equity faster. are experts in helping our clients repair their credit and improve their financial situations via a number of routes. If the situation is beyond our mortgage professionals’ expertise, we can help you connect you with the professionals who can help, including credit counsellors and bankruptcy trustees.

If you have equity built up in your home and you still have a manageable credit score, you can often refinance your mortgage and use the money to pay off high-interest credit card debt. By paying off this debt, you are freeing up more cash flow on a monthly basis.

The current lending environment, with interest rates at an all-time low, is the ideal time for refinancing your mortgage and could possibly save you thousands of dollars a year, enabling you to pay more money per month towards the principal on your mortgage as opposed to the interest, which in turn can help build your equity faster.

Whether you’re in the market for a cozy condo nestled in an urban hub to cut down your daily commute time or envisioning owning your perfect vacation getaway, the dedicated mortgage experts at Regional Mortgage Group are available to guide you towards securing the ideal financial product tailored to your needs, ensuring you receive not only the best rate but also a seamless and stress-free experience throughout the process..

One of the simplest and most affordable ways to access money is by utilizing the equity that you have accumulated in your home. Homes are purchased for a variety of reasons. Some people like the stability of home ownership, while other may also look at home ownership as an investment vehicle. Whatever the reason, home ownership has proven itself as a good, stable investment over time, and one that many Canadians are profiting from.

There’s been a strong movement of Canadians refinancing home loans to pull out equity for investments, home improvements, college expenses, and high-interest debt consolidation. Canadians have been borrowing against the equity of their home in record numbers. This has generated billions of dollars for Canadians each year.

In years past, many saw their homes as a shelter of safety, but recently that’s changed. Today, more Canadians than ever before are choosing to borrow against the equity owned in their home to further their investment portfolio, get out of debt, send their children to post-secondary, make improvements to their home, or even boost their RRSP contributions.

While removing equity from your home can often be a great idea, it is also something that should be done with caution. Like all things in life, there are potential benefits and possible risks associated with pulling equity from your home.

Split mortgages, also referred to as “hybrid mortgages” or “50/50 mortgages,” combine fixed and variable rate components within a fixed time period (usually around 5 years). A primary benefit of a split mortgage is that it allows you to have regular payments with the flexibility of a variable rate, which helps save you money in the end! The involved risks include potential rate spikes, increased amortization schedules, and penalties if you need to cash out of the mortgage. These potential risks could end up costing you a lot if you don’t do your research. To find out if a split mortgage is an appropriate option for your needs, contact us at The Mortgage Collective. We can help assess your current risk portfolio and make sensible recommendations.