- Pre Approval
- New to Canada
- Self Employed
- Vacation Homes
- First Time Buyers
Need a pre-approval before you go househunting?Find out how much you can afford before you go househunting! This will keep you focused on shopping for homes within your price range. If you qualify for a preapproved mortgage, you'll be certain of the size of mortgage for which you qualify and guaranteed a rate for a specific period of time. If you don't qualify for a pre-approved mortgage, we will be able to help you estimate a mortgage-qualifying amount.
Welcome to Canada!
Just because you are a new immigrant does not mean that you have to wait to purchase a home. If you have been in Canada for less than three years, have landed immigrant status, and have been employed in Canada for a minimum of three months, you can qualify for a mortgage.
The documents you will need include a letter from your employer, a recent pay stub, and 12 months verifiable bank statements from a recognized financial institution. This can include a financial institution from your country of origin if you have been in Canada for less than 12 months. Also acceptable is 12 consecutive months of 2 verifiable monthly payments in good standing. (e.g. phone or utility bill).
With access to multiple lenders, we'll help you find the best rates and best mortgage options to help you buy your dream home.
Small and medium-sized businesses are the engine of the Canadian economy.When it comes to mortgages, it hasn't always paid to be self-employed - because reducing your taxable income can make it difficult to qualify for the mortgage you deserve. We understand business owners because we're business owners, too.
What's better, we have a long list of institutional and private lenders that offer excellent mortgage options for self-employed Canadians. These lenders in Canada understand that self-employed individuals have tax write-offs creating significant reductions in their declared income. With these mortgage lenders, you will not be required to prove your income and a reasonable estimate of your annual income will be acceptable.
We're here to help you beat the banks ... give us a call today.
Having multiple lenders compete for your business is a great way to ensure you get the best rate for your situation. We deal with multiple lending institutions, including major banks, credit unions, trusts and other national and regional lenders, which means we can put significant negotiating power behind finding the best mortgage to fit your specific situation.
Spend quality time in your vacation property.More Canadians than ever before are now spending quality time in their own vacation property. Cottages are now providing family memories for many average Canadians, who are taking advantage of the great low rates, and the innovative new mortgage products that put these getaway homes within reach!
What is the minimum amount of money need to buy a home?In most locations, you only require 5% of the purchase price as your down payment. In some instances, you may qualify to purchase a home with NO MONEY DOWN! This helps to ensure you are dedicated to making your mortgage payments and keeping your home.
How can you determine how much of a mortgage you qualify for?Several factors are involved in determining your purchase potential or how much you qualify for. To get a fast and accurate estimate please contact us.
How can a Cash Back Mortgage assist a first time homebuyer?Institutions have developed a product called the "Cash back Mortgage" so buyer with the down payment but no cash to cover closing costs can still purchase a home. As long as you have the minimum down payment required, institutions are now giving you a cash reward to assist you in paying for your closing costs. You can also use this money to purchase furniture or appliances.
Should you get a pre-approved mortgage?Definitely. Obtaining a mortgage pre-approval is an important initial step in securing a mortgage to buy a home. The lenders will analyze your current income, debt situation and credit history in order to qualify you for a maximum loan amount. This gives a clear picture of your financial parameters and an idea of your purchase price range.
How can you strengthen your bargaining with the vendor of the home you wish to buy?Obtain a pre-approved mortgage. There are three people who will benefit from your pre-approval: YOU, YOUR AGENT, and THE SELLER OF THE HOME YOU WANT TO BUY. Do you want to strengthen your bargaining position with the seller? Get pre-approved. Do you want your offer to stand out in a case of multiple offers for the same house? Get pre-approved.
Look at it from the seller's perspective. If you had 2 offers on the table for your home, one from a fully approved buyer and the other from a buyer that hasn't made any effort to get pre-approved. To which offer would you devote the most attention?
Is a GIFT an acceptable source of your down payment?
Yes. Most institutions will accept a gift down payment if the following criteria are met. The individual(s) granting the gift:
- must be an immediate relative or purchaser
- must be willing (at the institutions discretion) to provide written proof of the source of the gift and photocopy of the gift cheque.
- must be willing to sign a standard gift letter stating the funds are non-repayable
- must be willing to give proceeds to the purchaser at least two weeks in advance of the closing date.