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Residential Mortgages

Canadian residential mortgages have evolved extensively in the past few years. This change has brought forth 40 year amortizations; products geared at the self employed and even special mortgages for immigrants to Canada. Recently with new government regulation 40 year amortizations have turned back into 30 year amortizations. With constant changes, and large number of options available today itís even more important to be proactive in talking with a mortgage associate to discuss potential options before proceeding with an offer on a new home, or renegotiating your mortgage terms.

 

Purchases

 

High Ratio Mortgages (less than 20% down payment)

 

         100% Financing/Zero Down Payment Mortgage/No Money Down Mortgage

Buy your dream home without a down payment. For clients with good credit, but have not been able to save the required amount of money for a down payment. You still receive a great interest rate. Regulations has changed slightly on this, however, you can still purchase a home without having your own down payment.

 

         Flex Down-Borrowed Down Payment

You are able to borrow your down payment from a credit card, line of credit or other source. Created for clients with good credit, but who have not had the ability to save a down payment. Under this program it may be possible to borrow or receive a gift from a non family member.

 

         Cash Back Mortgage

This product allows you to buy a home and receive money back to help with closing costs, furniture, or perhaps pay off other debts. Lenders require good credit on this product. Upon closing you are able to receive up to 7% cash back to put to use. Most borrowers use this money to max out their RSPís or apply against high interest rate debts.

 

         New To Canada Mortgage

Are you a landed immigrant, here on a working visa or work permit and looking to purchase real estate? By providing the right documentation you could purchase a home with as little as 5% down payment and be eligible for the best mortgage rates.

 

         30 -40 year Amortizations

Depending on the specific product there is an array of options available and amortization is one of them. By increasing amortization from 25 to 30 years your monthly payment gets smaller allowing you to afford a larger home. Recent changes limit high ratio mortgage products (mortgages over 80% loan to value in most cases) to amortizations of 30 years. Some lenders will, however, provide lengthier mortgage amortizations on their conventional mortgage deals.

 

Investor Savvy Mortgages

 

         Multi-Component Mortgage

Many investors will tell you that leveraging, or hedging where appropriate are the best ways to build wealth. There are a few products that are perfect for accomplishing this.

 

Example:        5 Year Open Mortgage @ Prime minus .75%

                        Value of home $500,000

                        Product Borrowing Limit = 90% or $450.000

                     Potential Structure:     $200,000 Mortgage

            $100,000 line of credit #1

            $100,000 line of credit #2

  $50,000 line of credit #3

 

Why?              This client had $300,000 from the sale of their other home but wanted to use their equity for investment. They also like to track the interest on their investments so they can assess their tax situation easily, so they use each line of credit for specific purposes. line of credit #1 is invested with their broker into their portfolio, line of credit #2 holds a ľ interest on some land in Saskatoon and line of credit #3 is not for investment at all, but rather for leisure and day to day living instead of their credit card.

 

         Interest Only Mortgage

Decrease your monthly payments by eliminating the principal portion of your mortgage payment. In Calgaryís market itís been tough to get positive cash flows due to increasing values. Lowering your payment through an interest only mortgage might be enough to put your rental into a positive cash flow situation.

 

         1 Year OPEN Mortgage

If you are buying properties to flip, or for short term holds you want to avoid costly pay out penalties. By utilizing a 1 year open mortgage you can avoid these costly pay out penalties.

 

         Blanket Mortgage

Ideal if youíve run out of liquid funds to buy another property. If you have equity in an existing property you can utilize this equity as a down payment on the other and have a mortgage registered on both properties.

           

 

 Self Employed or 100% Commission

 

For years self employed individuals have struggled to get mortgages due to effective tax planning strategies, or lack of financial statements. Things have been changing fast to allow for more ease in obtaining a mortgage if you are in business for yourself. New products that require less documentation and proof of income are now available for entrepreneurs and business owners, even if youíve only been in business a short time.

 

         Stated Income Mortgage

Since financials donít always reflect the true picture, a stated income mortgage allows individuals to state an income more indicative of true earning power. Previously available with as little as 5% down payment these days we are looking more at 15% down payment to be approved under this program.

 

Even people on salary earning tips, or other overtime can utilize the stated income product. I.E. Bartenders, servers, contractors

 

         Alternative Income Documentation

If your financials donít fully reflect your true income many lenders are willing to accept invoices or bank statements showing your earnings as proof of income. In addition if you have a lack of credit history we may be able to provide up to date cell phone bills, or a letter from a landlord in substitute.

 

         NIQ (No Income Qualifying) Mortgage

Some lenders do what they sometimes call equity lending. This basically means that if you are buying what the lender seeís as a suitable home with a large down payment you can receive a mortgage, even if you donít have the perfect credit or income your banker wanted. The quality of the subject property, and the equity secured by your down payment provides great security for the lender and gives them confidence in your application. This product is also great for debt consolidation if you already own your home and need to catch up on bills due to unforeseen circumstances or bad luck.

 

 

Mortgages for Bad Credit

Just because your bank has said no doesnít meant there arenít other options for you. As a mortgage associates we have access to alternative lending sources that specialize in providing mortgage products for people in your situation!

 

         Tarnished Credit

Whether you are buying or wanting to take equity out of your home, even with less than perfect credit, we have many alternative lenders who will consider you situation, even with as little as 5% down payment. We donít let late payments, low beacon scores, age, or debt stop us from finding a mortgage option for you.

 

         Debt Consolidation

If you own your own home and are facing judgments, collections, or property tax arrears we have solutions for your troubles. A refinance or 2nd mortgage is available to pay out your high interest debts and combine your payments into one lower monthly payment.

Also available: Line of credit, or low interest Visa (8.99% and up, based on credit)

 

         No Credit

Either because you are young and havenít established your credit, youíve always ran everything through you business, or you are new to Canada. A number of possibilities exist.

 

         Former Bankrupt or Completed Consumer Proposal

If youíve been bankrupt or have completed a consumer proposal, you may still be eligible for a purchase or refinance up to 85% loan to value.

 

 

Refinance (Switch, ETO)

Whether you are refinancing to gain a better interest rate, more flexible terms, to access equity in your home, or simply because your current mortgage is up for renewal, there are many things to consider, especially with all the new products available today. Alberta allows for the transfer of mortgages from one lender to another which means as a mortgagor/borrower you are very likely to avoid the legal costs associated with reregistering your mortgage on title. Making a refinance/switch/transfer even more attractive are the promotions lenders offer to bring your mortgage over to their institution. In many situations you can transfer your mortgage for a better rate to a new mortgage lender without incurring any costs!

 

Why Refinance?

         You previously had a higher rate due to tarnished credit, but youíve improved your credit and want a better interest rate

         Your home has gained significantly in value and you wish to use some equity to invest in a vacation home or rental property

         Debt Consolidation or to pay off some bills

         You want a product with greater flexibility, perhaps an OPEN mortgage as you plan on paying your mortgage down in the future.

 

         Better terms and conditions

ō  Prime minus .9% closed

ō  Prime minus .75% OPEN (add a line of credit, or 3)

ō  3 or 5 year fixed, with growing line of credit

ō  1 year OPEN

ō  6 month convertible (If you are not sure if you are staying or going)

 

         Equity Take out

Access the equity in your home with a line of credit, a new 1st mortgage, or a short term 2nd mortgage. Up to 95% loan to value.

 

         Debt Consolidation

Use either a line of credit, a 2nd mortgage or a new 1st mortgage to lump all your other high interest loans into one low monthly payment. Short and long term solutions available.

 

Why consolidate your debt? Itís simple. If you can get rid of $30,000 of credit card debt at 19% APR, and increase your mortgage from $150,000 to $180,000 and pay a rate compounded semi-annually versus monthly of 4% or less and save yourself thousands of dollars while doing it, there isnít much left to question!

 

Contact us for more information!


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