Resources
Have questions about mortgages or specific programs?
Here’s a basic list of some of the most asked questions or most commonly used programs available. The mortgage market is constantly changing so having the right information is key to knowing what you can do.
Keep scrolling below for more information…
Frequently Asked Questions
If you can’t find what you’re looking for here, or you require further explanation, please contact me and provide your details. I will call you with the answers you need. I also have a comprehensive ‘First Time and Repeat Buyers Guide’ that can help you along. Message me for details.
If you are wanting to access some calculators to play around, see what a purchase would do, how you can pay off your mortgage faster and so forth, click here
First Time Buyer
There are many things to know and to get you started that I couldn’t even begin to start writing here. The best is to get on the phone and go over all the details. I do have guides for you as well if you’d like to see!
Self Employed
Depending on your situation, you can still buy a property with as little as 10% down. There has been a lot of advancements in this area for self employed especially if you have 20% or more down. Even if you show little to no personal income.
High Ratio Mortgage
When you have less than 20% down, this is called a “high ratio mortgage” which must be insured by lender default insurance. Purchase price can not be priced at or over $1M.
Conventional Mortgage
A conventional mortgage requires a down payment of at least 20%. The benefit of this (besides lower mortgage payments) is that you avoid paying the high ratio mortgage premium. Properties at $1M or more must have 20% down.
No Money Down
These programs have been taken away and no longer available. There are some cash back options.
Refinancing or Equity Take Out
Need some extra money to do renovations? Or maybe there’s just a better deal that suits your current mortgage needs? Either way, let’s find the right solution that works for you.
Purchase Plus Improvement
Found a new home but it needs some repairs? There are programs out there designed to make this happen.
Costs for My Services
I’m paid directly by the lender based on the size and term of the mortgage – not on the interest rate you sign for (which is different than the banks – many bank lending officers are paid a commission based on the interest rate, which means they have a vested interest in getting you to agree to a higher rate). The only time that I charge you a fee is the rare occasion when an unconventional mortgage is needed.
Landed Immigrant
Yes, you can purchase with as little as 5% down, no reporting credit with a valid work permit or permanent residence card.
Renewal
Renewal time to me means we’re now free agents for the most part. We can shop around different lenders to find potentially better mortgage options.
Extended Amortizations
When a mortgage is insured and has less than 20% down, the maximum amortization is 25 years. With 20% or more down you can amortize as long as 30 years.
Property Transfer Tax
This is the most expensive closing cost in the process. Paid out of pocket and can not be rolled into the mortgage. There are a couple ways to avoid paying this.
If you need more information about any of these situations, I can help answer your questions.
To find out payments, affordability, receive a pre-qualification in minutes and many other features, download my up to date app.
Contact me at 604.786.9099 or complete my online form. You will receive a personal telephone call from me to discuss your situation and answer your questions in more detail.