If there’s one thing I’ve seen in 20 years as Mortgage Broker its this:  BAD things happen to REALLY, REALLY GOOD people.  Divorce, health issues, accidents, failing parents, failure of business, pandemic….. there are a ton of reasons why someone’s credit score may have gone down the toilet.  My job is to listen, package it, […]

Today I am going to go over Document Requirements when getting a mortgage – Lenders today are SO incredibly picky about documents – it almost always takes people by surprise as to how much is required these days.  We do try to collect as much as we can at pre-approval stage, however many documents become […]

As we all know, Canada has seen a surge of international migration over the last few years so it’s a good time to review some of the details surrounding mortgages and how individuals new to Canada can qualify to be homeowners. If you have a client who is already a Permanent Resident or has received […]

Let’s get right down to it – today I am going to chat about the Collateral Mortgage Charge. Collateral mortgages have had a bad rap when they first came out, but to the right client they do come in handy: if there is a good amount of equity in the property that you feel you […]

Maybe it doesn’t need to be said, but I’m going to say it anyway:  Teaming up with an EXPERIENCED Broker is EVERYTHING in this market.  You need and want a Broker who not only has access to the best rates (easy part) but it’s imperative they are experienced enough to see the big picture/long term […]

There are a variety of great reasons to go with a Variable Rate Mortgage, here are the ones I focus on: 1) More Borrowing Power – Today’s Stress test on a Variable Rate mortgage is still 5.25%, whereas a FIXED rate requires a stress test rate of 6.40%-6.80%. This can equate to thousands more in […]

This program is designed for PURPOSE BUILT RENTAL PROJECTS with 5 OR MORE UNITS. The Project must be focused on either Affordability, Climate Compatibility or Accessibility – or a sprinkling of all three. It can be applied to new builds as well as existing property purchases / refinances. This product works on a Scoring System […]

What I love about this program is that it allows you to borrow the cost of renovations (up to a certain percentage) and add it to the home price, rolling it all into one easy-to-manage mortgage payment. Once you take possession of your new home, you can start the upgrades immediately. This type of mortgage […]

Assuming your client wants to buy a house PRIOR to selling their current home, this is how we would look at the deal: Option 1: If there is down payment available from another source, we can convert the existing home into a rental and try to debt service BOTH houses, forgoing the need to sell […]

Unlike a standard mortgage, a collateral charge is re-advanceable. That means the lender can lend you more money after closing without you needing to refinance and pay a lawyer. You can keep re-using this charge, and a new charge will only be required if you want to borrow more than the amount that was originally […]