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Options! We work with banks, mortgage finance companies, credit unions, alternative lenders, B-lenders, and even MICs/private lenders; we say yes when the bank says no! In most cases, we will have a way to get your mortgage done! To know more about this check out my page on what a broker can do for you.
Well, right now on a 5-year fixed I have access to (2.14%), I’m just not sure you do. Rates are dependent on several things; your beacon score, your income to debt ratios, your LTV, and whether your mortgage is insured or conventional. I won’t know any of this until I pull your credit and put your application together, so let’s get started and rest assured if you qualify, the rates yours. Always remember – how a client has repaid their credit, managed their budget or completed and filed their taxes, is not on you.
We have lenders for all types of deals, you may have to pay a bit of a higher rate, but I’m sure we can find you a home. We won’t know until I put your application together and pull your credit bureau.
We have access to various stated income products; every lender uses different qualifying matrix’s outside of supplying your NOA. Alternative lenders offer a lower barrier of income confirmation; however, you will still need to provide some proof of cash flow by way of six months of bank accounts statements and financial statements coupled with T1-generals.
The government of Canada introduced the stress test a couple of years ago to ensure Canadians were able to absorb any increase in mortgage rates when they came up for renewal, should rates have increased. You have to qualify on the higher of the two; (a) the rate on your contract plus a 2% cushion or (b) the BoC 5-year rate at the time of application referred to as the Benchmark rate.
These are two completely different types of insurance. Your house insurance protects you in case of fire, severe weather conditions, accidents, or anything that can cause damage to your home or you. Mortgage loan insurance is for the lender and protects the lender in case of a mortgage loan default.
A fixed-rate means you are locked in for a term and know what your monthly mortgage payment is, which will not change until the end of the term. Variable rates are often lower than fixed rates; however, they fluctuate with changes to the Bank of Canada Rate.
In most cases you should always take a 25-year AM even if you want to pay down your mortgage. You will have access to prepayment options, and you can take advantage of these to pay your mortgage down quicker. However, if there is ever a change to your financial situation, you can always go back to your regular payments. If you have a shorter amortization registered at funding, you remove the client’s “safety net.” If the clients have a problem in the future, you cannot increase their amortization back, reducing their payments.
The minimum down payment when purchasing a property is 5%; however, the property must be owner-occupied, and you will be required to pay mortgage insurance. If you don’t want to pay mortgage insurance, then you need to put 20% down. Some lenders require a larger down payment for business for self applicants or rental properties.
Closing costs include the lawyer’s fees, water taxes, land transfer taxed, disbursements, and adjustments of previously paid bills such as water, hydro, property taxes, and land transfer tax. A minimum of 1.5% of the purchase price – over and above your down payment must be readily available, and some lenders may require proof of these available funds upon approval. Keep in mind the GTA and GVA are double the land transfer taxes, so 1.5% may not be enough, always confirm the amount required with your solicitor.
Bridge Financing is when the property you bought is closing before the property you sold, and you need to pay for the new property in full on closing. Not all lenders offer bridge financing, so if your client requires a bridge, ensure you go to that lender for all of their financing needs. Bridge financing fees are anywhere from $250 – $500, and most lenders charge prime plus 2%. Lenders will also look to register a lien on both the purchased property and the property you are selling.
You cannot exceed 80% of the value of your home and remember, if you qualified originally for your mortgage under the old rules, you would now be subject to the stress test when applying for a refinance. If you have accumulated debt, a refinance will help to get rid of high-interest payments and, in most cases, increase cash flow. With low rates, a refinance can be used for other investments, which would provide a higher return than the interest you are paying on your mortgage.
Mortgage Finance Companies have only one line of business – mortgages! They generally offer more competitive rates, great mortgage products, and better service levels. Mortgage finance companies don’t have ‘posted rates’ the way the banks do, so when it comes to penalty calculations on a fixed rate product, you can save yourself thousands of dollars should you have to break your term.
If the client has been discharged from bankruptcy for two-years with two credit tradelines for two years and there was no property included in the previous bankruptcy, then you can send the deal to a bank. If a property was involved in the bankruptcy or there have been missed or sloppy repayment after the bankruptcy, then most A-lender’s will not entertain that deal.
Mortgage Loan Insurance is required if your down payment is less than 20% If you put less than 20% down payment, you will need mortgage loan insurance. This insurance protects your lender in the event you default on your mortgage payments. The current mortgage loan insurance companies are CMHC, Genworth and Canada Guarantee.
All lenders require you to have a home insurance policy. This home insurance protects you in case of fire, severe weather conditions, accidents, or anything that can cause damage to your home. Home insurance policies offer full replacement or payouts in the case of damage.
Mortgage Protection Plan®, underwritten by The Manufacturers Life Insurance Company, part of Manulife Financial. This insurance plan provides mortgage insurance that will pay off your mortgage in the event of death and offers total disability protection as well. As a Mortgage Broker/Agent, it is my responsibility to ensure that you are offered Mortgage Life/Disability Insurance on your mortgage. Your lender will also offer you a similar Mortgage Life/Disability policy. Please be advised there are differences in terms of these policies.

Your lender could require this. Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership.

Title insurance is not a requirement in Ontario, however your lender could make this a condition of financing. If the lender doesn’t, then the decision on whether or not you should purchase title insurance should be discussed with your lawyer, title insurance company, or insurance agent/broker. To fully understand what type of protection title insurance can provide you, and to determine if other options exist. Once you get all the facts, you can make an informed decision based on your specific situation and needs. It is essential to keep in mind that title insurance does not replace legal advice when purchasing a property.

For a one time fee, called a premium, a title insurance policy may provide protection from unknown title defects (title issues that prevent you from having clear ownership of the property);

  • Existing liens against the property’s title (e.g., the previous owner had unpaid debts from utilities, mortgages, property taxes or condominium charges secured against the property);
  • Encroachment issues (e.g., a structure on your property needs to be removed because it is on your neighbor’s property); Title fraud;
  • Errors in surveys and public records
  • Other title related issues that can affect your ability to sell, mortgage, or lease your property in the future.

Your title insurance policy will protect you as long as you own your property and will cover losses up to the maximum coverage set out in the policy. It may also cover most legal expenses related to restoring your property’s title.

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