Common Questions

Questions & Answers

Common Mortgage Questions

Can one buy a second home with less than 20% down?


Yes, we have lenders that will do this for you.




Can you transfer your CMCH fees to your new house?


Yes, in most cases this applies.




Can I own more than one insured house?


Yes, you certainly can.




Can I take someone off my mortgage in a separation?


Yes New rules with CMCH allow one to have options.




Can I use child tax credits for income?


Yes.




Do I have down payment options?


Yes.




Can part time employment qualify as income?


Yes.




Are there self employed programs for both income and non income reporting individuals?


Yes.




How do I calculate my part time income?


Salary positions require a letter of employment and a paysub Hourly positions require 2 year T4 average income used




What is a monoline, bank and credit union


A lender that has only one product in their business - Mortgages only A bank has several producs and takes deposits A credit union are not federally regulated but are provincially regulated









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