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