Frequently Asked Questions

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

Yes, in most cases this applies.

Yes, you certainly can.

Yes New rules with CMCH allow one to have options.

Yes

Yes.

Yes

Yes

Salary positions require a letter of employment and a paystub

Hourly positions require 2 year T4 average income used

A lender that has only one product in their business – Mortgages only

A bank has several products and takes deposits

A credit union are not federally regulated but are provincially regulated

Yes

If you are planning on living in the home we can use 100% of the rent

As low as 20% – this can vary based upon the size and location of the land.

In most cases yes.   Lenders will take into consideration your employment history.   If never employed before we will want to make sure your probation period is over before you take possession.  Exceptions are made for individuals in high demand positions example nurses etc.

Yes

No, as it is a contract you must enter into and you must be of legal age to do so.

Yes she/he will have to sign contracts.

Yes you will have the option to register as Tenancy in Common rather than joint tenancy.  It will list your portion of the ownership.

Yes, cmch allows you to refinance your mortgage to the original terms and payout your spouse.

Yes there is. We have programs that allow you to put a little more down which enables us to qualify you under the Segan Alt A programs.

Yes you can. If you are putting 20% we can use lenders with multiple options for you. If you are putting just 5% down then you will be required to work with the guidelines of Cmhc, Segan or Canadian Guarantee that require you to have 2 years discharged and 1 year new credit.

We will require 2 years of your taxes.

No we do everything internally. There is no cost to you.

There are many advantages primarily you will have the opportunity to explore what is important to you and received new client welcome rates. Your currently lender will likely not offer those. You may save thousands of dollars.

If you are putting less than 20% down the lender will pay for your appraisal and no it is not mandatory. It will happen only should the lender question the purchase price. They have many internal tools to assist in knowing this. There are several layers of protections for you to ensure you are not paying over market value.

The variable rate will trigger your payment to change with rate changes. The adjustable rate will adjust at the bank your principal and interest portions but your payment will remain the same until a trigger rate is reached indicating nothing more is going toward principal.

Closed mortgage have terms and conditions that tells the mortgage holder how much they can prepay their mortgage. They are lower rate mortgages and most commonly used. They have payout penalties should you interupt your mortgage with a payout requirement.

Open Mortgages have no terms and conditions revolving around prepayments and payout penalties. They have higher interest rates and are used in cases when one is expecting a large sum of money or will sell very quickly.

Yes all private sales require an appraisal.

Cmhc is an insurance for the lender. it acts to secure the lenders investment when a client puts less than 20% down. Should the client default on the mortgage cmch will pay the lender. The buyer of the home pays the premium for the insurance. It is built into the mortgage. Greater than 90% of homes in Canada have cmch insurance attached to them. There are multiple other applications for CMCH insured mortgages, they build large rental complexes etc on commercial levels.

Yes you will have to as it is a fixed cost monthly. If one defaults long term on condo fees the condo board will register on the title of the condo causing one difficulties at time mortgage renewal.

It is generally a reflection of the condo reviews that indicate there are problems with the buildings and or financing of maintenance. The insurers will not finance properties in trouble. You can proceed with 20% in most cases.

Yes in most cases, it is referred to as a removal of covenant. You would have to requalify showing you can support the debt independently.

No you do not. Very few lenders make it mandatory. Some lenders do not want to collect them.

Yes we can. There are several steps in which we will be more than happy to assist you with. We manage multiple builds each year.

Yes we have multiple families where the young adults and parents are all on the mortgage together. We use everyone’s income to qualify.

Yes we can certainly do that.

If returning within 12 months we can use 100% of your normal income

If returning within 18 months it is a reduced amount.

Yes if the children are under the age of 12 we can use it with the 5 year term.

No you do not

No. Mortgage protections insurance is optional.

Yes if you have greater than 20% equity in your home we have lenders that will help you.