What We Do

Q:  I have owned homes previously and may still own one., Can I buy another one with 5% down?

A:  Yes

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Q:  I want to buy a house with a legal suite, how much rent can I add to my income to help qualify?

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

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Q:  How much down payment do I need to buy a piece of land?

A:   As low as 20% - this can vary based upon the size and location of the land

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Q:  I just started my job and want to buy a house.  Is this something I can do.

A:  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.

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Q:  I want to buy a vacation home in a different province.   Can I do with as little as 5% down?

A:  Yes

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Q:  Can I buy a house under the age of 18 in Alberta.   

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

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Q:  I am getting divorced and want to sell my house.  Do I need my wife's authorization?

A:   Yes she/he will have to sign contracts.

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Q:  I want to buy a house with my friend.  We are going to be 50 /50 owners.  Is there a different way to register the title?

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

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Q:  I am separating or divorcing and want to refinance my newer mortgage and buy out my partner.  Can I do this with the stict government policies?

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

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Q: I am self employed and do not show a very big income.  Is there mortgages for my scenario?

A:  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.

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Q:  I have been bankrupt and want to buy a house.  Can I do that without being discharged for 2 years?

A:  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 quidelines of Cmhc, Segan or Canadian Guarantee that require you to have 2 years discharged and 1 year new credit.

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Q:  I am self employed.   How many years of taxes do you require?

A:  We will require 2 years of your taxes. 

 

Q:  I want to renew my mortgage.   Do I need a lawyer to sign my paperwork? again?

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

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Q:  What are advantages of renewing my mortgage with a new company?

A:   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.

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Q: Is it mandatory that I need an appraisal when buying a home with mls?

A:  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.

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Q:  What is the difference between the variable rate and adjustable rate?

A:  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.

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Q: What is the difference between open and closed mortgages?

A:  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.

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Q: I want to buy a private sale home.  Do I need an appraisal?

A:  Yes all private sales require an appraisal.

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Q: What is CMCH?

A:  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 insuranc attached to them.   There are multiple other applications for CMCH insured mortgages, they build large rental complexes etc on commercial levels.

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Q:  I want to buy a condo.   Do I need to include the monthly condo fees to qualify?

A:  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.

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Q: Why do I need 20% down with some condos and others only 5% down?

A:  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.

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Q: If my parents cosign can I have taken off before the 5 year term is up?

A:  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.

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Q: Do I have to include my property taxes in the mortgage payment?

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

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Q: I want to buidl my own home, I do not own the land yet.

A: 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.

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Q: My family and I want to buy a house together.  Can we do that?

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

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Q: I work part time.  Can I use this income?

A:  Yes we can certainly do that.

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Q:  I am on mat leave.  How much income can I use to qualify?

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

If returning within 18 months it is a reduced amount.

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Q:  I receive child tax benefit income.  Can I use it?

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

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Q:  Do I have to renew my mortgage with my currnent lender?

A:   No you do not

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Q:  My bank told me I have to take the life insurance, Is this true?

A:  No. Mortgage protections insurance is optional.

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Q: I have lost my job and want to pull equity out of my home.  Can I do this?

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

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