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FAQ's

We are your Vancouver Island mortgage brokers serving you in Nanaimo, Victoria, The Cowichan Valley, Parksville, Qualicum, and beyond!

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Frequently Asked Questions

What does a mortgage broker do?

Negotiate a client’s mortgage application with several financial institutions. Get you the best mortgage conditions available on the market, depending on your financial situation and credit history. Advise you on the best products and financial institutions available for your particular circumstances.

What types of mortgages do you offer in Courtenay-Comox?

We provide a variety of mortgage options designed for the Courtenay-Comox real estate market, including fixed-rate mortgages, variable-rate mortgages, and others. We'll collaborate with you to identify the ideal option for your circumstances.

What types of mortgages do you offer in Duncan and the Cowichan Valley?

We provide a variety of mortgage options designed for the unique real estate market in Duncan and the Cowichan Valley, including fixed-rate mortgages, variable-rate mortgages, and more. We'll collaborate with you to identify the ideal option for your circumstances.

What mortgage options are available in Campbell River?

Lendlab offers a range of mortgage products in Campbell River, including fixed and variable rate mortgages, designed to meet diverse financial situations and goals.

What types of mortgages do you offer in Ladysmith?

We offer various mortgage options tailored to Ladysmith's real estate market, including fixed-rate mortgages, variable-rate mortgages, and more. We'll work with you to find the best fit for your needs.

What mortgage options are available in Lantzville?

We provide a variety of mortgage options tailored to Lantzville's real estate market, including fixed-rate mortgages, variable-rate mortgages, and more. Our goal is to find the best fit for your specific needs and financial situation.

What mortgage options are available in Nanoose?

Lendlab offers a range of mortgage products in Nanoose, including fixed- and variable-rate mortgages, tailored to fit diverse financial situations and goals.

What mortgage options do you offer in Qualicum Beach?

We offer a range of mortgage options tailored to Qualicum Beach's real estate market, including fixed-rate mortgages, variable-rate mortgages, and more. Our goal is to find the best fit for your needs.

What types of mortgages do you offer in Parksville?

We offer a variety of mortgage options suitable for the Parksville real estate market, including fixed-rate and variable-rate mortgages, among others. We’ll work closely with you to find the best fit for your situation.

What mortgage options are available in Victoria?

Lendlab offers a range of mortgage products in Victoria, including fixed and variable rate mortgages, designed to meet diverse financial situations and goals.

What is a fixed rate mortgage?

The interest rate on a fixed-rate mortgage is set for a pre-determined term - usually between 6 months to 5 years. This offers the security of knowing what you will be paying for the term selected.

What are the current mortgage rates in Courtenay-Comox, BC?

Mortgage rates in Courtenay-Comox may vary based on market dynamics and your personal financial profile. You can view the current market rates listed above, or get in touch with us for the latest rate information and tailored quotes for your specific situation.

What are the current mortgage rates in Campbell River, BC?

Mortgage rates can fluctuate due to various factors. Contact Lendlab for the most up-to-date information and personalized quotes based on your financial profile in Campbell River.

What are the current mortgage rates in Duncan & the Cowichan Valley?

Mortgage rates in can fluctuate based on market conditions and your personal financial profile. Check out the current market rates listed above, or contact us for the latest rate information and personalized quotes for your specific situation.

What are the current mortgage rates in Ladysmith, BC?

Mortgage rates in Ladysmith can fluctuate based on market conditions and your financial profile. Check out the current market rates listed above, or contact us for up-to-date rate information and personalized quotes based on your specific situation.

What is the minimum down payment required for a mortgage in Lantzville?

The minimum down payment required depends on factors such as the purchase price of the property and the type of mortgage. We can help you understand the down payment requirements and explore available down payment assistance programs.

What are the current mortgage rates in Nanoose, BC?

Mortgage rates in Nanoose can fluctuate based on various factors. See the mortgage rates listed above or contact Lendlab for the most up-to-date information and personalized quotes based on your financial profile in Nanoose.

What are the current mortgage rates in Parksville, BC?

Mortgage rates in Parksville can fluctuate based on market conditions and your personal financial profile. Check out the current rates listed above, or contact us for the most recent rate information and personalized quotes tailored to your specific situation.

What is the minimum down payment required for a mortgage in Qualicum Beach?

The minimum down payment required depends on factors such as the property's purchase price and the type of mortgage. We can help you understand the down payment requirements and explore available down payment assistance programs.

What are the current mortgage rates in Victoria, BC?

Mortgage rates can fluctuate due to various factors. Contact Lendlab for the most up-to-date information and personalized quotes based on your financial profile in Victoria.

What are the current mortgage rates in Nanaimo, BC?

Mortgage rates can fluctuate due to various factors. Contact Lendlab for the most up-to-date information and personalized quotes based on your financial profile in Nanaimo.

What is a variable rate mortgage?

A mortgage in which payments are fixed for a period of one to two years although interest rates may fluctuate from month to month depending on market conditions. If interest rates go down, more of the payment goes towards reducing the principal; if rates go up, a larger portion of the monthly payment goes towards covering the interest. Open variable rate mortgages allow prepayment of any amount (with certain minimums) on any payment date.

What is the minimum down payment required for a mortgage in Courtenay-Comox?

The minimum down payment depends on several factors, such as the property's purchase price and the type of mortgage. We'll help you understand the down payment requirements and discuss any available assistance programs.

What is the minimum down payment required in Campbell River?

The minimum down payment varies depending on the property price and mortgage type. Lendlab can help you understand these requirements and explore possible down payment assistance programs in Campbell River.

What is the minimum down payment required for a mortgage?

The minimum down payment required depends on several factors, such as the property's purchase price and the type of mortgage. We can help you understand the down payment requirements and explore any available assistance programs.

What is the minimum down payment required for a mortgage in Ladysmith?

The minimum down payment required depends on several factors, such as the purchase price of the property and the type of mortgage. We can help you understand the down payment requirements and explore available down payment assistance programs.

What is the minimum down payment required in Nanoose?

The minimum down payment varies depending on the property price and mortgage type. Lendlab can help you understand these requirements and explore possible down payment assistance programs in Nanoose.

What do I need to apply for a mortgage in Lantzville, BC?

Common documents required for a mortgage application include proof of income (pay stubs, tax returns), employment verification, bank statements, identification, and details about the property. We'll provide you with a comprehensive list to streamline the application process.

What is the minimum down payment required for a mortgage in Parksville?

The minimum down payment required depends on several factors, such as the purchase price of the property and the type of mortgage. We can assist you in understanding these requirements and exploring any available down payment assistance programs.

What information is needed to apply for a mortgage in Qualicum Beach, BC?

Common documents required for a mortgage application include proof of income (pay stubs, tax returns), employment verification, bank statements, identification, and property details. We'll provide you with a detailed list to streamline the application process.

What is the minimum down payment required in Victoria?

The minimum down payment varies depending on the property price and mortgage type. Lendlab can help you understand these requirements and explore possible down payment assistance programs in Victoria.

What is the minimum down payment required in Nanaimo?

The minimum down payment varies depending on the property price and mortgage type. Lendlab can help you understand these requirements and explore any available down payment assistance programs in Nanaimo.

What is a down payment?

Very few home buyers have the cash available to buy a home outright. Most of us will turn to a financial institution for a mortgage the first step in a potentially long-standing relationship. But even with a mortgage, you will need to raise the money for a down payment. The down payment is that portion of the purchase price you furnish yourself. The amount of the down payment (which represents your financial stake, or the equity in your new home) should be determined well before you start house hunting. The larger the down payment, the less your home costs in the long run. With a smaller mortgage, interest costs will be lower and over time this will add up to significant savings.

What is mortgage loan insurance?

Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, Canada Guaranty and Sagen, approved private corporations. This insurance is required by law to insure lenders against default on mortgages with a High Ratio. The insurance premiums are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance.

What documents are needed to apply for a mortgage in Courtenay-Comox, BC?

Essential documents for a mortgage application typically include proof of income (like pay stubs and tax returns), employment verification, bank statements, identification, and property details. We'll provide you with a comprehensive list to simplify the application process.

What documents do I need for a mortgage application in Campbell River?

Typically, you’ll need proof of income, employment verification, bank statements, ID, and property details. Lendlab will provide a detailed list to streamline your application process in Campbell River.

What documents are needed to apply for a mortgage in the Cowichan Valley?

Common documents required for a mortgage application include proof of income (pay stubs, tax returns), employment verification, bank statements, identification, and details about the property. We'll provide you with a comprehensive list to streamline the application process.

What documents are needed to apply for a mortgage in Ladysmith, BC?

The documents required for a mortgage application include proof of income (pay stubs, tax returns), employment verification, bank statements, identification, and details about the property. We'll provide you with a detailed list to streamline the application process.

How long does the mortgage approval process typically take in Lantzville?

The timeline for mortgage approval varies depending on factors like your financial situation and the lender's processing times. On average, it takes about 30 to 45 days from application to funding, but we work diligently to expedite the process.

What documents do I need for a mortgage application in Nanoose?

Typically, you’ll need proof of income, employment verification, bank statements, ID, and property details. Lendlab will provide a detailed list to streamline your application process in Nanoose.

What documents are needed to apply for a mortgage in Parksville, BC?

Common documents required for a mortgage application include proof of income (such as pay stubs and tax returns), employment verification, bank statements, identification, and details about the property. We’ll provide you with a detailed list to make the application process as smooth as possible.

How can I qualify for a lower interest rate on my mortgage in Victoria?

To qualify for lower interest rates, maintaining a strong credit score, stable employment, and a low debt-to-income ratio is essential. Lendlab advises on strategies to enhance your financial profile, ensuring you secure the best possible rates in Victoria.

How long does the mortgage approval process take?

The timeline for mortgage approval in Qualicum Beach varies based on factors like your financial situation and the lender's processing times. On average, it takes about 30 to 45 days from application to financing, but we work efficiently to expedite the process.

What documents do I need for a mortgage application in Nanaimo?

You will typically need to provide proof of income, employment verification, recent bank statements, a valid ID, and details about the property. Lendlab will provide a detailed list to streamline your application process in Nanaimo.

What is a conventional mortgage?

A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price, a loan to value of or less than 80%, and does not normally require mortgage loan insurance.

How long does the mortgage approval process take?

The duration for mortgage approval varies based on your financial complexity and the lender’s processing times. Generally, it ranges from about 30 to 45 days from application to funding. We're committed to making the process as swift as possible.

How long does the mortgage approval process take in Duncan?

The timeline for mortgage approval from start to finish can vary depending on factors like the complexity of your financial situation and the lender's processing times. Generally, it takes about 30 to 45 days from application to funding, but we'll work efficiently to expedite the process.

How long does the mortgage approval process take in Campbell River?

The approval timeline can vary, usually between 30 to 45 days, depending on your financial details and lender processing times. Lendlab works to expedite this process for you in Campbell River.

How long does the mortgage approval process take?

The timeline for mortgage approval from start to finish can vary depending on factors like the complexity of your financial situation and the lender's processing times. On average, it takes about 30 to 45 days from application to funding, but we'll work efficiently to expedite the process.

How long does the mortgage approval process take in Nanoose?

The approval timeline can vary, usually between 30 to 45 days, depending on your financial details and lender processing times. Lendlab works to expedite this process for you in Nanoose.

Do you offer mortgage pre-approvals in Lantzville?

Yes, we provide mortgage pre-approval services to help you understand your budget, secure an interest rate, and strengthen your offer while shopping for a home in Lantzville. Pre-approval involves assessing your financial information and creditworthiness.

How long does the mortgage approval process take in Parksville?

The mortgage approval process can vary depending on the complexity of your financial situation and the lender’s processing times. Typically, it takes about 30 to 45 days from application to funding. We are committed to expediting this process wherever possible.

Do you offer mortgage pre-approval in Qualicum Beach?

Yes, we provide mortgage pre-approval services to help you understand your budget, lock in an interest rate, and strengthen your offer when home shopping in Qualicum Beach. Pre-approval involves an assessment of your financial information and creditworthiness.

What documents do I need for a mortgage application in Victoria?

Typically, you’ll need proof of income, employment verification, bank statements, ID, and property details. Lendlab will provide a detailed list to streamline your application process in Victoria.

How long does the mortgage approval process take in Nanaimo?

The approval timeline can vary, usually between 30 to 45 days, depending on your financial details and lender processing times. Lendlab works to expedite this process for you in Nanaimo.

Do you offer pre-approval for mortgages in Courtenay-Comox, BC?

Yes, we offer mortgage pre-approval services that enable you to determine your budget, secure an interest rate, and strengthen your home-buying offer in Courtenay-Comox. This includes an initial review of your financial and credit information.

Does Lendlab offer mortgage pre-approval in Campbell River?

Yes, we provide pre-approval services to help you determine your budget and secure an interest rate, giving you a competitive edge when house hunting in Campbell River.

Can I refinance my mortgage in Duncan and the Cowichan Valley?

Yes, refinancing is available and can be a good strategy to access lower interest rates, consolidate debt, or free up home equity. We offer refinancing options and can advise on the best approach considering your current financial situation and goals in Duncan and the Cowichan Valley.

Do you offer pre-approval for mortgages in Ladysmith, BC?

Yes, we provide mortgage pre-approval services to help you understand your budget, lock in an interest rate, and strengthen your offer when shopping for a home in Ladysmith. Pre-approval involves a preliminary assessment of your financial information and creditworthiness.

Does Lendlab offer mortgage pre-approval in Nanoose?

Yes, we provide pre-approval services to help you gauge your budget and secure an interest rate, giving you a competitive edge when house hunting in Nanoose.

What are the closing costs associated with buying a home in Lantzville?

Closing costs typically include legal fees, land transfer tax, appraisal fees, and title insurance. We'll provide you with a detailed estimate of closing costs based on your specific transaction. Check out our closing costs calculator for more information.

Do you offer pre-approval for mortgages in Parksville, BC?

Yes, we offer mortgage pre-approval services that help you define your budget, secure an interest rate, and strengthen your offer when house hunting in Parksville. This process involves a preliminary review of your financial and credit information.

What are the closing costs for buying a home in Qualicum Beach?

Closing costs typically include legal fees, land transfer tax, appraisal fees, and title insurance. We'll provide you with a detailed estimate of closing costs based on your transaction. Check out our closing costs calculator for more details.

How long does the mortgage approval process take in Victoria?

The approval timeline can vary, usually between 30 to 45 days, depending on your financial details and lender processing times. Lendlab works to expedite this process for you in Victoria.

Does Lendlab offer mortgage pre-approval in Nanaimo?

Yes, we provide pre-approval services to help you determine your budget and secure an interest rate, giving you a competitive edge when house hunting in Nanaimo.

What areas do you service?

While we are licensed to provide mortgage broker services all across BC, we focus primarily on Vancouver Island serving you in Nanaimo, Victoria, The Cowichan Valley, Parksville, Qualicum, and beyond.

What are the closing costs for buying a home in Courtenay-Comox?

Closing costs often cover expenses like legal fees, land transfer taxes, appraisal fees, and title insurance. These costs vary; we'll give you a detailed estimate based on your particular transaction. Check our closing cost calculator for more insights.

What is the mortgage pre-approval process?

The mortgage pre-approval process in Duncan and the Cowichan Valley involves evaluating your financial situation to determine how much you can afford to borrow before you find a home. This includes reviewing your income, credit score, debts, and assets. Pre-approval helps you understand your budget, strengthens your position as a buyer, and can speed up the buying process once you make an offer on a home.

What are the closing costs for buying a home in Ladysmith?

Closing costs typically include fees for services like legal fees, land transfer tax, appraisal fees, and title insurance. The exact amount can vary, so we'll provide you with a detailed estimate of closing costs based on your transaction. Check out our closing cost calculator to learn more.

What are typical closing costs in Campbell River?

Closing costs can include legal fees, land transfer taxes, and more, which vary per transaction. Lendlab will give you a detailed estimate specific to your purchase in Campbell River.

Can you assist with mortgage refinancing in Lantzville, BC?

Yes, we can help with mortgage refinancing to lower your interest rate, consolidate debt, or access home equity. We'll evaluate your situation to determine if refinancing is the right choice for you.

What are the closing costs in Nanoose?

Closing costs can include legal fees, land transfer taxes, and more, which vary per transaction. Lendlab will give you a detailed estimate specific to your purchase in Nanoose.

What are the closing costs for buying a home in Parksville?

Closing costs typically include legal fees, land transfer taxes, appraisal fees, and title insurance, among others. These costs can vary, and we’ll provide you with a detailed estimate based on your specific transaction. Check our closing cost calculator for more information.

Does Lendlab offer mortgage pre-approval in Victoria?

Yes, we provide pre-approval services to help you gauge your budget and secure an interest rate, giving you a competitive edge when house hunting in Victoria.

Can you help with mortgage refinancing in Qualicum Beach, BC?

Yes, we can assist with mortgage refinancing to lower your rate, consolidate debt, or access home equity. We'll evaluate your situation to determine if refinancing is right for you.

What are the closing costs in Nanaimo?

Closing costs can include legal fees, land transfer taxes, and more, which vary per transaction. Lendlab will give you a detailed estimate specific to your purchase in Nanaimo.

Can you help me refinance my mortgage in Courtenay-Comox, BC?

Absolutely, refinancing your mortgage is an option here in Courtenay-Comox and can be advantageous for reducing your interest rate, consolidating debts, or tapping into your home equity. We'll assess whether refinancing suits your current needs.

Can you help me refinance my mortgage in Ladysmith, BC?

Yes, mortgage refinancing is an option in Ladysmith and can be beneficial for lowering your interest rate, consolidating debt, or accessing home equity. We'll evaluate your situation to determine if refinancing is the right choice for you.

Do you offer mortgage options for investment properties or vacation homes in Lantzville?

Yes, we offer mortgage options for investment properties and vacation homes in Lantzville. Our mortgage services extend to a variety of property types, including primary residences, secondary homes, rental properties, and vacation homes. We can discuss your specific needs and goals to find the right mortgage solution tailored to your investment property or vacation home purchase in Lantzville.

Can I buy a second home or vacation property in Nanoose with a mortgage from Lendlab?

Yes, Lendlab offers mortgage solutions for those interested in purchasing second homes or vacation properties in Nanoose. We can guide you through the options available and help you secure financing that suits your secondary property goals.

Can you help me refinance my mortgage in Parksville, BC?

Yes, refinancing your mortgage in Parksville is a viable option that can offer several benefits, such as lowering your interest rate, consolidating debt, or accessing home equity. We’ll evaluate your situation to determine if refinancing is the right choice for you.

What sets your mortgage brokerage services apart in Qualicum Beach?

Our mortgage brokerage stands out for personalized service, local market expertise, access to a wide range of lenders, competitive rates, and a commitment to building long-term relationships. We prioritize transparency, efficiency, and client satisfaction throughout the mortgage process.

How can self-employed individuals secure a mortgage in Nanaimo?

Self-employed applicants in Nanaimo may need to provide additional documentation to prove their income stability, such as tax returns, bank statements, and business financials. Lendlab specializes in handling cases for self-employed individuals and can guide you through the application process to maximize your chances of mortgage approval.

What are typical closing costs in Victoria?

Closing costs can include legal fees, land transfer taxes, and more, which vary per transaction. Lendlab will give you a detailed estimate specific to your purchase in Victoria.

What makes your mortgage brokerage services stand out in Courtenay-Comox?

Our services in Courtenay-Comox are notable for our personalized approach, deep local market knowledge, access to a wide array of lenders, competitive rates, and our dedication to fostering lasting relationships. We emphasize transparency, efficiency, and customer satisfaction throughout the mortgage process.

What makes your mortgage brokerage services stand out in Ladysmith?

Our mortgage broker services in Ladysmith stand out for our personalized service, local market expertise, access to a wide range of lenders, competitive rates, and commitment to building long-term relationships. We prioritize transparency, efficiency, and client satisfaction throughout the mortgage process.

What makes your mortgage brokerage services unique in Lantzville?

Our mortgage brokerage stands out for its personalized service, local market expertise, access to a wide range of lenders, competitive rates, and commitment to building long-term relationships. We prioritize transparency, efficiency, and client satisfaction throughout the entire mortgage process.

What should I know about property taxes in Nanoose?

Understanding property taxes in Nanoose is crucial for budgeting your home purchase. Lendlab can provide information on current tax rates and how they might affect your overall mortgage planning. We’ll ensure you have all the necessary details to make an informed decision.

How can I improve my chances of approval for a mortgage in Parksville, BC?

To enhance your mortgage approval chances in Parksville, ensure your credit score is strong, your debt-to-income ratio is low, and your employment history is stable. We recommend consolidating debts and increasing your down payment if possible. Our team can provide personalized advice on preparing your financial profile for mortgage approval.

What mortgage options are available in Nanaimo?

Lendlab offers a variety of mortgage products in Nanaimo, including fixed and variable rate mortgages, designed to meet diverse financial situations and goals.

What steps should I take to prepare for buying a home in Nanaimo during a competitive market?

In a competitive Nanaimo market, it’s crucial to get pre-approved for a mortgage, understand your budget limits, and be ready to act quickly. Lendlab can help you prepare by ensuring your financing is in order, giving you a competitive edge. We also recommend working with a knowledgeable real estate agent to navigate fast-moving market conditions.

Can Lendlab help me transfer my existing mortgage from another city to Victoria?

Yes, Lendlab can assist with the mortgage transfer process if you're relocating to Victoria. We'll review your current mortgage terms, suggest the best options available locally, and handle the transition smoothly.

How can Lendlab assist with investment properties in Nanoose?

If you're considering Nanoose for real estate investment, Lendlab can help you assess potential properties, understand market trends, and secure suitable financing. Whether you’re looking to buy a rental property or a fix-and-flip, we have the expertise to support your investment journey.

How does my property type affect my mortgage options in Victoria?

The type of property you purchase in Victoria—whether it's a condo, townhouse, single-family home, or multi-family unit—can affect mortgage options. Factors like property location, condition, and price all influence lender terms. Lendlab can guide you through choosing the best mortgage for different property types.

Loan Types

New To Canada Mortgage

A recent statistic from Sagen Canada stated that 73% of newcomers to Canada believe that buying a home is a sound investment strategy.  I was new to Canada not too long ago and I was able to get a mortgage and purchase my first home.  Personally, I wanted to buy a home because I believed that it would connect me to my community and I certainly feel that way now.

​Did you know that qualified newcomers to Canada can purchase a property with as little as 5% down?  There are different criteria to determine borrower qualification and I can help you through the process.

Reverse Mortgage

This mortgage product is designed as a financial solution for homeowners who are 55 or older and wanting to access the equity that they have built up in their home. With a CHIP reverse mortgage, you can access up to 55% of your home's equity.  You will maintain ownership of your home and never have to move or sell.  You can also choose to receive your money in one lump sum or as monthly payments.  It is advisable to talk to both a mortgage broker and a financial planner when contemplating a reverse mortgage.

Commercial Lending

Commercial mortgages are arranged differently from residential mortgages and have their own set of rules for qualification and funding.  Please email for more information. Different professionals have strengths in different areas of commercial lending and we want to make sure we are the right fit for you or if we can refer you to someone who can help.

Home Purchase

Whether you are starting out and buying a home for the first time, making your second or even third home purchase, or looking to invest in a rental or vacation property, mortgage financing can be challenging.  Just over the last year or so, policies and regulations have significantly changed the way we qualify for mortgages.  In the last 10 years, changes have affected amortization terms, down payments, refinancing options, and credit score guidelines.  Whatever those changes are, my job as a mortgage broker is to stay current and explain everything in terms you will understand and eliminate any doubts you might have.  

​If you are a first time home buyer you might have many questions such as: How much can I really afford? How big of a mortgage can I get approved for today? What is my credit score and how does a lender rate me? Is the home buying process very difficult?  It may all seem daunting at first but I assure you that I can explain the entire process to you and make it simple to understand.  From finding a realtor to arranging every aspect of your financing, I can help and I will be with you every step of the way.  

If you are investing in a second home, note that the process is a bit different from how you bought your current home.  Give us a call and we'll walk you through it.

Mortgage Refinance

There are multiple reasons for wanting to refinance your mortgage.  You might be interested in getting a lower interest rate, looking into making some major home renovations, consolidating some debt that has been hanging around or just wanting to leverage the equity built up in your home.  Whatever the reason, it is important to understand what type of mortgage you currently have and what, if any, the penalties are for breaking it early.  If you are looking into a refinance, let us crunch some numbers for you to see if it is your best option.  

If it makes sense to switch, we can handle the entire process for you.  At the very least, we can analyze your situation and you will have the information that you need to move forward.  

Mortgage Renewal

Is your mortgage renewal coming up?  Have an offer from your current lender already in hand?  Have a chat with a mortgage broker.  Your current lender may not be offering you the most competitive rates or terms.  Over half of Canadians simply renew their mortgage with their current lender without shopping around and risk losing out on substantial savings.  Transferring your mortgage to a different lender will require a new application, more paperwork, and costs for legal fees, an appraisal, and administrative expenses.  Even with all that, the savings could still make it worth your while.  Our team will do the research for you and make the process as simple as possible.

Self-Employed Mortgage Options

In addition to being a newcomer, I was also self-employed.  This made my mortgage application even trickier but we were able to get it done.  Qualifying for mortgages as a self-employed professional comes with its own set of challenges and you should not have to pay a premium for your career choice.  The number of Canadians who are self-employed grows annually and the industry has started to take steps to better recognize this.  Whatever your situation is, I'm sure we can find a solution for you.

Mortgage For Rental/Investment Property

All it takes is a conversation.  If you have goals of owning a real estate portfolio, don't sit around waiting for too long.  Start the conversation and see if we can bring that dream to life.  Arrange a consultation and gain a better understanding of your financing options and how you can potentially accumulate multiple investment properties.

Approval Conditions

Rental Lease Agreement

This agreement will need to show the tenants name, their monthly rent amount and it needs to be signed by the tenant.

Job Letter

Letter from your employer on letter head stating your tenure at the job position, wage and hours worked per week. If you have less than 3 months on the job, it will need to state if you are off probation.

Paystub

You will need a paystub dated within the last 30 days showing your year to date gross earnings. Note: if your paystub is not showing your year to date, you will need to supply a T4 as well.

T4

This form is supplied to you by your employer every year. It states your total earnings and deductions for the previous year.

Notice of Assessment (NOA)

This is sent to you from Canada Revenue Agency (CRA) after they have reviewed your tax return and will state the main lines/amounts used to calculate if you have a refund or balance owing.

Property Tax Statement

This form is provided to you by the Provincial Government showing you what your property assessment is for the previous year and the balance owed for the current year. Most lenders require this form as they need to see that your property taxes are paid up to date.

Mortgage Statement

You will need to provide your most recent mortgage statement which is provided by your lender once a year. Showing the breakdown of principal and interest paid over the year and the details of your mortgage (eg. Remaining time left on your current term, maturity date, amortization, etc.)

Appraisal

An estimate of the value in real property. These are conducted by certified appraisers, for lending institutions to accurately gauge property value. Appraisals are often required by lenders so that they can receive an objective value of the subject property.

AGMS (Annual General Meeting)

This is a meeting of the stakeholders in strata in which they go over the financial history of the year and discuss any issues that need to be resolved.

Strata Minutes

These are the notes documented from AGMs and other strata meetings. These notes will help provide an in-depth look into the building as well as the operations of the building.

Strata Form B

This form details a variety of information about a strata lot and the strata corporation. It is requested when someone is considering buying a strata property.

Depreciation Report

Provides useful information to strata lot owners, prospective purchasers, and lenders about a strata property and its projected costs/plans for repairs, as well as replacement costs, over a 30-year period.

Property Disclosure Statement

This two-page document obligates the seller to disclose any and all known defects on the property. Its purpose is to protect the purchaser in the real estate transaction.

T1 General

The T1 General breaks down all sources of income claimed and is most often requested if you are self employed or own a corporation. The additional details help establish income for mortgage qualification.

Mortgage Policy Changes

October 2017

All uninsured mortgages by federally-regulated financial institutions must be tested using the greater of two percentage points above the contracted interest rate or the 5- year posted rate.  Lenders are expected to not engage in “co-lending” activities that would circumvent loan-to-value limits.

October 2016

 All insured mortgages must be tested using the 5-year posted rate (this includes low ratio portfolio insured mortgages).

February 2016

For homes priced above $500,000, the minimum down payment is 10 per cent on the portion of the price above $500,000.

June 2012

 Reduce maximum insured refinancing to 80% from 85%.  Elimination of insurance for homes priced over $1 million. Reduce maximum amortization to 25 years from 30 years.  Minimum credit scores for 39% GDS and 44% TDS ratios

January 2011

Reduce maximum amortization to 30years from 35 years.  Reduce maximum insured refinancing to 85% from90%. Withdraw insurance for Home Equity Lines of Credit

February 2010

Borrowers with variable-rate mortgages or fixed-rate mortgages with terms less than five years be qualified based on posted rates for 5-year fixed rate mortgages.  Reduce maximum insured refinancing to 90% from 95%. Require 20% down payment for small rental properties

July 2008

Reduce maximum amortization to 35 years from 40 years.  Requirement for minimum 5% down payment. New loan documentation standards.  Establishment of minimum credit scores.

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