Searching for your perfect home but feeling lost in the maze of mortgages? Let our friendly mortgage brokers be your trusted partners on this exciting journey. We’ll craft a tailored financing solution just for you, whether it’s your first home or a refinance, making your dream home a reality.
FIRST–TIME HOMEBUYERS
FTHBSA ( First–Time Homebuyers Savings Account )
Canadians can save up to $40,000 for their first home. If eligible, you can make tax deductible contributions of up to $8,000 each year AND you will have up to 15 years to use your savings toward your home purchase.
First Home Savings Account (FHSA) – Canada.ca
HBP ( Home Buyers Plan )
The Canadian Government also encourages home ownership through a RRSP withdrawal program to help first-time buyers access down payment funds.
How to participate in the Home Buyers’ Plan (HBP) – Canada.ca
FTHSBTC ( First–Time Homebuyers Tax Credit )
A tax credit available for qualified ‘first’ home purchases. Even if you’ve owned a home before, you may be able to claim up to $10,000 for the purchase of a qualifying home.
First-Time Home Buyers’ Tax Credit (HBTC) – Canada.ca
PTTE ( Property Transfer Tax Exemptions )
As a first–time home buyer in BC, there are opportunities available only to you that are unavailable to repeat purchasers ( some exceptions apply ).
First time home buyers’ program – Province of British Columbia (gov.bc.ca)
PURCHASE +PLUS IMPROVEMENTS
A Purchase +Plus Improvements mortgage can help qualified homebuyers make their new home just right for them, with tailored improvements, immediately after taking possession of the purchased property. All this can be done with one manageable mortgage and with only 5% down.
Eligible improvements would include water & sewer services, exterior finishings, interior finishings, mechanical, landscaping.
Ineligible improvements would include, but are not limited to, any form of personal chattel such as furniture, appliances, electronics or other forms of moveable property.
* Property value > $500,000 and < $1,000,000–5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000.
BORROWED DOWN PAYMENT PROGRAM
Qualified home buyers may use non-traditional sources of down payment including borrowed sources that are arm’s length to the purchase or sale transaction such as personal loans, lines of credit or credit cards, gifts from an individual who is not related to the borrower through a familial or legal relationship.
* Property value > $500,000 and < $1,000,000–5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000.
SPOUSAL OR PARTNER BUYOUT
Spousal or partnership splits can be difficult, especially when real estate is involved. Who retains ownership can simply come down to affordability and options. We work with lenders who specialize in partnership or spousal separations.
* Property value > $500,000 and < $1,000,000–5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000.
PHYSICIANS, DENTISTS, VETERINARIANS & OPTOMETRISTS – PROJECTED INCOME PROGRAM
This specialty program allows a physicians qualification to be based on the use of future (projected) income for medical professionals who are in the process of completing or have recently completed their residency/fellowship within the last 36 months. *Qualifying Incomes are pre-estimated by the Lender
BFS+ BUSINESS FOR SELF PROGRAM
Our BFS+ provides additional mortgage solutions to our customers with moderate personal incomes, but who also have income in their operating companies. This program allows the use of the operating company’s Net Income After Taxes (NIAT) to lower the applicant’s TDSR. *2 years of professional accountant prepared financial statements including a signed ‘Notice to Reader’ and compilation engagements for fiscal periods will be necessary for this program
NEW TO CANADA
For permanent residents, where there is limited Canadian credit history and where foreign credit bureaus are not available, CMHC continues to consider alternative sources of payment history for Loan -to- Value ratios between 80.01% and 95%.
Newcomers with non-permanent resident status have access to CMHC- insured financing of up to 90% loan-to-value ratio for the purchase of a 1 unit owner-occupied residential property. No additional fees or premiums as a result of residency status – standard product specific premiums apply. No minimum period of residency required.
* Property value > $500,000 and < $1,000,000–5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000.
RENOVATION, DEBT CONSOLIDATION OR BOTH
If you are looking to renovate your existing home or property, consolidate debts for a more manageable payment or both, we can give you some tips on how to get there, and get you approved when the time is right.
VACATION / SECONDARY HOMES PROGRAM
Find out if you qualify to purchase a vacation or secondary home with
* Property value > $500,000 and < $1,000,000–5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000.
INVESTMENT / RENTAL PROPERTY PROGRAM
You may be looking to increase your real estate portfolio as an active or new investor, and adding an additional property may be in your wheelhouse. If not now, we can give you some tips on how to get there, and get you approved when the time is right.
REVERSE MORTGAGE
Do you have lots of equity in your home, but living below your desired comfort levels, then a reverse mortgage may be right for you. A reverse mortgage is a loan that allows you to get money from your home equity without having to sell your home. This is sometimes called “equity release”. You can borrow up to 55% of the current value of your home.
The maximum amount you’re able to borrow will depends on:
- your age
- your home’s appraised value
- your lender
You pay back your loan when you move out of your home, sell it or the last borrower dies. This means you don’t need to make any payments on a reverse mortgage until the loan is due. You will owe more interest on a reverse mortgage the longer you go without making payments. At the end of your loan term, you may have less equity in your home.
NET WORTH LENDING PROGRAM
Do you have a moderate income but also have a significant amount of verifiable liquid assets and strong credit score … This program is designed to provide additional mortgage solutions for those with greater real estate or investment asset to income household wealth.
HELOC ( Home Equity Line of Credit )
A secured revolving personal line of credit typically at rates much lower than your credit card, or unsecured line of credit can provide continuing access to credit even during the tough times, with flexible repayment options
PRIVATE MORTGAGE SOLUTIONS *FOR BORROWERS & LENDERS
In some cases where credit, income, or the property do not fit well with conventional lenders, private lending can be a good option, or a temporary option. Rates are always higher than traditional lenders because the risk is higher to the lender, but traditional lenders may not be available in some situations. There are also fees to the broker as this is one of the few cases where the broker is not compensated directly by the lender. Ideally, private mortgage financing is a short-term solution until we can move the client back into a conventional lender.
CONSIDER LENDING AS A PRIVATE MORTGAGE LENDER
We also work with private lenders who have funds available, and we match that lender’s preferences with appropriate borrowers. Our private lenders choose whether to lend on individual mortgages on a case-by-case basis after reviewing the file themselves. The lender’s financial interest is registered directly with BC land title office by the lawyers acting on the file. We are not a Mortgage Investment Corporation, and do not provide investment advice.
