FAQs

Frequently Asked Questions

When you refinance, the answer is: yes. When you switch from lender to lender just to improve the rate you won’t be able to borrow more to cover the costs. This means that the cost of penalty and legal fees will be paid directly by you.
In Canada, people tend to move frequently, sell and buy homes. Some mortgages restrict the transfer from the sold house to the new one purchased, to less than 60 days, which means you have to coordinate the sale and the purchase dates. When it’s a simple transfer with no additional funds, most banks won’t charge you a penalty or will charge you and reimburse later. In most cases, there is a need in new funds, or the individual's circumstances have changed. Then it's important to look at the numbers and compare refinance vs transfer.
Yes, some lenders will accept down payment funds that are a gift from a first member of the family. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan. The lender will ask to see the amount going out of the family member’s bank account, and the deposit coming into the borrowers account. In most cases the lender will contact the gift provider to confirm its source and the it is not a loan.
Especially at times like this it’s highly recommended to consolidate your debts, to lower the monthly payments on your credit cards and loans and move into a much cheaper monthly payment. We’ll take debts at 19.99%-29.99% interest rate and we’ll aim to convert them into a very low rate. You’ll feel a huge relief on your monthly cashflow, which is an essential step to reduce stress in these days. This is our way of supporting your health.
And don’t worry, we have means to relax your debt even if your credit situation or income situation are not the best right now.
The most common approach is to average the last 2 years of your T4 income, the one shows on line 150 in your tax return documents. We do have lenders that will look at your gross income to support the higher number and take your net income up by 15-20%. On top of it we have lenders that will look at recent invoices to support more income for your mortgage.
Besides regular annual fees that are paid on credit cards and lines of credit (~$120/year) you will pay only on the amount that is used. If you owe nothing you pay nothing, but you will secure access to funds at the time you need them. Even after using the line of credit and having a balance, you’ll have several choices: to repay it in full without any penalty, to pay only minimum payment to cover the interest or to pay the interest with some of the principle on an ongoing basis. The flexibility is priceless in saving your family money
Sure. It’s a powerful tool to benefit borrowers especially over 65, who would like to pay nothing on a monthly basis and free all their pension pays to enjoy life with their family. Pricing for reverse mortgage is a little higher than a regular mortgage but if you have a title clear home or a small mortgage and lots of equity, it’s a great way to clear all debts and enjoy life. Don’t worry about your kids, they will benefit from large inheritance anyway, but mainly they will have the pleasure seeing their parents enjoying stress-free and debt-free life.
Being pre-approved for a mortgage is not a guarantee that you will get a mortgage. The lender will still need to evaluate the property and your financial situation before approving the loan.
Getting pre-approved for a mortgage requires a credit check, which can have a minor impact on your credit score. However, multiple credit checks within a short period of time can have a negative effect on your credit score.
Not with all lenders. Some will consider self-employed as eligible to the same rates that employees get and some will see this income as presenting a higher risk, therefore will be priced higher. With access to so many lenders and 600+ landing programs, you’ll get the best offer to accommodate your needs.