Mortgage products built to fit Canadian home buyers
Eight Types of Mortgages in Canada
Mortgages differ from country to country. What is offered here in Canada is not necessarily the same as what is offered elsewhere, even if it has the same name! For example, reverse mortgages are very different here than in the country south of us. Here are eight mortgage products available to you:
Canadian demographics show an ageing population. If you belong to the baby boomers or an earlier generation, you are in a unique situation. Do you have enough to live comfortably? If you are finding it more expensive than anticipated, a reverse mortgage (also known as an equity release or Chip reverse mortgage) may be for you.
First Time Home Buyers
You’ve been renting, saving, dreaming, and planning for a long time. Now you are ready to buy. Can I get pre-approved? How much do I need for a down payment? Getting into a Canadian house mortgage can leave you with a lot of questions. I take the time to explain everything upfront. I also provide no-nonsense answers throughout the process. You will be an experienced and knowledgeable first-time homebuyer before we’re through. This approach will put you at ease, confident in your investment.
Separation or Divorce Mortgages
Life doesn’t always go according to plan, getting quite messy at times. This is especially true when it comes to separation and divorce. It is crucial to have professional help to structure a spousal buyout or a split of real estate assets. I have helped many couples who wanted a quick, pain-free solution. I know the lenders and national regulatory guidelines. I can guide you through the process of setting up a divorce mortgage, step by step.
New to Canada Mortgages
Newcomers to Canada may find it difficult to buy a home. If you have immigrated to Canada, there are mortgage programs that can help you buy a home. Finding and qualifying for the right program isn’t easy. It is best to get professional help. I have extensive experience helping new Canadians get a mortgage.
New Construction Mortgages
It’s exciting to design your dream home. It’s also a lot of work! Let me take the stress out of the mortgage process. We can get you a construction mortgage that suits your needs and the home builder’s requirements. I have helped many clients (including myself) with construction mortgages. I also set up builders mortgages for contractors looking to fund a project before it sells.
Self Employed Mortgages
Every small business owner who has tried to get a mortgage in Canada knows that it’s difficult. The good news is that there are mortgage solutions for self-employed entrepreneurs. I have access to lenders and programs that work well. Each situation is different so please contact me for details.
Having real estate in your investment portfolio is a great way to diversify. Many lenders are putting restrictions on the number of homes you can finance with them. This is not a big deal since I have access to many lenders who do investment property lending. I can help you secure and organize your mortgages.
Purchase Plus Improvement Mortgages
You love the lot, you love the neighbourhood, you like the home… somewhat. If only it had another bathroom in the basement or a backyard garage. I hear this all the time. You could use a Purchase Plus Improvement mortgage. You can buy a home that might not “tick all the boxes” and get renovations put into the mortgage. I can even get you a list of trustworthy contractors to help with the renovations.
Ready to apply for a mortgage?
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