Residential

Residential Mortgage Loans

We Specialize in Residential Mortgage Loans in Cochrane & Airdrie, Alberta

  • 5% to 20% down
  • Insured through CMHC, GE or AIG
  • Can be gifted down payment
  • Minimum credit requirement of 620
  • 21%+ down
  • No insurance premium
  • Can be gifted down payment
  • Minimum credit requirement of 600
  • Borrowers income can be grossed up by 25-35% based on income ex: senior pension
  • Building new construction
  • Advances are either individual, self build or home builder (pre-sold)
  • Available for self employed or business owners
  • If using income from NOA’s gross up by 15%
  • Do not have to provide Notice of Assessments or personal tax returns
  • Must be able to prove two years business for self
  • 5% down if self employed for under 3 years (CMHC program)
  • 10% down if client has been self employed for over 3 years (Genworth Program)

Program

  • This program is offered to clients who are self-employed but may not be able to prove all of their income. An example would be someone who takes out the basic amount of dividends or wage from their company so their personal income is minimal. It allows up to 95% financing for those whose taxable income may not be their real income.

Qualifications

  • Business for self – includes commissioned employees or farming ect
  • Limited Companies
  • Clients must be able to prove 2 years Business for Self in similar industry
  • Credit rating minimum of 650
  • No outstanding personal taxes
  • No previous bankruptcies
  • Must be able to provide a down payment from their own resources

Documentation

  • For proof of two years business:

➢ Business License
➢ GST/HST Returns
➢ Audited Financial statements
➢ Articles of incorporation

  • For commissioned employees they can show employment letter, T1 Generals or T4’s. Must be able to show a 2 year average in like industry
  • Proof of down payment from own resources
  • Other documentation may be required specific to each individual deal

Other Information

  • This program is charged 0.35%+ higher interest rate than posted
  • Mortgage Insurance Premium is higher depending on the amount of down payment provided
  • Client may need to show 1.5% for closing costs
  • 2,3,4& 5% cash back mortgage available
  • Client originally comes up with down payment and is then reimbursed a percentage at the lawyers
  • Depending on program for interest rate and credit requirements

Program

  • This program allows a client to get up to 5% cash back at the lawyers following the completion of their transaction. This program can be combined with the flex down program (borrowed down payment) as long as the debt ratios work for the deal. It is also available in 1, 2, 3 & 4% cash back.

Qualifications

  • Credit rating minimum of 650
  • Able to initially show a 5% down payment
  • No outstanding personal taxes
  • Provable income

Documentation

  • Notice of Assessment
  • Employment letter
  • Recent pay stub
  • Source of down payment
  • Other documents may be required specific to each individual deal

Other Information

  • Must be a 5-year term for 5% cash back
  • Premiums are added to interest rates depending on amount of cash back
  • Mortgage Insurance Premium may be higher depending on extended term
  • Client may be asked to show 1.5% for closing costs (or cash back amount can be used for closing costs)
  • Payout penalty may be higher on this mortgage program if term is left early
  • Able to borrow their down payment from non-traditional sources
  • Line of credit, loan ect
  • Good credit history sufficient income to support borrowed payment

Program

  • This program is available for clients who are looking to purchase a home and have great credit, but are unable to save the minimum 5% down required. Clients are allowed to borrow between 5% and 10% down from non-traditional sources such as line of credit or bank loan.

*This program can be combined with the cash-back mortgage*

Qualifications

  • Clients who are able to prove their income with Notice of Assessments
  • Example of borrowed down payment source is credit card, line of credit or personal loans.
  • Clients must be able to debt service the down payment source
  • Credit rating minimum of 680
  • No outstanding personal taxes

Documentation

  • Notice of Assessment
  • Employment letter if T4 employee
  • Recent pay stub if T4 employee
  • Proof of source of down payment
  • Other documents may be required specific to each individual deal

Other Information

  • Clients may need to show 1.5% for closing costs
  • Mortgage Insurance Premium will depend on amount of down payment provided
  • Rates on flex down are standard to qualifying unless combined with the cash back offers, then rates are at an increased premium.
  • Mortgages the purchase or refinance of the property as well as provides extra advancements for improvements on the property. The amount borrowed for improvements is considered for each individual deal.

Program

  • This program is available for clients who are looking to purchase a property and do upgrades at the same time. The amount of money available for improvements depends on the amount of the mortgage and usually tops out at a percentage. The improvements done on these types of loans require to be done by a contractor and must be paid by the client upfront then is reimbursed after an inspection by the lawyer.

Qualifications

  • Credit rating minimum of 620
  • The minimum 5% down must include the amount of the improvement quotes, as this is the total mortgage in the end.
  • No outstanding personal taxes

Documentation

  • Employment letter for provable income
  • Pay stub for provable income
  • Notice of Assessment
  • Source of down payment
  • Other documentation may be required to each specific deal

Other Information

  • Client may be asked to show 1.5% of closing costs
  • Improvements quotes must be sent in with deal and acceptable to lender

Program

  • This program allows clients to take out the equity in their home of up to 80% of the value. As long as the income allows, the equity can be used for whatever the client wishes such as debt consolidation or investing in a business or rental property.

Qualifications

  • Credit score minimum of 620 for 80% loan to value, however this requirement decreases depending on the amount borrowed against the home.
  • No outstanding personal taxes
  • Income to support the new mortgage amount

Documentation

  • Notice of Assessment
  • Employment letter for employees
  • Pay stub for employees
  • Business for self proof on stated income

Other Information

  • Depending on the amount of equity taken against the home, an appraisal may be required by the lender at the cost of the borrower
  • Mortgage Insurance Premiums are topped up from only the new balance of the mortgage. These premiums are higher than the standard premiums charged

A home equity line of credit is sort of like a credit card. Your lender allows you to borrow small amounts against the equity of your home as you need them, rather than giving you one lump sum like you would get with a home equity loan or home improvement loan. The ability to draw these small sums a little at a time benefits you in a few ways:

  • You don’t borrow more than you need. It’s usually hard to estimate the cost of a remodel up-front, and with this strategy, you don’t have to; you can charge as you buy materials and pay individual contractors
  • You don’t have to worry about accidentally spending a lump sum sitting in a bank account.
  • You can take your time making the improvements rather than trying to scramble and fit everything in before prices increase
  • Must have a minimum of 35% down
  • Able to take mortgage that resembles a line of credit

Home Equity Line of Credit
This program operates like a Line of Credit and uses the home as equity for security. To be able to qualify for a HELOC a minimum of 35% down is required in initial down payment or equity. The aspects of this program are

  • Since it operates like a line of credit the principal amount does not decrease, so as it is paid down the available amount can be used for other purchases at often a lower interest rate
  • The minimum monthly payment on this mortgage is usually “interest only”. However, there is no penalty for paying down the principal amount as there can be with locked in mortgages.
  • The interest rate is variable which means that it is a prime + loan. This rate fluctuates alongside prime so the interest payments are not always the same set amount.
  • No mortgage insurance premium is usually required since it is a conventional loan with the large down payment.

Qualifications

  • Requires 35% in down payment or equity in the property
  • Minimum credit score of 600 to 620 depending on lender
  • No outstanding personal taxes
  • Appraisal may be required by lender

Documentation

  • Notice of Assessment
  • Employment letter if employee
  • Recent pay stub if employee
  • Proof of Business if self employed
  • Other documentation may be required specific to each individual deal

Other Information

  • A HELOC can be locked into a term at any time, however it cannot be reversed again without a payout penalty. When paying out a HELOC for what ever reason if you sell, remortgage there is no payout penalty.
  • The payment fluctuates over the term of the mortgage and prime adjusts.
  • The interest rate on a HELOC is typically Prime + .5-4% depending on he credit and lender qualifications.
  • As little as 5% down
  • Available for property that will be occupied by owner or related family member rent free
  • Clients need to debt service

Program

  • This program is available for those who are looking to purchase a second home or a vacation property with only 5% down. The purpose of the property must be for owner occupancy or a family member. It cannot provide a rental income. Some examples would be purchasing a home for a child going away to school, or a weekend getaway for the family.

Qualifications

  • Minimum credit requirement of 620
  • Minimum 5% down for the property
  • Property must be suitable for year around access
  • No outstanding personal taxes
  • Provable Income

Documentation

  • Notice of Assessment to show no outstanding taxes
  • Proof of down payment or gift letter from family member
  • Recent pay stub for employee
  • Employment letter for employee
  • T5’s or other documents for self-employed borrowers
  • Other documents may be required specific to each individual deal

Other Information

  • Mortgage Insurance Premium will depend on the amount of down payment provided or length of amortization
  • Client will need to show 1.5% closing costs from their own funds
  • Able to use up to 80% of rental to offset income
  • 20% down payment required
  • Client must debt service

Program
This program is available for anyone looking to purchase or refinance a rental property with as little as 20% down. It provides investors with more financing choices by allowing a lower down payment and up to 80% rental income offset used to qualify.

Qualifications

  • Minimum credit score of 650 with non traditional down payment
  • Minimum credit score of 620 with traditional down payment
  • No outstanding personal taxes
  • Allows up to 80% rental income offset
  • Allows corporate borrowers if they can personally guarantee the mortgage
  • Provable income

Documentation

  • Notice of Assessment
  • Employment letter
  • Recent pay stub
  • T5’s or other documents for self-employed borrowers
  • May require rental agreement on the property

Other documents may be required specific to each individual deal

Other Information

  • Mortgage Insurance Premium will depend on amount of down payment provided or length of amortization
  • Clients will be asked to show 1.5% closing costs from their own funds
  • No commercial components to the property purchased. Up to a maximum of 4 units
  • Various programs available with down payment

Program

  • This program is available for newcomers to Canada with permanent and non-permanent status. It allows flexibility in being able to prove a credit history with no additional fees or premiums added to the mortgage.

Qualifications

  • Permanent resident must have minimum down payment of 5%
  • Non-permanent resident must have minimum down payment of 10%
  • Qualifications are specific to each individual deal

Documentation

  • Individual documentation can be discussed with your agent that will be required for each specific deal
  • Examples of verification are international credit report, lender verification of borrowers credit worthiness, 12 months of utility bills, landlord reference letters ect.

Other Information

  • Please discuss all information with one of our agents and we can help to recommend the best program available for your situation

Program

  • This is the basic mortgage program is offered to clients who have a down payment and are able to prove their income through Notice of Assessments. This program requires a minimum of 5% down and a credit rating of 620 or higher. Our standard posted rates applies to this type of mortgage.

Qualifications

  • Salaried Employees
  • Hourly Employees
  • Part-time or Seasonal Income Employees (must be able to show 2 year average)
  • Self-employed clients who can show their income through Notice of Assessments
  • Minimum credit score of 620
  • Must have at least 5% down payment from own sources or a gift
  • No outstanding personal taxes owing

Documentation

  • Notice of Assessment
  • Employment letter if employee
  • Recent pay stub if employee
  • Proof of Business is self employed
  • Proof of down payment or gift letter from immediate family member
  • Other documentation may be required specific to each individual deal

Other Information

  • Mortgage insurance premium depends on the amount of down payment provided
  • Client may be required to show 1.5% funds for closing costs
  • Excludes mobile home and other specialty properties
  • Clients who are self-employed and can prove their income can top up by 15%

Program

  • This program is available for the construction or purchase of an energy efficient home. Also allows for the purchase or refinance of an existing home where energy efficient improvements are being made. The advantage to this program is that it offers a 10% refund on the mortgage insurance premium and extended amortization periods without surcharge.

Qualifications

  • Minimum credit of 620
  • Property must be:

➢ R-2000 compliant
➢ Be constructed under eligible energy efficient building program
➢ Rate 77 or higher on a NRCan energy evaluation
➢ For improvement homes property must increase on NRCan’s assessment by at least 5 points and once completed must meet a minimum rating of 40

  • Must have at least 5% down payment

Documentation

  • Documentation on this type of program is specific to each individual deal depending on the level of energy efficiency that the home obtains. Please speak with one of our agents to determine what will all be required

Other Information

  • The debt service calculation will be calculated with the estimated reduced heating costs indicated by the energy assessment

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