The following list provides information on frequently asked questions.

I have a Pre-Approval! What can I do to make my purchase go as smooth as possible?

I'm looking to Upsize / Downsize How do I coordinate my current home and future purchase?

I'm tired of making my Mortgage Payments What is a Payment-Optional Mortgage?

WHY ARE MORTGAGES BROKEN? To break a mortgage, is to change or terminate your mortgage contract before the end of your term. Many people have no intentions of breaking their mortgage, but in reality more than half of Canadians do.

DOWN PAYMENT Currently, a minimum of 20% down payment is required on rental properties. Since a 20% down payment is applied, rental properties can qualify for 30-year amortization as it doesn't trigger mortgage insurance. Can I use equity in my current owner occupied home to purchase a rental property? Yes, you can! Book an initial chat here so we can look at your specific situation. Can I use gifted funds for a down payment on a rental property? In most cases, lenders will not consider a gifted down payment for a rental property. However if you are considering using gifted funds, there may be options available. Can I borrow from my HELOC to pay the down payment in part or full? Yes. Lenders will consider all of your liabilities and apply this to your debt servicing ratios.

HOW MUCH CASH WILL I ACTUALLY NEED? Down Payment + Property Transfer Tax (PTT) + Closing Costs = Cash Required Up Front 

WHY CO-SIGNERS? With house prices increasing, government qualifying rules tightening, and income documentation becoming more onerous from banks and lenders, more and more Canadians are enlisting the help of a Co-Signer (or co-purchaser, these titles can be used interchangeably) to make the purchase of a home possible. A Co-Signer helps support the income qualification on paper for an applicant, by going on the property title and mortgage as well.

LAND  For a fully serviced lot , you will need down payment of at least 25% on the land value. Fully serviced means the lot has power, water/well & sewer/septic. For a partially serviced lot , you will need a down payment of at least 35% on the land value. Partially serviced means the land is missing at least one of the above services. Already own the land? An equity take out may be completed on the land as your first draw, up to 75% of the appraised land value , less fees.

What is a Credit Score What do I need to know about how they are calculated?

I am Selling + Buying What do I need to know about Bridge Financing?

I'm going through a Separation or Divorce What are my mortgage options?

I'm almost at Mortgage Maturity What do I need to know about my options?

YOUR DOWN PAYMENT Down payment verification is an incredibly important but also tedious part of your financing process. Lenders are required to confirm that funds being used for down payment and closing costs are being sourced from your own savings (or gifted) and are not borrowed.

PROCESS 1️⃣ Prior to subject removal, obtain quotes from a contractor/third party outlining the work to be completed for the improvements. 2️⃣ Work is to be completed after the purchase is finalized and funded via personal cash or credit. 3️⃣ Improvement funds are held in trust by the solicitor until they are confirmed complete. 4️⃣ Once the work is finished, the lender will require confirmation that the outlined work was completed as originally outlined. Depending on the lender and renovations, this may include paid invoices/receipts or an inspection (and permits if appl.). 5️⃣ Funds are released by the solicitor and in some cases can be released directly to the contractor.

I'm interested in Property Transfer Tax What do I need to know about British Columbia's Exemptions?