If you can see that in the future, it is going to become harder for your to make your monthly mortgage payments, there are options to consider other than just accept defaulting on your mortgage and causing foreclosure.
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Purchase Plus Improvements Mortgage

This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage.  The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms.
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According to a recent survey conducted, almost half of Canadians that participated, feel they will still be in debt by the time of retirement (approximately age 65). This information coming from Manulife Financial, stating Canadians are worried they will still be in debt, including their mortgage by the time they hit the retirement age. In addition to this, over half of Canadians said they were disappointed with how they managed their money over the years and felt they could have saved and delegated better.
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When you decide on a mortgage rate, try not to over think the rate and always aware of the bigger picture. Try looking at it this way, for example, you want to purchase an investment stock. This stock is over all good value and has a lot of potential for even further growth. It is currently trading at $10.00.  Potentially, it could go as high as $18.00 over the next 12 months. If you planned on purchasing this stock, you would first do your due diligence on the company you are investing in. This would entail looking at the company financial statements, looking at dividends if there are any, the management, and overall potential growth. Once you were ready, you would purchase the stock even at $10.50 or $11.50 because based on your research, you know this particular stock has potential. At the end of the day you are still obtaining a profit.

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A Home Equity Line of Credit or HELOC, is a secured loan against your home. This is just like a mortgage but with the features of a line of credit.  It is completely open(paid down at any time without penalty) and is also revolving (can be paid down and then used again). The loan is always available until closed out.  A Secured Line of Credit can be added alongside a mortgage as s separate product.  For example, if a client has equity in their home a lender will allow the client to borrow up to 80% of that equity when adding on a secured line of Credit. This can be applied on the purchase or refinance of a home.
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What is Private Mortgage Financing?

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10 Reasons why you should use a Mortgage Broker

• Access to over 50 different lenders, banks, trust companies, investors and financial institutions.
• Fast credit and loan pre-approvals with no cost or obligation.
• Up-to-date on all the mortgage rates, terms and re-payment options available on the market.
• They only specialize in mortgages and are knowledgeable on current trends.
• They are experts at matching you with the best-suited mortgage.
• Get mortgage rates at wholesale, guaranteed up to 120 days.
• They work for YOU, not the lender.
• They increase competition in the market place, thus keeping rates low.
• They save you time and money!
• Brokers have vested interest in satisfying your needs since they rely on your referrals and repeat business.

There are two different types of mortgages for self-employed borrowers.  One is based on qualifier income (proof of income on paper) and the other is non-qualifier income (no proof of income on paper).  There are big differences in lender policy based on each type of borrowers.

Borrowers who qualify based on provable income: 

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Reports are increasingly showing that parents are helping their children purchase their first home in the GTA. This phenomenon of parents helping their children purchase their first home is not a new trend by any means, but the numbers they are willing to fork out are. This is becoming a common trend due to the increase of the cost of living (rent), debt amount (student loans), and saving money in general becomes harder and harder.
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This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage.  The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms.
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