Home Equity Secured Lines of Credit.

A Home Equity Line of Credit is a secured loan against your home 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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New To Canada Mortgage

If you are a new immigrant to Canada, obtaining a mortgage has never being easier.  You can qualify for a standard mortgage of up to 95% of borrowing.  That is right, up to 95%!  This program is open for all new immigrants with permanent residency, temporary residency, or a work VISA.
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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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When people think of first time home buyers, you think of anxious, confused and indecisive individuals. However, a new report is stating it is the exact opposite. There were two surveys done by BMO and Genworth. This study finds that first time home buyers are expecting to spend $300,000 when the current average of home prices start at $368,895. This is a difference of 19% of what they think they will spend versus what is likely the will spend. In regards to down payment of the home, first time home buyers are averagely showing of putting down 16% percent of the purchase price (works out to be $48,000).
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If you are a new immigrant getting a mortgage in Canada has never being easier.  You can qualify for a standard mortgage of up to 95% of borrowing.  That is right 95%.  This program is open for all new immigrants with permanent residency, temporary residency or working visa.
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Construction mortgage financing option is for clients who want to build or do large renovations to a property both residential and commercial. The construction mortgage makes construction and land development faster and easier.
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What is Purchase Plus Improvements?

This mortgage product allows the purchaser of a property to add renovations cost onto the mortgage.  The renovations must improve the value of the property.  I have done allot of these mortgages and once the renovations stay within the guidelines for home improvements such as new flooring, roof, windows, kitchen or bathroom there is no problem with approval.  A $10,000.00 Persian carpet is not going to fly.
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Clients often call me with this question, “Is it worth breaking our current mortgage for a better mortgage term and interest rate”.  Each case varies significantly as there are many factors to consider.
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What is Purchase Plus Improvements?

This mortgage product allows the purchaser of a property to add renovations cost onto the mortgage when setting the mortgage up.  The renovations must improve the value of the property.  I have done allot of these mortgages and once the renovations stay within the guidelines for home improvements that would add immediate value to a home (new flooring, roof, windows, kitchen or bathroom) there is no problem with approval.  A $10,000.00 Persian carpet is not going to fly.
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New mortgage rules for fully secured lines of credit mean they are no longer available up to 80%.  (an exception to this are some credit unions)  The new rules employ that if a borrower wants a full Line of credit on their property the amount is limited to 65% of property value.  If a borrower however has a fixed or variable component to the mortgage (All In One product) minimum 15% of total mortgage then a line of credit can also be added up to 80% of property value.
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