What is Private Mortgage Financing?

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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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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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Good Afternoon Everybody!

Hope you are all enjoying the lovely fall weather.

Current mortgage rates are still at an all time low with 5 year fixed averaging 3.59% and variable at 2.60%.
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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.

Guidelines for qualification are:

• Must have landed in Canada within the last 3 to 5 years (depending on lender)
• Must have full time permanent employment for over 3 months
• Must have a down payment of at least 5%
• For borrowers who do not have established credit in Canada must provide two sources of credit information such as rental agreement, phone bill, bank account etc.   An international credit bureau can also be used pending lender stipulations

For more details or to obtain a pre-approval please contact:

Robert Clancy, AMP,

Mortgage Agent

VERICO Safebridge Mortgage Solutions

SAFEBRIDGE Financial Group

Tel:  (416)-899-1467

Fax: 1-(866)-385-4049

Email: robert@safebridgefinancial.com

www.bestratesmortgages.ca

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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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. Secured Lines of Credit can be used to purchase another property. It is important to note that the equity in your home is yours, so you can borrow against the equity to use to purchase a new property or as a down payment. This can also be converted into a regular mortgage to pay down the loan. For clients wanting to invest in investment properties, a secured Line of Credit is a great product tool to have. No payment is made on the loan until it is used and if desired the payments can be kept to interest only.
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When it comes time for you to renew your mortgage, especially with a Bank, you get a phone call very early to alert you your term will be ending soon. Bank’s love to do this as they typically make more money off of renewals than first time set up mortgages. This is because they have already retained you as a client and any referral fees have already been paid. Therefore the funds they make off of renewing the mortgage goes strictly into their pocket. Furthermore, because they are simply asking you to renew at the current rate, this does not give you a chance to see if you are getting the best rate out there. Based on these red flags, it is better to shop around for your mortgage, and who better than a mortgage broker to find you the lowest rate with the best terms!
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There are several sizes of mortgages lenders across GTA and Canada as a whole. You have your large major banks like TD Canada Trust, RBC, CIBC, and so on. You also have smaller lenders like credit unions, but unfortunately home buyers usually stick to something they are familiar with like one of these major banks. Statistics have estimated at least 75% of all mortgages in Canada are funded through these big channels. However, what the client fails to realize is, they are missing out on much better rates and privileges, not to mention over all service, they can get within a mortgage brokerage.
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After fixed mortgage rates sat at a record low level for the past six months, it was inevitable that they would rise once again. The cause for this was the rise in Canadian Bond Yields, which was triggered two weeks ago. This was caused by a selloff in the Bond market due to The Federal Reserve indicating that they may slow down on the bond purchasing they have being doing to bring liquidity into the markets.  Nothing has actually happened yet and it may not even happen but the speech was enough to cause a selling frenzy.
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