• Mortgage Insurance Premiums • Debt Service Ratios & flexibility • Extended Amortizations • Free Down Payment Mortgage • Flex Down Payment Mortgage • Cash Back Mortgage • Self Employed Mortgage • Newly Self-Employed Mortgage • Self-Employed Bonus Mortgage • 75% Stated Income Equity Mortgage • Purchase with Improvements • Home Buyers Plan (RRSP) • Foreign Employee Mortgage • New to Canada Mortgage • Second Home/Vacation Property • Gross Up Mortgage - Non-Taxable Income

The most common mortgages for purchases are as follows:

• High Ratio Mortgage (less than 20% down)

• Conventional Mortgage(20% down or more)

• First Time Buyer

• Self Employed Mortgage

• Equity Mortgage

High Ratio Purchase

When you purchase with 0 - 19% down, it will be done in one of three ways:

1. CMHC insured

2. GE Capital insured

3. AIG Insured

4. Self Insured Lenders

Conventional Purchase

When you purchase a home with a down payment of 20% or more of the purchase price, your mortgage in underwritten conventionally and not insured by CMHC or GE Capital. An appraisal is usually required.

First Time Buyer

A first time buyer will qualify for a mortgage in the normal manner with one added benefit. If you are a first time buyer you are able to withdraw from your existing RSP's to a maximum of $20,000.00 for your down payment. For more information, please view our Resource Centre

Self Employed Purchase

► First Choice         → 5% down payment for purchase, proof of

                                         3 years continuous self employment.

                                         Good credit minimum, no personal taxes

                                         outstanding.

 

► Second Choice    → 85% Purchase - Self declared letter, must

                                         have average - good credit. Doesn't

                                         matter how long you've been self

                                         employed!

 

► Third Choice        → 75% Purchase self declared income letter.

                                          Credit if flexible.

 

► Fourth Choice      → Up to 85% Private Mortgage - based on

                                          equity in the home and good credit

                                          history. Income irrelevant.

Equity Purchase

Similar to above, purchase is based on  up to 75% of the property. Income and credit history are irrelevant.