Please reach me at jeanette@savvy-mortgages.ca if you cannot find an answer to your question.
To determine how much you can borrow, I will need to:
1) pull credit
2) review last 2 years NOAs
3) review last 2 years T1 Generals (full)
4) confirmation of funds for down payment
5) review assets and liabilities
Generally, it doesn't take that much time to review the information.
If the client has documents ready, it could be as little as 24 hours to know how much the client could borrow.
Credit-worthiness, savings, location and type of property to be purchased is considered first.
Rate is the final piece of the file, not the first.
You could wait, but you could also wait yourself out of a market.
What can happen:
In most cases, I am paid by the lender, so there is no cost to the client.
However, with certain types of lending, such as with a private mortgage, would have a fee involved.
Fees are always disclosed to the client prior to proceeding with the lender.
There are many things to consider when looking at a file for someone who is self-employed.
Some programs are for stated income, or newly self-employed (less than 2 years), high net worth, etc.
Please contact me to discuss your situation and see what solutions are available to you.
As a first time home buyer, there may be exemptions to be considered.
https://www.placetocallhome.ca/fthbi/eligibility-savings-calculator
Please review the following helpful links:
https://www.cmhc-schl.gc.ca/consumers/home-buying/first-time-home-buyer-incentive
In Canada, lenders and banking institutions cannot decline a mortgage application due to the prospective borrower's age.
The applicant must meet the financial requirements.
You can gift the funds either from your savings, or you may consider taking out a Reverse Mortgage.
If you qualify for a Reverse Mortgage, you may gift your children with an early inheritance.
Contact me to discuss this option and see if it works for you.
This is one of many myths surrounding Reverse Mortgages.
If the market suddenly dropped, the lender would have to eat the loss, not the client.
The Reverse Mortgage option can be a great wealth building tool and there are many ways to use one.
Additionally, the client only gets access to a maximum of 59% (lender dependent) of the value of the home.
Please contact me to discuss this option.
If you are 55 years or older, or if you are married and both you and your spouse are 55 years or older and you have your own home, something such as a Reverse Mortgage may be something to consider before you make the decision to sell.
You would not have access to 100% equity; at most 59%, depending on the lender, your age, and the location and type of property.
This option could free up cash and be in the form of one lump sum, a monthly amount, or even a bit of both.
Even better, you don't have to make any payments.
Please contact me to discuss your options.
Yes!
There may be some options you are unaware of that you could tap into to improve the property you are purchasing.
As there are too many options to list and things to consider, it would be best to contact me to discuss further.
I have access to some amazing programs specifically designed for medical professionals.
There is even a scale lenders use based on where you are in your program and chosen profession.
Contact me to discuss further.
I am able to submit a mortgage for anyone in B.C., and through my brokerage I am able to submit throughout Canada.
Jeanette Nenasheff - Mortgage Broker
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