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Canada Mortgage Information

Choosing and Understanding Mortgages

Refinancing

Refinancing Canada Mortgages

Debt Consolidation Loans & Home Equity Loans

When people speak of a Canada mortgage refinance they usually mean that they need to refinance their homes to either pay off some bills or they have a mortgage maturing and wish to shop the market for another lender for a better and lowest Canada mortgage rate.

A Canada mortgage refinance is a good time to take a moment and consider what money needs will be occurring over the next 5 years.

  • Are there high interest credit cards that should be paid down?
  • A new roof needed?
  • Is there a need to replace the family car?
  • Vacation?
  • Topping up a RSP to reduce CCRA income taxes payable?

It is more expensive to get a mortgage and then, a year later, find out that you should of set aside an extra ten grand for an important and necessary purchase. Why? Because you end up buying it anyway � but unfortunately most people will use a high interest bearing credit card to do it. It would be better to add into the Canada mortgage refinance or Canadian home equity loan enough funds to do the things you need to get done.

The same logic is used for the best Canadian debt consolidation loan. You want to make sure you not only pay off all the bills that are worrying you today but also the ones that are soon coming around corner. You only want to do a Canada debt consolidation loan or Canadian debt consolidation loan once. So it is important to speak to an expert Canada mortgage broker to help you determine the size of loan that you will need.

If the purpose is pay off bills most people will borrow up to a certain percentage of the appraised value of their home. The size of the percentage is determined by creditworthiness. If credit is poor then Canadian home equity loan is still possible but it is usually done through a private lender.

Reverse Mortgages

Canada Reverse Mortgages

Living on a fixed income can be tough going for many Canadian seniors, and that is even if they own their own home.

If you live on a fixed income then what can you do if an unexpected cash crisis arises for:

  • a medical expense
  • a new roof
  • other home repairs
  • a need to help out a child or a grandchild financially
  • rising home care costs
  • long-term care costs
  • or any other expense item that you don’t have the cash to pay?

Or, perhaps, you may have the cash tied up in an investment but to cash out of that investment may have undesirable financial consequences for you? Or, how about just plain old desires? Perhaps you are now just living pension cheque to pension cheque without enough money to go anywhere or to do anything.

Would you like to change that?

Well, happily, there is a solution for many seniors. And that solution is a Canada reverse mortgage or Canada mortgage reverse loan.

So what is a Canada reverse mortgage?

A Canada reverse mortgage is a special type of home loan that lets a homeowner convert the equity in his or her home into cash. The equity built up over years of Canada home mortgage payments can be paid to the homeowner in a lump sum. But unlike a traditional home equity loan or second mortgage no repayment is required for the Canada reverse mortgage until the borrowers no longer use the home as their principal residence. You do not make payments because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes and other conventional payments like utilities, but with a Canada reverse mortgage, you cannot be foreclosed or forced to vacate your house because you missed your mortgage payment because there is not one to make!

You may also want to read more about the following:

Second Mortgages

Canada Second Mortgages

The first thing that may surprise you about applying for a Canada second mortgage or a Second mortgage Canada loan is that you don’t have to feel obligated to explain your story as much as you think you do. And that is because the Canada second mortgage is based on equity in your home and not your credit.

There are two reasons for a client wanting a second mortgage rather than just redoing their current first Canada mortgage.

One is that it is fast and simple because the approval is based on your home equity and not your earnings, or your job stability or when or not support payments are being received/paid on time. Just equity.

The second reason is that a client for one reason or another would prefer not to touch their current 1st mortgage Canada loan financing.

Home Equity Loans

Canada Home Equity Loan

Whenever possible with Canada consolidation debt loan mortgage financing, you should obtain an equity based loan for a Canada mortgage by using the strength of the equity in your home. You should be looking for a Canadian equity home loan.

The savings are enormous.

You will save hundreds and hundreds of dollars each month in cash flow savings. You may even save significant interest savings, but mainly you will be replacing expensive short term credit card minimum due payments compared to one low monthly mortgage payment with a Canada consolidation debt loan mortgage. It can make the difference of you being able to keep the family home or not.

Is saving money the only reason?

Well, to save cash flow is the obvious answer, but besides keeping the house, one needs to keep sane. You need to remove the stress of having creditors calling you night and day. Emotion is high when one remembers all the people who literally break down on the phone and cry about the debt load that they are under.

As a Canada mortgage consultant it is painful to hear the stories, and there are many of them! A young mom died from breast cancer and left a widower and his 10 – year old daughter with large medical bills to deal with. Or how about the self-employed worker who fell and didn’t have enough benefits to keep up on his bills and was losing the family home, countless stores of illness or loss of work everyday, divorce or separation every week, and downright depression suffered by all. Marriages and relationships have been ruined by bad debt. Yes it is hard to hear the stories but even worse to live the story. To remove the stress one needs to pay off all the debts possible to get a clean start again. Thankfully, the nice part about hearing a sad story is when a Canada mortgage consultant can say “I can solve it”. A Canada mortgage consultant can solve the problems created by too many debts that have too many minimum due payments. It is solved with a Canada consolidation loan.

There are two main routes to take for a debt consolidation loan when using home equity. The best route is to simply rewrite or refinance your 1st Canada mortgage or first Canada mortgage and make the loan big enough to payoff all your �other debts� in addition to your current first Canada mortgage amount.

Some people have average to good credit.

Good for them. It means lower interest rates. It may mean even less fees in refinancing their 1st mortgage Canada loan. It is often better to just rewrite a first mortgage, even with some prepayment penalties and be able to obtain a low variable rate mortgage than to take out a 2nd mortgage Canada loan. When Canadian equity home loan interest rates are declining, your mortgage interest rate is also declining. A Variable rate mortgage is a cheap source of Canadian equity home loan financing and is especially attractive in a market where interest rates are forecast to continue dropping. But even in a rising prime interest rate market a variable rate mortgage still is cheaper than many fixed rate mortgages. Many variable rate mortgages will allow you to lock into a fixed-rate mortgage when you think interest rates have bottomed out and may start going back up. The rates and features for these Canadian equity home loan mortgages vary widely from bank to bank.

But, truthfully, most people seeking a Canada consolidation debt mortgage often have poor to average credit.

Often just bad credit. If their credit is not too bad, then it may be possible to rewrite the first Canada mortgage as well. The rates will be higher but much lower than a 2nd Canada mortgage would be or a Canada second mortgage would be.

The second option is to obtain a second mortgage Canada loan. And this is what makes a home equity debt loan possible. Credit is not an issue. We assume it is bad. But a private lender will lend up to 75% and sometimes, though not too often, up to 85% of the appraised value of your home. Often the 2nd mortgage or debt consolidation loan will be interest only or have a large enough amortization time period (25 or even 30 years) so the payments are made as small as possible. And average interest rate for a 75% loan to value loan is 12%. So for a $30,000 loan then an interest only payment would be $300 per month. Often the term expires in one year.

The good thing is that the Canada debt consolidation loan or Canada second mortgage loan is a temporary measure. Often only in place, waiting for your new credit situation to be reflected in your credit report, with all your bills paid off and with you paying all future bills on time, and up and until your 1st mortgage can be rewritten at its maturity date or refinanced at a time to include the entire 2nd mortgage amount or Canada debt consolidation amount.

Commercial Loans

Canada Commercial Mortgages

You can use a Canada mortgage broker who specializes in commercial real estate refinances and in purchases to obtain a Canada commercial mortgage. A Canadian commercial mortgage marketplace is a special niche for Canada mortgage brokers.

If you are purchasing you will need to have a significant down payment so a commercial mortgage lender will feel secure in lending you money. All refinances will be determined by your operating income for your business as well as the equity in your commercial real estate property.

This is not the residential mortgage marketplace and there are fees involved to arrange for a Canada commercial mortgage loan. So it is best to talk to Canada mortgage broker so the best financing package can be arranged for you.

Finding the Best Mortgage

Finding the Best Mortgage

Is it true that everyone wants the best Canada mortgage?

Of course it is! Your house is the most expensive thing you own, and unless you are Ms. Paris Hilton and have the jetting lifestyle of the “Rich & Famous” it is for the rest of us too. We need to save money by obtaining the very best Canada mortgage possible. The best Canada mortgage deals change weekly so please get advice from a duly licensed Canada mortgage broker.

One best Canada mortgage is a variable type of mortgage.

The interest rates are much lower than fixed rate mortgages. Another type of best Canada mortgage is one that offers a cash back incentive for a first time homebuyer. Sometimes coming up with a downpayment keeps many from buying a house but with an cash back incentive you can make it the best Canada mortgage deal for you.

Another best Canada mortgage is for the first-time buyer.

This mortgage absorbs all the legal costs and most of the closing costs involved in purchasing a new home. Of course, nothing is free. You will pay a slightly higher interest rate for this up front benefit. But if all your available cash is going towards the downpayment then this best Canada mortgage option could be the one for you.

And finally, what happens when you can’t decide whether to go with a short-term mortgage or a long-term mortgage?

You take both! A split term mortgage lets you lock part of your mortgage in at a short-term rate and the rest in a long-term rate. It doesn’t get any better

Mortgage Glossary

Canada Mortgage Words and Terms

Amortization Period – The actual number of years it will take to repay a mortgage loan in full. This may go beyond the term of the loan. For example, mortgages often have five-year terms but 25-year amortization periods.

Appraised Value – The estimated of the value of the property offered as security for a mortgage loan. This appraisal is done for mortgage lending purposes and may be less than the purchase price of the property.

Canada Mortgage and Housing Corporation (CMHC) – The Corporation of the Federal Government that administers the National Housing Act (NHA) and provides mortgage insurance to lenders.

Closed and Open Mortgages – A closed mortgage agreement does not provide for payout before maturity. A lender may permit payout under certain circumstances but will levy a penalty charge for doing so. An open mortgage permits for prepayment/repayment at any time without penalty.

Closing Date – The date on which the sale of the property becomes final and the new owner takes possession.

Condominium – A form of ownership in which the owner has title to a dwelling unit and owns a share of the common elements (such as elevators, hallways and the land).

Conventional Mortgage – A mortgage loan that does not exceed 75% of the lesser of the appraised value or the purchase price of the property. A mortgage that exceeds that limit must be insured.

Debt Service Ratios (GDSR & TDSR) – The Gross Debt Service Ratio (GDSR) is the percentage of gross annual income required to cover payments associated with housing (mortgage principal and interest, taxes, secondary financing, heating, and 50% of condominium fees, if any). The GDSR should not exceed 32% of gross annual income. The Total Debt Service Ratio (TDSR) is the percentage of gross annual income required to cover payments associated with housing and all other debts and obligations, such as payments on a car loan. The TDSR should not exceed 40% of gross income. For self-employed/commission sales applicants, net income is used for GDSR and TDSR ratio calculations.

Down Payment – The amount of money (usually in the form of cash) put forward by the purchaser. It represents the difference between the purchase price and the amount of the mortgage loan.

Equity – Equity is the difference between the price for which a property could be sold and the total debts registered against it.

Fixed Rate and Variable Rate Mortgages – A fixed rate mortgage is where the rate of interest is fixed for a specific term. A variable rate mortgage is where the rate of interest changes as money market conditions change, usually not more than once a month. The monthly payment stays the same for a specified period; however, the amount applied towards the principal changes according to the changes (if any) in the rate of interest.

GEMICO – GE Capital Mortgage Insurance Company of Canada, a private mortgage insurer.

High Ratio Mortgage – A mortgage loan that exceeds 75% of the lesser of the appraised value or purchase price of the property. This mortgage must be insured and borrowers must pay an application fee and the insurance premium (which may be added to the mortgage) to the insurer.

Interest Adjustment Date (I.A.D.) – A date, usually one month before monthly mortgage payments begin, when interest on monies advanced before that date is calculated and must be paid by the borrower.

Leasehold Mortgage – A mortgage loan on a home where the building is on leased (rented) land. The lender takes an interest in the lease.

Loan-to-Value Ratio – The ratio of the loan to the appraised value or purchase price of the property, whichever is less, expressed as a percentage.

Maturity Date – The last day of the term of the mortgage agreement. The mortgage agreement must then be renewed or the mortgage balance paid in full.

Mortgagee – The lender

Mortgagor – The borrower

National Housing Act (NHA) Loan – A mortgage loan insured by CMHC.

Offer to Purchase – A formal, legal agreement that offers a certain price for a specified real property. The offer may be firm (no conditions attached) or conditional (certain conditions must be fulfilled).

P.I.T. – Principal, interest, and taxes.

Prepayment Charge – A fee charged by the lender when the borrower pays off all or a portion of a mortgage more quickly than provided for in the mortgage agreement.

Refinance – To arrange a new mortgage for an increased amount. The old mortgage(s) is paid off (discharged) from the proceeds of the new loan. This type of loan is also referred to as “equity take out.”

Renew – To extend a mortgage agreement with the same lender for another term. The length of the term and the conditions (such as the rate of interest) may be changed.

Term – The duration of a mortgage agreement. As the amortization period is longer than the term, mortgage payments made may not fully cover the outstanding principal by the end of the term.

Your Credit Rating

About Beacon Scores

About Beacon Scores

Beacon Scores are determined by the credit reporting bureau (Equifax) based on information received by your creditors.

The information supplied by creditors to the credit bureau includes items that determine a person’s general credit worthiness; this includes information on: late payments/payments paid on time, current balances compared to credit limit, and any adverse comments from creditors (judgments, collections) etc…

The chart below is interesting — it shows the statistical chance of future default based on current Beacon Score. For example, if you have a 600 Beacon Score you might see this as a high score, but the Lender sees it as 37% chance of default. The statistical chance of default really only drops when the Beacon Score is 700+. Higher Score = Better rate discounts.

EQUIFAX BEACON VALIDATION ODDS SUMMARY
General Application — All Industries

BEACON Range Statistical Percentage
< 500 65.50% 550-599 49.00% 600-609 37.60% 610-619 35.00% 620-629 31.50% 630-639 27.60% 640-649 24.80% 650-659 20.70% 660-669 16.90% 670-679 14.50% 680-689 11.80% 690-699 9.70% 700-709 7.70% 710-719 6.40% 720-729 5.30% 730-739 3.90% 740-749 3.20% 750-759 2.40% 760-769 2.10% 770-779% 1.90% 780-789% 1.40% 790-799 1.00% 800> 0.90%

Statistical Percentage shows the percentage of the general population falling within
in this Beacon score range, who are likely to go 90 or more days past due in general
within the next 24 months on one or more credit card/loan account.

Understanding Beacon Scores

Understanding Beacon Scores

You should use a Canada mortgage broker to look at your credit report.

A Canada mortgage broker only uses one report to speak to all lenders on your behalf. Whereas if you go from bank to bank, each bank will ‘pull’ a Canada credit report on you, and that may adversely affect your ‘Beacon Score’. This is something that you should avoid and can avoid by using a Canada mortgage broker.

Protecting your Beacon score is very important.

The score can ultimately determine whether or not you can even get a Canada mortgage and will determine the amount of interest charged to you.

Your Beacon score is generated by the credit bureau reporting agencies and such factors as:

  • late payments
  • amounts of credit
  • level of credit amounts owed to amount available
  • credit cards near their limits
  • legal judgments
  • and the number of inquiries into your credit history can effect your score.

The scores usually range from 600 to 800. A 800 score meaning amazing credit worthiness and 600 meaning you would be seen as a high risk of defaulting on a loan with a lender. If your score is less than 600 you will need to find a private Canada mortgage loan. No bank will touch you. And so the Canadian bank will not be able to help you. If your score is between 600 and 660 then finding a Canada mortgage loan is possible with some institutional lenders. A score that is greater than 660 means that most institutional lenders would be willing to accept an application from you. The higher the score the less likely you are to default on the proposed loan payments or your bad credit mortgage Canada loan.

Saving Money

Debt Consolidation Saves You Money!

Debt Consolidation Saves You Money!

Mortgage debt consolidation loans have been a means by which thousands of Canadian homeowners have been able to use their home equity to take out a mortgage to save money.

By taking out a debt consolidation loan (also known as a home equity loan or home debt loan or a second mortgage or mortgage second loan) a borrower is able to combine the balances of current bills and debts into one loan… and one payment. Private mortgage lenders or may offer borrowers with poor credit up to 75% of the appraised value of their home.

Institutional mortgage lenders may offer borrowers with good to excellent credit the ability to borrow up to 95% of the value of their current property. This would be done by redoing your current 1st mortgage financing.

Reasons to use a mortgage broker specialist?

One is that our mortgage brokers have access to many mortgage lenders. We can find you the best mortgage deal in Canada and the lowest rate lender for you.

And the use for a debt consolidation loan?

Canada home equity loans can be used for any purpose but not limited to:

  • Paying off High Interest Credit Cards
  • Car Loans
  • Home Improvements
  • Tuition and Education Needs
  • Vacations
  • And anything else!

LOOK AT THE SAVINGS BELOW!!!

With a debt consolidation loan – home equity loans – debt loan – monthly payments are reduced and cash flow is increased.

Bills Balance Payments Debt Consolidation Loan
Credit Card #1 $5950 $135.00 -0-
Credit Card #2 $5,200 $157.50 -0-
Credit Card #3 $6,060. $349.00 -0-
Credit Card #4 $5,200. $262.50 -0-
Car Payment $10,200. $362.50 -0-
TOTAL $36000.00 $1,266.50 $360.00*

The difference of reduced monthly payments is $906.50 each and every month! That is over $10,000 more money for your family to live on each and every year.

Save Money On Your Mortgage!

Save Money on Your Mortgage!

Use a mortgage consultant to beat the best posted rates.

There is no fee to you! The consultant uses one credit report to consultant to all potential lenders, he represents you not the bank, and will find a deal that beats the best posted rate. Often a full percentage point. For a $ 200,000 mortgage over a 5 year term this you save you TEN THOUSAND DOLLARS. Think what you could do with the savings! Top up your RSP, home improvements, or a mini vacation every year!
Obtain a quote – Fill out the quick mortgage application!.

Did you know that first time home buyers can use their RSPs to buy a home?

And that each spouse can use up to $ 20,000 each to do this? It is true. In fact you can even make your normal RSP contribution this year, obtain your tax refund, and still use these funds to buy your new home! By lowering your first mortgage as much as possible you will obtain the very best mortgage rates, fewer expenses and not need to ‘insure’ against default as a high ratio mortgage!
Ask an expert.

Only buy private life and disability insurance coverage

Do NOT use a bank/trust creditor insurance. Private coverage has better value to you and your estate. And you decide how the proceeds are spent! Also, it is very important that you do not tie yourself to any one bank. At renewal time, you will want your mortgage consultant to be able to shop the market for you. In the future, if you are ‘uninsurable’ and unable to buy insurance privately or even obtain creditor insurance with another bank then you may have to sit at the same institution with a crummy mortgage rate at renewal. Why? Because you can not afford to leave! Because when you leave one bank for another institution your creditor insurance is not transferable. You will lose your coverage! With private insurance coverage you are covered no matter which lender you use or in the future change to!
Ask an Expert.

On Mortgage Insurance

Canada Mortgage Insurance

Reasons why you need to insure your Canada Mortgage with Creditor Mortgage Insurance

It is important to have insurance to protect your mortgage obligation. Most households require two incomes to qualify for a mortgage. And the banks know that if one spouse dies then it will be almost impossible for the surviving spouse to make payments. Or, if you suffer from disability and with the lost income and increased medical bills resulting from your illness you could lose your home because of your financial inability to pay the mortgage payments. If your home goes into foreclosure there will be accelerated interest payments and prepayment penalties. You could lose thousands of dollars lost equity due to ‘forced sale’ proceedings and untold stress. To protect your investment in your home and your sanity you must have insurance coverage.

Don’t feel obligated to buy insurance from your bank.

Often when one goes to a bank for a mortgage you may feel obligated to purchase insurance coverage to cover their mortgage payments or loan due to a death or disability. The loans officer may promote creditor life or disability insurance that has many restrictions. Sometimes you may feel that if you don’t buy creditor insurance coverage from the bank you may not get your loan. But, did you know that you are not obligated to buy insurance from the financial institution that gives you a mortgage? Did you know that it is against the law to tie the sale of insurance coverage with your loan? It is true. It is an unlawful practice and no financial institution should use such pressure. In fact, there are laws to protect your right to keep your insurance separate from the bank. We want you to know that we do offer insurance coverage – because we think it is important to own it – but you are not obligated to purchase it. We want you to be informed of its value and then let you make the decision whether or not it is right for you and your family.

It is better to buy insurance separate from the bank, trust company or credit union. There are 5 reasons why you should use separate insurance that we call the Mortgage Insurance Program:

Q. What are the main advantages of the Mortgage Insurance Program?

A. Here’s the TOP FIVE list of advantages:

1. Portability

  • Coverage portable from one property to another or from one lender
    to another. This is unlike almost all other creditor insurance programs.

2. Affordability

  • Versus other lender products – WE ROCK! We are extremely competitively priced (non-smoker rates are best in the market)
  • Versus other term products – level term life premiums up to 2 times as expensive over 25 year coverage period. And our premiums stay level for the duration of coverage unlike others where premiums increase every 5 or 10 years.

3. Simplicity

  • Coverage is automatic on mortgages up to $200,000 and with answers of “no” to health questions on the application form

4. Flexibility

  • Range of coverage options including Life with Disability and Critical Illness riders (Critical illness coverage not available from most lenders);
  • The Mortgage Insurance Program can insure up to four parties to the mortgage loan
  • Have option to obtain either coverage prior to mortgage closing date or free accidental death until the mortgage closing date
  • Lump sum coverage reductions available

5. Reliability

  • Partnered with the largest Insurer in Canada – Great-West Life – client can have confidence in the insurer’s brand.
  • Committed team of GWL representatives provide toll free customer service to both clients and brokers
  • Broker kept informed of application receipt and final decisions made, and communicated, to the client

OBTAIN AN INSURANCE QUOTE HERE

Getting the Best Mortgage Rate in Canada

Getting the Best Mortgage Rate in Canada

The best mortgage broker in Canada will use all of his skills and expertise to negotiate the rate mortgage deal for you. This is important on the borderline cases where the credit is not that great or recent job changes make a lender nervous.

The best mortgage broker in Canada will present your file to a lender in the best possible light so he can find you the best mortgage rate in Canada. And then convince, if needed, a lender to agree to give it to you. Also, you can tell the best mortgage broker in Canada because he or she will find you the best rate discount and incentives that may be out there in the Canada mortgage marketplace.

The best mortgage broker in Canada and talk the talk and walk the walk with the lender to make sure you are treated right. Finally, being networked into all the lenders across Canada you will be assured to obtain the lowest and best mortgage rate in Canada.

Investing

Private Mortgage Investments Explained

Canada Mortgage Investment

Private Investing in Canada Mortgages

Many private citizens that have RSP funds or RRIF funds are disappointed. Their current returns in their registered funds are not doing too well, tired of term deposits with lousy returns, stocks and bonds that go up and down in value that are wishing for a better return by investing in private mortgages. They are choosing to invest in the private 2nd mortgage Canada marketplace. When done correctly the investment is safe. You can even use your RSP and RRIF funds to make investments in private mortgages.

Many citizens become investor/lenders in giving private Canada mortgages to other borrowers in the form of Canada equity home loans or Canada second mortgage loans. The earnings are very attractive. So are the safeguards.

The first safeguard is choosing the right Canada mortgage broker to do business with. At our site we have Gregory Stanley AMP CFP as the expert advisor on mortgages. He has expertise with 20 years experience in the financial services industry.

Gregory has a few rules about private mortgage investing.

Yes, rules. He won’t act as your mortgage broker if the rules are not followed exactly.

  1. the mortgage investment must meet your risk tolerance. He ensures this by limiting mortgage investments to properties that only have strong resale value. Most properties in populated areas across Canada would satisfy this requirement. But the property has to be normal to the area, normal house on a normal city lot, on city sewer and water. Normal means normal.
  2. each property is subject to a satisfactory appraisal to the private investor. It is important that the property is not the worse one on the street or the very best one on the street. The property must be an average house on an average street and well maintained.
  3. the loan to value (LTV) ratio must be low. Gregory prefers that no investor/lender invest into any mortgage investment where the loan would exceed 75% of the appraised value of the home. Other brokers don’t care and go up to 85%. But, Gregory doesn’t agree with this practice. Gregory wants to see at least 25% equity still in the property after a 2nd mortgage Canada loan is made from the private investor/lender to a borrower.
  4. Owner Occupied residential properties only. It has to due with liquidity, and marketability. The property has to be owner occupied. No rental properties. Gregory believes that the best mortgage investments are ones where the owner is living in the home. Their home!
  5. A fair interest rate of return for the private investor. This is usually 12% on a 2nd mortgage loan and between 8 to 9.5% for a 1st mortgage. Again, the maximum LTV is 75%. Often the payments to the borrowers are based on interest only payments. So a $30,000 private mortgage investment would pay $300 per month interest to the private mortgage investor/lender.
  6. No third or subsequent mortgages for obvious reasons. No LTV past 75%.
  7. there will be no costs incurred by the private investor/lender because the borrower pays for all appraisal and legal costs. The mortgage broker does not charge a fee to the private investor/lender.
  8. diversify into several small mortgage investments rather than one or two large ones. For example, if you have $100,000 then Gregory would prefer to see you obtain 4 investments worth $25,000 than just one $100,000 deal. Gregory is trained as a certified financial planner and asset allocation and diversifying your investment holdings is something that he insists on.
  9. choose the right Canada mortgage broker to help arrange the loan between the private investor and you the investor/lender. Gregory Stanley was one of the very first mortgage brokers in Canada to become an Accredited Mortgage Professional, and he is one of the only ones to have also become a Certified Financial Planner. He has over 20 years experience in the financial services industry. He is friendly, sincere and helpful. On the homepage you will see him in the “Ask An Expert” section. Feel welcome to ask him a question.

So we have the following rules for private mortgage investing (1) Strong resale value of subject property (2) satisfactory appraisal (3) maximum 75% LTV loan (4) owner occupied residential property only (5) good rate of return i.e. 12% or 1% paid monthly (6) no third mortgages allowed (7) no costs to the investor (8) break up your investment into several smaller loans and (9) choosing the right Canada mortgage broker.

Gregory Stanley CFP AMP believes that by following the above rules the private mortgage investment is safe. The risk has been minimized as much as possible. And the reward of return is worth it. He believes in ‘know your client’ rules and will not let anyone invest that he doesn’t think is right for it.

When you compare a fixed rate of return of 12% with no commission fees or management fees to other investments (i.e. mutual funds) there is no comparison for the rate of return versus risk. Gregory Stanley prefers secured mortgage investments.

Email Greg Stanley if you are interested in learning more!

Mortgages in Canada

Mortgages in BC

Achieve Your DreamsMortgages in BC

We can arrange a BC mortgage – anywhere – in British Columbia. We handle the smaller communities as well as the larger ones. Send in the application above now…

We can help you in the following BC mortgage financing situations:

When your credit rating ‘ROCKS’ … We ROCK too!

Everyday our BC mortgage brokers are approached with ‘seat sale’ mortgage rates and products. Nobody can beat us in the business. Absolutely nobody. Fill out the application form so we can discuss these BC mortgage deals with you – on both interest rates and BC mortgage terms offered. Your BC mortgage broker will personally call you and discuss rates and best products possible. We always secure the best rates for all our clients. No fees are charged. Instead the lender will pay the mortgage consultant a referral fee – and that is all that we are paid

When your credit rating is ‘Average’:

The good news is that we don’t charge any mortgage consultant fees for any conventional residential BC mortgage in Canada. The only time that there may be a BC mortgage broker fee is on more involved refinance deals (dealing with multiple lenders, ordering appraisal, overseeing paying out creditors, providing instructions to lawyers) where you are borrowing more funds over an above your current BC mortgage amount to pay off a long list of bills and loans. Often, we can refinance your property up to 90% of its value and pay out all your creditors and give you a lower ‘rate’ 1st mortgage than you have currently. Any fee is built into mortgage proceeds. Any fees are disclosed in advance of any work done. And there is no charge if we are not successful in providing the financing as promised.

When your credit rating is ‘poor to bad’:

Nobody has to tell you when your credit is poor. You already know. Creditors call your home – mornings and evenings. You are stressed out about bills to pay and how to pay them. You may have people knocking on your door, have suffered from a previous bankruptcy or may even be in the middle of foreclosure proceedings. The point is, we can help you. Solutions take imagination. It may involve the use of a guarantor, or a private mortgage to wrap around your current one. We can arrange for a private ‘second’ BC mortgage up to 70% (sometimes 75%) of your appraised value of the home that you live in. As long as you have enough equity in your home we can obtain a BC mortgage for you. In tough deals BC mortgage broker fees will apply but you will be advised in writing beforehand …. before any work, besides normal gathering of information, is done. We only charges fees when we are successful in obtaining new financing. No charge we are not successful! However to take on a ‘hard file’ we have to know that both you and the BC mortgage broker will work together – to the end – to solve your BC mortgage financing

For more specific information on individual BC areas look here:

Abbotsford mortgage broker BC
Burnaby mortgage broker BC
Comox mortgage broker BC
Courtney mortgage broker BC
Cranbrook mortgage broker BC
Coquitlam mortgage broker BC
Duncan mortgage broker BC
Kamloops mortgage broker BC
Langley mortgage broker BC
Nanaimo mortgage broker BC
Penticton mortgage broker BC
Port Moody mortgage broker BC
Prince George mortgage broker BC
Richmond mortgage broker BC
Surrey mortgage broker BC
Vancouver mortgage broker BC
Victoria mortgage broker BC
Vernon mortgage broker BC
Williams Lake mortgage broker BC

Our Canada Mortgage Lenders

Millions of dollars of excess Canada mortgage funds available!

Besides the Canada mortgage lenders below we have other private mortgage lender partners that wish to offer the best deals.

Each week as your personal mortgage broker we receive Canada mortgage rate deals and discount specials from one of these mortgage lenders. You can use one of these Canada mortgage lenders for an Canada consolidation loan, Canada home equity loan, Canada mortgage home refinance, Canada home debt loan, Canada second mortgage, Canada bad debt mortgage loan or for your next Canada mortgage best rate deal.

As your Canada mortgage specialist we will make sure that you get the best Canada mortgage loan from one of these Canadian mortgage lenders that will serve you best!

TD Canada Trust Scotia Express
National Bank of Canada Bank of Montreal
Firstline Mortgages Co-Operative Trust
Wells Fargo First Marathon Trust
First National Canada Treasury Branches
MCAP Mortgage Corporation Resmor Trust
Bridgewater Financial Services Intel Financial
Maple Trust HSBC
Citizens Sun Life Trust
Exceed Mortgage Corporation Bayfield Mortgage Limited
Cove Mortgage Fraser Valley Credit Union
Surrey Metro Savings Antrim Investments Ltd
Hypotheques Firstline Romspen Investment Corp
Banque Nationale Peoples Trust
ICI Mortgage Manager Inc. Gibraltar Mortgage Ltd.
Equity Plus Financial Inc. Envision Credit Union
Citi Financial Home Trust Company
Standard Life Industrial Alliance
AND MORE!