Region of Waterloo affordable home ownership

The Region Of WaterlooRegion of Waterloo affordable home ownership offers to allocate for families and individuals with the 5% down payment in a forgivable loan to help them purchase a home with the intention of living in it.

The residential property must be:

  • In the Region of Waterloo
  • A maximum purchase price of $243,300
  • Approved by the region of Waterloo

To be eligible to qualify for this program families and individuals must:

  • Qualify for a mortgage
  • Have a maximum household income of $73,050
  • Be at least 18 years old and currently renting
  • Not own or have an interest in a home
  • Not owe money to a Community Housing landlord
  • Be a legal resident of Canada
  • Intend to have this home as your one and only residence

This is a limited time, limited funding mortgage product.

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Residential Construction Mortgages

Residential Construction Mortgage

Faster approvals and easy advances

For you who are looking to start a new project and looking for financing options, why not getting faster approvals and easy advances, simply the best lending solution.

Residential Construction Mortgages details: 

  • For builders or borrowers wanting interim financing for a new construction project, for renovating an existing structure and for land acquisition
  • Loan commitments are made at the time of approval and may not exceed 85% of budgeted costs, up to 75% of the land value and may not exceed 65% of Pro-forma appraised completion value
  • Draw advances are easy with support from our Construction Specialist and can be made up to 5 times though the project
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Store & Apartment financing

Store & Apartment financing.

Store frontSo you have a retail store that is doing fine, has been keeping you busy for the past couple of years, sales are going up and your break even ratio is getting lower, but you are still paying rent.

You could choose what seems to be the most comfortable, secured and logical option and continue renting, after all business seems to be going well.

However, are you sure that with this decision that the profits that your business is generating are being wisely invested or could it be that they are becoming the profit of your landlord?

My barbar told me: “Please help me out, I’m paying to much per year for rent”

Now, calculations have to be made (I can help you with those), but did you know that with the current low mortgage rates, the amount that your business is paying for rent is about the same amount that your monthly payment would be to pay back your commercial mortgage?

In this times of low mortgage rates, your business’ cash flow is not affected in a great deal, however by adding the equity gained to the results on your business’ balance sheet, the growth will prove to be stronger, and isn’t that what your business if working hard for?

Considering risks? Oh, yes, they are important, and they are greater risks when renting than when owning, remember, when you own, you have control on the property, when you rent, you don’t.

You may want to add that there are properties that besides offering you the retails space that your business needs, they also come with a apartment that you can rent out giving you the extra income your business needs to cover the cost of borrowing.

So, whether you are a barber, a lawyer, a doctor, own a retail store or something else and are renting a office, retail store with apartment, consider the advantages of owning rather than renting

If you are interested in a store front with apartment, a single retail space, a office, a building, a industrial storage or other kind of commercial property to purchase, do not hesitate and ask me any questions you may have

 

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Peel region affordable housing

Home in Peel regionThe Home in Peel Affordable Ownership Program is designed to provide low to moderate income residents who are currently renting in the Region of Peel (Brampton, Caledon or Mississauga) the opportunity to qualify for down payment loan assistance to buy a home.

The program assists eligible applicants who have a total annual gross income of $87,800 or less, per household income, to purchase a resale home in the Region of Peel that does not exceed a purchase price of $330,000.

Applicants must be 18 years of age or older and cannot already own a home, or interest in a home, inside or outside of Canada.

Approved applicants are eligible for a $20,000 down payment assistant for the purchase price of an eligible home located in the Region of Peel. This is a secured forgivable loan for down payment assistance only; applicants are responsible for all other related closing costs including, but not limited to the deposit, home inspection fee, lawyer’s fees, land transfer costs, title search, possible land and/or municipal property tax payments, and any other unanticipated costs.

Should no default occur, the down payment loan will become forgivable on the 20th-anniversary date of the purchase of the home.

This program is currently suspended.

If you are interested in this program, fill up the next form to enroll in a call back list to be notified when and if the program is reinstated.

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Reverse Mortgage

Reverse MortgageAbout reverse mortgage

Activate the equity in your home, remain independent and free in your own home.

The reverse mortgage has experienced an extraordinary 26% increase demand compared to last year.

What are homeowners with reverse mortgage using their funds for?

  • Enjoy some travelling
  • Need to improve your health
  • Make some home improvements
  • Help your family financially
  • Increase your cash flow
  • Investing

Reverse mortgage is a financial instrument that allows seniors to access at very convenient terms the equity in their home

The funds are available to the homeowner in a very short time after the application, and all the process can be done from the comfort of their home.

The purpose of the funds is up to the homeowner but, here below we enlist some common reasons.

Reverse Mortgage Interest Payment Information

 

 

91% of Canadian Boomers do not want to sell their home

  •         A study by CBC found that 91% of Canadian Boomers do not want to sell their home.
  •         As home values continue to rise in Canada, many senior women have tapped into the equity in their home.
  •         Low-income seniors that do not qualify for a traditional mortgage or secured line of credit often are placed into private loans with higher interest rates, high closing costs and annual renewal fees.

How can you help yourself?

If you know a senior that fits into the low-income category, have a conversation with me about HomEquity Bank’s Line of Credit – with the option to make payments, or simply defer payments

Mortgage Reverse Prepayments

 

Is reverse mortgage good?

The Reverse mortgage is simply fantastic, for a number of reasons, but most of all, because it provides easy and secured the access to funds through the equity that is already owned

How is the mortgage loan repaid?

The mortgage rates have always been lower than the rate of the equity increase and homeowners do not have to make periodic payments to the mortgage. The loan and interests will be repaid when the house is sold or inherited to other owners.

It is simple and very affordable. *Free personal consultations* are available, no pressure to commit, just detailed information is provided at the meeting to show you the reverse mortgage fees and qualifications. Get your reverse mortgage application now.

If you are 55+ Home Equity Income Advantage can help you get the peace of mind you are looking for to continue with your life and plans without worries of un-eligibility.

Reverse Mortgage Subsequent Advances

Here are the highlights of the Home Equity Income Advantage:

  • Exclusively for homeowners 55 and older
  • There are no credit or income qualifications
  • You can access up to 50% of the value of your home
  • You receive the money tax-free
  • You can take the money as monthly cash flow and as a series of lump sums
  • No payments are required while you or your spouse live in your home
  • You maintain ownership and control of your home
  • You keep all the equity remaining in your home
  • Your estate is well protected
  • You can save on taxes

Home Equity Bank

We offer the Home Equity Income Advantage in partnership with Home Equity Bank.

HomEquity Bank is a schedule I Canadian Bank and is the only national provider of reverse mortgages to homeowners aged 55 and over

HomEquity Bank’s product line is now officially endorsed and recommended by CARP as a trusted financial solution!

How much can you borrow on a reverse mortgage loan?

Click here to try a free pre-approval reverse mortgage calculation and find out how much funds you ca access from your own equity

Free reverse mortgage calculation


How much can you be pre-approved for? Complete the no commitment form below!

Gender information helps estimate life expectancy

After submitting you will receive by return email the amount you can borrow under this premises


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Owner occupied rental

Owner Occupied Rental

The owner occupied rental mortgage offers the flexibility needed to own a property while renting a fraction of it to someone else, so you can use the rental income to help repay your mortgage.

The owner occupied rental mortgage is normally used by small but growing families when their own income alone may not be sufficient to qualify for the property you need.

This type of mortgage gives you the advantage to qualify for a bigger property than what you can afford with your income

Not all properties and not all rental agreements may qualify for this type of mortgage, ask me before buying the property.

The owner occupied rental is available for purchases or refinance.

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Non owner occupied rental mortgage

Non Owner Occupied Rental

The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent

Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.

The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.

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Mortgage

MortgageMortgage is a registered agreement in a land titles office where security interest in a specific real property is held by a lender as a security for debt repayment by the borrower, a debt pledge

Each mortgage is a claim against the property; should the property be sold or foreclosed each claim is satisfied in order

What kind of mortgage can I help you with?

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

First mortgage: is the first loan registered in the title against the property

Second Mortgage: Is the loan that is registered second in time in the title against the property, is normally used to trade high credit card debts that carry high-interest rates for a low mortgage rate that eventually will reduce the cost of borrowing making it easier to eliminate that debt

A Mortgage can be conventional or high ratio
Conventional mortgage: Usually when a borrower contributes a 20+% of the value of the property
High ratio mortgage: Usually when a borrower contributes less than a 20% of the value of the property

A Mortgage can be open or closed:
Open: Allows the borrower to repay all or part of the principal at any time without penalties
Closed: Does not allow any prepayments or early repayments of the mortgage

There are different types of mortgage loans because they try to satisfy different needs according to the borrower’s lifestyles and affordability.

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Mortgage Insurance

Mortgage Protection Plan

August 31, 2012

If you only have a CHMC Mortgage loan insurance; that protects the lender against default you should consider a Mortgage protection plan to protect your self and your family against default. If banks insured their mortgages to protect themselves, why wouldn’t you protect yourself?

Here are some situations during the term of the mortgage when the mortgage insurance is even more recommendable:

  • Borrower with a tight budget with a steady source if income.

  • Income source does not feel very steady

  • Economic situation in the market unsteady at a point that it could affect the income source

  • Unstable health among the borrowers

  • A death among the borrower that may leave little on their life insurance and then the beneficiary has to use it for funeral expenses and then to repay the mortgage, leaving the beneficiary with struggle, rather than peace

Now, Why do people consider the mortgage insurance NOT necessary?

  • Some real estate agents consider a mortgage insurance not necessary and suggest to their clients not to purchase a mortgage insurance, just to find a few years down the road that their clients are losing their homes because a default in their payments, this type of Real Estate agent does it just with the intention of profiling themselves as money savings agents for their client.

  • Some borrowers consider the Insurance a extra expense that will not be used

  • Some may be just missed informed as what it really is.

The fact is that the mortgage insurance offers a protection like any other insurance, just that is cheaper than term life insurance and gives the protection to the borrower as is needed. The payments of the mortgage insurance is normally amortized as the term of the mortgage, so on a 10 years mortgage, the payments are really close to nothing

Do you consider the mortgage insurance necessary or not? let us know your opinion,

Personal and confidential informational meetings are available, request yours now!

Your comments are appreciated!

 

Mortgage Agent

Mortgage broker Toronto with quick personalized service, access to lenders offering their lowest mortgage rates through Mortgage agent Jesus del Rio

Mortgage AgentWe can save you thousands of dollars on your residential mortgage, complete your online application, click on the top right banner now

From your TMortgage Broker - Mortgage Edgeoronto mortgage agent, you have quick personalized service and get your mortgage loan approved.

Don’t worry about your credit, submit your online application and let’s get it done now!

If you already own a property, request a property value & comparable sales report when you complete your online mortgage assessment

If you have questions about what type of mortgage you need, learn about the following mortgage products

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

Whether you are looking for a mortgage to purchase a home, refinance your existing mortgage and your other loans or credit cards in order to pay less interest, or if you are looking for a commercial mortgage to finance your business, you can call me to help you get that financing that you seek.

Let us help you

Request your *mortgage assessment free*, apply online and get a free one on one meeting

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New To Canada Mortgage

 

New To CanadaNew to Canada Mortgage is for people who have immigrated or relocated to Canada within 60 months, offers credit record or history flexibility, lower down payment required than a conventional mortgage.

The New to Canada  mortgage is for the new immigrants that have obtained landed status and have not already owned a house It presents the opportunity to start owning a home instead of renting.

The following are some borrower qualifications for the New to Canada Mortgage:

  • High ratio secured mortgage loans with only 5% Down payment from own resources; For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. (3 years landed immigrant)
  • Or Conventional unsecured mortgage loan with 35% Down payment or more from own resources.
  • Amortization up to 30 years in Conventional & 25 years insured mortgages
  • No 3rd party/Guarantors

  • Number of units, Max 2

  • Must provide valid work permit or verification of landed immigrant status

  • International Credit Report or 2 alternative sources of credit

  • Bank reference letter or 6 months bank statements
  • 3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
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Zero down payment mortgage

Zero down paymentZero down payment mortgage is a Mortgage loan offered by only some lenders that offer a 5% cash back, that can be used towards the down payment.

It helps realize the dream of home ownership even before the down payment has been saved.

If you are currently renting and prefer to own your own home, but you haven’t been able to save enough for your down payment, this is your chance call now

To qualify for a Zero down payment mortgage you to have good credit (read below), a steady source of income that can show your capacity to repay the loan, (we’ll do the math together) and savings of about a 1.5% of the value of the property that you are seeking to purchase

These mortgage loans are not available for borrowers that:

  • Are prior bankrupts, consumer proposals, collections or repossession
  • Have high credit cards or other consumer loan debt with no assets and no evidence that they can save
  • Have no assets to show for the length of their working career

 Visit also low credit score mortgage 

* Subject to availability

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