The Mortgages Products
The Mortgage Applications I have received:
Residential Home Purchase. While this is the most common type of mortgage application, it can also be quite challenging for those having bad credit or holding self employed status. But no need to worry if you have a more challenging situation. My approach is always the same, and that’s to help you get the best available deal.
1.FIRST TIME HOME BUYER- if you are a first time home buyer it puts you in a great position for special programs offered by The Government to use a portion of your RRSP for your downpayment of your very first home. The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. HERES The LINK
The other great thing about being a first time home buyers are the tax credits: information taken from the CMHC site
First-Time Home Buyers' (FTHB) Tax Credit
The FTHB Tax Credit offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief.
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house.
2.REFINANCE. Often times when we refinance we also want to consolidate debt or wrap the debt you have from a car or credit card loan into your mortgage to save you money from the high interest rates of you car loan or credit card loan. Homes in Canada have gone nowhere but UP so that means you have EQUITY in your home that you can use to get rid of monthly car payments and credit cards with high interest rates and put that debt into the mortgage amount to secure a lower rate which in turn saves you THOUSANDS of DOLLARS over time,
The key to mortgage refinancing is to make sure that the mortgage product you end up choosing is not only a good fit for your needs, but is also going to let you benefit in the future changes in interest rates. There is a good chance that your options have changed since the last time you signed a mortgage commitment. A quick review of your presently available options will help you secure a mortgage your going to be thrilled about.
3. Debt Consolidation Loan . If you find yourself with an excessive or hard to manage amount of consumer debt that can carry high interest rates and/or steep repayment terms that drain your available cash, then a consolidation mortgage is something you should consider. The good news is that consolidation mortgages are quite common and they can be the answer to getting your cash flow healthy again.
4. Home Equity Mortgage(HELOC). A Home Equity Line of Credit lloan product is designed for individuals that can’t show sufficient amounts of traditional forms of reported income like employment earnings to satisfy lender requirements. If you have good credit and equity of at least 25% in the property you own or wish to acquire, then a home equity mortgage would definitely be something to explore..
5.Construction Loans. Construction financing for residential,commercial, and industrial construction projects including owner/builder scenarios. Construction loans and mortgages are our specialties at GNE mortgages. Not only do we have the sources to get these deals done, we will be with you every step of the way through the sometimes cash flow management aspects.
6.Commercial Mortgages and Industrial Mortgages. For business owners, I also stay up on the top commercial and industrial mortgage programs available. Business or Commercial mortgages are more complex to arrange and secure, but with the help of my team at GNE mortgages you’ll get the financing you’re looking for in the time period required.
7.Multi Unit Mortgage or Apartment Building Mortgage. This can range from five unit complexes, to projects with over a hundred units. These types of projects can be very time consuming and highly unpredictable with respect to securing mortgage financing. So the more experienced mortgage agents working for you the better your chances of success. These deals can be accomplished with me and my team working hard to secure these deals
8.Second Mortgage. At times, a second mortgage is the best solution for securing additional money for a variety of uses. I have very good access to both institutional lenders and private lenders for second mortgages on residential commercial, and industrial properties.
9.Cottage Mortgages Although the number of lenders for this application are considerably less than for typical residential mortgages, I do have access to a number of lenders that deal with this type of mortgage. Wouldn't it be great to have a cottage to escape to in the summertime? Let’s make it happen.
10. Private Mortgage Lenders. Sometimes, the characteristics of a deal require the use of a private mortgage. While private money is not a preferred approach, I will put it forth as on option in situations where conventional lenders are not prepared to consider your application. Private or hard money as some people call it, can still be a viable solution for a shorter term lending need. Although they typically have higher interest rates you may consider it to be worth it since you could achieve your future goals by paying higher interest for a short time.
11.Bad Credit Mortgage. There has been a growth in mortgage programs geared towards individuals with poor or weak credit. There are many options we can look at and in many cases you may be pleasantly surprised with some of the programs you can qualify for that can provide a bad credit mortgage loan. Poor credit usually is anything below 650. If you have poor credit I can help you through to see your options.