As a licensed Mortgage Associate, I will review your credit history and advise you on your options. There are many lenders and products available, depending on the severity of your credit situation. With regard to interest rates, I will access the best possible rate and term depending on your particular situation. There are also mortgage options available for applicants who have never accessed credit.

There are a number of products available for applicants who, for whatever reason, have a solid down payment but are unable to provide standard income verification. Since these applications tend to vary case by case, we strongly suggest that you give us a call in order to work out the details, and find out what might work best for your specific situation.

With most lenders, interim financing can be arranged so that the equity in your existing property can be accessed in the form of a short-term loan, up to three months prior to the final sale of your existing property. The property that you are selling, however, must have a firm unconditional sale in place. Typically, up to 90% of the equity can be accessed in the form of interim financing.

An appraisal is a written estimate of value based on comparable properties that have recently sold in the marketplace. It is a carefully compiled document done by licensed professionals, that gives an opinion of value of a specific property, at a specific date, and is supported by current data. This is the lender’s way of confirming current market value of the property they are lending on. In the case of non-conventional mortgage, Genworth, Canada Guaranty or CMHC will provide insurance, and the cost of an appraisal is covered within the premium paid to these insurers.

Mortgages can be obtained for a great variety of purposes including purchasing a home with additional funds for improvements, refinance to pay off debts or to develop or renovate. You can refinance to add a second storey to your property or to purchase a revenue property. Second mortgages or private mortgage funds may be more appropriate in some cases, depending on the application and purpose of the mortgage.

Mortgage lenders include chartered banks, trust companies, credit unions and mortgage backed security companies. Other sources of funds included private lending institutions and second mortgage companies. Invis has access to over 30 sources of mortgage funds. There are very few lenders that actually require that you do additional business with them in order to qualify for a mortgage.

Either a three-month interest penalty or interest differential penalty will apply if you close out your mortgage prior to the maturity date of the term. The greater of the two will apply.

An interest rate differential is charged when interest rates have decreased relative to your contract rate, whereas three-month interest charges are typically charged when interest rates have increased relative to your contract rate.

All variable rate mortgages have a 3 month interest penalty.

A Mortgage Associate will refer your mortgage business to the most appropriate lender, once the most suitable product and rate has been determined. The lending institution will pay the Associate a commission, and in most cases there is no cost to the borrower. Fees generally only apply for commercial or private mortgage applications.

Applying for a mortgage through a Mortgage Associate is a quick and effective method of accessing information about mortgage products from several Canadian mortgage lenders. Your Mortgage Associate will review your specific application and can quickly provide you with the best rate and terms that will satisfy your particular mortgaging needs. The electronic mortgage process is very efficient, cost effective, and a huge time saver. Your Mortgage Associate will assist throughout the entire process – from the application right through to funding.

Once you have submitted an electronic application, a follow up call will refine the details of the application. Thereafter, the file will be submitted to the appropriate lender for review. Depending on the lender and the complexity of application, the response time will vary from a few hours to a couple days.

As a real estate purchaser, your first call should be should be to your Mortgage Associate rather than to your Realtor. Start your mortgage process early so that you know how much home you can afford, know what your mortgage payment will be and, evaluate your total debt load. Your realtor will appreciate the fact that you have made the effort to be pre-approved. Pre-approvals save everyone a great deal of time and allow you to quickly focus your attention on properties in the right price range. Pre-approval also eliminates a great deal of stress when it comes to putting in an offer and proceeding with a purchase—much of the paper work can be done in advance. In the event of an aggressive seller’s market, pre-approvals also give you a decided advantage in negotiating a purchase, not to mention the fact that your interest rate is held for up to 120 days.

For funds derived from a bank account, lenders require 3 months bank statements to confirm consistent accumulation. For funds derived from RRSP, GIC, or stock portfolios, the most recent statement is required. For funds derived from the sale of property, a fully executed binding sale agreement is required.

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