Your minimum down payment is determined based off of your purchase price. The policy in Canada reads: 5% down on the first $500,000. 10% down on purchases exceeding $500,000 but below $1,000,000. 20% down on purchases exceeding $1,000,000.

Purchase Price: $750,000

Down Payment: $5% on the first $500,000 = $25,000
10% on remaining 250k = $25,000

Total down payment - $50,000

Non-owner occupied homes have a down payment requirement of 20%

Click “home purchase” button below for more information.

A fixed rate is when your monthly payment and interest rate do not change throughout the course of your mortgage term. Whether rates are increasing or decreasing, your terms do not change. As you get further into the duration of your mortgage term, less of the payments will go to interest and more will be applied to your principle. A fixed rate mortgage is often paired with high pre-payment penalty fees.

If you have a variable rate mortgage, this means your interest rate fluctuates depending on the Prime Rate. Your mortgage agreement will review how and when your interest rate will change. Your monthly payment may stay the same, however the amount going towards interest vs principle will vary as the Prime Rate changes. Often times, you will see variable rates being offered at a lower rate than fixed. Another benefit to a variable mortgage is the ability to refinance, sell or break your mortgage contract with minimal penalties.

Click “lets chat” below to speak with Nikki about what is the best option for you.

Nikki has the same access to the low rates you see at your bank. She will get you qualified for the best mortgage rate available to you, just like any bank would.

In fact — Nikki has access to hundreds of products and over 50 lenders, therefore making it easier to find a more competitive product tailored to your needs.

Keep in mind that your interest rate is just a tip of the iceberg when it comes to your mortgage. Your standard charge terms are often 22-35 pages in length and your interest rate takes up only one 1/2 of a page. What do the rest of your mortgage terms look like?

A pre-payment penalty is the fee that a borrower must pay when breaking a mortgage contract. On average, 6 out of 10 Canadians will break their mortgage contract before renewal — typically around 3 years. This means 60% of Canadian Homeowners pay significant fees when refinancing their home or selling their home.

It is important to understand how exactly your pre-payment penalty is calculated and be sure to ask Nikki to pair you with a penalty friendly Lender moving forward. Your pre-payment penalty is calculated using an Interest Rate Differential calculation, or 3 months interest penalty. *Subject to your original mortgage financing terms. Read your fine print.

For more information, click the button below.

The documentation that is required for a Mortgage Approval is solely based off of the information provided on your application. The necessary paperwork can vary significantly depending on the borrowers financial circumstance.

You should be prepared to show proof of:

• Valid photo ID

• Income verification documents (NOA/T4/T1 General) *different if self employed

• Employment letter & most recent paystub(s)

• Property information

• Current mortgage information

• Down payment information

And more. Nikki will identify all documentation that is needed to obtain an approval. *Keep in mind, Nikki will always ask for documentation up front prior to submission. No deal is completely approved until underwriting and review of documentation has been completed.

Click the “lets chat” button to speak with Nikki and discuss the documentation you would need today.

Legal costs vary dependent on the file type (refinance, purchase, transfer) the purchase price, location and more. The closing costs on your mortgage are equally as important as your down payment. Closing costs must be saved over and above your down payment and you may be required to provide proof of these funds to the Lender.

Legal costs include:

Land Transfer Tax (first time home buyer qualifies for rebate of $4,000)

Legal Fees

Title Insurance +HST

Appraisal

Realtor Fees *if applicable

Yes! You can purchase a 2nd, 3rd or even 100th home so long as it will be an owner occupied home and you intend to move in.

So, if you’re a current homeowner looking to buy an additional owner occupied property, you can follow the standard down payment guidelines and place as little as 5% down *subject to qualification.

Yes! There is a mortgage available for everybody, you just need to know your options. If you have been declined by your bank, or fear hearing the word “no” — say no more. Luckily, Nikki has access to multiple options for borrowers who have a bruised credit score.

Bruised credit may result in higher interest rates, however working with a Credit Expert to build your credit will allow high interest rates to be a thing of the past. Once your credit has improved, you can graduate into a better more flexible mortgage product. Short term cost for long term gain! Don’t hesitate.

Click “I have bruised credit” button below to learn more information.

Purchasing a home with a friend is becoming increasingly popular as affordability is decreasing.

Yes, you can purchase with a friend, or numerous friends. Each applicant will need to provide all necessary paperwork and will need to consent to a credit check amongst other things.

There are lots of things to consider when purchasing with a friend such as exit strategy, maintenance costs & who will cover them, what happens when one wants to sell, etc.

I highly recommend a written agreement drawn up when going into a joint real estate venture with your friend.

In most cases, Nikki is paid by the Lender. The lender pays a finders fee to the agent directly for providing them a loyal, trustworthy, quality client to do business with.

In certain scenarios, Nikki may have to bill directly to the client for her services. This may be the case with some private and alternative lending scenarios where the Lender does not pay a finders fee to the agent. All fees paid to Nikki by the client directly are disclosed prior to mortgage funding.

If you are a homeowner and have an increased debt load, using the equity in your home to consolidate is a very smart plan. The interest rate on your mortgage is likely to be much lower than the debt you’re paying elsewhere, so restructuring your debt into your mortgage will not only save you money on interest — but will increase your monthly cash flow, improve your credit, and improve your overall financial circumstance.

Leveraging the equity in your home to put your family in a better financial situation is always a sound choice. For more information, click the “debt consolidation” button below.

It is no surprise that self-employed clients have a harder time obtaining financing through a chartered Canadian bank. This is because business owners have a different way of proving their income. Often times, tax deductions lower their taxable income which makes it harder to prove you can afford your monthly payments.

Stated Income Programs are a great resource for the self employed Canadian who doesn’t want to go through the headache hassle with the Bank. With low rates and competitive financing options, non-bank Mortgage Lenders accept a stated income program that will allow different ways to prove your income.

For more information on our stated income programs in Canada, click the “self employed” button below.

When you purchase a rental property, Lenders will consider up to 80% of the market value rent to include on your mortgage application.

This is called a “rental offset” and each Lender follows different guidelines surrounding what % of a rental offset they consider, how many homes you can own, legal suites vs not, etc.

A rental offset will increase your purchase power as it will offset some of the expenses included in purchasing a rental property. And since the Lender will consider market value rent — you don’t even need to have a tenant or lease prepared!

A mortgage application is considered incomplete until a credit check has been completed. A credit check is a mandatory part of a mortgage application process simply because your credit report provides the Lender (and the agent) necessary information such as your beacon score, your liabilities, payment history and more.

Without having a credit check completed, your application will remain incomplete and no estimate, pre-approval or approval can be provided.