Overcoming The New Rules Is What We Do.

MonsterMortgage.ca® has an exclusive partnership with the Corbo Kelos Group at RE/MAX Hallmark, the MonsterMortgage.ca® VIP Realtor Program. Here is how this program can help you:

• You will receive a 1% cash rebate of your mortgage amount with no maximum!
• The cash rebate is separate from any mortgage offer that you would receive from MonsterMortgage.ca®.
• The Corbo Kelos Group will deliver the money to you after closing.

Learn more or contact one of our agents for more detailed information.

When shopping for a home it’s important to determine the maximum mortgage and the home price you can qualify for. To determine your maximum affordability, lenders take several factors into account, including:

• How much cash or liquid assets you have.
• Whether a monetary gift is part of your down payment.
• What your gross family income is.
• If you have any other debts.

In the past, we required the following to commence a file:

• Signed Application
• Photo ID
• Preliminary form of income validation (paystub if salaried or previous year NOA if self-employed)

Since January 1, 2018, the new government imposed mortgage rules requires us to collect more documents up front:

•      Signed Application
•      Photo ID
•      Salary Letter from Employer
•      Recent paystub (within 30 days of application)
•      Previous years T4
•      Last two years Notice of Assessments from CRA if Self Employed
•      Last two years T1 General filed with CRA if Self Employed
•      Articles of Incorporation or Business License if Self Employed
•      6-12 months Business Bank Statements if Self Employed to validate active business activity
•      2-4 actual invoices to match deposits in bank Statements
•      Property Tax Statement if existing homeowner
•      Current Mortgage Statement if existing homeowner

However, required documents vary from case to case. Please chat with us so we can do the heavy lifting for you.

The minimum amount you'll need for your down payment depends on the purchase price of the home you'd like to buy.

• If your home purchase price is $500,000 or less, the minimum down payment required is 5% of your purchase prices.
• If your home purchase price is between $500,000 to $999,999, you are required to have 5% of the first $500,000 of the purchase price plus 10% for the portion of the purchase price above $500,000 for your down payment.
• If your home purchase price is over $1 million, you are required to have 20% of the purchase price of the down payment.

If your down payment is less than 20% of the price of your home, you’ll need to purchase mortgage loan insurance.

Requirements are variable In some cases. For instance, if you are self-employed or have a poor credit history, you may require a larger down payment or to have mortgage loan insurance even with over 20% of the purchase price for your down payment.