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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.

Home Equity Line of Credit (HELOC) is a type of mortgage that is secured against your home. As you pay off your mortgage and build up equity in your home, a HELOC allows you to gain access to your home equity to use the funds you need. But keep in mind that you cannot exceed 65% of your home's value. People usually use HELOC to:

• Consolidate high-interest debt (for example: pay off credit cards)
• Renovate their home
• Pay for higher education, expand your current business, etc…

When considering moving or renovating existing homes, people sometimes choose the former option. Sometimes it’s financially wiser to do the home renovations instead of moving because buying a new home will lead to several fees including land transfer fees, legal fees, realtor fees, updating new home costs, etc. A few key renovations can increase the value of your property. If you’re a homeowner we can help you get a home renovation loan based on your home’s equity.

There are numerous reasons why borrowers may choose to refinance the mortgage they already have. Some of these include:

• Consolidate high-interest debts into a much better financial plan with:
  • Lower rate
  • Lower monthly payment
  • Shortened mortgage terms
• Renovate your existing property
• Personal investments (i.e: expand your current business; pay for post-secondary education cost; purchase a new car...)
• Purchase an investment property