Donna Thornton

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Alternative Lending

With the ever-changing market and a stricter stress test, many Canadians are finding it harder to qualify for a mortgage through traditional financial institutions “A-Lenders” and are turning to alternative lending solutions for their mortgage. At Mortgage Intelligence we work with many alternative lenders, who can offer excellent mortgage options with more flexible criteria and more lenient qualification requirements.

Alternative lenders are great for individuals who have non-traditional forms of income for example, capital gains, room rental income, child tax benefits and others or for self employed applicants who may not have the minimum required number of years being self employed.

These lending solutions are also a good option for those with lower credit scores. While the rate they offer is slightly higher than what you will see posted by an A-Lender, they are nothing out of the ordinary when compared to traditional rates posted in Canada. They also generally have shorter terms, meaning that you can get into the home of your dreams while being able to rebuild your credit at the same time.

Buyers who don’t qualify under the mortgage stress test can also take advantage of the expanded debt service ratios allowed by alternative lenders to qualify for a mortgage and get into the home of their dreams. If you have a very unique situation, we also have access to various private lenders who are even more flexible and lenient in requirements and may be able to offer you mortgage options that fit your situation. In today’s environment, we’re seeing more private lenders helping Canadians with their mortgages.

Call your Mortgage Intelligence professional to find out about the different options available to you. They are experts when it comes to mortgage products and different solutions and will provide you with unbiased advice. They work for you, not the lender.

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Reverse Mortgages

If you're a homeowner over the age of 55 and want to tap into your home equity, a reverse mortgage can be the right solution for you. A reverse mortgage is also known as an “equity release”. With a reverse mortgage, you can access up to 55% of the equity in your home tax-free as a lump sum or monthly cash deposits. The maximum amount you are able to borrow will depend on your age, your home's appraised value, and our lender. No mortgage payments are required and you maintain ownership of your home. Repayment of the loan and interest is only required once you move or sell the home. At the end of your loan term, you may have less equity in your home. If you don’t make any payments, which is fine, you may have a larger interest payment to make when the home is sold.

A lender will often ask you to consult a lawyer prior to giving you a reverse mortgage to ensure you understand the conditions of the mortgage. The lender can never force you to sell your home to repay the reverse mortgage. It is also important to note that all existing loans on the property, including a mortgage or a home equity line of credit must be paid off prior to getting the mortgage.

Whether you’re looking for a financial cushion to live comfortably, funds to cover monthly expenses, pay off debt, renovate or fund your children’s education, you can use the funds from a reverse mortgage in any way you want without restrictions! What’s more, is if the home goes up in value, it doesn’t affect the reverse mortgage, meaning that all equity gained is yours! Lastly, you can get out of a reverse mortgage at any time by paying off the loan and any interest accrued.

Have a discussion with your mortgage professional to find out if a reverse mortgage is the right solution for you.

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Self Employed

Borrowing money is harder for many self-employed Canadians. While there is broad recognition that self-employed Canadians are reliable borrowers, it may be difficult to navigate the mortgage process and the different options available specifically for this group. We can help turn the tables. These individuals may run their own businesses, or work in a profession where the main source of their income is predominately capital gains, a form of income that is generally not considered by most “A Lenders”.

We work with self-employed homebuyers every day and understand the challenges that they may face when arranging a mortgage especially with no standard proof of income. Our brokers are experts when it comes to mortgage solutions and have access to multiple options, including mortgage products designed specifically for self-employed Canadians. They can pinpoint which lenders have more favourable terms and requirements and advise you on how you can improve your options to get the best possible rate and terms.

The more complex your mortgage situation, the more sense it makes to use an experienced mortgage professional who can help simplify the process and help you achieve both your short-term objectives and your long-term financial plan. Most of all, they allow you to stay focused on your business, alleviating the burden of many time-consuming and frustrating tasks and meetings associated with securing a mortgage and will also work around your busy work schedule. Many will even travel to your work site if required to make the transaction as convenient as possible for you.

Remember, that independent mortgage professionals work for YOU, not the lenders or banks, so you can rest assured that their advice is unbiased and in your best interest when it comes to finding the right lender and right product to meet your needs. Find out what your options are, give us a call.

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New Canadian

If you're new to Canada and looking to buy a home of your own, we are here to help get you there sooner!

As you transition from renter to owner, seeking the advice of a mortgage professional is a smart move that can help make the transition easier. Your Mortgage Intelligence professional will help streamline the mortgage process for you, explain the requirements and present you with the options available to you. If you have any questions, your mortgage professionals is there for you every step of the way.

Generally, the most important factors for new to Canada financing are credit history, and down-payment.

It is a good idea to start establishing credit in Canada as soon as you can. Not everyone may be where they need to be when they first meet with a Mortgage professional. Your Mortgage professional can take the time to coach you on what you can do to help build your credit. If you do not have established credit, they can show you have built credit by providing specific supporting documentation such as a credit report from your country of origin, proof of rental payments, proof of utilities payments, proof of income and others. In terms of the down-payment, a five percent of the purchase price is the minimum although a larger down payment may be required. If you are a non-resident, a 10% down-payment be be required. It is also important to remember that homes over $500,000 require 10% for every dollar between $500,000 and $999,999. Any mortgage over 1 million dollars will require 20% down payment.

Mortgage professionals also work with a large range of lenders and products, which makes them more likely to be able to find the right solution for your situation.

You can rely on your mortgage professional to help outline all the requirements and advise you on the paperwork you need to assemble to apply for a mortgage. Call for a consultation or to get the process started.

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Bad Credit

Your credit history is integral when it comes to the mortgage approval process because that history is a reliable indicator of how you will manage your mortgage and your finances in the future. Your credit score is calculated using information in your credit report including your payment history, how much debt you're carrying and the length of your credit history. Lenders use the score to helps determine the risk and your creditworthiness when you apply for a loan. Credit scores above 660 are generally considered good, very good, or excellent. These individuals receive lower rates, and can get loans easier than those that do not fit into this range.

Those with less than average scores or with lower scores who fall into the “poor” credit range may face higher interest rates, difficulty getting better loan terms or qualifying when applying for a mortgage. Buyers with poor credit may have to put down a larger initial down payment or require a co-signer to be able to qualify for the mortgage they need to get into their dream home.

Your mortgage professional can review your situation and coach you on how best to improve your credit over time. That's why it's a good idea to talk to a mortgage broker as soon as you can. As your good credit history becomes established, your borrowing options will increase. If you wish to get a mortgage while you work on bettering your score, we can help!

At Mortgage Intelligence we are committed to helping Canadians realize their dream of home ownership. Our brokers have access to many lenders, from banks to private lenders, and a multitude of mortgage solutions. Even if you have poor credit, you have options and our brokers will work with you to find the right solution that best meets your needs. Call for a free consultation.

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First-Time Home Buyer

Here's to buying like a pro the first time!

Buying your first home is one of the most important financial decisions you'll ever make and getting the right advice from a mortgage professional is a great way to start.

Before you start looking for your dream home, your Mortgage Intelligence professional can help you find out how much you can qualify for so you can shop with confidence. They'll explain the process and even assist in getting you a mortgage pre-approval so you can take advantage of today’s low rate environment by locking in today’s rate for you for a set period of time, typically 90 to 120 days.

Understanding your down-payment options is important as you get ready to buy your first home. This is right time to consult with your mortgage professional who can explain the requirements and options available to first-time buyer only when it comes to down-payment. Generally, the min down-payment required depends on the purchase price with the min being 5% down. For homes $500,000 and under 5% down is the min required. For homes over $500,000 but less than $1 million, you need 5% down-payment on the first $500,000 and 10% for any amount over that. If your purchase price is $1 million or more, a minimum 20% down-payment is required. Mortgages with less than 20% down are subject to default insurance which is usually added to the mortgage amount.

At Mortgage Intelligence, we work with over 60 lenders from major banks to private lenders. Your mortgage professional gives you access to multiple lenders and finds the right mortgage for you with only one application. They help you navigate the process, explain your options and present you with mortgage solutions that best meet your need. Having the right combination of mortgage features, privileges and rate is key. The right mortgage goes beyond just the rate--it's important to also consider term, prepayment options, refinancing penalties, restrictions, and fees.

Your mortgage professional will not only find the right mortgage for you but also provide strategies to help you pay your mortgage off faster and shave thousands off interest costs in the process.

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Mortgage Renewal Time: The Perfect Moment to Flex Your Financial Muscles!

August 19, 2024

Ah, mortgage renewal time in Ontario—like the New Year’s Eve of your financial life. You might be tempted to treat it like any other day, but hold on a second! Just like those resolutions you made about finally using that gym membership, your mortgage deserves a little extra attention too.

You see, when your mortgage term comes to an end, your lender will probably send you a nice little letter with a renewal offer. You might think, "Oh, how thoughtful! They’ve done all the work for me!" But wait—before you pop the champagne, let’s take a closer look at that offer.

Spoiler Alert: That Renewal Offer Might Not Be Your Best Option

Now, I hate to be the bearer of bad news, but lenders aren’t always playing Cupid with these renewal offers. Sometimes, the rates they present are, shall we say, a little less than romantic. Think of it like going to your favorite pizza place and they offer you a slice, but it’s not the gooey, cheesy goodness you remember. It’s more like, “Well, this is pizza, technically.”

Lenders know that life is busy. They’re counting on you being too caught up in work, family, and the latest season of The Crown to shop around for a better rate. But here’s the thing—this is your money, and you’ve worked hard for it. So, let’s take a moment to channel your inner Sherlock Holmes and investigate your options.

Time to Take a Good, Hard Look at Your Finances

Mortgage renewal time is more than just checking a box on your to-do list. It’s the perfect opportunity to reassess your financial goals. Are you still aiming to pay off your mortgage as quickly as possible? Or maybe life has changed, and you need to adjust your payments to free up some cash for other things—like that dream vacation or, you know, replacing the dishwasher that sounds like it’s auditioning for a horror movie.

Refresh and Reassess: Is This Mortgage Still Your Best Fit?

Think back to when you first got your mortgage. Maybe you were just starting out, bright-eyed and bushy-tailed, with a plan that suited your life back then. But life has a funny way of changing, doesn’t it? Maybe you’ve switched jobs, added a few kids (and their college funds) to the mix, or decided that retirement isn’t as far off as it once seemed.

Renewal time is the perfect opportunity to ask yourself: does your current mortgage still fit your lifestyle? Maybe it’s time to consider different options, like a shorter term to get that mortgage paid off sooner, or a longer one to give yourself a little more breathing room each month. It’s all about finding the right balance for where you are now—not where you were five years ago.

The Power of Negotiation

If shopping around sounds like too much work (and let’s be honest, Netflix isn’t going to binge itself), consider this: even if you decide to stick with your current lender, you can still negotiate. They’re in the business of keeping customers happy, and they’d rather give you a better rate than watch you waltz off to a competitor. So, go ahead, put on your best negotiating face and see what they’re willing to do to keep your business.

In Conclusion: Don’t Settle for the First Slice

Renewing your mortgage isn’t just a formality; it’s a chance to make sure your financial house is in order. So, take your time, do your homework, and don’t be afraid to shop around. Your wallet will thank you, and you’ll have the satisfaction of knowing you didn’t settle for anything less than the best.

After all, when it comes to your mortgage, you deserve the full, cheesy, extra-toppings slice of financial goodness—not just the crust.

Happy renewing, Ontario! 🎉

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Language:

Donna Thornton

Contact Info:

About

Specialties

Alternative Lending

Reverse Mortgages

Self Employed

New Canadian

Bad Credit

First-Time Home Buyer

Explore Our Services

Ask Me Anything

See how much you can afford

Apply Now

Let's Chat!

Preview Our Rates

mortgageType:

Province:

Term:*

Our Lenders

Your Questions, Calculated

How Much Can I Afford?

What is My Mortgage Payment?

Should I Refinance?

Should I Rent or Buy?

Blogs

Spoiler Alert: That Renewal Offer Might Not Be Your Best Option

Time to Take a Good, Hard Look at Your Finances

Refresh and Reassess: Is This Mortgage Still Your Best Fit?

The Power of Negotiation

In Conclusion: Don’t Settle for the First Slice

Stay Connected

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