We help with all of the following types of specialty mortgages, and more!
- Business for self / stated income mortgages
- Non-resident and foreign income mortgages
- New to Canada mortgages
- High net worth mortgages
- Medical professional and projected income mortgages
- Rental and investment solutions mortgages
- Reverse mortgages
- Private mortgages / alternate lenders
For unique situations, special mortgage programs exist to help B.C. property buyers purchase the home of their dreams. These mortgage programs differ from traditional mortgages by making home loans easier to obtain.
Our mortgage brokers are qualified to help property buyers with these types of mortgage applications. They can also advise on whether or not you need to use one of these specialty mortgage offers, or if you would be better off with a traditional mortgage.
While we’ve listed the most common types of specialty mortgage programs above, this is not to say that there aren’t more on the market. The beauty of working with independent mortgage brokers is that they can shop and communicate with vendors on your behalf. They can ‘hunt down’ the deal and terms that work best for you. They’re not tied to one bank, credit union or private lender.
From time-to-time, mortgage lenders can come out with new programs, to fit more and more demographics of people with different financial situations. So, even if you’re not sure you’ll fit into one of the mortgage profiles we’ve listed on our website, we still encourage you to get in touch. There may just be a loan we can help you apply for!
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To help you on your property-buying journey, we write about common, specialty mortgage programs on our website. Below is a summary of the most popular ones.
Business for self / stated income mortgages
Some people mistakenly believe that if they are self-employed, they won’t easily qualify for a mortgage to buy a home. This is a false assumption. These days, there is a special insurance program called the Business for Self (Alt A.) Program. This program allows business owners – even sole proprietors – to take out a home loan. Plus, there are other ways self-employed individuals can apply for a mortgage. Programs like this also apply to cash-based earners whose income comes, in part, from tips, and the like.
Non-resident and foreign income mortgages
It’s not unusual for those who live and work outside Canada to want to buy property in this country. While it’s certainly possible, the process comes with a lot of rules for these individuals. This is why it’s best to speak with a mortgage broker before seeking to purchase property in Canada as a foreign resident, using foreign income. The good news is that, with the right advice and guidance, owning property in Canada can be a great investment.
New to Canada mortgages
New immigrants with permanent resident status, or those with Canadian work permits, can buy a home in Canada almost as easily as native-born citizens. The key is learning how the home-buying process works in Canada, as well as the fees, restrictions and responsibilities that you’ll be held accountable to. Our local, independent mortgage brokers have dealt with new-to-Canada mortgages before. They can help you navigate the complexities of mortgage loans in this country.
High net worth mortgages
Sometimes, individuals have the funds to own a home, but not the income required to qualify for a traditional mortgage. In these cases, high net worth mortgages may be the answer. They allow you to work part time, work a lower-income job or receive income by other means (such as from spousal support). Their main qualification criteria comes down to the amount of liquid assets under your name. You’ll want to work with a mortgage broker who can help you find the right program to fit your unique case in these circumstances.
Medical professional and projected income mortgages
Those studying to become medical practitioners, dentists or veterinary doctors can use projected income mortgages to qualify for home loans based on their future income. This can mean moving into a longer-term, ‘forever home’ a lot sooner than if you need to use your current income for a mortgage approval. Even if you don’t stay in the higher-priced home in the long-term, the equity you build in it can be advantageous nonetheless. A mortgage broker can help you find out if you fit the criteria for a medical professional’s projected income mortgage. They are also available to those who’ve recently started their medical career.
Rental and investment solutions mortgages
Putting your money in property can be a great way to grow your net worth, since property values typically rise in value. In the meantime, renting out that property can offset the costs of maintaining it. It can even turn a profit, in due time. There are some things you’ll want to be aware of when taking out a mortgage for a rental investment property. A mortgage broker can walk you through these technicalities.
In contrast to using a personal loan, equity take-out or a home equity line of credit (HELOC), reverse mortgages help you fund your retirement with more flexibility and financial freedom. Their big selling point is that they allow you to remain in your current home, so you don’t have to downsize. They’re available to all Canadian homeowners who are aged 55 and older. You’ll want to know your options for retirement housing before you choose a reverse mortgage, however. Independent mortgage specialists, in conjunction with other financial and legal experts, can help you find a solution that works for you.
Private lender mortgages
If you get rejected during a mortgage pre-approval or pre-qualification, and all other options are exhausted, you may still have hope for getting a loan through a private lender. Private lenders can be individuals, or groups of individuals pooled into a mortgage investment corporation (MIC) or syndicate. They come with fewer qualification criteria. They can also get you cash quickly, in case you don’t have time to wait for a traditional lender to release funds (often the case with commercial property purchases). The downside is that they come with high interest rates. They should only be used in specific circumstances, which a mortgage broker can guide you through.