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First-Time Homebuying

Get the tools, advice and strategy you need to succeed as a first time homebuyer.

Fulfil the dream of home

Buying your first home is one of the most exciting and possibly the biggest financial decisions you’ll ever make – and you want to do it right! Nearly half of first-time homebuyers in Canada are young professionals who simply want to “become a homeowner.”

But, many aspiring homeowners quickly realize how challenging it is to fulfil their dream of homeownership. Purchasing a home is a big financial commitment involving many tasks, steps and requirements. Challenges may pop-up along the way making the process difficult, confusing and complicated, leaving many aspiring homeowners feeling anxious about making an expensive mistake.

So, where do you go? Or, more importantly, who do you trust with such a significant financial decision?

With a deep understanding of your long-term financial goals and current financial status, your Everything Mortgages Broker will guide you through the homebuying journey, answering your most daunting questions and mitigating any challenges along the way.

Frequently asked questions

Where should I start?
If you are a self-employed individual looking for a mortgage, it would be in your best interest to gather the required income documents and begin a mortgage pre-approval process with us. Contact us to speak with one of our self-employed mortgage specialists to help you organize and obtain the relevant documentation for you. Our digital document collection process simplifies the process, making getting pre-approved as hassle and stress free as possible.
Can I really only afford how much online calculators and banks are telling me?
Recent changes to mortgage lending (i.e. the stress test) have made it more difficult to qualify in recent years. But, there’s still hope yet. We use a creative approach to find the solution that’s best for you. As your broker, we have access to a portfolio of over 35 lenders including banks, alternative and private lenders.
What is the minimum down payment?
Minimum down payment for your first home purchase is 5% of the first $500,000 and 10% on anything above that. Down payments can consist of your savings, RRSP's of up to $35,000 per applicant (first-time homebuyers only or if you've recently separated), gifted down payment, inheritance, and to clarify, can still even be borrowed (i.e from a line of credit or loan).
How do I make an offer?
Once you find the house that you want to make home, you’ll work with your realtor to submit your offer to the sellers. With your pre-approval and qualification information you’ll show sellers that you’re serious and confident about your home purchase.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

Bridge Loan / Deposit on Home Purchase

What Our Customers are Saying…

Bad Credit Mortgage

Think you can’t get a mortgage with poor credit? Think again.

Don’t let bruised credit hold you back

Many Canadians have experienced financial setbacks which may have affected their credit. Perhaps you were laid off or suffered an illness that forced you out of work. Maybe you went through a messy divorce or maybe you experienced a financial small business in your small business which forced you to default on loans and credit card payments.

If you have bruised credit don’t fret! There’s still hope yet. We take the time to understand your entire story and look beyond your credit rating to understand the “big picture.” We work with lenders who understand the challenges borrowers have with low or no credit and offer solutions to help them succeed. We help pave the way to homeownership with guidance that is unbiased and fair. And, we only disclose your financial information if you’re likely to be approved by that lender.

If you have poor or no credit but work with the right person and take the right steps, you can still fulfil the dream of home.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

Bridge Loan / Deposit on Home Purchase

What Our Customers are Saying…

Self Employed Mortgages

Overcome the challenges of being a self-employed homebuyer.

The challenge for self-employed homebuyers

Millions of Canadians are self-employed; many financially stable, wealthy and successful who enjoy the benefits of working for themselves. But, when they begin thinking about buying a house it doesn’t pay to be self-employed as it typically becomes more difficult to get approved for a home loan.

That’s because the major banks have a limited box they lend within. They look for secure, stable and long-term employment, typically requiring at least 2 years’ of income statements to qualify. Self-employment is considered an alternative to the norm, resulting in application denial or unfavourable lending terms. So, what’s a self-employed professional to do?

Get the mortgage you deserve

Being self-employed doesn’t mean that you can’t achieve your dream of homeownership. Or, that you should have to sacrifice favourable lending terms just because of your professional status. As your mortgage broker, we don’t discriminate. Your Everything Mortgages Broker will work with you to develop a self-employment strategy that will allow you to get the mortgage you actually want and deserve.

We work with lenders who understand the unique challenges self-employed Canadians face. They understand these individuals have tax write-offs creating significant reductions in their declared income. We can use your gross deposits and work with as little as 6 months of you being self-employed to qualify. If you think you don’t have options as a self-employed borrower, think again.

Frequently asked questions

Self Employed Mortgages FAQs
Who is a self-employed borrower?
You! If you’re a contractor, consultant, freelancer or entrepreneur who collects invoices rather than employment pay stubs, you are self-employed. Technically, “self-employed mortgages” don’t exist. You will get approved for the same mortgage as everyone else but, you may have to jump through a few more hoops compared to a payroll employee.
How can I qualify as a self-employed borrower?
The primary difference between self-employed (or commission-based) and salaried employees is that lenders will treat your gross earnings differently. As a rule of thumb, lenders will only use 80% of your gross earnings and the average of last tax year’s income for commissioned sales people, and net income, instead of gross income, for self-employed individuals. `A lender is restricted by Canada Mortgage and Housing Corporation (CMHC) rules to use only the last three years of self-employment income.
What is considered qualifying income?
Self-employed workers typically obtain their mortgage through stated income applications, which require a signed income declaration and proof of self-employment. Stated income is how much you claim to earn. If you keep most of your income inside your company, we can qualify you for a mortgage using the gross deposit of business income over the last 12 months or allowing for retained earnings within your corporation. We can even qualify you with some lenders with as little as six months as business for self.
What income documents will I need?
Lenders will require: Your last two years of full T1 Generals and the associated notices of assessment
  • If incorporated: your whole articles of incorporation
  • If sole proprietor: your business or HST registration
  • Last six months of bank account statements
How long do I need to be in business to qualify for a mortgage?
Most lenders require at least a two-year track record for businesses. Lenders have been known to make exceptions for professionals like doctors and engineers, as well as people starting a new business in an industry where they’ve already had a long career.
If my business produces a seasonal or irregular income, can I still qualify?
Yes, the same income requirements apply as if you earned a full-year income.
Where should I start?
If you are a self-employed individual looking for a mortgage, it would be in your best interest to gather the required income documents and begin a mortgage pre-approval process with us. Contact us to speak with one of our self-employed mortgage specialists to help you organize and obtain the relevant documentation for you. Our digital document collection process simplifies the process, making getting pre-approved as hassle and stress free as possible. Click here to get started.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

Bridge Loan / Deposit on Home Purchase

What Our Customers are Saying…

Helpful articles

May 29, 2020

Can I still get a mortgage if I lost my job due to COVID-19?

October 17, 2019

5 Things You Need to Know About Self-Employed Mortgages

Investment Property Mortgages

How you can build wealth and increase your monthly income without doing any work.

Develop a steady passive income stream

If you invested in Ontario residential real estate in the past 20 years, chances are your property is worth substantially more than when you originally purchased it. You may have already owned your home for the past 5-10 years and seen your equity skyrocket. Perhaps you have even thought about how you can own a rental property to generate a steady passive income stream, or, wondered how you can better prepare yourself for retirement.

Residential real estate in Ontario has outperformed many other investments. This, along with an increasing demand for rentals in urban areas, makes buying an investment property a financially savvy move.

Leverage the existing equity in your home

As a homeowner, you’ve already built up equity in your home. An investment property mortgage leverages that equity, allowing you to purchase a rental property without putting down the cash. Using your existing home equity is a strategy that can be used to create a passive monthly income stream that covers the rental property mortgage and then some. This means that not only will your tenants completely cover your rental property, but with the right investment property mortgage, you’ll also be growing your wealth and increasing its value over time.

When you’re ready to take the next step towards your investment property purchase, we’re here to help. Our team of mortgage advisors specialize in investment property financing throughout Ontario. The best part is you can sit back and relax and while we handle all the “busy work.”

Frequently asked questions

Self-Employed Mortgage
Who is a self-employed borrower?
You! If you’re a contractor, consultant, freelancer or entrepreneur who collects invoices rather than employment pay stubs, you are self-employed. Technically, “self-employed mortgages” don’t exist. You will get approved for the same mortgage as everyone else but, you may have to jump through a few more hoops compared to a payroll employee.
How can I qualify as a self-employed borrower?
The primary difference between self-employed (or commission-based) and salaried employees is that lenders will treat your gross earnings differently. As a rule of thumb, lenders will only use 80% of your gross earnings and the average of last tax year’s income for commissioned sales people, and net income, instead of gross income, for self-employed individuals. `A lender is restricted by Canada Mortgage and Housing Corporation (CMHC) rules to use only the last three years of self-employment income.
Where should I start?
The best place to start is to determine how much you can afford to borrow. The mortgage amount you qualify for will depend on how much you earn, have saved for a down payment and your outgoing expenses. It's best practice to know how much money you have in your wallet before you start shopping around for properties. You can do this by getting a mortgage pre-approval with us.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

Bridge Loan / Deposit on Home Purchase

What Our Customers are Saying…

Mortgage Refinancing

How you can use your home loan to achieve your financial goals.

Leverage the equity in your home

Mortgage refinancing is renegotiating your existing mortgage loan and replacing it with a new one. Homeowners will often refinance to obtain a lower interest rate, shorten the term of their mortgage, reduce interest payments, consolidate debt, finance a large purchase or to raise funds to cover a financial emergency.

When you refinance your mortgage you get new terms on your existing home loan. Oftentimes, the savings earned from a new interest rate outweigh the prepayment costs associated with refinancing. In fact, many lenders say 1% savings is enough of an incentive to refinance.

When done strategically, mortgage refinancing can be a great financial tool to reduce your mortgage payment, shorten the term of your loan, help build equity quickly or combat high-interest debt.

Is refinancing right for you?

Based on your individual needs we can evaluate whether refinancing makes sense for you and how best to do it. The most common reasons why you would refinance are for:

Debt consolidation

Merge higher interest debts into one manageable payment with a lower interest rate.

Secure a lower interest rate

When interest rates drop, consider refinancing to shorten the term of your mortgage and pay significantly less in interest payments going forward.

Cover emergency expenses

Take out some of the equity accumulated in your home to cover emergency expenses such as unexpected job loss, family illness or other financial emergencies.

Home renovations

Get the money you need to renovate or make repairs on your property.

Tuition

Cover education costs for yourself or someone else.

Investing

Use funds from your house to take advantage of an investment opportunity.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

Bridge Loan / Deposit on Home Purchase

What Our Customers are Saying…

Helpful articles

July 21, 2020

When is it a Good Idea to Refinance Your Mortgage?

March 25, 2020

How To Maintain Financial Health During COVID-19

Debt Consolidation

Ditch the high-interest debt, take control of your finances and finally get ahead again.

Live financially free

High-interest debt such as credit cards and personal loans can be a headache to manage and a challenge to overcome. They are designed by the banks and credit card companies to keep you in debt longer. The interest payments can be difficult to pay every month, let alone the principal, especially if you have multiple payments to juggle.

If you have personal debt looming over your head every month the stress, anxiety and worry can be too much to bear. You may feel like you’re so far down the rabbit hole that you’ll never achieve the financial freedom that you desire. Luckily, there is a solution.

Why waste money paying the bank’s high-interest rates when you can add the debt to your mortgage at a much lower rate? If you own your home, tacking on high-interest debt to your mortgage principal can be a good way to shave down any outstanding balance while saving money and increasing cash-flow.

However, debt consolidation mortgages are not for everyone. A good Mortgage Broker will know the difference between “good debt” and “bad debt.” A well-planned mortgage can help you turn those bad debts into good debts, get them out of the way and help you achieve financial freedom sooner.

If you’re feeling held back by high-interest debt, want to take control of your finances and finally get ahead again, then let’s chat. We’ll help you decide if it’s a good option for you and develop a  strategy to beat the big banks for good!

Why choose Mortgage Consolidation?

Lower interest rates

If you have multiple loans, the interest adds up quickly. We’ll work with you to consolidate all your loans into one single payment with one lower interest rate, allowing you to become debt-free sooner.

Limit number of payments

When you have 10 or more debt payments every month, you may feel stressed and overwhelmed. Not only does multiple interest payments add up, but it prevents you from making payments towards the principal loan amount, forcing you into more debt.

Reduce stress

Stop trying to juggle multiple payments with different lenders. Instead, focus only on one single payment every month. With a more manageable and successful debt-repayment plan, you can breathe easy knowing that you’re consciously working towards achieving your financial goals.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

Bridge Loan / Deposit on Home Purchase

What Our Customers are Saying…

Home Improvement

Get the cash you need to transform your house into a home.

Transform your house into a home

You’re likely here because you’ve decided that it’s much more beneficial to make your house suit your needs rather than selling and buying new. Why deal with the stress, costly fees and adjustments of moving to a new neighbourhood?

Maybe some new landscaping, an extra wing for your growing family, an expanded kitchen, or a swimming pool in the backyard is just the thing to make your home better suit your needs. Or, perhaps you’re ready to move-up and want to upgrade your home’s features to make it more appealing to potential homebuyers.

In any case, a record number of Canadians have tapped into their home equity for improvement projects. There’s never been a better time to access the extra funds that can help bring your home to that next level of comfort. Consider accessing the cash you need to complete the home renovations and improvements you’ve been dreaming of.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

Bridge Loan / Deposit on Home Purchase

What Our Customers are Saying…

Mortgage Renewal

Our simple, stress-free guide to mortgage renewals.

Don’t just sign on the dotted line

When the term on your current mortgage expires, it’s time to renew your mortgage. A mortgage renewal is an opportunity to negotiate a better interest rate, better terms or consolidate debt.

The bank or financial institution you currently have your mortgage with will offer you an automatic renewal. Typically, they will send you written notice a few weeks before your renewal date. The easiest solution may be to just sign on the dotted line. By doing so, you forfeit the opportunity to explore additional options, potentially costing you thousands on your future loan.

Over half of Canadian mortgage holders will re-sign with their existing lender under the same terms. Borrowers rarely ask questions about their mortgage as they don’t want the hassle of renegotiating with the lender. Lenders know this and therefore won’t offer the lowest rate or best terms available come renewal.

That’s where we come in. When it’s time, we’ll take care of your mortgage renewal so you don’t have to. We will assess your existing mortgage, compare it to the current market conditions and negotiate with lenders on your behalf. We specialize in mortgage renewals for homeowners in all situations including standard renewals, homeowners seeking advanced pre-approvals and early renewals, regardless of debt, income or credit.

A mortgage is probably the largest expense you will ever have and making this  mistake could cost you thousands! If you want to get a renewal reminder simply let us know here and three months before your renewal date we’ll send you an email with more information on how to get started.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

Bridge Loan / Deposit on Home Purchase

What Our Customers are Saying…

Home Equity Line of Credit

Use the equity in your home to help conquer your goals.

A line of credit to help conquer your goals

Buying a home is likely one of the largest purchases and most lucrative investments you’ll ever make. But, it can also be the most powerful financial borrowing tool that you have.

While both a home loan and a home equity line gives you access to the equity in your home, a home equity loan gives you a one-time lump sum of money. Whereas a home equity line of credit (HELOC) provides convenient, ongoing access to funds when and as you need it.

The more equity available in your home the more funds you have available to borrow. The home equity line of credit (HELOC) is a revolving line of credit that’s secured against your home loan. And, with it, you have the freedom and flexibility to use the funds as you need and will benefit from repaying the line of credit with interest-only payments on the funds you actually use.

A HELOC can be used to cover current or future expenses or help you achieve financial goals. Canadians will often use a home equity line to consolidate high-interest debt, finance large expenses such as a home renovation project, pay down their mortgage principal or, save it as an emergency fund for a rainy day.

With access to cash at a lower price point than a traditional home loan and the flexibility to use the funds as you wish, the home equity line of credit can be a tool that gives you incredible buying power. Talk to us today to see if a home equity line is right for you.

When to consider a home equity line of credit:

  • Home renovations
  • Vehicle purchase
  • Medical expenses
  • Education expenses
  • Home renovations
  • Investment opportunities
  • Debt consolidation
  • Other major purchases
  • Residential property

Frequently asked questions

Home Renovation Financing
What is a HELOC?
HELOC stands for Home Equity Line of Credit. It is a revolving amount of credit that is secured against your home. During the HELOC process, the lender will decide on the amount of your HELOC. Lenders allow total loans (mortgage plus HELOC) of up to 80% of your home’s value. So, if your home is worth $500,000 and your mortgage is $200,000, your HELOC could be as much as $200,000. You can draw from that money at any time, for any reason.
What is the difference between a Home Equity Line of Credit and a Home Equity Loan?
While both a home loan and a home equity line gives you access to the equity in your home, a home equity loan gives you a one-time lump sum of money. Whereas, a home equity line of credit (HELOC) provides convenient, ongoing access to funds when and as you need it. The more equity available in your home the more funds you have available to borrow. A HELOC gives you the freedom and flexibility to use the funds as you need and allows you to repay the line of credit with interest only payments on the funds you actually use.
What can I use a HELOC for?
A HELOC has a unique advantage in that it can be used, repaid, and used again, while only paying interest on the portion of the funds that have been used. A HELOC is a good solution for many funding needs, such as launching or supporting a small business, covering medical and health care expenses, accessing funds for purchasing a second property, financing home renovations, repairs, construction, and all kinds of other household projects.
Is a HELOC or a second mortgage better?
A HELOC is actually a type of second mortgage. The main difference between the two is how you will receive your loan payment. A second mortgage is a lump sum, whereas the HELOC is a line of credit. The HELOC functions like a credit card with a credit limit and minimum monthly payments. You will be required to make fixed-rate payments however, this is typically added to your mortgage principal. For individuals with an existing mortgage, who have good credit and more than 20% equity in their homes, the most affordable second mortgages will be in the form of a home equity line of credit. However, if the homeowner has weaker credit and/or little equity in their property, a second mortgage through a trust company or private lender would be required.
Can I have more than one line of credit?
Yes, you can have multiple home equity lines of credit outstanding, even on the same property, as long as you hold enough equity in your home to meet the lender’s guidelines. If you own multiple properties and have the equity available, you can have as many mortgages and equity lines or loans as you can qualify for. As long as you’re not overleveraged or owe more than your properties are worth, there’s no limit to the number of home equity loans or HELOCs you can have at one time.
How do I qualify for a HELOC
Lender requirements will vary, but here's what you'll generally need to get a HELOC: A debt-to-income ratio that's 40% or less. A credit score of 620 or higher. A home value that’s at least 15% more than you owe. The process of getting a home equity line is similar to any purchase of a refinance mortgage. Here the are the steps we’ll follow: First, we’ll determine whether you have sufficient equity and how much is available for you to borrow. Then, we’ll gather the necessary documentation before you apply to ensure the process goes smoothly. We will present your file to lenders on your behalf and once selected, apply for the HELOC. We will then review the lender’s disclosure statements and begin the underwriting process which can take anywhere from a few hours to a few weeks. The final step is loan closing, when you sign paperwork and the line of credit becomes available. Get started with your mortgage refinance here.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

Bridge Loan / Deposit on Home Purchase

What Our Customers are Saying…

Second Mortgage

Put your home equity to good use without having to sell your home.

Is a second mortgage right for you?

When people think of a second mortgage, they usually think of high-interest rates, large fees and a big loan shark preying on their property. But, in reality, a second mortgage can be a great way for homeowners to fulfil other endeavours without having to sell their home.

A second mortgage is a type of loan that allows you to borrow against your existing home loan. It is an additional loan taken out on a property that is already mortgaged. And, yes, they do come with a slightly higher interest rate but only because it’s considered a riskier investment than a first mortgage.

However, these rates are still significantly lower than high-interest credit cards, car lease payments or unsecured lines of credit. Your home is possibly your biggest asset, and over time that asset becomes more valuable. The value gained is equity that you can utilize to fulfil other financial goals or projects.

A second mortgage can help you consolidate your debt and improve your credit score, allowing you to qualify with a prime lender sooner than you would otherwise. Beyond debt consolidation, a second mortgage can be used to finance other life events such as higher education, vacations or home improvements.

At Everything Mortgages, we have access to a network of second mortgage lenders, both institutional and private. Our mortgage specialists can match you with a lender in as little as 48 hours regardless of your credit, income and employment history.

Quick facts about the second mortgage

Higher approval rates

Lenders offer more lenient qualification requirements.

Shorter loan terms

Lending is short-term ranging from 6 months to 1 year.

Quick turn-around times

Closing can be as quick as 48 hours.

Lower rates

Lending rates typically start at 5.99%, which are lower than other high-interest credit options.

Additional fees

You may pay a fee of 1.5% to 2%.

How can you use a second mortgage?

  • Debt Consolidation
  • Credit Improvement
  • Home Improvement
  • Vacation
  • Education
  • Bridge Loan / Deposit on Home Purchase

Frequently asked questions

Self Employed Mortgage
Who is a self-employed borrower?
You! If you’re a contractor, consultant, freelancer or entrepreneur who collects invoices rather than employment pay stubs, you are self-employed. Technically, “self-employed mortgages” don’t exist. You will get approved for the same mortgage as everyone else but, you may have to jump through a few more hoops compared to a payroll employee.
How can I qualify as a self-employed borrower?
The primary difference between self-employed (or commission-based) and salaried employees is that lenders will treat your gross earnings differently. As a rule of thumb, lenders will only use 80% of your gross earnings and the average of last tax year’s income for commissioned sales people, and net income, instead of gross income, for self-employed individuals. `A lender is restricted by Canada Mortgage and Housing Corporation (CMHC) rules to use only the last three years of self-employment income
What is considered qualifying income?
Self-employed workers typically obtain their mortgage through stated income applications, which require a signed income declaration and proof of self-employment. Stated income is how much you claim to earn. If you keep most of your income inside your company, we can qualify you for a mortgage using the gross deposit of business income over the last 12 months or allowing for retained earnings within your corporation. We can even qualify you with some lenders with as little as six months as business for self.
What income documents will I need?
Lenders will require: Your last two years of full T1 Generals and the associated notices of assessment If incorporated: your whole articles of incorporation If sole proprietor: your business or HST registration Last six months of bank account statements
How long do I need to be in business to qualify for a mortgage?
Most lenders require at least a two-year track record for businesses. Lenders have been known to make exceptions for professionals like doctors and engineers, as well as people starting a new business in an industry where they’ve already had a long career.
If my business produces a seasonal or irregular income, can I still qualify?
Yes, the same income requirements apply as if you earned a full-year income.
Where should I start?
If you are a self-employed individual looking for a mortgage, it would be in your best interest to gather the required income documents and begin a mortgage pre-approval process with us. Contact us to speak with one of our self-employed mortgage specialists to help you organize and obtain the relevant documentation for you. Our digital document collection process simplifies the process, making getting pre-approved as hassle and stress free as possible.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

Bridge Loan / Deposit on Home Purchase

What Our Customers are Saying…

Helpful articles

July 21, 2020

When is it a Good Idea to Refinance Your Mortgage?

January 27, 2020

A Guide to Conventional Mortgages

GET THE SOLUTION THAT’S RIGHT FOR YOU

Are you looking for a solution outside of today's conventional lending box?

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