Frequently Asked Questions
Is it possible to approve a mortgage with a consumer proposal?
Yes, it is possible to get a mortgage while under a consumer proposal, but it may be more challenging. In general, a minimum of 20% down payment is required and the consumer proposal must be fully paid prior to funding the mortgage. Lenders view consumers under a consumer proposal as higher risk, so the terms of the mortgage may be less favorable, including a higher interest rate.
It is recommended to speak with a mortgage broker who has experience working with consumers under a consumer proposal to help you explore your options and connect you with a lender who may be willing to work with you. Keep in mind that the final decision on whether to approve a mortgage application rests with the lender.
perfect solution if you’re a business owner. We have many great programs to get you into your dream home for self-employed individuals.
What are my options for land financing?
We work with multiple banks and private lenders interested in land financing. The question is, what is the short and long-term goal with the land.
What is a no-income-verification mortgage?
A no-income-verification mortgage is a home loan that doesn’t require standard income documentation. It suits best for self-employed individuals.
Is it true I can get 100% financing for new home construction?
Yes, you can get 100% of the construction cost to build, you may have to cover the soft cost, and the mortgage balance should be 65% or lower.
What is the private mortgage rate?
Private mortgage rates start at 2.99%, and it often comes with a lending fee of a minimum of 1%.