Guide: Purchase Mortgage Alberta, BC, Ontario & Manitoba

Moving from the rent cycle into home ownership can follow a number of different paths. Most Canadian homeowners go through the conventional home loan process, working with a bank or other traditional lender. However, there are many others who have the money to pay for a mortgage but have had some credit issues in their past, and so traditional lenders will not work with them. They don’t have the larger down payment on hand that many private lenders require, so they move toward a rent-to-own situation. Some people who go through rent-to-own were already making mortgage payments on their home but had a financial emergency that had them heading toward foreclosure until they found a refinance investor to help them stay in their homes are a rent-to-own tenant/borrower.

Home Purchase Articles

As you consider your own path toward home ownership, look at some of our different articles about how the purchase process works. We’ve assembled some Frequently Asked Questions on the basis of feedback from other customers down at the bottom, and if you have questions about how we can help you, you can call or email us, or you can talk to us through live chat. We also have a pre-qualification application for you to fill out online, to give us a sense as to your current situation.

The Other Down Payment: Sweat Equity

What is a down payment? Most Canadians don’t have enough money to pay for a home with cash they have in the bank. Instead, they apply for a mortgage, and they start with a down payment. The cash payment that the buyer makes toward the property is the down payment ...
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How Construction Mortgage Completion Stages Work

When it comes to progress draws, residential construction on a house generally has three stages:

• Roof Stage / Roof Tight (About 35% complete). A survey is required before the first draw.
• Intermediate / Lock Up (About 65% complete, before the drywall is installed). If you’re building on acreage, you ...
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Buying a Property with a Septic System

Questions to Ask When Buying a Property with a Septic System This article provides you with advice for people who are considering the purchase of a home with a private septic system, both in terms of testing and inspecting the system to make sure that it is functional and passes ...
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Alternative Financing Home Purchase

Back before the housing bubble burst in 2008 and 2009, it was pretty easy to qualify for a mortgage. Lenders were rushing through as many loan agreements as they could get people to sign, and while this led many people into home ownership, it also meant that a lot of ...
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How Much Down Payment For A Mortgage In Canada

If you are looking to purchase a house from a bank, you will need to know how much down payment for house or loan you will need and will to have these three things: a credit score that meets the requirements of your bank, a history of a stable income ...
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Vendor Take Back (VTB) Mortgages

(For Investors & Non-Bank Qualifiers Alike) Every real estate investor must answer the question of how to finance property purchases, no matter how flush your cash revenue stream might be. It can be hard enough to find properties that bring in a hefty cash flow in the first place, but ...
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Purchase Plus Improvements Mortgage Programs

One of the “hidden expenses” that new homebuyers encounter is the cost of making all of the updates to the property to make it just perfect. This could include a new fence for the backyard, an updated master bathroom, new wallpaper in the dining room, or travertine tile in the ...
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Rent to Own Programs and Financing Options

One of the most flexible strategies for purchasing a house is renting to own or leasing with an option to buy. How does rent to own work? The process is much like it sounds. A homeowner or investor rents a property to a tenant or tenants, giving the tenant the ...
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Mortgage Loans for Doctors, Dentists, Medical Professionals

One of the challenges that many new doctors, dentists and other medical professionals face as they enter the professional world is the amount of debt that they already face as a result of taking out student loans – and ending up as a doctor drowning in debt is not the ...
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Getting a New Mortgage after a Divorce

Many married couples who end up separating or getting divorced must deal with a jointly owned home as part of the negotiations in the settlement process. In many cases, this home is the largest asset for them to decide how to split. In many cases, one spouse gets the home ...
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Conventional Home Loan Requirements

Define Conventional Mortgage The term "conventional home loan mortgages" refers to a home loan that provides a maximum of 80 percent of the purchase price or appraised value of a property. In order to qualify for one of these, you have to make a down payment of a minimum of ...
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How to consolidate mortgages on multiple properties

So you already have a mortgage out on an existing property, perhaps your primary residence, and now you want to take out a mortgage for another purpose, such as to purchase a vacation home or to buy a multi-family dwelling that you can rent out for another income stream. If ...
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How To Get A No Income Verification Home Loan

Most people are not aware that there is such a thing as a No Income Verification Home Loan. They associate getting a mortgage with lining up employment letters, most recent pay stubs, tax verification documents and several months’ worth of bank statements in addition to putting together a down payment ...
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Rent to Own Overview & the IPR Agreement

A “rent to own / lease to own”, agreement is exactly what it sounds like – a tenant lives in a dwelling and starts paying rent on it – but at a predetermined point in time he will have the option to purchase that property at a previously agreed price ...
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Should I Continue to Rent or Buy

Should you Rent or Buy the place you call Home The fact that mortgage rates in Canada continue to hover near historic lows means that, for many people who are coming to the end of the lease, it's time to consider whether to renew that lease or pursue a home ...
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Verifying Your Down Payment

Traditional Mortgages 101: How to Verify Your Down Payment When you want to buy your first home, one of the biggest obstacles can be coming up with a down payment. Many people start out saving up money, but it can be hard to maintain that level of saving as you ...
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Financing Your RTM Modular Purchase

Most people who are in the initial phases of a new RTM construction financing home project don’t have the cash on hand to finance the purchase completely, so they need a mortgage to finance the balance. Securing this sort of mortgage is somewhat different from securing a traditional mortgage, and ...
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Home Buying Checklist

What is required to make a Home Purchase? Checklist on Buying a House Identification

• 1 piece on non-expired Government Issued ID (One must be photo – Driver’s or Passport) – may require a second piece of ID at a later date depending on lender
• Corporate Documents, GST Licence (if self employed)

Income Verification

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New to Canada Mortgage

If you have just recently moved to Canada and are considering the purchase of a home, it is a good idea to familiarize yourself with the process and rules that New to Canada mortgage loans involve in this country. If you have just moved here from the United States, for ...
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Good Credit Score Mortgage

When you apply for a mortgage, you're asking a bank to take a significant risk on your behalf. Think about it -- if you buy a house for $500,000 and have 20% ($100,000) to put down, you're asking the bank to pay the other $400,000 for you. You will end ...
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First Time Home Buyers

If you are considering purchasing your first home, you are making a decision that involves what will likely be your largest financial investment and, if done wisely, will give you and your family security over the coming years. Making the leap from renting to owning can be intimidating -- and ...
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Mortgage Financing For Self-Employed

For individuals looking to obtain Mortgage Financing For Self-Employed, it can be difficult to get financing when you are ready to purchase a house. When you go to a bank or other traditional lender, they generally want you to have three things lined up: a credit score that meets their ...
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Manufactured Home Mortgage Loans

Manufactured Home Mortgage Loans If you are in the market for a RTM (ready-to-move) manufactured home, but don’t have the cash on hand to pay for it up front, there are a variety of lenders within our network that will provide you the Manufactured Home Mortgage Loan required to help you complete ...
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