Question 1

RENEWAL

Accepted Answer

Is your mortgage up for renewal? Don’t just sign on the dotted line with your current lender, there are other options available!
 
Typically, lenders will use this time, 3-6 months prior to your actual mortgage renewal/maturity date, to lock you into a rate and term to avoid losing the business later. Win-win for the lenders, but what about you the client?
 
For banks/lenders to meet their internal renewal quotas, often they will present rates and terms, without properly assessing clients financial goals, to ensure suitability. In some cases lenders lock clients into a higher rate and longer term than if the client were to wait to closer to the maturity/renewal date.
 
With our second opinion approach, we always review your current mortgage and borrowing strategy, readdress your financial goals, and listen to what you are looking for in the next phase of your mortgage. We put a plan in place to make those goals a reality to put you in charge of your mortgage.
 
With the personalized approach to renewals, and hundreds of options, (some of which are unique products only available to Mortgage Edge), our clients are assured that their goals are reflected in their renewal.

Question 2

REFINANCING

Accepted Answer

There are many reasons to refinance your home. Unforeseen circumstances such as job loss, illness, or marital breakdown. Maybe you want to utilize some of your existing equity to pay down high interest debt, renovate your home or maybe even pull equity for investment in another property.
 
Whatever the reason our clients have for refinancing, Mortgage Edge Quinte has hundreds of products and options, (some exclusive only to MEQ) available for our clients though our broker channel.
 
We will provide you with a personalized mortgage refinance strategy that better suits your overall financial needs for this next phase of your mortgage. We will help illustrate a clear path for you to reach your goals, reduce your debt load and achieve a true financial balance.
 
It is our professional recommendation, that you consider contacting Mortgage Edge – Quinte (MEQ) for a refinance conversation and get your personalized borrowing strategy today.

Question 3

CONSTRUCTION FINANCING

Accepted Answer

Building a new home is exciting but can also be very daunting. It is imperative to have the confidence in your mortgage financing partner to ensure the construction goes smoothly from start to finish.
 
Today, institutional banks have very limited knowledge and resources when it comes to construction financing, making clients feel it is impossible to build their dream home. Don’t let the rigidity of bank programs put a halt to your construction project.
 
Mortgage Edge – Quinte (MEQ) has access to lenders that specialize in construction financing. We will work with you every step of the way.
 
Building a home is far easier than ever before. Contact us today to see if home construction is in your future.

Question 4

SELF-EMPLOYED

Accepted Answer

If you are self-employed and having trouble getting approved for a mortgage through one of the big banks or trust companies, you’re not alone.
 
There are a lot of advantages to being an entrepreneur - more independence, you set your own hours, potentially earn more money, and choose who you get to work with. It’s a different story though, if you want to get a mortgage to buy a home.
 
Over the past several years, traditional lenders have implemented stricter rules and the banks have cracked down on mortgages for those who are self-employed.
 
Unfortunately, big banks see entrepreneurs as a “risky investment”, forcing clients to be scrutinized differently than those with a more traditional income. With self-employed individuals who may choose to draw a smaller income for tax purposes, the banks view this as a greater chance that the individual may default on a mortgage.
 
As a result, some lenders have imposed a higher down payment structure for self-employed individuals versus the non-self-employed individuals who are permitted to have far less of a down payment and get a government-backed mortgage.
 
At MEQ (Mortgage Edge – Quinte), we have access to an array of institutional “A” and alternative lenders who offer great self-employed and stated income programs, Canadian business owners can enjoy the income and credit flexibility that accompanies them.
 
Whether it be a corporation, sole proprietorship, partnership, or small family business, these lenders understand that self-employed consumers have tax deductions and so income is subject to a reasonability test.
 
Every business for self client is unique, contact us today and let’s see how we can help!

Question 5

PRE-APPROVALS

Accepted Answer

The pre-approval stage is the first, most important step in the home buying process.
 
First we start off by walking our clients through their fully executed online mortgage application, verify clients ID as per our compliance requirements, obtain a signed client consent allowing us to review the applicants credit in depth, and look at all qualifying income to get the overall picture of our client’s financial situation. We address any areas that may need specific attention, and advise clients on the lender options unique to their specific needs. We determine the price range and any pertinent information that is needed to obtain a smooth formal lender approval moving forward.
 
By placing importance on full transparency with our clients, we set up realistic financial goals for purchase, to avoid disappointment and confusion later. By doing this in the pre-approval stage, this will help with a smooth transition once the client is ready to make an offer of purchase on their dream home.
 
REMEMBER; pre-approval does not mean a client is 100% guaranteed approved, as this is only one step in the entire approval process.
 
Once clients have an accepted offer of purchase, the previously reviewed application is now formally submitted to the lender for review and final approval. Lenders review all income documentation, down payment, credit, and the overall condition of the home is assessed through the MLS and in some cases a property appraisal for the lender to gain confidence in lending on the property. They will also review location, zoning and if applicable, send to default insurer for further approval if required.
 
Looking at homes with out this step could lead to disappointment and potentially financial loss. "Get The Edge" today and know what you are qualified for.

Question 6

FIRST-TIME HOME BUYERS

Accepted Answer

When looking for your first home the most important step is to become educated with the process. With our pre-approval services we can give you the confidence you need to help make the transition to homeownership a smooth and stress-free experience.
 
Things to consider when buying your first home:
 • Home buying step by step(https://www.cmhc-schl.gc.ca/en/consumers/home-buying/buying-guides/home-buying)
 • Home buyer’s checklist(https://www.cmhc-schl.gc.ca/en/consumers/home-buying/newcomers/homebuyers-checklist-a-newcomers-guide-and-workbook)
​
Land transfer tax for First Time Home Buyers(https://www.ontario.ca/document/land-transfer-tax)
Land transfer tax refund for eligible first-time homebuyers up to $4,000. It means no eligible homebuyers in Ontario would pay land transfer tax on the first $368,000 of the cost of their first home.
 
First time home buyers plan(https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html)
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home (https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/definitions-home-buyer-s-plan.html#qlfy_hm)for yourself or for a related person with a disability.(https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/definitions-home-buyer-s-plan.html#prsn_wth_dsblty)
 
Government of Canada Programs to Support Homebuyer(https://www.cmhc-schl.gc.ca/en/consumers/home-buying/government-of-canada-programs-to-support-homebuyers)
Other programs that you may qualify for as a homebuyer.

Question 7

INVESTMENT PROPERTIES

Accepted Answer

Are you ready to expand your asset portfolio and purchase an investment property?
 
This is a bit more complexed than just buying a typical owner-occupied home. As an investor, and future landlord, getting the proper information, advice and the right resources are essential for success. Building your investment portfolio needs careful planning, budgeting, and strategizeing with an experienced firm such as Mortgage Edge – Quinte. Our advice will allow you to fully understand what it means to buy and mortgage an investment property.
 
By choosing the right firm, it means you will have all the information you require to successfully build and manage your portfolio. Contact Mortgage Edge - Quinte today and together we will guide you in right direction for your next great investment.

Question 8

NEW TO CANADA

Accepted Answer

Are you new to Canada? You may not have to wait to experience home ownership. Qualified homebuyers who have relocated to Canada within the last 5 years are eligible to purchase a property with as little as a 5% down payment!
 
To be eligible, lenders require the applicant(s) to be employed for a minimum of 3 months, in a non-probationary position, supported by a letter of from your employer. The client would need to provide all documents upfront during the approval process, and would include, (and are not limited to)
 • A letter of employment from your employer confirming your position, rate of pay and that you are NOT on any probation.
 • A recent pay stub.
 • 12 months of verifiable bank statements from a recognized financial institution. This can include a financial institution from your country of origin if you have been in Canada for less than 12 months.
 • Proof of Down payment that has been in your Canadian bank account for a minimum of 30 days. (NOTE: all funds for down payment and closing costs must be in a Canadian bank account on Canadian soil for a minimum 30 days prior to closing)
 • Also acceptable is 12 consecutive months of 2 verifiable monthly payments in good standing. (e.g. rent, phone or utility bills with your name and address) in lieu of 2 years of established credit reporting the credit bureau.
 
With access to multiple lenders, we will help our clients “Get the Edge” to find the best rate and best mortgage options to help the dream of home ownership a reality.

MORTGAGE EDGE - QUINTE

Brokerage Lic # 10680

Mortgage Services

WE BELIEVE IN HELPING YOU MAKE CHOICES THAT SUIT YOUR LIFE, NOT JUST THE MORTGAGE. LET’S WORK TOGETHER TO FIND THE RIGHT SOLUTION FOR YOU.