Mortgage

Financial Services

Whether you buying your first home, renewing, investing in an income, vacation or second property, or interested in refinancing, Finder Financial Servicesis the best way to arrange your mortgage financing. Our experience can make sure you are on the right path, offering you the choice, guidance and service you want. We will be glad to support you.

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Don’t have perfect Credit? Our mortgage experts can find a way.

Whether you’re buying your first home, consolidating your debts, or purchasing your dream home, Finder Financial Services  can help you to attain your goals.

Less than perfect credit

Bank turndowns

No income verification

Bruised credit

Finder Financial Services  has proven successes at securing mortgages for good, bad and bruised or past-bankrupt applicants.

Mortgage Options

Conventional:

egulations under The Bank Act prohibit Bank, Trust and Insurance Companies from lending in excess of 80% of the purchase price or the appraised value of a property without obtaining Mortgage Loan (High Ratio) Insurance.  A loan for up to 80% of the purchase price of a property is a conventional mortgage.

High ratio:

A loan for 80% to 95% of the purchase price of a property.

Mortgage loan insurance (high ratio):

All High ratio mortgages must be insured through CMHC (Canada Mortgage and Housing Corporation) or GE (Genworth Financial Canada).  CMHC and GE provide default or high ratio insurance to the lenders protecting them against the risk of lending to homebuyers who have less than 20% down payment available.  An insurance premium is paid by the borrower on behalf of the lender.  The insurance premium that is paid to CMHC or GE is to protect the lender in the event that the mortgage is not paid.  This is not to be confused with life, disability, or job loss insurance.

The insurance premium is calculated as a percentage of the mortgage amount, depending on the loan to value, and may be added to the mortgage amount.  The premiums are as follows:

Loan to Value Premium
75.1 - 80% 1.00%
80.1 - 85% 1.75%
85.1 - 90% 2.00%
90.1 - 95% 2.75% non borrowed down payment
90.1 - 95% 2.90% borrowed down payment
100% 2.90%

Pre-qualification

Information required to be pre-qualified for a mortgage: 

  • Ask your employer to prepare a letter on company letterhead outlining your name, base salary or hourly rate, normal hours worked per week, position and length of service.  A recent pay stub and a copy of your T4 from last year may also be required.
  • If commission sales, three years personal tax returns together with the Notice of Assessments from Canada Customs & Revenue Agency.
  • If self-employed, three years personal tax returns together with the Notice of Assessments from Canada Customs & Revenue Agency, three years business financial statements, and three years business tax returns (if applicable).
  • Note: New products have been launched to the marketplace. with good credit, you can qualify for a mortgage based on your stated income.  This type of mortgage was designed for the self-employed, including contractors, freelancers, consultants, commission sales professionals, or small business owners. Talk to us about mortgage approvals specifically for the self-employed.
  • Social Insurance Numbers. (Optional).
  • At least 3 years history of residence and employment.
  • Know your banking information (name of financial institutions, address, and type of accounts, account numbers).
  • Know your assets (what you own) and their value.  i.e. cash amounts, stocks, bonds, RRSPs, car.
  • Know your liabilities (what you owe).  i.e. car loan, credit card balances, child or spousal support payments.
  • Please let us know about any past credit problems you may have had.

Write down a list of questions you would like to have answered.

A pre-qualification is usually good from 90-120 days depending on the lender and product. Once pre-qualified your fixed rate would also be locked in for a specified time frame. If interest rates go up the rate on your pre-qualification would apply as long as your mortgage closed within the specified time frame. If rates go down you would also benefit from the lower rates again within the specified time frame on your pre-approval.*

Other high ratio financing costs include an application fee of $165 (PST applicable). Premium rates will vary for non-purchase mortgages.

Mortgage money sources:

There is a wide range of financial institutions that are involved in the mortgage industry in Canada.  Some of these include:
 
Chartered Banks Loan Corporations
Trust Companies Credit Unions
Finance Companies Pension Funds
Life Insurance Companies Private Individuals