Mortgage for Purchase
How can we help you purchase your new home? Contact the mortgage brokers in Surrey, BC at Truwest Mortgage to know more about mortgage for purchase & the other mortgage services they provide.
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First Time Home Buyer
Buying a home is an exciting time! You’re ready to buy your first home, but you have no idea where to start. It’s natural, home buying in Canada can be a complex process! You're about to take a big step so you'll need some advice from a mortgage professional. We'll give you the facts your bank won't tell you about financing your next purchase. With access to multiple lenders, we'll help you find the best rates and best mortgage options to help you buy your dream home.
This can get complicated! Fortunately, we’re here to sort it out for you.
What's Next ?
* Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.
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Investment & Rental Properties
Investment/ Rental properties are now accessible to many average Canadians.
Investment/ Rental properties - particularly smaller, residential real estate - are now accessible to many average Canadians. And as any homeowner will confirm, real estate has been one of the most attractive investment categories in Canada for the past decade. If you're considering an investment in real estate, start by having a conversation with TRUWEST MORTGAGE, to explore some of the innovative new options and great rates available today. We also have access to lenders that would do mortgage on investment property without income verification.
This can get complicated! Fortunately, we’re here to sort it out for you.
What's Next ?
* Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.
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New to Canada
Welcome to Canada!
For many newcomers, owning a house is a key step towards making Canada their home. However, buying a home usually requires financial assistance and expert advice. I can help make your dream of owning a home in Canada reality.
Mortgages are available to new immigrants and non-Canadian residents on the same rates as for Canadians. New Immigrants and non-residents working in Canada qualify for a mortgage with as little as 5% down payment. Without income in Canada, down payment should be 35% for new immigrants, and 35%-50% for non-residents. No income verification required.
With access to multiple lenders, we’ll help you find the best rates and best mortgage options to help you buy your dream home.
This can get complicated! Fortunately, we’re here to sort it out for you.
What's Next ?
* Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.
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Self -Employed
Small and medium-sized businesses are the engine of the Canadian economy.
When it comes to mortgages, it hasn't always paid to be self-employed - because reducing your taxable income can make it difficult to qualify for the mortgage you deserve. We understand business owners because we’re business owners, too.
What’s better, we have a long list of institutional lenders that offer excellent mortgage options for self-employed Canadians. These lenders in Canada understand that self-employed individuals have tax write-offs creating significant reductions in their declared income. With these mortgage lenders, you will not be required to prove your income and a reasonable estimate of your annual income will be acceptable.
Being self-employed does not mean that you have to show enough income on your T1 General in order to qualify for a mortgage. There are many factors involved in showing income when you are self-employed. And every lender has different guidelines as to how they view self-employment. If you are self-employed, we can help to plan accordingly and make sure you are well set up to show that the lender that you are a desirable candidate for a mortgage.
There are few different programs for self-employed that don’t require income verification.
This can get complicated! Fortunately, we’re here to sort it out for you.
What's Next ?
* Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.
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Bad Or No Credit
Do you have bruised or bad credit and need a new mortgage, or looking to refinance your existing mortgage? We can help.
These days when you apply for a mortgage with your bank and don’t meet their criteria, what do you do next? Who can you turn to?
Thankfully, we have access to lenders who specialize in non-conventional mortgage loans to help out people just like you. People who:
- Have less than perfect or bad credit.
- Have no established credit.
- Have had a previous bankruptcy.
- Need a non-traditional mortgage.
- Are currently in a consumer proposal.
- Are in credit counselling today.
- Are new to Canada and are non-landed immigrants.
- Are self-employed and can’t verify their income by traditional means.
- Are offshore investors, investing in Canadian real estate.
- Are buying a unique property that doesn’t fit into the guidelines of the major banks and insurers, like CMHC.
If you fall into any of the above categories, we have the options available FOR YOU.
This can get complicated! Fortunately, we’re here to sort it out for you.
What's Next ?
* Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.
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Construction Mortgage
Build your own custom home with a construction mortgage. Access the big banks or private mortgage lender for your construction mortgage. Many Canadians are choosing to build custom homes with special features to suit their lifestyles. The process can be intimidating but not if completed with the right mortgage broker. We can give you the support you need from start to finish to guide you through the process and explain all the important details along the way.
Typically, the construction process is done in three to four draws over a 12 months period however more elaborate homes can take up to two years. A Progress Draw is a type of funding, which is advanced in intervals as the house is being built. There are usually 3 draws at; 32% (lock up), 70% (dry wall) and 100% (completion). Each draw requires a progress Inspection report, which details the percentage complete prior to the advancement of funds. Essentially you are updating the appraisal with the current status of the project. Getting a construction loan can be a challenging and complex process.This can get complicated! Fortunately, we’re here to sort it out for you.
What's Next ?
* Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.
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Refinance
Refinancing is any time that you change your mortgage during the current term of the mortgage. Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate. You may change the mortgage for a lower interest rate or the amount of the mortgage. Some people will take advantage of a low mortgage interest rate and increase their mortgage to pay off debt that they have that is at a high interest level. Refinancing can make sense when you look at the overall financial picture to see if it would benefit you to make the change.
At TRUWEST MORTGAGE, we do an Annual Review and look at any cost savings after factoring in the amount of the mortgage penalty. You could potentially save thousands of dollars or it may be worth it to wait till the end of your term. We will be able to go into detail with your calculations and provide you with a report detailing the results so you can make the best decision that is right for you based on accurate information and your goals.
This can get complicated! Fortunately, we’re here to sort it out for you.
What's Next ?
* Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.
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Private Mortgage
A private mortgage is an unconventional way to access funds based on equity lending, thus tapping into your accumulated equity of your home. This is a short-term solution only and requires careful planning and a predefined exit strategy on how to pay back the privately acquired funds.
Every so often life deals us cards that are not fair. We have helped clients, who ran into short-term cash-flow problems based on life altering events such as serious illness in their family, elderly support for their parents, separation and divorce, addiction issues within the family, or loss of employment and income.
Private mortgages based mainly on equity in the property, not borrower’s income or credit. Very little or none income verification is required. Private loans usually go up to 75% of the property value, but they can be up to 85% and even 95%. Mortgage can be for purchase and equity take out (usually second or third mortgage).Why use private lenders?
- CREDIT PROBLEMS. Any credit will be considered.
- INCOME VERIFICATION. No income verification required.
- CONSTRUCTION and COMMERCIAL MORTGAGES, that don’t fit in bank’s guidelines.
- LOCATION AND STATUS OF THE PROPERTY.
- FORECLOSURE PREVENTION.
- DEBT CONSOLIDATION.
- INVESTMENT IN BUSINESS.
- TIME RESTRICTIONS. Private mortgage can be funded in 2-3 days.
This can get complicated! Fortunately, we’re here to sort it out for you.
What's Next ?
* Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.
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Equity Take Out
Grow your real estate portfolio
Canadians purchase homes for a variety of reasons. Some want the stability of owning their own home, while others also look at home ownership as an investment vehicle. No matter what the reason, the truth is that home ownership has proven itself to be a good stable investment over time, and one which many Canadians are profiting from.
While many people have chosen to purchase their first home during these times of lower interest rates, there has also been a large movement to refinance home loans and pull out equity for home improvements, investments, college expenses, and even high interest debt consolidation. Canadians have been borrowing against their home's equity in record numbers, taking out billions of dollars in cash each year.
We have shown many of our clients how to create an additional income stream for themselves and their families by purchasing investment properties for rental. Equity Take Out when understood well and planned for, can be the perfect strategy to increase your personal wealth. We can discuss opportunities to make your home's equity work for you.
This can get complicated! Fortunately, we’re here to sort it out for you.
What's Next ?
* Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.
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Commercial Mortgage
Commercial Mortgages are a different ball game when compared to residential mortgage lending. Lender requirements are substantially larger with commercial Mortgage lending, appraisals cost more and the entire file is more complicated. It is in your best interest to ensure the mortgage broker you are dealing with is experience in Commercial Mortgage lending before you proceed further.
We specialize in Alternative or private Commercial Mortgage lending instead of targeting the Commercial Mortgage “A” clients. We have access to all kind of lenders: from big banks, and Credit Unions, to private lenders. No personal income required for commercial mortgages, only income from the property. If there are not enough funds for down payment, mortgage can be arranged with two lenders as 1st and 2nd (usually private).
We have special programs for professionals (doctors, veterinary, chiropractors) that allow to buy commercial property for office with 0% down payment.
This can get complicated! Fortunately, we’re here to sort it out for you.
What's Next ?
* Subject to approved credit, income verification and meeting lending credit granting criteria. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.