Summerside Military Mortgage Brokers
Finding the right Mortgage can be stressful. This is especially true for Military & RCMP personnel. Our Military & RCMP experts make it QUICK and EASY. Whether you apply online or stop by, you get a real person who cares about getting your best mortgage.
We’re EXPERIENCED and, highly trained in providing the correct mortgage for your unique situation. And there’s no cost or obligation while we deal with the lenders and details for you. It’s a relationship for a lifetime of mortgage help — anywhere you are in Canada. Have some questions? We’re ready for that and look forward to providing you with all the answers.
Our experience will help you get pre-approved so you can go on your HHT (house hunting trip) confident in your ability to purchase the home you make an offer on. Being fully trained with the Brookfield Relocation Program so you won’t need to waste time trying to explain things like interest rate buy downs, post living differentials or posting allowances.
We realize that house hunting trips are short and often very stressful for the families involved. You need someone to communicate with so you can get quick answers to your questions and provide you with a mortgage approval in the fastest time possible.
Investigate the possibility of military mortgage benefits and discover how they honor those who have served while facilitating their path to owning a home.
Military mortgage benefits in Canada are designed to recognize the sacrifices and commitment of service members by offering them favorable terms and exclusive financial advantages. These benefits encompass a range of offerings tailored to the unique needs and circumstances of military personnel.
One of the key advantages of military mortgage benefits is reduced interest rates. Lenders often provide lower interest rates as a gesture of appreciation for military service. This translates into lower monthly mortgage payments, helping military personnel save significantly over the life of the loan.
Down payment assistance is another notable benefit. Some mortgage programs offer zero or low-down payment options, making it easier for military personnel to secure a home without the need for a substantial upfront payment. This feature is particularly beneficial for those transitioning to civilian life or relocating frequently due to military assignments.
Depending on your location, military mortgage benefits may include more flexible credit requirements. Lenders understand that military personnel may face unique financial situations due to deployments and relocations. As a result, they may offer more lenient credit criteria, making homeownership more attainable for service members and their families.
These benefits contribute to the overall affordability and accessibility of homeownership for military personnel in Canada. Veterans, active-duty service members, and their families can take advantage of these benefits to embark on their homeownership journey with greater ease and confidence.
We understand the unique circumstances of those who currently are serving or have previously served our country, and we are here to guide eligible military members through the process whether it is for a pre-approval for your first house hunting trip, using your benefits to reduce interest rates, or ensuring transferability is not an issue for mortgage penalties.
We understand that you and your family may receive notice to move with very little notice. Helping you quickly through the preapproval process you can shop with confidence on your house hunting trip regardless of where in the country you are moving to. Pre-approval can protect your interest rate for up to 120 days as well as help speed up the application process, allowing you to enjoy a hassle-free, smooth closing.
There is more to a great mortgage than just rate. Is the mortgage portable? What are my prepayment options? What are the penalties if I get posted before the end of my term? Can I buy down the interest rate?
Canadian Military Families are often presented with challenging financial situations, as they don’t always have a choice when or where they are moving to. Making sure your mortgage and mortgage advisor have options and advice to make this as stress free as possible.
Your mortgage is one of your biggest expenses. For this reason it is imperative to find the best interest rates and mortgage terms you possibly can. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan. Don’t be one of the 60% who just simply sign their renewal letter and send it back.
Why Choose a Mortgage Broker?
A mortgage broker acts as an intermediary between the borrower and the mortgage lenders.
His/her role is to find a mortgage loan according to the borrower’s needs.
They inform and guide their clients through all stages of the process (preparation, presentation, approval, and acceptance of a mortgage application).
Advantages of Working with a Mortgage Broker
A mortgage broker knows the range of mortgage products offered by lenders. He or she will find the mortgage that suits your objectives and your financial situation, considering the interest rate and the characteristics of the loan.
They save you valuable time. A mortgage broker negotiates a mortgage with institutions on your behalf, avoiding tedious and stressful procedures
He/she quickly obtains the information sought from lenders, which is not to be overlooked given the current shortage of resources.
You have access to a wider range of lenders (some only available through mortgage brokers).
The services of the mortgage broker are free of charge. They are paid by the lenders.
How to get Pre-approved for a Mortgage
Documents Needed to Complete a Mortgage Pre-Qualification
As mentioned earlier, the documents needed for a pre-qualification list are concise. Some documents verify your details, while others confirm the same during the pre-qualification. Your lender or broker is looking to confirm the details that you presented that were presented in your application.
| Document | Confirming | Reason |
|---|---|---|
| Paystub(s) | Income & Employment (Personal) | Understand the income/employment used to qualify for a mortgage. |
| Statement of Remuneration (T4s) | Income & Employment (Self-employed or Incorporated) | Understand the income/employment used to qualify for a mortgage for someone who is a sole or partial company owner. |
| Drivers Licence / Passport + 1 other | Identity. | Confirm identity and that the applicant’s and their name match as presented in the application. |
If you’re separated or divorced, you won’t be asked to provide your separation or divorce agreement (for spousal or child support).
However, your mortgage advisor will still need to confirm if you have any obligations to list as a part of your regular debt repayments. If you receive child or spousal support, you’ll need to add this to income, and primary proof may be required, such as a bank statement to show it’s being deposited into your bank account.
Documents Needed to Complete a Mortgage Pre-Approval
| Document | Confirming | Reason |
|---|---|---|
| Paystubs | Income | Understand the income/employment used to qualify for a mortgage. |
| Statement of Remuneration (T4s) | Bonus Income | Understand that bonus has been received in two consecutive years and use the average to qualify. |
| Letter of Employment (LoE) | Employment | Confirm the salary, time on post and job title, etc. |
| Notices of Assessments | Commission or Self-Employment Income | The 2-year average is used for qualifying income. |
| Financial Statements | Corporate Income | Confirm that your corporate income source makes enough revenue to duplicate your personal income used for qualification. |
| Corporation Income Tax Returns (T2s) | Corporate Income Taxes | Confirm no corporate taxes owing. |
| Business License | Registered Business Name | Confirm if a sole proprietor is registered under a name different than their personal name. |
| Business Account Statement(s) | Business Income | Confirm the duplication of employment income when clients are self-employed. |
| Separation Agreement | Spousal or Child Support | Confirm the income or obligations under the separation. It will require 2 months’ bank statements to confirm if income. |
| Universal Child Care Benefit Statement | Federal Child Tax Benefit | Confirm child tax benefit. It will require 2 months’ bank statements and birth certificates for children under a certain age who are the UCCB beneficiaries. |
| Drivers Licence / Passport + 1 other | Identity. | Confirm identity and that the applicant and their name match as presented in the application. |
Documents Needed For Mortgage
As with many stages of the homebuying process, you must submit several essential documents for the final mortgage approval to provide proof of finance. At this stage, the lender seeks to validate all details related to the borrower’s income(s), downpayment, closing costs, and the purchased property.
This is not an exhaustive list, these documents are needed in addition to those we listed for pre-approval documents:
| Document | Validate | Reason |
|---|---|---|
| Bank Account Statements | Incomes | Receipt of different incomes. |
| Business Account Statements | Business incomes | Receipt of self-employed incomes. |
| Savings Account Statements | Downpayment and closing costs. | 90-day validation of downpayment and closing costs. |
| Deposit Cheque Copy | Part of the downpayment was made to secure the purchase. | Deposit made to the lawyer’s trust (a third party to reduce the risk of fraud) as confirmation of the purchase undertaking. |
| Investment Statements | Downpayments and closing costs. | 90-day validation of |
What is the Mortgage Stress Test
Effective June 1, 2021, the Government of Canada introduced mortgage stress testing to protect lenders and borrowers from sudden increases in interest rates leading to excessive debt.
The stress test involves confirming that the borrower could pay the negotiated mortgage interest rate + 2% (for example, a 5-year fixed rate of 5.14% + 2% = 7.14%). All buyers must go through this process, except for those wishing to renew an insured mortgage by default.
What Fees Can I Expect other than Down Payment
There are several costs to anticipate when buying a property.
Inspection fees
Evaluation fees (sometimes required by institutions)
Notary fees
Title insurance (if necessary)
Moving expenses
Transfer tax (welcome tax)
9% QST on the mortgage insurance premium (if applicable)
Adjustment of municipal and school taxes (will be adjusted at the notary)
Newfoundland
Nova Scotia
Prince Edward Island
Quebec
Saskatchewan
CHOOSE YOUR LOCAL MILITARY OR RCMP MORTGAGE BROKER FROM ACROSS CANADA