Mortgages for Military and RCMP Relocations
Canada Wide listings of mortgage brokers who have years of experience offering and providing mortgage services with a focus on serving military members, RCMP, DND employees, Veterans and their families. We offer expertise and
quality service that is guaranteed to help you find the best financing for your mortgage, renewal or refinancing needs.
Our network of multiple lenders allows us to offer you the best mortgage rates and excellent advantages. Whether you are buying your first home, building, relocating or refinancing Mortgage Forces is here to help you. We are here to guide eligible military & RCMP members through the process whether it is for a pre-approval for your first house or your House Hunting Trip, using your benefits to reduce interest rates, or ensuring transferability is not an issue for mortgage penalties.
The Benefits of choosing our Mortgage Experts
Using our Mortgage Broker Directory takes the hassle out of securing reliable mortgage products because our brokers do all of the work and negotiating at no cost to you. To start, a experienced relocation mortgage broker will review your mortgage application, ensuring everything is in order and gaining an idea of which lender and mortgage option would be the best fit for your financial situation. Then they explain all of the options, answering all of your questions along the way. We are completely aware of the issues involved with a Military or RCMP lifestyle, and we can help you find the best suited financial product, whether you need a mortgage or need to consolidate debt.
We understand that you and your family can receive notice to move with very little notice. Helping you quickly process the pre-approval means 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.
Military & RCMP Relocation
Our mortgage agents/brokers are experienced with all aspects of military relocation and can help you ensure you receive all the benefits you are entitled to. We will help you understand your BGRS Benefits and provide you with strategies to minimize interest and relocation costs to help get your mortgage paid down as quickly as possible. We provide Mortgages to every major Military Base and RCMP Detachment in Canada. Read BGRS FAQ’s
Once you have received your posting message/release paperwork, you can set up an online account with BGRS to access relocation services. It’s important to get a pre-approval prior to your HHT so you can act quickly upon finding the perfect house! We can get you pre-approved in advance online and then sit down to review the details once you have found your new home.
Issues Involved with Military or RCMP Relocations
FIRST is the costs of relocation. The DND mortgage program BGRS has allowances and guidelines to be applied for moving costs that can be incurred. Our Mortgage Experts can identify all the expenses you will recover.
SECOND, the person being relocated is going to have to find a new home at the new location and sell the home at the old location. Certain costs of resale are covered by BGRS as well as the ability for the person being relocated to acquire a bridge loan to secure a new home if the old home has not been sold yet.
THIRD, with respect to retiring the existing mortgage, a prepayment penalty may occur and the program provides assistance to the individuals impacted by this.
FOURTH, in the event that the area where relocation is required has higher housing values than what an individual can afford or would otherwise select on their own, the DND program helps with the mortgage financing.
What is a mortgage broker?
A mortgage broker is like a one-stop shop for mortgages. Unlike your local bank branch, which can only offer you a mortgage (and mortgage rate) from their own suite of products, mortgage brokers in Canada have access to many different lenders. When you make an appointment with a mortgage broker, it’s just like you’re making an appointment with the major banks, credit unions and trust companies, except you only need to meet with one person. A mortgage broker has access to products from multiple lenders of different shapes and sizes, which means you have access to these products as well.
If you’d prefer the security of getting a mortgage from a big bank, a mortgage broker can still set you up with one. In fact, good mortgage brokers will receive volume discounts from major lenders. That helps them secure a mortgage rate for you that is lower than what you’d be able to negotiate yourself, even from the same big bank.
If your financial situation is a little unique, don’t worry. Mortgage brokers also work with “B” and alternative lenders, which may provide a solution to your specific needs. For example, if you’re a full-time freelancer, or you’ve had credit issues in the past, a mortgage broker can still work with you. If you’re having trouble getting approved for a mortgage by yourself, a good mortgage broker can sometimes leverage their relationships with lenders to get you an approval.
Important Documents Required
1. Income Verification
- If your income is salary or full time hourly we will need:
- A recent pay stub showing the pay date, pay amount, your name and the employer’s name
- A job letter. Job letters should be on company letterhead and show your start date, position, guaranteed salary or hourly rate and hours, and a human resources contact with phone number.
- If any of your income comes from a bonus, commissions, overtime, a contract, gratuities or investments, provide the most recent two year’s Notice of Assessments (NOAs) from Canada Revenue Agency (CRA) along with copies of the T4’s.
- If you are self-employed, provide:
- The most recent two year’s NOAs along with the full T1 Generals ( income tax returns) including all schedules
- Your business license, articles of incorporation, or GST registration number
- If you earn rental income, provide a copy of each lease, as well as either:
- A Canada Revenue Agency T776 Statement of Real Estate Rentals along with two year’s T1 generals (personal tax returns), and the two year’s Notices of Assessment ( NOAs)
- If you earn Alimony/Child Support, we will need the separation agreement/court order and recent bank statements confirming receipt of support.
- If on maternity/paternity leave, ensure your job letter shows the return date and salary/income upon return.
2. MLS Listing and Offer to Purchase (if applicable)
Your realtor will typically send this to us, so please advise them to send along your accepted offer once fully signed.
3. Current Mortgage Statement
If you currently own a home or multiple properties, a recent mortgage statement showing your name and property address is required for each property owned.
4. Recent Property Tax Bill (for any currently owned properties not being sold)
The lender will require this to confirm the annual property taxes and that the taxes are paid up to date.
5. Current Home Insurance Policy/Fire Insurance
(For renewal applications)
Typical DND & RCMP Mortgage Package
RATES
- fully discounted low rates with no need for negotiation.
RATE HOLDS
- up to 120 day rate holds.
TERMS
- fixed rate terms of 1-5, 7, 5 and 10 year variable rate mortgages.
PAYMENT FREQUENCIES
- Monthly, semi-monthly, bi-weekly regular and accelerated, weekly regular and accelerated. The ability to skip-a-payment available once per year as well as when prearranged.
PREPAYMENT OPTIONS
- open for a pay out at any time subject to conditions of relocation, with a 3-month interest penalty, or in some cases may be completely waived.
- No Interest Differential penalties.
- 20/20 prepayment privileges.
- Lump sums as little as $100.00 can be applied on any payment date.
OTHER BENEFITS
- Mortgage is portable, and assumable with approval.
- This Refinance Program can save you more money on legal fees.
- Online mortgage banking information available.
- No sliding scale for home purchase.
- All residential mortgage features apply.
REQUIREMENTS
- Standard CMHC/Genworth premiums apply.
- Proof of need to relocate.
- As with any mortgage, the product is subject to lender conditions and availability (OAC). If your situation is the exception where the Exclusive
- DND Mortgage does not meet your needs, We will assist you in finding the best alternative options that will meet your financial goals.
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CHOOSE YOUR LOCAL MILITARY OR RCMP MORTGAGE BROKER FROM ACROSS CANADA