Last Updated: Mar 29, 2023
We work diligently to make sure that everyone walking through our doors receives the best mortgage available. By staying up-to-date with everything going on in the mortgage industry, we can focus on our only goal – providing the best mortgage options to you.
We get our fees from qualified lenders, not from the mortgagees – that means we do all the shopping to find you the best rate possible, and you don’t pay us a dime!
We offer mortgages to first time home buyers and existing home owners who wish to purchase a home with unconventional sources of down payments. Flex down payments are available with 25 year amortizations.
We are members of CAAMP (Canadian Association of Accredited Mortgage Professionals) and MBABC (Mortgage Brokers Association of British Columbia). This allows us to keep on top of changes in the mortgage industry and consistently provide the best deals to you.
The banks have changed their rules on rentals! Rather than asking for 25% down payment, they’ll finance you up to 80% – so you can purchase a rental property as a long term investment, with minimal down payment.
We deal with all three mortgage insurance companies (CMHC, Genworth & AIG). If you put less than 20% down, one of these three companies has to approve your mortgage. At Mid Island Mortgage, we are in constant contact with these companies and know their policies inside & out so we will work with them and you to get you the mortgage you need.
Self employed? Ask your mortgage broker about the stated income program recently introduced by lenders. Self employed individuals with good credit can state their income for mortgage financing purposes instead of using their last two years’ net average income.
Our top goal is to find you a mortgage. If we are unable to find any bankable lenders to help you due to no job, poor credit or bankruptcy we have many private investors that are able to finance you. While the rates are usually higher, this can be a great starting point to get you a new home in situations where the banks would say no.
We also offer financing on commercial, industrial properties, development projects such as subdivisions, town home or condo projects.
We specialize in sub prime/private mortgages.
If the banks, credit union and trust companies say no for any reason (credit, not enough income, behind in payments, too much debt, lender doesn’t like property, years behind on CRA taxes owing), then we can do a sub prime or private mortgage. These mortgages usually are at 75-80% Loan to Value (mortgage amount compared to value of property). They are usually a higher rate than major lenders due to the added risk.
Sub prime mortgages are currently running around 4% for a 1 or 2-year term with a 1% lender and sometimes a brokerage fee. Private mortgages are usually in the 8% range with lender and brokerage fees. These types of mortgages allow you to achieve your goals now, then fix any issue you need to achieve a major lender mortgage.
We will put a plan together to follow so you can hopefully get a major lender mortgage in 1 year. We will call you throughout the 1 year term to make sure you are following the plan and to answer any questions or concerns you may have.