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REPEAT BUYERS

If you are purchasing another property

You are an experienced buyer, as you have gone through the purchase process before.

However, the mortgage world is a very fluid and changing environment, so things may not be the same as they were when you last purchased.

It’s important to know what your options are in this NEW and ever evolving mortgage market. We want to make sure that you have access to the right tools to succeed in your next home purchase.

Changes

There are recent changes that no doubt will have an impact on how buyers can qualify for their mortgage.

  • Lenders are now looking at things differently than they were before.
  • Rental income from suites and rental properties are being looked at differently.
  • Your net worth, and how much cash you have available.

In the past, your income and your ability to debt service, and qualify the mortgage was often mitigated by how much cash reserves, or net worth you had. In today’s world, while cash reserves and a strong positive net worth can never hurt, they are no longer direct substitutes for debt servicing gaps.

It is even more important now to consult with a professional to make sure you are maximizing your income, when it comes to lender policies.

You would want to find a professional who has access to more than just one lender.

Not all lenders look at rental income the same, and this can be the difference between getting approved or not.

You might be thinking, “That’s fine, I am not going to hold two properties, I plan on selling my current home and then buying another, so I don’t really have to worry about anything.”

Wait….

There are still some things for you to consider.

  • Your mortgage is not “portable” anymore – at least not in the manner that you might perceive “portable” to mean.
  • You will need to completely re-qualify under today’s far more stringent guidelines for the same mortgage you hold. Yes, even if you are not borrowing any more money, and all you are doing is wanting to “port” the same mortgage, with the remaining term, on to a new property, you still have to re-qualify.

We have often seen clients discover that they now qualify for significantly less than their current mortgage balance in these types of situations.

Discover this BEFORE you list and sell your current home.

You can save yourself from a lot of stress and heartache by taking a couple of extra steps before you list, and/or accept an offer on your current home.

If you are self employed (the owner of the business) you need to be having a detailed conversation with an expert.

Your conversation should include a complete overview of all documents required.

The list has grown radically since 2012.

You likely think you are awesome, because your company is awesome, and no doubt you and your company are awesome!

However, what it all boils down to in the end is your Personal Line 150 documented income.

Having $100.00 or $100,000.00 in liquid capital will not matter.

Having never missed a mortgage payment in your life will not matter (99.69% of CDN’s never miss a payment – so ‘special’ is relative here).

Where our business owner clients used to provide a single CRA Notice of Assessment, and not much else, they are today being asked for the following;

  • 2 years CRA Notice of Assessment
  • 2 years T1 General personal tax returns (complete & accountant prepared)
  • 2 years Corporate Financials (retained earnings are of limited help)
  • Documented proof of business for self (i.e. Notice of Articles, GST returns, business licences)

From a few pages, to a few hundred!

Things have changed.

The list goes on….

You may need bridge financing and you can find more details in our Bridge Financing page.

Keep in mind that not all lenders are offering bridge loans anymore, and the rules and regulations with bridge financing has changed as well. It has also gotten a lot more expensive.

Make sure that you are aware of them before you set your dates, and assume that your bank will fund you the money for the down payment, or carrying costs.

With a changing mortgage marketplace, you need to be updated always so that you can make a decision that is tailored to your current situation with the flexibility that you require.

I can help you through the entire process, helping you explore all your options.

Make a call now and have your financing plan in place and be sure it is workable prior to accepting an offer to sell your current home.

This is vital!

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The Mortgage Specialist, Canada

maria tabor
maria tabor
20:38 15 Jan 20
Aleem - the mortgage specialist is extremely knowlegable, professional, efficient and helpful. He was prompt getting... back to us with quick and detailed information. He was able to provide great advice and options making the experience less stressful. Very evident that he gives advice that is to the best interest of his clients rather than putting his interests first. It didnt matter to him wether he would get paid or not as long as it made the most sense for the client financially. Without a doubt we highly recommend his honest and expert advice! Thank you so very much Aleem!read more
Jane L
Jane L
22:08 21 Dec 19
My friend suggested that I contact Aleem for a consult and I ended up working with him on and off for 2 years through... several life transitions, budget and preference changes. I appreciate that he took the time to educate us so that we can feel more confident in our decisions. For example, I am a visual learner and choosing a mortgage product based on listening to a bunch of financial jargon is not helpful. Aleem sent a side by side comparison chart of the different mortgage options available to us, with explanations, and this allowed me to "see" the differences, as well as do my own further research. As a first time home buyer with no prior knowledge or experience in the financial sector, this attention to detail is empowering because I felt that it enabled us to make our own informed decision rather than having a professional tell me what is best and take control. Lastly, Aleem also kept us apprised on the status of our application through email, which helped alleviate some nerves during a time of stress and uncertainty. I truly hope Aleem stays in this business for years to come- he is definitely THE mortgage specialist who I would reach out to again. Thank you for everything.read more
Wes CD2
Wes CD2
04:16 18 Dec 19
I contacted Aleem after finding The Mortgage Specialist online, with a google search. I decided to call Aleem based on ... all the positive reviews. Aleem was prompt to reply, and within a few minutes of our conversation, he was able to tell me that he should be able to help me. The application process is simple and painless, he asked me the questions on the phone and filled the details out for me, and then sent me a detailed list of everything that we would need to provide the lender. Overall I would say that I was very satisfied with the attention to detail, the level of clarity and the overall professionalism of working with The Mortgage Specialist.read more
Fouzia Mohammed
Fouzia Mohammed
19:21 10 Dec 19
I bought my property as a pre-sale back in 2014, and had spoken to Aleem back then at the recommendation of some family... members that he's helped.My building was finally ready to complete this fall and my cousin reminded me about Aleem (I had forgotten we had even spoken) - Aleem remembered me and our conversation.We set up a phone call, and he asked me questions about my plans for the future, and some goals. He then explained to me why this information was important, and how it would help as a compass to find the right mortgage. He explained to me exactly what the difference in actual dollars a lower rate of 0.25% would be, and clarified the fine print in the contracts with the different lenders, and how it could end up costing me in the long run.He took the time to understand what was important to me and gave me advice that aligned with my plans and goals. And he was very clear on the why and the how part as well.Everything came together very smoothly. There was a delay in my completion date, but Aleem explained that it would be in my best interest to continue on and get everything done and be ready, especially approaching the holiday season, and the nature of my work. Sound advice, as I just got my completion notice about 13 days ago, and we are ready. Thanks for your help, Aleem and team.read more
Team Gabby&Adam
Team Gabby&Adam
17:00 15 Oct 19
My husband and I were referred to Aleem and we were very happy working with him to obtain financing for our first home.... Our situation was unique, and there were some complications which took some time to navigate through. Aleem made us feel comfortable by keeping us in the loop the entire time. He took the time to explain in as much detail as we requested, and set expectations for us. What helped a lot was he broke down the turn around times and the processes, so that we were not in a panic if we did not hear back on something right away. Even though we know that we were not his only clients, Aleem we felt treated like we were always priority number one. On top of that we got a fantastic rate, and we feel comfortable with the terms based on our needs.read more
Adam
Adam
16:52 15 Oct 19
Aleem was referred to us by our financial advisor. It was encouraging to hear on the very first call that we would be... able to qualify for the mortgage amount that we wanted. Not only were all my questions answered in great detail, but I feel like I have a better understanding of the entire process. I was still nervous about the buying a home (who wouldn’t be) but Aleem certainly made me feel very comfortable with the process of attaining financing. Aleem gives you all the info you need and then lets you decided how to proceed. At no point did I ever feel like he was pushing me one way or the other. I always felt like he was on my side and that really helps. Having someone like Aleem who has the connections, the tools and the experience really makes a big difference. I would highly recommend Aleem if you have any mortgage related needs. As a matter of fact, I have already referred his name out to 2 of my colleagues. Overall an outstanding experience!read more
Wesley Yee
Wesley Yee
04:01 25 Sep 19
Aleem was patient with us, and encouraging. He was available to answer questions and clarify things, even if it was the... same question more than once. There are so many things that are a part of the mortgage process and it is important for you to have someone who has a process and the experience to help guide you through it.read more
Kiani Law
Kiani Law
18:56 19 Jul 19
I am a lawyer who has worked with Aleem Peermohamed on several transactions. Regardless of nature or complexity of... matter, Aleem pays attention to the details and will ensure for optimal results and client satisfaction. Aleem is an asset to have on your team!read more
Michael Pearce
Michael Pearce
22:14 02 Jul 19
Mortgages are not something I understand very well. However Aleem explained everything to me in great detail and walked... me through each of my options to make sure I fully understood my choices. Thanks to his effort and guidance I was able to refinance my home at an awesome rate and I could not be happier with the result! I highly recommend Aleem and will be coming to him for all my mortgage needs in the future. Thanks big guy!read more
Roger Milne
Roger Milne
01:42 20 Jun 19
Aleem worked very hard to find me the lowest interest rate anywhere around, and kept me one step ahead of the banks... with respect to organizing paperwork and having everything ready to go when it was needed. I really appreciate the effort he put in to make my renewal & refinance a success 🙂read more
Oshi
Oshi
23:21 11 Jun 19
Aleem is very professional and amicable in his dealings and takes a lot of pride in his work. He went above and beyond... by making time to answer all our questions, no matter how basic or repetitive, and was happy to educate us on the intricacies of sound financial investments that focus on long term returns. Thanks for all your help, Aleem! Will be sure to recommend friends and family!read more
Na G
Na G
06:24 03 May 19
I was referred to Aleem and things moved really quickly. I had written an offer that morning! Aleem re-arranged his... schedule to accommodate me. He was insistent that we spoke before we began the process, and I am thankful that he was so insistent. I felt really comfortable and got a good understanding of the process. The offer ended up not being accepted, but we found another place not too long after. We had a trip scheduled around this time as well so things were pretty hectic. Aleem was transparent, efficient and flexible by providing us various options for the signing.There were a few delays to closing as we found some issues in our final walk through, and again Aleem was very helpful in making sure that what needed to get done got done. He worked very closely with our realtor to ensure the tight deadlines and turnarounds were being met. I would definitely recommend using Aleem if you need a mortgage!read more
Joseph Antifaev
Joseph Antifaev
20:57 10 Jan 19
A colleague who was also in the process of buying referred Aleem to us. We were at the very early stages of starting to... look for a place, and Aleem was patient, and provided us with insight and relevant advice. Even though we were not completely ready to move forward for a few months, Aleem followed up with us regularly to check in and provide us with tips and updates to the mortgage market. Overall we felt very comfortable throughout the process and would recommend Aleem and his team for anyone that is looking for sound mortgage advice.read more
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