The Smart Way to Get a Mortgage
Buying a home is one of life's biggest decisions. Working with a qualified mortgage professional will help you obtain that dream faster, more efficiently and with greater savings.
Rest assured, you will get the best rate and term
Because we study mortgage rate markets on a daily basis and have direct access to over 40 primary lenders and 400 products across the country, we aggressively negotiate your mortgage with lenders to offer you a highly competitive rate. We?ll make sure you get the best mortgage product currently offered.
Our service costs you NOTHING!
Though we work for you, we are paid by the financial institution the mortgage is placed with. Compensation is based on the size of the mortgage not the rate, so our loyalty is with you. (O.A.C.)
We only deal with top quality brand name lenders
Most of the lenders we deal with are the same reputable, established Canadian financial institutions you are used to. In addition, we also add some innovative broker-only lenders who offer even more attractive rates and features. Rest assured that we are committed to aligning ourselves with lenders of the highest ethical standards.
You are dealing with one of the top 10 mortgage teams in Canada
Our experience, large volumes and stronger lender relationships allow us the power to get deals not available to all brokers.
Your Mortgage Application
You can complete your application in three ways:
Click
Fill in our full simple online application form to let us find your best mortgage at the best rate now.
Call
Call our toll free line and speak directly to one of Jared's mortgage professionals. 604 536-3802 Toll Free 1.800.687.9020
Fax
Download our printable application form and fax directly to our Confidential Toll Free Fax Line 1-800-939-1960.
The information we need is standard when applying for a mortgage. Information regarding your work, down payment, liabilities and the type of property you are looking to purchase will be requested.
Once your mortgage application has been received we work on getting you pre-approved. Pre-approvals not only protect you in the event of an interest rate hike, but also provides you and your realtor with a maximum house purchase price based on your individual financial situation so you can shop with confidence. Pre-approvals are rate holds only and once your application is submitted for final approval it will be subject to current underwriting guidelines.
* A pre-approval/rate hold certificate can be valid for up to 120 days.
At Dreyer Group, a credit check must be preformed prior to the pre-approval. This report gives us a clearer picture of your borrowing power. What shows up on your bureau can determine the rates and products you qualify for.
The Pre-Approval
Our Pre-Approval
What you might want to think about:
*Rate Holds
Your application is only a rate hold once your application as been submitted, and will be subject to current underwriting guidelines
*Extending your rate holds
Remember your rate hold expires after 120 days, though if it does we are happy to lock you into another 120 day rate hold!
*Final Approvals
Satisfactory review of property, appraisal, credit report, confirmation of down payment and verification of income by the lender are all factors that will determine your final approval.
Getting your best mortgage
At Dreyer Group, our priority is to help you pay off your mortgage sooner.
1. Getting Your Best Rate
After taking your application and pulling your credit bureau, we will have a clear picture of your borrowing power. The better the credit rating and application, the stronger our negotiation power is with the lenders.
We take all this information and shop all the major lenders across Canada and secure you the very best rate. We also continue to monitor your mortgage before funding and if rates go down we rebook your mortgage at that lower rate.
Note on Rates:
As part of the service we provide, we commit to helping you pay off your mortgage sooner, in addition to securing your best mortgage rate upfront, we continue to monitor your mortgage through the term and if rates go down in that period, you will be contacted to see if there is an opportunity to save money.
2. Getting You the Best Mortgage Option
Securing the best mortgage rate is only one part of the equation to help you pay off your mortgage sooner. We also consider all the features of the mortgage and look for options that allow the greatest flexibility and repayment options. These include, allowing annual lump sum payments, increasing your monthly payments at any time and the exit terms of the mortgage should you need to break the contract.
Documentation Required
Documentation is required by the lender to validate your mortgage approval. Depending on your individual situation, some or a combination of the list below may be required. Rest assured we will work with you to collect these documents and get your approval as quickly as possible.
Income Tax Notice of Assessments (NOA)
An Notice of Assesments (NOA) is a government form sent to you after you file your taxes that shows your net income for that year. Lenders may require up to two years of your NOA as they will usually use an average for your income.
Proof of Down payment
Lenders will require the proof of your down payment. This includes up to three months worth of banking or any other assets statements confirming the down payment balance. These documents need to have your name, account number and current balances.
Pay Stubs
Lenders may also require 2 recent paystubs dated within 30 days of the mortgage application.
Employment Letter
An employment letter is written by your employer confirming your employment. It needs to include your position, start date, salary, bonuses if any and must be on company letterhead, dated and signed by an authorized person.
Self Employed
Generally self employed positions require 2 years proof of business which can include financial statements prepared by an accountant, T1 Generals, business license and Articles of Incorporation.. Each lender has different requirements so we will work with you to collect the appropriate documentation.
Self Employed No Income Proof Required
Some lenders have a program called Stated Income. Under this program you will have to sign a statutory declaration stating you do not owe Revenue Canada any taxes. Stated income is the self employed person telling the lender what there income is without providing income supporting documents. This program is based heavily on the borrower's credit score and equity in the property.
Costs You Need to Know
Overall, as a general rule of thumb, closing costs in addition to the purchase price of your new home is between 1.5% - 2% of the purchase price. It's a good idea to do set aside this money in a separate bank account upfront. Listed below are the primary costs associated with purchasing a home that make up the above calculation.
Home Inspection
The purpose of a home inspection is to check the structural, electrical and plumbing integrity of the property. A home inspection can cost between $300 - $400.
The Appraisal
Lenders may require an appraisal if the down payment is 20% or greater of the purchase price. An appraisal can cost approximately $250 - $300.
Survey Certificate/Title Insurance
Most lenders require a Survey Certificate prepared by a BC Land Surveyor. The certificate shows the dimensions of the house as it sits on the legal lot, ensuring the house does not encroach on a neighbouring property. This survey is to protect the client and the lender. The cost generally ranges between $200 to $300. An alternative to this is to obtain Title Insurance which costs $150 - $200 depending on the property.
Property Transfer Tax (P.T.T)
Payable at the lawyers, P.T.T is calculated at a rate of 1% of the first $200,000 and 2% of the remainder. This tax is charged on every purchase of real estate.. There is an exemption for First Time Buyers who meet certain qualifying conditions. Find out more www.sbr.gov.bc.
Municipal Property Taxes
Property taxes are based on the assessed value of your home and property (assessments are issued at the beginning of each year) and paid in early July. If the completion date is after the due date for property taxes, this adjustment is a debit for the purchaser. If the completion date is prior to the due date, the adjustment is a credit for the purchaser.
* Municipal utilities such as water and sewer may be included in the property taxes or may be adjusted separately depending in the particular municipality.
Home/Fire Insurance
Lenders require Fire Insurance on a Detached Single Family Residence with loss payable to the lending institution. Costs will vary depending on the property, location and contents. Fire insurance on Strata properties is included in the monthly Strata Fees. It is up to the owner to purchase his or her own content insurance. Costs vary but average is around $500-800 per year.
Legal Fees
Legal fees generally range between $750 - $1000 to convey title and register a mortgage (these figures include fees, disbursements, GST and PST).
Strata Title
Condominiums and townhouses have a special form of title which is called Strata title. You will not need a Survey Certificate if you are purchasing a Strata Title property. However, there are other expenses that will be incurred:
*Some Strata Corporations charge a Move-In fee usually between $25 - $50
*Almost all Strata's charge a fee to provide two documents required to complete a strata purchase, which are called a Form B and Form F. The fees range from $50 -$100
*Your law firm will order a copy of the Strata Plan to ensure that you are in fact purchasing the Strata unit that you are intending to. The cost is approximately $15
There will be an adjustment for your portion of the monthly Strata Fees for the month in which your purchase falls
Other budgetary items to consider not generally associated with closing costs:
CMHC/Genworth Financial Insurance: Can be paid up front but is generally added to the principal of your mortgage and NOT included in the closing costs. CMHC and Genworth Insurance is only applicable if you put less than 20% as a down payment. The amount of the fee will depend on the amount you are borrowing and the percentage of your down payment. Typical fees range from 1.00% to 3.25% of the principal amount of your mortgage.
Interest Adjustment Date: A date from which interest on the mortgage advanced is calculated for your regular payments. This date is usually one payment period before regular mortgage payments begin. Interest is calculated from the date your mortgage is advanced to the IAD which is due on closing or collected on a date prior to your first payment. You will be notified prior to the funds coming out of your account by the specific lender or your lawyer. Example:
If your closing date (the date on which the sale of a property becomes final) is on the 20th of the month and your payment is to begin the 1st of the following month you will have interest calculated from the 20th to the 1st. That amount of interest calculated will be due and payable on the 1st or at the lawyers. Regular payments would then begin the first of the following month. This situation is modified if you chose weekly, bi-weekly or semi-monthly payments.
Subject Removal: Once you have met the conditions your realtor has outlined in the contract, such as inspection, subject to financing etc you will give the realtor a cheque for the deposit. The deposit amount is applied to your total down payment required.
*The above costs and adjustments are based on current information and could change at anytime without notice.OAC
Final Approval
Subject Removal
Subject removal happens once you have received confirmation that your mortgage is approved by the lender and all the required conditions of the lender have been met and approved.
Finalizing
You will meet with your mortgage specialist to sign your commitment; at this time we will also go over some terms and conditions, finalize your solicitor information and answer any questions.
Legal Documentation
At this stage, your realtor and I will arrange for documentation to be sent to your lawyer. Typically the lawyer will call you one to two weeks before closing of the purchase to ask a few questions and to make an appointment to have you sign the mortgage and title documents.
Completion
You own your own home and we will be available to answer any questions or financing needs you may during the process or in the future. As well, we will continue to monitor your mortgage and contact you any time we see an opportunity for you to save money should rates go down or if more attractive mortgage products are introduced.
Common Questions
I want to change my mortgage payment, how do I do this?
Your lender or your mortgage broker can make these changes for you!
How do I lock in my Variable Rate Mortgage?
Always contact us first we can discuss whether locking in is your best option.
How do I go about refinancing?
If you want to refinance contact us and we can discuss your options. We will have to update your application with your current information and get you approved from the new lender.
I want to move again, what do I do?
Whether you are moving up or down in property sizes contacting us is your best option, then we can discuss all the details directly with you.
John and Ellie were in a 5-Year fixed mortgage with a rate of 4.45%. By moving thier mortgage to a new lender at a lower rate, they saved $20,000 in 3 years even after paying the penalty! Plus there were no legal fees given the type of mortgage they were in. There is nothing I love more than saving clients and thier families money!
