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Harvey McCallum
Licensed Mortgage Broker
My fee is paid by the banks so you don't have to.
I pride myself on generating creative mortgage solutions for my clients. The lowest mortgage rate, and the lowest mortgage payment is only the beginning of the process.
Interest Only Mortgage
The best Interest Only mortgage makes sense for so many reasons. The most obvious is it can cut your monthly mortgage payment in half.
You will qualify if you have been employed at the same job for two years, have a good credit score (beacon score). Established credit with at least one year history with a minimum $5000 loan - a payment of at least $200 a month and a bank credit card. If in doubt about your credit I will check it for you.
Borrower Qualifications:
Down Payment must come from own resources (i.e. not gifted or borrowed) with proof of three months bank statements, RRSP, GIC etc. Uninsured: Most recent Notice Of Assessment for confirmation that taxes are filed and no tax arrears.
Insured: Three most recent Notice Of Assessment's for confirmation that taxes are filed and no tax arrears. For commissioned sales, 3 years of T4's or letter from employer confirming 3 years in commissioned sales are required.
A real estate investor can buy investment property with as little down as 10% or 15%. I have a mortgage that will make almost any property cash flow positive. As an investor you will no longer have to qualify for the mortgage if you have three properties with a 1.1 Debt Coverage Ratio.
Applying for a Mortgage Loan
Lenders review five key factors when evaluating an application – your income, debts, employment history, credit history, and the value of the property.
It makes more sense to pay off your existing debt with your existing equity than to borrow more money and go into more debt. By clicking on the Debt Consolidation link you will taken to my mortgage application page. Fill out the application and I will call you with the tree best options to get out of debt the quickest with the least interest cost.
Most people do not write off the interest on their mortgage. Yes many homeowners write off a portion of their mortgage payment as it relates to a home office space. But that is not the same as writing off the interest on their mortgage
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