• Chartered Banks, Loan Corporations

• Trust Companies, Credit Unions

• Finance Companies, Pension Funds

• Life Insurance Companies, Private Individuals

A mortgage is a large debt and should be life insured,for your family's peace of mind. Some lenders include life insurance as part of their cost; others will let you insure the mortgage yourself. But My Best Mortgage always recommends mortgage insurance in some form and you will be presented with the option with your mortgage approval.

Yes, Our office is located in Calgary, Alberta and we service all of Canada.

For most people My Best Mortgage provides a free service. We receive a fee from the lender providing your mortgage.

Absolutely not! Our fees are paid by the lenders as their overhead is much less than a banks. These savings are passed on to you with no hidden costs.

Usually the shorter the term the lower the rate. However many people prefer the comfort of a longer-term mortgage for it's stability. We always recommend a longer term for First Time Buyers. Variable/adjustable rate mortgage are also a very attractive product that may be right for you! Please ask us more!

The amortization period has a dramatic effect on the amount of interest paid over the length of the mortgage. Consider the example of a $250,000 mortgage with an interest rate of 3.59%*

• With a 35 year amortization the monthly payments are $1042.44

• With a 30 year amortization the monthly payments are only increased  by $89.04 to $1131.48. The savings in interest would be $30,486.85

Most mortgages have very flexible payment alternatives. Weekly, bi-weekly,  monthly or semi-monthly payments are most common. These choices also have a great effect on the overall interest payments.

Consider the example of a $250,000 mortgage with an interest rate of 3.59% over a 5 year term.

My Best Mortgage has over 17 years of financial experience in the market as well as a pool of diverse relationships established in the industry to give you the best possible experience, and the knowledge to get the job done with the best rate possible.

This Program has been revised and is now permanent. Under the Zero Down Payment Program, the minimum down payment of 5% of the purchase price or appraised value, whichever is less is funded by the lender and given to the lawyer in trust when the mortgage is advanced. Borrowers must have 1.5% of the purchase amount of their own resources to account for closing costs.

Maximum GDSR ~ 32% (Principal + Interest + Property Taxes + Heating Costs must not exceed 32% of Gross Income).

Maximum TDSR ~ 40 (Principal + Interest + Property Taxes + Heating Costs + Monthly Obligations including Credit Cards & Loans must not exceed 40% of Gross Income). Minimum loan term is 60 months. The mortgage loan insurance premium is 2.90% of  the mortgage amount. (Premium can be added to the mortgage or paid separately).

Credit history must be in very good standing.

Each purchaser may borrow up to $20,000 from their RRSP under the Home Buyers’ Plan. (The funds must have been in the RRSP for at least 90 days prior to withdrawal to be eligible under the program) Provided you buy or build a qualifying home and meet all of the  conditions for making a withdrawal under the Home Buyers’ Plan,  you can use the particular funds you withdrew under the Home Buyers’ Plan for other purposes. (Not only down payment and closing cost, but for any other purpose you choose.)

This program is available to the first time home buyer only. (You are considered a first time home buyer if, at any time during the period beginning January 1, 1995 and ending 31 days prior to your withdrawal in 1998, you did not own a home while you occupied it as your principal place of residence) This information is current throughout 1999, And the program has been extended indefinitely. Repayment of the funds back to your RRSP can be made over  15 years. (The repayment period starts in 2001 and ends in 2015) If the amount is not repaid in a year, that year’s repayment amount will be added to your income and taxed. In order for the home to qualify it must be located in  Canada and intended to be used as your principal residence. This program may be used in connection with the 5% down program.

If you have any questions about the HBP program you can call the General Enquiries section of your local tax services office. You can find the address and telephone number listed under “Revenue Canada” in the Government of Canada section of your telephone book. If you use a Telecommunication Device for the deaf (TDD), you can get tax information by calling the toll-free, bilingual TDD enquiry service at:

1-800-665-0354

If you are applying for a preapproved mortgage, have following information ready to give to My Best Mortgage:

• Have your employer give you a letter on company letterhead outlining your name, position, gross annual income, and number of years employed with the company. Also find your most recent paystub

• If you are self-employed, verifications vary depending on amount of downpayment and credit standing. please inquire for specifics that apply to you.

• Social Insurance Numbers.

• At least 3 years history of residences and employers.

• Know your banking information (i.e. institutions name, address, type of accounts).

• Know your assets and their value (i.e. cash amounts, stocks, bonds, RRSPs, vehicles, pension plans).

• Know your liabilities (i.e. car loan, credit card balances).

• Also, be sure and advise My Best Mortgage Ltd. about any past credit problems you may have had.

• Finally, write down a list of questions you would like to have answered during our meeting together.

If there is ‘one’ thing that causes problems which may delay the closing of your house it’s verification of the Down Payment. Here’s why:

To meet the Requirements of Canada Mortgage and Housing  Corporation, GENCOR (GE Capital) and the Major Lending Institutions On or before the issuance of a lending commitment you will be asked to provide "Confirmation of Down Payment" from Non-borrowed funds in one or more of the following forms;

Down Payment from the Sale of an Existing Property:

You will be required to provide a copy of the unconditional "Purchase and Sale Agreement" on your existing property. This needs to be accompanied by a copy of the statement of "Mortgage Balance" on any mortgages presently held against the property. The difference between the sale price and the mortgages owing will substantiate the funds available for your down payment.

Down Payment from a Gift

All or part of the minimum equity requirement may be provided by way of a financial gift, as long as all of the following conditions are met:

(a) 

the Gift or is an Immediate relative of the borrower;

(b) 

the Approved Lender has verified that the money is a genuine gift; and

(c) 

My Best Mortgage has verification that the funds are in the borrower’s possession 15 days prior to the possession of the residence.

The Approved Lender will verify the validity of the gift by obtaining a written confirmation, signed by the donor and the borrower, which will include the following points:

(a) 

The money is a genuine gift from the donor and does not ever have to be repaid;

(b) 

No part of the financial gift is being provided by any third party having any interest (direct or indirect in the sale of the subject property)

The Approved Lender is not required to forward this confirmation to CMHC, but is expected to retain the information in its paper or electronic loan record.

Down Payment from Your Own Resources

You must supply  verification satisfactory to C.M.H.C. or GENCOR and the lender of accumulated savings from non-borrowed funds. This may be in the form of a copy of your bank book confirming a balance equivalent to your down payment including the amount of deposit confirming the savings of said amount for a period of not less than 3 months.

Should a substantial deposit have been made recently, the source of such funds, i.e. Bonds, Stocks, G.I.C.’s or RRSP,  receipts will also be required.

To avoid any delay in funding your transaction we suggest that you provide a form of the above noted confirmation at least 15 days prior to your closing date.

T.I.P.P.'s stands for Tax Installment Payment Plan. This is the arrangement by which your local municipality deducts your monthly property taxes directly from your financial Institution. This makes life a little easier

If you are qualifying for a High Ratio Mortgage (Insured through CMHC or GENCOR) you will need to have your property taxes paid by either T.I.P.P.'s (as above) or have your property tax payment added to your mortgage if the lender has that ability. If you are qualifying for a conventional (uninsured) mortgage, you have the same options above or pay it annually in a lump sum.

Some of Canada's top financial institutions are at my disposal! Some of them are as follows:

My Best Mortgage will match you with the best lender that meets your unique individual needs.

Yes you can! Most conventional banking institutions put restrictions on who they lend money to for a mortgage, but I have the resources to shop for financing regardless of your credit situation only subject to the value of the property.

VERY. Your private personal and financial information is not sent anywhere until you decide to do so.  When you click on the "Submit Application" button, your data is sent to me via FTP protocol on a SSL secure socket. In addition, any lender that I send your application to also keeps your  information private at all times.

My Best Mortgage has over 13 years of experience in the Financial Industry, rest assured that you are in the best hands to assist you with your financial affairs.

The Purchase Plus Plan lets you add the cost of upgrades to your mortgage before you move in! Eligible upgrades include – a new electrical service, a new roof, central air, a new furnace, new siding, eaves, soffits, facia, doors, windows, a     new kitchen, carpeting... or any other renovation that would increase the value of the home.

The way it works is like this... Let’s assume that you are a first time buyer and have 5% down payment. Before the mortgage financing is arranged, written quotes are obtained from licensed contractors for the repairs and or the improvements to be done to   the home. When the application for mortgage 

financing is made, the request is made for 95% of the purchase price PLUS 95% of the cost to complete the improvements.

Note: The lender will “hold-back” on closing the “improvement” portion of the mortgage until the work has been completed, normally within 30 to 60 days of closing. Once the work has been completed, the lender will advance the balance of the funds and the contractor can be paid. 

What does this mean? . . let me give you an example. . .

The purchase price is: 

$150,000 X 95% = $142,500

The quote for theimprovements is: 

$  11,000 X 95% = $ 10,450

Total Mortgage is: 

$161,000 X 95% = $152,950

Therefore, an application is made for a mortgage in the amount of $152,950  which is 95% of the purchase price plus 95% of the improvements.

On closing this is what happens... The Mortgage advanced to complete the purchase is $142,500 plus the original 5% from the purchasers down payment ($7,500) sufficient funds to complete the purchase of $150,000.

After closing the contractor completes the improvements (normally within 30 to 60 days after the closing) the lender advances the hold-back of $10,450, the purchaser pays the additional 5% of the cost of the improvements ($550) and the $11,000 owed to the contractor can be paid as per the original quote for the work.

And you will get $11,000 of improvements done to your home with a cash outlay of only $550 (the balance was financed with your mortgage)!

To avoid any surprises on closing, a good rule of thumb is to set aside an amount equal to 1.5% of the purchase price to cover expenses like these:

Home Inspection: Prepared by a qualified inspector to assess the property for defects and poor maintenance.

Appraisal:  Prepared by an appraiser chosen by the lender, by CMHC or GENCOR if the mortgage is insured by either company. (No cost upfront  if CMHC or GENCOR insured)

Closing Costs  TOP

Legal Fee/Disbursements: Your lawyer will quote his fee for closing the purchase and mortgage(s) plus an approximation for his disbursements, which includes registration fees, courier costs, photocopies, etc. Ask for an estimate.

Property Tax Hold Back : This is the adjustment to the property tax account in your lender is collecting the taxes, which is calculated based on your possession date which your lawyer prepares prior to closing day. Depending on timing you will need to come up with this amount to close the deal or have it included in your T.I.P.P.'s payment

Interest Adjustment: Monthly mortgage payments are due on the first of the month. Unless the closing date is the first of the month, you must prepay the amount of the interest accruing up to the 1st day of the following month, the Interest Adjustment Date.

CMHC or GE: If your mortgage is insured by CMHC or GENCOR the insurance premium will usually be added to the mortgage so it is not a cash requirement on closing.

Prepaid Expenses: If the Vendor has prepaid any other expenses such as utilities, water and sewage taxes,  or taxes, he must be compensated. This will be reflected in the Statement of Adjustments.

Other Fees: Occasionally, a lender or the broker will charge a fee for providing  the mortgage. If so, these costs should be disclosed to you at the time the Statement of Mortgage is issued to you.