Specialty Programs
New to Canada Program
Newcomer to Canada? No need to wait to own your dream home. With our New to Canada mortgage programs, buy a home without years of credit history or employment record.
Reduced Down Payment Requirements
Many New to Canada mortgage programs offer lower down payment requirements than traditional mortgages, making it easier for new Canadians to get into the housing market.
Flexible Credit Requirements
Because new Canadians may not have an established credit history in Canada, New to Canada mortgage programs often have more flexible credit requirements, allowing individuals with limited credit history to still qualify for a mortgage.
Self Employed Program
Did you know that approximately 15% of the Canadian workforce is self-employed? At myNexus Mortgage; our team can analyze your “Stated” vs “Declared” income situation and find out the right mortgage solution.
What is a Self Employed Mortgage?
The main difference between salaried employees and entrepreneurs is that there is those on Salary have a consistent flow of income be it weekly, bi-weekly, semi-monthly or monthly while those Self-Employed don’t have the tradition consistency of income flow. As a self-employed borrower your story is different not to mention write-offs and other business expenses that eat into your gross income. We work with a variety of A & B Lenders, that understand the life of an entrepreneur and have programs designed to meet your needs.
Self-Employed Income Confirmation
Our team of Mortgage Agents are here to help you put together the most desirable application to be presented to a variety of top lenders. We will typically analyze your “Declared Income” using Tax Returns and your “Stated Income” using bank statements. This ensures the right picture is being presented to our Lenders in securing your Mortgage approval
Net Worth Program
Did you know that many Lenders have programs that consider your Investments to Qualify you when your Income doesn’t meet the Conventional criteria?
What is a high-net-worth mortgage?
The high-net-worth mortgage program is specialized program designed to support individuals with Investment assets in Non-Reg, RSP, TFSA & Real Estate Equity when their standard income does not meet the lenders debt servicing criteria. Typically individuals needs a minimum of $250,000 to qualify under this program.
How do you qualify for a High Net Worth Mortgage (HNW)?
At myNexus Mortgage; our Team will typically ask you to complete a full application to understand your overall Net Worth including Investments you hold outside Real Estate. Most lenders will typically ask for Confirmation of your Non-Real Estate assets by way of 90 days to 12 month Investment Statements.
Typically, there would be a cap on your Mortgage Approval amount based on your declared or stated income. The HNW program then considers any bank assets you own and increases your borrowing capacity between .70 cents to $1 per $1 of Confirmed Investments.