Mortgage Services in Sidney BC

  • WHAT WE DO
  • MORTGAGE CHECK LISTS

Our job as mortgage brokers is to examine the documentation you provide us and, on that basis, to advise you about the best mortgage to suit your needs.

Whether you want a standard mortgage to help you buy a home, or strata (condo), or you want a second mortgage to access the built-up value, we can tell you what you can reasonably expect to get. Our application form will reveal much of what we need. To start the process, contact us and we will send you the form.

We are also able to assist you if you are interested in a residence on reserve lands or a co-op unit. Perhaps, you want to live on a houseboat, or you are looking to buy a small hobby farm. We have lenders for these properties.

New to Canada? There are lenders who will consider loans for new Canadians who do not have a credit history in Canada. Or are you here on contract and intend to return to your own country when your job is finished? We have lenders for you.

Time is money and to help you get started, we have created mortgage checklists so that you will know what you have to provide us with to ensure getting the lender to say yes. Click on the tab at the top of the home page for these lists.

For all this work, how do we get paid? If your mortgage is provided by a regular financial institution like a bank or a credit union, the lender pays us. If we have to use a private lender, you pay us a fee agreed to in advance. This also applies to second mortgages and all construction and commercial mortgages. In all cases, if you do not get the mortgage, we do not get paid.

To help you get what lenders need to decide on your application and to avoid delays, we have drawn up a mortgage check list. Many lenders will have additional requirements, but all lenders will ask for what we mention here. Having this information when you apply will shorten the approval process considerably.

All lenders will ask for the following:

  • Notice of Assessment (NOA) for last tax year.
  • Proof of Income:
    • Employer’s letter confirming job and payment details
    • Latest pay stub
    • Latest proof of electronic deposit into your accounts
  • Proof of down payment either from personal sources or a gift letter
  • Two pieces of government-issued ID, one of which must be a picture ID
  • Statement of Personal Net Worth (Assets and Liabilities)
  • Signed and accepted real estate contract of purchase with all the addendums
  • If the house is new, proof of the builder registration in the new home warranty Program
  • If the house is new, copy of the occupancy permit
  • Strata Check List: (In B.C. condos are called stratas)

In addition to all of the above, you will be asked for:

  • MLS data sheet
  • Latest copy of the financial statements for the strata corporation
  • Copy of the by-laws for the strata corporation
  • Information about special levies either existing or planned
  • If the strata is new, proof of builder registration in the new home warranty program
  • If the strata is new, a copy of the occupancy permit

If you are building your own home:

In addition to the first group of requirements,

  • MLS data sheet
  • Signed and accepted builder’s contract
  • Water/sewage tests if applicable
  • Professionally drawn and certified drawings

Houseboat:

In addition to the first group of requirements,

  • MLS data sheet
  • Copy of the marina lease

Mobile Home:

In addition to the first group of requirements,

  • MLS data sheet
  • Copy of the pad lease