We currently offer residential mortgages, commercial mortgages, construction mortgages, business loans and financing options.

We work with clients of all kind. Developers, companies, working citizens, entrepreneurs, families, you name it.

We provide a better lending rate than banks. Which means the interest rate we offer you for mortgages and business loans will be lower. We also provide more flexibility, more 1-on-1 time, expert knowledge and more.

A minimum down payment of 5% is required to purchase a home, subject to certain maximum price restrictions.  In addition to the down payment, you must also be able to show that you can cover the applicable closing costs (i.e. legal fees and disbursements, appraisal fees {though we cover most appraisal fees at True North Mortgage} and a survey certificate, where applicable).
Regardless of the amount of your down payment, at least 5% of it must be from your own cash resources or in the form of a gift from a family member. For non-residents and Newcomers to Canada, typically 10% down payment is required. This down payment cannot be borrowed.

Lenders will generally accept a gift from a family member as an acceptable down payment provided a letter stating it is a true gift, not a loan, is signed by the donor.

Mortgages with less than 20% down must have mortgage loan insurance provided by either CMHC, Genworth or Canada Guarentee.

Yes. Your ideal mortgage formula has probably already been created, but if you want to consider a change let’s review the possible benefits and implications.

High Ratio Mortgage Insurance protects the lender against payment default by the home buyer. It is required by most lenders if the home buyer has less than 20% down payment. An insurance premium will apply. Mortgage Life Insurance protects your dependents and loved ones in the event of your death.

To determine ‘affordability’ you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is your principal residence you are purchasing; calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation.

Second, calculate 40% of your taxable income and deduct all of your monthly debt payments, including car loans, credit cards, lines of credit payments. The lesser of the first or second calculation will be used to help determine how much of your income may be used towards housing related payments, including your mortgage payment. These calculations are based on lenders’ usual guidelines.

In addition to considering what the ratios say you can afford, make sure YOU determine exactly how much debt you’re comfortable servicing. If the payment amount you are comfortable with is less than 32% of your income, you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don’t leave yourself house poor. Structure your payments so that you can still afford simple luxuries.

A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roof, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.). The results of the inspection should be provided to the purchaser in written form, in detail, generally within 24 hours of the inspection.A pre-purchase home inspection can add peace of mind and make a difficult decision much easier. It may indicate that the home needs major structural repairs which can be factored into your buying decision. A home inspection helps remove a number of unknowns and increases the likelihood of a successful purchase.

Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, and Genworth, an approved private corporation. This insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80%. The insurance premiums, ranging from 0.50% to 7.0%, are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance.

A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price; a loan to value of or less than 80%, and does not normally require mortgage loan insurance.

The interest rate on a fixed-rate mortgage is set for a pre-determined term – usually between 6 months to 10 years. This offers the security of knowing what you will be paying for the term selected.

Needless to say, you’ll have financial responsibilities as a home owner.
Some of them, like taxes, may not be billed monthly, so do the calculations to break them down into monthly costs. Below you will find a list of these expenses.

The Mortgage Payment 
For most home buyers, this is the largest monthly expense. The actual amount of the mortgage payment can vary widely since it is based on a number of variables, such as mortgage term and amortization.

Property Taxes 
Property tax can be paid in two ways – remitted directly to the municipality by you, in which case you may be required to periodically show proof of payment to your financial institution; or paid as part of your monthly mortgage payment.

School Taxes 
In some municipalities, these taxes are integrated into the property taxes. In others, they are collected separately and are payable in a single lump sum, usually due at the end of the current school year.

Utilities 
As a home owner, you’ll be responsible for all utility bills including heating, gas, electricity, water, telephone and cable.

Maintenance and Upkeep 
You will also have to cover the cost of painting, roof repairs, electrical and plumbing, walks and driveway, lawn care and snow removal. A well-maintained property helps to preserve your home’s market value, enhances the neighbourhood and, depending on the kind of renovations you make, could add to the value of your property.

There are ways to reduce the number of years to pay down your mortgage. You’ll enjoy significant savings by:

• Selecting a non-monthly or accelerated payment schedule
• Increasing your payment frequency schedule
• Making principal prepayments
• Making Double-Up Payments
• Selecting a shorter amortization at renewal

Very few home buyers have the cash available to buy a home outright. Most of us will turn to a financial institution for a mortgage; the first step in a potentially long-standing relationship. But even with a mortgage, you will need to raise the money for a down payment.
The down payment is that portion of the purchase price you furnish yourself. The amount of the down payment (which represents your financial stake, or the equity in your new home) should be determined well before you start house hunting.
The larger the down payment, the less your home costs in the long run. With a smaller mortgage, interest costs (and possibly insurance fees – for high ratio mortgages) will be lower and over time this will add up to significant savings.

A pre-approved mortgage provides an interest rate guarantee from a lender for a specified period of time (usually 60 to 120 days) and for a set amount of money. The pre-approval is calculated based on information provided by you and is generally subject to certain conditions being met before the mortgage is finalized. Conditions would usually be things like ‘written employment and income confirmation’ and ‘down payment from your own resources’, for example.
Most successful real estate professionals will want to ensure you have a pre-approved mortgage in place before they take you out looking for a home. This is to ensure that they are showing you property within your affordable price range.
In summary, a pre-approved mortgage is one of the first steps a home buyer should take before beginning the buying process.

Depending on the circumstances surrounding your bankruptcy, generally, some lenders will consider providing mortgage financing.

We were work mobile for our clients. We can meet our clients at whichever location suits them best. We have an office in Downtown, Vancouver as well as Surrey.

You can call us directly at 778-862-9248, email us at info@sandhucapital.ca, or fill out a form on our contact us page, and we will get in touch with you within 24 hours.