A few reasons why you should use a mortgage broker:

Mortgage brokers are specialists in mortgage products.  Our role is to act as a link between you and the banks so that you do not have to spend your valuable time shopping around for the perfect mortgage.

Rather than working for one financial institution, Meridian West Coast Mortgages Inc. deals with over fifty lenders all across Canada. Therefore we can offer you more choices and more competitive rates regardless of where in Canada you live.

Our expert, unbiased and fast service is FREE! We are not tied to any specific lending institution and yet the perfect lender for your mortgage reimburses us with a “finder’s fee.” There are no broker costs hidden in your mortgage and lenders pay standard fees so you can be sure that we are working for your best interest.

You may not enjoy negotiating with financial institutions, but at Meridian West Coast Mortgages Inc., negotiating is our specialty! We guarantee that we will arrange the best mortgage rate and product for you

By working with your goals and dreams we are able to create a portfolio for you which allows us to quickly short list the mortgage products that best match your needs.  Every client is going to have different goals and plans and we specialize in ensuring that your financing is going to facilitate your dreams

As mortgage brokers, we at Meridian West Coast Mortgages Inc. are 100% dedicated to financing your home.  We pride ourselves on ensuring we have excellent communication with our clients and make ourselves available to you not only during regular business hours but also during evenings and weekends. 

At Meridian West Coast Mortgages we understand that your home is likely the most valuable asset you will ever own and understanding and being comfortable with the financing of that asset is essential.  Not only do we know everything there is to know about mortgages, we excel at communicating with our clients in easy to understand language.

Most of the lenders we deal with are the same reputable, established Canadian financial institutions you are used to. However if your situation requires special attention we have several equity and private lenders so that every client can find the financing they require.

FLEXIBLE FEATURES OF MERIDIAN WEST COAST MORTGAGES

Pre-Approved Mortgages within 24 hours

Full Mortgage Approval on Accepted Offers to Purchase and Refinances Within
2 Working Days

Guaranteed Best Interest Rates 

Up to 120 Day Interest Rate Holds

A wide Selection of Terms Including Fixed Rate Terms, Variable Mortgages, Open Mortgages and Line of Credit Mortgages

25 to 40 year Extended Amortizations

Zero Down Payment Mortgages

Weekly, Bi-Weekly, Semi-Monthly and Monthly Payment Frequency Dhoices

Access to Over 50 Lenders Across Canada

Pre-payment Privileges:

Double Up on Monthly Payments

Up to 20% Annual Lump Sum Payments

Unlimited Payments on Open and Line of Credit Mortgages

Transfers/Mortgage Renewals and Refinancing available

Portable and Assumable Mortgages 

Equity Mortgages (Non-Income Qualified)

Second Mortgages

Mortgages Life and Disability Insurance ~Back to Top~

GETTING READY TO ARRANGE YOUR MORTGAGE

Depending on how we are able to qualify you we may require any combination of the following information. Your mortgage broker will clearly detail for you all information your specific lender will require for qualification.

Letter of Employment from your employer on company letter head stating your job title, gross annual or monthly income, and the length of time you have been with the company. The letter must also state that your job is permanent and not probationary if you have been with the employer for less than 3 months.



Your most current pay stub.



If you are self-employed, we need your last three years of Notice of Assessments from Revenue Canada. We may also require your T1 Generals from your tax returns as well as your Statement of Business Activities.



Confirmation of down payment by way of:

3 months of bank statements OR

3 months of GIC or RRSP statements OR

Gift letter (if applicable) from a family member who is gifting the funds AND proof funds have been deposited into your account.We have blank gift letters available upon request.

*Please note that each person on the mortgage may use up to $20,000 from their RRSP’S toward your down payment without any penalty or taxes if you are a first time buyer. Funds must be in your account for a period of 90 days and may be repayable over a 15-year period. ~Back to Top~

HOME BUYER'S TIPS - HOME PURCHASE EXPENSES AND CLOSING COSTS:

(Please note: all costs are approximate.)

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We are connected with reputable businesses in all areas of the housing industry.  Please call us and we will recommend a professional in your area that can help you with:

Legal/Notary Services

Home Inspection

Appraisal

Insurance – General Insurance and Life Insurance

HOME INSPECTION FEE (Optional):

 A home inspection is a valuable tool to allow you information on the mechanics of the property you are looking to purchase.  An inspector may find conflicts with structure, electrical, plumbing or other systems within the home that are not visibly apparent.  Inspection reports are typically about $400. 

APPRAISAL:

If you have a high ratio mortgage (less than 25% down payment) then CMHC or GE Capital will perform the appraisal for a fee of $165 to be deducted from the mortgage amount

If you have a conventional mortgage (more than 25% down payment) an independent appraisal is needed for a fee of approximately $250

MORTGAGE LOAN INSURANCE PREMIUM

If you have less than 25% equity in the home, CMHC (Canadian Mortgage and Housing Corporation) or Genworth must by law insure the mortgage unless you use private financing.  This premium is rolled into your mortgage.  (Current figures as of April 2007) - Please see table on the following page.

TO BE PAID AT YOUR LAWYER OR NORTARY'S OFFICE

Legal Fees & Disbursements (Approximately $800-$1000) 

Survey Fee / Survey Certificate (Houses only): $400 - This certificate shows that the home and outbuildings on a property do not encroach or cross neighboring property lines.  The vendor may be in possession of this certificate and it is not needed for strata buildings.  Survey Certificates are valid for up to 15 years and following that either a new survey must be attained or can be replaced by Title Insurance for approximately $250. 

Property or Land Transfer Tax: First time home buyers will only pay this tax if their purchase is over $375,000 or if there is more than 30% equity in the home.  All repeat and investment buyers will pay this tax and it cannot be rolled into mortgage financing.  The tax is calculated as 1% on the first $200,000 of the purchase price and 2% on the remaining. 

Adjustments of property taxes, strata costs, municipal costs, etc. varies depending on which month of the year the property is purchased. 

Property Tax Adjustment:  This amount will vary depending on the property taxes and the closing date.  Property taxes are traditionally due on or about July 1^st of each year.  If one purchases a property between January 1^st and June 30^th then the seller will owe the purchaser taxes as the purchaser will be responsible for paying the year’s taxes come July 1^st.  If one purchases a property between July 1^st and December 31^st then the purchaser will owe the seller taxes as the taxes will have been paid for July 1^st.  Property taxes are adjusted to the exact day the property is transferred

If Strata:

Estoppel Certificate Fee - This applies if you are buying a condominium or strata unit and could cost up to $100.

Form A (Strata only – needed at closing): $50 – Required by the Strata Act to show vendor does not have outstanding strata fees.

Strata Cost Adjustment (for strata properties only – needed at closing):  The vendor will be compensated for strata fees paid after adjustment date. 

TO BE PAID TO YOUR MUNICIPAL GOVERNMENT AND/OR UTILITY PROVIDERS:

Property Taxes (varies by municipality)

Service and Utility Hook-up fees

Utility Payments

TO BE PAID BY YOUR LENDER:

Your mortgage payment – based on chosen payment terms, payment frequency will vary. (Weekly, bi-weekly, monthly, etc.)

GST on new homes will be added to purchase price and can be financed by the mortgage

OTHER COTS TO CONSIDER:

Moving Expenses

Renovations and repairs

Furniture, paint, carpeting, window coverings, etc.

Property Insurance – If purchasing a home, you will need an Insurance binder from an insurance agent (fire insurance, etc.) $35.  

ONCE YOU HAVE PURCHASED YOUR HOME, YOU WILL INCUR REGULAR EXPENSES ON A MONTHLY, QUARTERLY OR YEARLY BASIS INCLUDING:

Your mortgage payment

Water and/or Sewer Payments

Electricity and Gas Services

Cable and Telephone Services

Property Taxes

Strata or Condo Fees (If Applicable)

Repair/Maintenance Expenses

Homeowner’s Insurance

Life Insurance ~Back to Top~