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Which Mortgage is Right For Me?

Why Use a Mortgage Professional

10 Great Reasons to use a Mortgage industry professional from TMG

  1. Get independent, objective advice on your financial options.
    Mortgage Brokers can work with several banks and have access to a range of products. They work for you and can make objective recommendations on financing solutions through hundreds of lenders.
  2. Save time with convenient one-stop-shopping.
    Mortgage Brokers do the research and shopping for you so there’s no need for you to waste time organizing appointments with competing mortgage lenders when you could be house-hunting!
  3. We are negotiating on your behalf.
    Negotiating can be stressful. Mortgage Brokers act in your best interest and do all the negotiating to secure competitive rates and terms that make sense for you.
  4. More choices.
    With a network of major lenders and products to choose from, Mortgage Brokers can source your ideal mortgage options from banks, credit unions, non-traditional lenders and more.
  5. Assurance that you’re getting the best rates and terms.
    Mortgage Brokers have the negotiating power because lenders compete for their business. To you, that means the best rates and terms for your individual needs.
  6. We have access to special deals and add-ons.
    Many financial institutions offer incentives, including retail points programs or appliance discounts. Mortgage Brokers can tap into the perks and savings you deserve.
  7. Fast and efficient.
    From the initial assessment of your unique situation right through the closing process, transactions move quickly when working with a Mortgage Broker.
  8. Expertise.
    Mortgage Brokers are specialists providing expert advice and guidance on mortgage products, interest rates and current housing market conditions.
  9. No cost to you.
    Mortgage Brokers are paid by lending institutions which in the vast majority of cases means there’s no cost to you and no surprises.
  10. Ongoing support.
    Even after your successful mortgage transaction, Mortgage Brokers are an excellent resource for advice, queries or future referral needs.

First time buyer

Buying your first home? We can help.

Your first home – what an exciting time! A milestone you’ll always remember.

At TMG The Mortgage Group we make it our business to understand your unique needs and match you with financing solutions that make sense. Our qualified and accredited mortgage industry professionals assess your needs and act in your best interests, representing you as the go-between with lenders.

And in the majority of cases, we’re paid by lending institutions, so there’s no cost to you.

The first step is to help you understand what you can comfortably afford to borrow by arranging a Pre-Approved Mortgage, guaranteed for 120-days. Not only does a Pre-Approved Mortgage provide clarity while you house-hunt, but it’s also peace-of-mind on an interest rate that will not increase. And in the fortunate event that rates decrease, TMG will ensure you benefit.

Your TMG Mortgage Broker will provide a no-obligation, Pre-Approved Mortgage for you at no cost. Call and set up an appointment that’s convenient for you so we can get started on your mortgage application. (confirm this no obligation wording – some negative comments in 2018 about a broker fee).

TMG has helped hundreds-of-thousands of Canadians just like you, earning a respected reputation with lenders and clients as award-winning, leading-edge mortgage experts.­


Turn Your Home Equity into Opportunity

Are you considering refinancing your home? Or maybe your circumstances have changed. A TMG Mortgage Broker will be pleased to work with you to weigh the costs and benefits to ensure it makes financial sense and most importantly, that you come out ahead.

Some reasons to consider refinancing:

  • Free up cash to pay off bills or consolidate to one payment, one interest rate
  • Reduce borrowing costs on your current mortgage by securing or switching to a lower fixed or variable rate
  • Fund home improvements or purchase additional investment properties

Deciding whether the cost of mortgage refinancing makes sense for you comes down to 2 basic questions:

  1. How do we best manage your cashflow?
  2. How long will it take before you start saving money?

Let’s get started. Locate a TMG Mortgage Broker in your area.


Before you “sign here” talk to the mortgage industry professionals at TMG

If your mortgage is coming up for renewal, make TMG The Mortgage Group your first call and let’s get a jump on the options.

Today’s ultra-sensitive stress-tests and interest rate environment can be especially confusing. Many homeowners sign their renewal agreement at whatever rate their lender has quoted. Sadly, that’s what they count on.

Don’t make this simple yet expensive mistake.

A TMG Mortgage Broker can demystify your options and negotiate the best rate on your behalf. And if we time it right and consult with you at the time your mortgage comes up for renewal, we can ensure you get the best deal from your current or new lender.

Let’s get started. Locate a TMG Mortgage Broker in your area.

Reverse mortgage

Put your home equity to work for you

Like most Canadians over 55, your home is your largest asset and part of your retirement plan.

You could wait until you retire to enjoy the “fruits of your equity,” or unlock the value in your home now with a Reverse Mortgage or an Income Advantage cash flow solution. Both are simple, easy and dependable ways to access tax-free cash from up to 55% of the equity in your home. There are no credit or income qualifications, and you maintain ownership of your home and best of all, there are no regular monthly payments required.

  • EASY: Free up tax-free cash to invest, travel, pay off debt, renovate or sleep easier.
  • FLEXIBLE: You can choose to take a lump sum* or receive payments over time.
  • TAKE BACK CONTROL: Lifetime approvals mean you can continue to live in your home until you decide to move or sell.
  • NO PAYMENTS REQUIRED: Your home continues to appreciate, and there are no regular monthly payments required until you move or sell it.

Want to learn more? Locate a TMG Mortgage Broker in your area.

Experienced buyer

Need another mortgage? We have you covered.

Returning client? Thank you for the opportunity to work with you again – we appreciate your business and loyalty.

If you’re new to TMG The Mortgage Group, we look forward to earning your trust by working with you to provide the best mortgage solution to suit your unique financial needs.

Your TMG Mortgage Broker will be happy to assess your current financial position and provide a no-obligation, no-cost Pre-Approved Mortgage for you.

Let’s get started. Locate a TMG Mortgage Broker in your area.


Mortgage products and options for your unique needs

At TMG The Mortgage Group, we research and filter through hundreds of loans and products with over 50 mortgage lenders which means you can be sure we’re presenting you with competitive mortgage rates and options tailored to your specific needs.

While there are several factors to consider when making a mortgage decision, including selecting the right mortgage professional and what you can afford, there are necessarily four key elements to consider when making a mortgage product decision:

  1. Term – the contracted length of time you pay a specific rate on the mortgage.
  2. Rate – the interest rate on the mortgage is either fixed or variable. A fixed-rate means the same interest rate and payment guaranteed for the length of your mortgage and a variable rate means your interest rate fluctuates with changes in the prime rate.
  3. Term Type – specifies the conditions associated with paying out the mortgage as in open or closed.
  4. Flexibility – defines the ability to repay additional amounts, thereby reducing your outstanding principal throughout the term of the mortgage; either ongoing with regular payments or lump sum bonus payments.


TMG offers a variety of mortgage product options including:

  1. An Open Mortgage – allows you the flexibility to pay off some or the entire mortgage at any time, without penalty. Interest rates are usually higher and are tied to the Bank Prime.
  2. A Fixed Mortgage – offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term. Terms range from 6 months to 10 years. Fixed-rate mortgages offer some form of pre-payment, from 10% to 25% of the original mortgage balance each year, depending on the lender. If you wish to pay off your mortgage in full, there will be a penalty of either three months simple interest, or an Interest Rate Differential (IRD). The benefit of this mortgage is the rate is lower than an open mortgage, making it a more popular option if you have no plans to pre-pay it in full during the term you select.
  3. Variable Rate Mortgage – allows you to take advantage of today’s low Prime Rate. Most variable-rate products are set below prime; terms range from 1 to 5 years. The terms range from 3 to 6 years. Payments vary depending on the product or lender you choose. In some cases, you can fix your payments for up to 5 years, but the interest rate will fluctuate as the Bank Prime Rate changes. In other cases, your monthly payments will vary depending on how many times the Prime Rate changes during your term.
  4. Secured Line of Credit – allows you to access the equity in your home whenever you choose. Rates are tied to prime, usually slightly above prime. Required payment on the balance is interest only, making it an excellent choice where cash flow may be important. Lower interest rates compared to an unsecured line of credit. You may have a secured line of credit and a mortgage if you have good equity in your home.
  5. 2nd mortgage – typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property.
  6. Private Mortgage – in this instance, you don’t borrow from a bank, you borrow from another person or business.
  7. Commercial Mortgage – similar to a residential mortgage, except the collateral is a commercial building or other business real estate, not residential property. Also, commercial mortgages are typically taken on by businesses instead of individual borrowers.

Are you feeling overwhelmed? Don’t be. We wanted to bring you up-to-speed, but rest assured we can take it from here.

Let’s get started. Locate a TMG Mortgage Broker in your area.


Protection for your family, peace-of-mind for you

As exciting as it is to buy a new home or investment property, making sure your family and dependents are protected if anything happens to you is an important consideration–especially if you are the primary breadwinner in your home.

Rest easy with TMG Assure’s mortgage insurance knowing that in the event of your death, an unfortunate injury, or critical illness, your mortgage is covered.

Why TMG Assure?

  1. Affordability – Protect yourself and your family at a low monthly rate. What’s more, your premium will never increase during the life of the coverage.
  2. Portability – Mortgage insurance from TMG can be moved from one lender to another with no change in rates and no need to re-qualify. You can also keep your policy if you refinance, or move the mortgage to a new property.
  3. Reimbursable coverage period – Be reimbursed for 30 days of initial coverage if you choose to cancel.
  4. Flexibility of coverage – Unlike many lenders and insurance providers, with TMG you can purchase a variety of options: life, disability, or critical illness.
  5. Quick online application – A link will be provided by your Broker to apply for one, two or three of the mortgage options for you and/or the co-applicant. Only talk with a representative if they have further questions, and you’ll receive an email notification upon approval

It’s as simple as one application and can be effective immediately, with affordable monthly premiums that never increase.

For more information, talk to your TMG Mortgage Professional about how you can seamlessly fold TMG Assure into your new mortgage, renewal or refinance.

Let’s get started. Locate a TMG Mortgage Broker in your area.


Answers to questions that come up often.

Why use a Mortgage Professional?

  • Power of professional negotiating expertise.
  • One stop convenience for access to numerous mortgage products.
  • Unbiased knowledgeable advice.
  • Access to unadvertised rates.
  • Work for you, not the Bank.

What is the Homebuyers Plan?

  • The Home Buyers Plan is a federal government program that allows homebuyers to use $25,000.00 for each purchaser from his/her own RRSP.
  • You must not have owned a principal residence within the last 5 years.
  • You must intend to occupy your home as a principal residence.
  • The minimum repayment is 15 equal annual instalments. This schedule can be accelerated.
  • The funds to be withdrawn must have been invested into the RRSP for a minimum of 90 days prior to withdrawal.

Do I qualify for the 5% downpayment program?

  • The home must be located in Canada and is to be occupied as your principal residence.
  • You have from your own resources a down payment of at least 5% of the purchase price of the home.
  • Your mortgage payment must not exceed 32% of your gross household income. This includes payment of principal + interest + property taxes + heat + condo fees (if applicable).
  • You must be able to cover closing costs equivalent to at least 1.5% of the purchase price.
  • You meet the lender’s eligibility requirements regarding income, employment and creditworthiness.

What should I expect for closing costs?

Closing costs are approximately 1.5% of the Purchase Price. The following are approximate costs:

  • Appraisal Fee: $200.00
  • CMHC FEE (if applicable): $165.00
  • Survey Certificate (if applicable): $250.00
  • Home Inspection $250.00
  • Legal Fees (approx): $750.00
  • Tax Adjustment (if applicable)
  • Interest Adjustment (if applicable)
  • Property Transfer Tax (if applicable)

What is Property Transfer Tax and do I have to pay it?

  • This tax is charged by the Provincial Government and is collected by your lawyer at closing.
  • Each Province varies as to the amount, but it is usually a percentage of the purchase price. For example, in British Columbia, the amount the purchaser must pay is 1% of the first $200,000 and 2% of the balance.
  • You are exempt from paying PTT in British Columbia if you have never owned a home anywhere. You must finance at least 70% of the purchase price, and the maximum home price must not exceed $300,000.00.

What type of income proof do I have to provide?

In most situations, lenders require a comfort level that the borrower has sufficient income and cash flow to service the mortgage as well as any other obligations that they may have. The higher the Loan to Value (ie mortgage amount vs. purchase price) the more important this becomes as the lender is placing less reliance on the value and equity in the property and more on the earning power of the borrower. The following is a summary of what Lenders require depending on what type of job you have:

Salaried Employees

  • Job Letter – Lenders use 100% of the income. Verification is made on company letterhead, signed by the appropriate individual. If you are a recent hire, the letter should confirm that the probation period has passed. Bonuses, car allowances and other forms of remuneration should be mentioned if applicable.
  • Pay Stubs – Many Lenders will also require your most recent pay stubs.

Hourly Employees

  • Pay Stubs – showing year-to-date income verification.
  • T4’s and/or Personal Tax Returns (T1 Generals)- 3 years to take an average.
  • Notice of Assessment – (NOA) – most recent to confirm no taxes owed.

Commission Income

  • T4’s and/or Personal Tax Returns – 3 years to take an average.
  • Job Letter – confirming position.
  • Notice of Assessment (NOA) – optional depending on the Lender.


  • Financial Statements of Company – 3 years average of net income used. Depending on Lenders policies, The add-back of various personal expenses run through the company may or may not be allowed (eg’s of allowable addbacks – Depreciation, Amortization, CCA (Capital Cost Allowance).
  • NOA’s (Personal Notice of Assessments).
  • Personal Tax Returns ( T1 Generals showing personal net income).

Overtime – Will be used as long as there is a proven track record – 3 years evidence (T-4’s).

Part-time Job – should be in place for a couple of years before using the additional income.

Bonuses – Once again a 3 yr track record required.

Part-time Job – should be in place for a couple of years before using the additional income.

Tips – generally not recognized unless declared for tax purposes.

Car Allowances – This varies from lender to lender.

Alimony and Support – Evidence that payments have been made regularly, and a copy of divorce agreement is required.

Investment Income – must be received continuously. This source of income is limited to interest, dividends or some ongoing revenue. Capital gains, which result from the liquidation of an asset, is a 1-time occurrence and can’t be used.

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