Since 2009 The Harney Group has focused on doing what the big banks don’t: Client-Based Solutions!
At The Harney Group we know there is no such thing as a one-size-fits-all mortgage solution and we pride ourselves on giving you the best mortgage for your needs. We have access to over 50 lenders, including Private Lenders, which saves you time and money in placing your mortgage.
Our motto is ‘simply the best’. Meaning we make things simple for you, and give you the best!
Melissa Harney, Mortgage Broker Licence# M10001410
We are always flexible enough to cover all of your financial needs, whichever those might be. Regardless of whether you’re about to make a first-time home purchase or are trying to refinance your current loan, we’re here to help you!
We understand that financial situations, credit scores, and other financially-related things can vary… That is why we employ a flexible, person-centric approach to each individual client who comes for our fiscal help…
With so many mortgages and loans featuring interest rates that are just outright bad, we’re here to level the field. Thanks to our refinancing and home equity loan programs you’ll be able to take back the control of your finances!
Q: What's a mortgage and why should I get it here?
A: A mortgage is a loan that allows you to buy real estate by securing the loan against the real estate you buy.
You can apply for a mortgage from a bank, credit union, loan company or even a private lender. It can be daunting and time consuming to go around to the each of the various lenders to learn not only if you qualify but if their products are actually the best option for your needs!
It also means that each time you apply with a different lender your credit will be pulled each time; bringing down both your credit score and likelihood of an approval. When you submit your application with us, we only pull your credit once and use our expertise to place your mortgage with the lender that best suits your needs! We also save you the time and hassle of going into the branch- and time saved is priceless!
Q: What types of mortgages are there?
A: There are two major types of mortgages to choose from:
• Collateral Mortgage: A lien on a property for the total amount registered. You can register more debt against the property than the property is worth since normal regulatory limitations on loan-to-value do not apply. This also allows you as a borrower to increase your mortgage (as long as you qualify) after closing, without having to pay additional legal fees as the lien has already been registered for a higher amount.
• Conventional Mortgage: A mortgage loan for no more than 80% of the appraised value or purchase price of the property. These loans do not require the borrower to attain Default Insurance.
Q: How much can I borrow for a mortgage?
A: This depends on a number of factors. Still, Lenders are typically prepared to lend three times your salary or two-and-a-half times a joint salary.
They will also consider things such as any other source of income from a second job that you’ll prove to them, bonuses, tax credits, and maintenance payments and since lending rules were tightened, they also increasingly investigate borrowers’ ability to repay.
This means looking at your credit history and scoring it, just as well as on your monthly outgoings, examining not just how much you spend but what you spend it on, to help assess your ability to manage should interest rates rise.
Q: How much of a deposit do I need for a mortgage?
A: This will depend on your transaction type, the minimum down payment required for the purchase of a primary residence or a second home is 5%. Investment properties typically require a minimum of down payment of 20%. Down payment requirements for foreign investors are typically a minimum of 35%. Please contact us for more information.