Residential

During this discovery call, we dive into your current financial circumstances, short and long-term financial goals and the amount you can likely qualify for. With our strong background in finance and real estate, we can provide you with a clear understanding of the process ahead, advise you of potential challenges and how to prepare for them and create a straightforward action plan.

Immediately after our call, we send you a list of documents you’ll need to gather in order to be pre-approved. Want to prepare in advance? Take a look at the Residential Checklist. 

We review your submitted documents, confirm your information and curate a list of suitable lenders, ensuring their rates and terms match your unique needs. The pre-approval is a conditional commitment that identifies how much you qualify for as well as any challenges you may need to address, which we can help you with. With this information, you can now shop around for your dream home and make an offer or move forward with your mortgage renewal.

Our underwriting team completes the application, confirming that all requirements have been met and that your information meets the lender’s guidelines. The loan can now move forward—success! 

Your lender will send your lawyer documents to prepare for signing and property registration. Your lawyers will ask you to bring the necessary funds to complete the transaction. Your deal is now complete! The team at Boomerang will check in with you periodically to review if the current mortgage continues to meet your needs.

Lending solutions for traditional borrowers with strong credit and income.  

First-Time Home Buyers: This program is for borrowers who are purchasing a home for the first time and do not typically have the minimum required down payment of 20%. Subject to mortgage default insurance, these borrowers will have access to the lowest rates, property transfer tax exemptions and tax-free RRSP withdrawals. 

Construction Program: This program allows qualified homeowners to obtain construction financing for their principal residence. Construction loans are fully open mortgages and are subject to interest-only payments over the course of the construction period. 

Purchase Plus Improvements: This program is aimed at qualified homebuyers who want to make cosmetic improvements to their newly purchased property within 120 days of taking possession (basement finishing, bathroom fixtures, kitchen cabinets/counters, flooring, new windows, detached garage). The ‘as-improved’ value is used to determine the maximum loan amount, subject to loan-to-value (LTV) limitations.

Stated Income Program: This program is designed for borrowers who are self-employed with good credit and who are in control of their finances but who cannot provide traditional means of income verification. Helping self-employed borrowers find their path to home ownership, this product requires a minimum 10% down payment and applicable insurance premiums.

Total Net Worth Program: This program is designed to provide additional mortgage solutions to customers with moderate incomes who have a significant amount of verifiable liquid assets (minimum $250,000) and strong credit scores.

Business for Self Program: This program provides additional mortgage solutions to customers with moderate personal incomes who also have income in their operating companies. This program allows the use of the operating company’s Net Income After Taxes to lower the applicant’s debt ratios.

Temporary Resident Programs: This program allows for the purchase or switch of owner-occupied properties for temporary foreign workers and experienced class students working in Canada with a valid Work Permit. The typical client for the Temporary Resident program is someone who has established work history in Canada through contract work, post-graduate studies or relocation programs and who is looking to purchase a principal residence.

Flexible lending solutions for borrowers who don’t fit the traditional ‘A’ lending guidelines with bruised credit and/or elevated debt ratios.

Bank Statement Program: This program is designed for self-employed borrowers who do not claim enough income on their tax returns to qualify with ‘A’ lenders but who can demonstrate strong business cash flow over the last 6–12 months through their bank statements.

Lending for borrowers who don’t meet the guidelines of traditional lenders but can show the ability of repayment.

Standard Lending Program: This program allows for a maximum Loan-To-Value of 75%. There are no income to debt calculations and stated income is acceptable in most cases (minimal documentation). Interest Only Loans are available. Rates range from 9–11% with a 1–2% fee.