Welcome to Whalen Mortgages, a local Fort McMurray Mortgage solution. I work for you, not the banks!
Using me as your Fort McMurray Mortgage Agent is a free service to ensure you are getting the best rate on your mortgage. I am paid by the bank so there is no fee to you. Are you sick of waiting for bank appointments and long processes to get approved? Let me help make buying a home that much easier.
Are you buying a new house or refinancing your mortgage? If so I will shop to get you the best rates and find a lender that works for you. Different lenders have different qualifying criteria and my job is to place you with the right lender to ensure the deal is approved and at the best interest rate.
Renting in Fort McMurray is expensive with the average house renting for $2800 monthly. You can own a home worth $600,000 and pay the exact same amount! The difference is with owning a home in 5 years you will have $100,000 paid down on the mortgage and now have that equity.
I believe in transparency and explaining lenders products to clients. There are some low rates that come with high penalties if you break your mortgage early or products that do not allow you to take your mortgage with you if you sell your home and want to port your mortgage to avoid the penalty. I strongly believe in informing the client of the perks and downfalls of the products and rates offered. Certain lenders penalties on a $500,000 dollar home if you break your mortgage early can hold a penalty as high as $15,000 compared to a $4,000 penalty at other lenders. Let me help you get to a lender that fits your needs. A lender you pick choose understanding each lender’s perks and downfalls. Informed decisions always result in the best outcome. Something that works for you!
I run my business off referrals and usually end up talking quite a bit during the process and establishing friendships with my clients. I find working with honesty, transparency and kindness gets anyone ahead in life. This is what I base my life around and this is the foundation of how I operate my business.
Working with me you will feel confident in the mortgage and lender you choose. Buying a house and getting a mortgage is one of the biggest financial investments you will make. Let me help make this experience enjoyable and help ensure you are getting the best mortgage.
I am a natural problem solver, there is no mortgage I will not work hard to get approved. I stop at nothing and exhaust all options. I will help prepare you for home ownership and give financial coaching and advice to get you where you need to be to purchase a home and as quickly as possible. I will find different solutions such as paying off the smallest loan which holds the highest monthly payment to allow you to qualify for that house you always wanted. Let me work for your mortgage and get you exactly what you want.
What perks come with using a Local Mortgage Broker?
Living 32 years in Fort McMurray has given me a great deal of knowledge and understanding of the Real Estate Market. I have seen Fort McMurray grow substantially and watched the market follow. I am informed on all the versatile work demands that are in this market and the lenders we use are also aware of the work demands and overtime in Fort McMurray. I am a true local Mortgage Broker, born and raised in the beautiful community of Fort McMurray. I am familiar with all the areas surrounding Fort McMurray and do Mortgages in Fort McMurray, Anzac, Conklin, Saprea Creek and Draper Road. I understand the differences in these acreages and can help you with any questions you may have regarding certain amenities offered in each area. I can do Mortgages across Canada in every province and often get clients mortgages outside of Fort McMurray as they continue to work in Fort McMurray and commute.
Do you work with lenders that support housing programs/incentives?
I understand all the different employment incentives from the employers and know the lenders that support these programs.
Some of the housing programs include but are not limited to:
- Nexen Housing Program
- Suncor Housing Program
- Wood Buffalo Housing Program
Many employers give living allowance, mortgage subsidy or down payment for their employees to stay as a resident in Fort McMurray. I am aware of these programs and all the steps required to get the mortgage complete. I can get this done with ease and make it very quick and pain free. I am aware of bonuses, shift differentials, driving allowance and built in overtime that come with certain employers. I have lenders that support these programs and have underwriters that have seen Fort McMurray deals so much they support all the different types of income earned in this market.
Are there 0 % down Mortgages?
Unfortunately they have been discontinued however there are other products such as the ability to use your own line of credit for the down payment but restrictions apply. There are also options for cash back mortgages with higher interest rates however you need to come up with the down payment to qualify. You can also have an immediate family member gift you the down payment.
First time home buyer?
As a first time home buyer you have the ability to access your RRSP for down payment without being taxed on them. Ask your RRSP investor for details. If you contribute money into your RRSP you get a tax break and nice refund. Then you can access that money for your first time home buyer down payment. This can be used again if you sell your house and pay back the RRSP’s and do not own a home for 3 years.
This is not my first home, how much down payment will I need?
As long as it is your primary residence you should only need 5% down payment regardless if it is not your first home purchase. The requirement is it needs to be your primary home to qualify with as little as 5% down payment.
I have a house and want to turn it into a rental, what are my options?
If you are turning your existing house into a rental and buying a new house to occupy as your primary residence you can do so with as little as 5% down. There are rental offset options to offset the debt of your house you are turning into a rental and allow you to purchase your new home you will occupy.
If I want to buy a rental what should I know?
To buy a rental you will be required to put 20% down payment. Anything less than 20% down requires CMHC or Genworth mortgage insurance and they only support and insure the house you live in also known as your primary residence. A rental is an income property and requires a minimum of 20% down payment.
I want to buy a second home?
You may want to buy a vacation home and you can with 10% down. You may want to purchase another house for a family member and can with 5% down as long as they occupy the residence as a primary residence.
Why should I use a Mortgage Broker?
Mortgage Brokers are independent from the bank and use multiple lenders to get the best interest rate for your Mortgage. I believe in informing the clients of all the products available and restrictions or perks each lenders products carry. Getting a mortgage is one of the biggest investments you will make I thrive in helping ensure that you are getting the best mortgage to fit your needs.
Canada’s mortgage market has grown and changed significantly and continues to do so which results in constant change in mortgage requirements and the options available. Mortgage lenders throughout Canada have many different specialized mortgage products to fit different client’s needs. I can work on your mortgage in any province.
As a Fort McMurray Mortgage Broker I understand how those products apply in our unique market where overtime, bonuses, housing allowance and shift differential income are common. As a Mortgage Agent, I understand each mortgage is unique and will keep on top of all the changes to ensure I find a mortgage that fits your needs. If you have any questions feel free to contact me and I will be happy to answer them.
I am always available and work around my client’s schedule. No waiting for appointments or approvals. Let me get you pre-approved ASAP. My clients are my top priority. Remember I work for you, not the Banks! I want to tell you congratulations the house of your dreams is yours, this is why I love my job. I look forward to speaking with you about your existing or future mortgage needs.