WHAT WE DO
Professional Athletes hire a Sports Agent to handle contract negotiations with Sports Teams, Leagues and Potential Sponsors because these are some of the most important financial decisions of their life. They want a Specialist that they can trust to represent them. So why not have a Mortgage Broker represent you when making one of the biggest decisions of your life?
Navigating the Mortgage landscape in Canada is not easy these days. There are so many Mortgage lenders out there, so many different types of mortgage products, mortgage rates, amortizations, etc.. On top of that, most Canadians don’t have the time to apply and shop their mortgage amongst all the different banks and lenders out there. BM Select has been representing Canadians for two decades, making mortgages easy, advising and guiding each and every one of its Clients to the best possible mortgage product for their particular situation. See why BM Select stands out from the pack.
Before you start your search for a home, it’s important to get pre-approved for your mortgage to give you the utmost confidence when putting in an offer on a property and so you can know what your current situation can afford. At BM Select we know the importance of a Mortgage Pre-Approval, so you know precisely what your mortgage payment is and what amount you can afford so that you are not wasting your time when looking for home. We pride ourselves in accurately assessing your file during the Pre-approval stage the same way a bank would once we have a live deal, limiting potential setbacks that may occur as well as giving you the information you need to make informed decisions. Additionally, getting pre-approved will allow us to “lock” rates in for you with the banks for up to 120 days so you can feel secure knowing even if there are rate increases, you are protected.
Investment Property Mortgages
As an investor if you are just starting out of have been investing in real estate for the past 20 years the biggest component to being successful is having the right team around you. From your realtor/coach to your lawyer, insurance broker, property manager and mortgage broker, having the right team around you will give you confidence to grow your portfolio and sleep well knowing you are working with the best professionals in the industry.
BM Select was built on working with investors and helping them to grow their real estate portfolio and work toward their goals of financial freedom. By working with all of the major banks in Canada as well as a host of monoline, B lenders, and private lenders we have been able to help our clients scale from 1-2 properties to 15+ residential properties and multiple commercial properties.
The first step toward acquiring investment properties is to have an introductory call with one of our mortgage agents that specialize in working with investors. From there they will be able to go over your portfolio at a high level as well as go over what your real estate goals are and help put a preliminary plan in place to start the process of re structuring or building your real estate portfolio. We will then begin the process of collecting all of your documents to ensure our underwriter and your mortgage agent is able to accurately assess your file and put together some mortgage options for you.
From there, we will schedule a 30 minute (or more if needed) phone or zoom call with your agent to be able to go over their assessment of your portfolio as well as a plan we have been able to put in place when it comes to scaling your portfolio. It is at this meeting we will also be able to answer all in depth questions you may have specific to your situation.
Every bank in Canada has a different set of rules when it comes to qualifying to finance multiple properties. We at BM Select have spent years mastering every banks products and offerings as well as developing key relationships so that we are able to best structure your deals and put you in the best position to scale your portfolio.
Some specific ways we are able to help:
o Re-Accessing equity in existing properties to be used for down payment on new purchases
o Finding the highest pre-approval possible to your investment property
o Finding the most cost effective ways to structure your mortgage for specific projects (eg: BRRRR, New Construction,)
o Finding the best financing for Commercial and Multi-Residential deals
Owner Occupied Mortgages
For a large portion of Canadian’s their principal residence is going to be the largest purchase of their life and because of this significance, it is our mission to ensure we are able to guide you through this new chapter in your life with confidence and ease.
Working with the major banks as well as a host of smaller monoline lenders allows us to ensure we are finding the best lender possible for your mortgage. A lender that will provide you with not only the best rate but also the best products that you will be able to utilize post funding of your mortgage.
When looking to purchase your new home, the first place to start is with a pre-approval so our team can accurately assess your file as well as run some options for your purchase and lock you into the best rates available for up to 120 days. From there your mortgage specialist will reach out to you to go over your pre approval options as well as answer any questions you may have.
Some ways we can help with your mortgage:
o Working with multiple lenders to find the best rates available
o Finding specific products with lenders that will fit your needs
o Using our expansive underwriting knowledge to find your highest mortgage amount accessible possible
o Access equity in your home to complete renovations
o Access equity in your home to consolidate debts and minimize monthly payments
If you have an existing mortgage, there may come a time where you will consider refinancing your property. This can be done during the mortgage term by “breaking” the mortgage or at the maturity of your mortgage term where we are able to re negotiate your mortgage with your current lender as well as other lenders at no cost.
People can refinance for a variety of reasons but there are 4 main reasons someone may want to refinance their home:
• There are new lower rates in the market
• They are looking to access equity to fund a renovation in their home
• They have large upcoming expenses they want to be prepared for
• They are looking to consolidate their debts into one easy payment.
Unlike many mortgage brokerage’s BM Select was built on and continues to be focused on it’s underwriting. It is through this practice we are able to obtain the highest pre approvals and continue to get our clients approved for their financing. We have a team of 30+ staff who all share a common goal – to ensure your mortgage process is smooth and we are able to provide you with the best solutions possible.
Once you are able to have an initial call with your sales agent, our applications team will be in touch with you to have you fill out an application as well as collect any supporting documentation we will need to accurately process your file. From there, one of our underwriters will begin to put together your file and reach out to you to schedule a meeting with your sales agent to go over your numbers and options.
Once the meeting with your sales agent is complete you are then ready to start putting in offers on properties...As soon as you have an accepted offer your self or your real estate agent will send this over to our office who will be able to start working on obtaining your final approval and collecting all of the necessary documents that the lender will require to fund your mortgage.
From this point we will then await from an approval from the lender. Once the approval comes in your sales agent will give you a call to go over your approval(s) and walk you through any conditions of the approval the lender may require. From there we will work to meet any final conditions. As soon as all of the conditions have been met the lender will let us know the file has been completed and we will have the mortgage instructions sent to your lawyer or mortgage funder to complete the transaction.