Frequently Asked Questions

WHY USE COUNTRYSIDE FINANCIAL CORPORATION?

These days time is precious and having to shop your own mortgage from bank to bank cannot only take a significant amount of time, but can also be very daunting given the wide variety of products. In addition, most people don’t know all the right questions to ask.

Furthermore, if you’re planning a purchase or a refinance of a rural or acreage property – experience counts. We deal exclusively with established lending institutions who are thoroughly familiar with rural real estate nuances.

Updated daily, Countryside Financial Corporation seeks the lowest interest rates and best mortgage products being offered by financial institutions from across Canada and is able to use this knowledge to get you the best mortgage product available.

Because Countryside Financial Corporation is not associated with any one financial institution, we are not limited in the products we can offer you and can seek out the best lender package to suit your specific situation, whether it’s with a Chartered Bank, Trust Company, Credit Union, or Private Funds.

Choosing the wrong mortgage can cost you thousands of extra dollars. Countryside Financial Corporation has the knowledge, experience and resources to shop the mortgage market for the best rates and terms.

Countryside Financial Corporation is made up of dedicated professionals trained to represent you, the borrower, in obtaining mortgage financing from a variety of lending sources offering a unique range of mortgage solutions.

By accessing numerous Canadian mortgage lenders including Chartered Banks, Trust Companies, Credit Unions, and Private Lenders, Countryside Financial Corporation is able to find you the best mortgage solutions for your specific needs now and in the future, from lenders all across Canada.

Countryside Financial Corporation has a secure, mortgage application process that is available 24 hours per day, 7 days per week. By simply filling out our online mortgage application, you will be given an answer promptly.

Countryside Financial Corporation’s network of lenders will mortgage properties across Canada (except Quebec).

Countryside Financial Corporation network includes the majority of the top respected mortgage Lenders in Canada including Chartered Banks, Credit Unions and Trust Companies. In addition, Countryside Financial Corporation includes a significant network of private lenders.

The best endorsement comes from people who found a loan through Countryside Financial Corporation. We get letters and notes each day from clients who have been very happy with the services provided by Countryside Financial Corporation and have shared some of their comments in testimonials.

Countryside Financial Corporation also has a number of professional affiliations which can be reviewed on our about us page. Our policies and practices adhere to the ‘Ten Principles of Privacy’ which comply with the Personal Information Protection and Electronic Documents Act (PIPEDA) and corresponding Provincial Privacy Acts.

Countryside Financial Corporation surveys Canadian mortgage lenders including Chartered Banks, Trust Companies, Credit Unions and private lenders, to get you the lowest possible mortgage rate available. Our interest rates are posted on our homepage and are updated on a daily basis when required. Find a lower rate? We’d be surprised, but let us know and we would be happy to investigate it.

There are no hidden costs…

There are absolutely no costs associated with the online mortgage application process. Even when your application is approved, there are still no costs. Also, at no time are you under any obligation to accept our mortgage offer.

Of course if you decide to accept our approval and follow through with the mortgage, there will be some costs associated with the mortgage itself and may include costs for items like appraisals, legal fees, surveys, etc. These costs are not specific to Countryside Financial Corporation but are normal expenses associated with mortgages in Canada.

In some cases, when secondary lenders are required to facilitate your mortgage requirements which may be the result of credit concerns, brokerage fees may apply. However, you will be made fully aware of any fees prior to your commitment.

In general terms, the following are typical costs which you will incur when obtaining a mortgage. Again, these costs are not specific to Countryside Financial Corporation but are normal expenses associated with mortgages in Canada and may depend on your location. A member of the Countryside Financial Corporation Mortgage Team will discuss these costs in detail once your mortgage is approved.

  •  Legal Fees: $850 – $1,000
  • Appraisal: $350 – $750
  • * Title Insurance: $250
  • *Title Insurance may be required on mortgages, subject to lenders discretion.

Depending on your Province, you may be subject to a property purchase tax when purchasing a new home. Your lawyer will discuss these costs with you.

A conventional mortgage is considered to be a mortgage where the down payment is equal to 20% or more of the purchase price. It is a mortgage that generally does not require Mortgage Loan Insurance.

A High-Ratio mortgage is a mortgage which is greater than 80% of the purchase price or appraisal, whichever is less. High-Ratio mortgages require Mortgage Loan Insurance which is provided by either Canada Mortgage and Housing Corporation (CMHC) or Genworth, a private Insurer, and protects the lender against loss. Mortgage Loan Insurance premiums range from .50% and up of the mortgage amount and are calculated based on the overall loan to value.

A pre-approved mortgage is just like applying for a mortgage when you buy a home, but it is done ahead of time. Countryside Financial Corporation will take all the information it requires from you to determine how much you can comfortably afford to pay each month and what price range of home you can look at purchasing.

With a pre-approved mortgage you can shop with confidence, knowing that the biggest hurdle in home buying has been seen to ahead of time. Generally speaking, pre-approval terms and conditions are guaranteed by the financial institution for up to 120 days, giving you the protection of ‘locking in’ a certain mortgage rate should rates climb higher while you look for a home to purchase. If interest rates go down, the banks will generally give you the lower rate.

Variable or floating rate mortgages provide that the interest rate will change on a periodic basis during the term of the loan according to a pre-determined formula. This formula is typically based on the prime-lending rate set by the Bank of Canada.

Fixed rate mortgages provide that the interest rate will not change throughout the term of the mortgage, but is set at a fixed rate at the beginning of the term.

Yes! Mortgages can be obtained for a variety of purposes including home purchases, home renovations, or refinancing to pay off other high interest rate debt.

Most lenders today offer pre-payment privileges of 10-20% of the original mortgage balance – payable either my a lump-sum and/or a monthly payment top-up. You can increase the payments by up to double the regular payment but it is not necessary to double up.

Either a three-month interest penalty or interest differential penalty will apply if you close out your fixed mortgage prior to the maturity date of the term. The greater of the two applies. Interest differential is charged when interest rates have decreased relative to your rate, whereas three-month interest charges are typically charged when interest rates have increased relative to your rate.

There are a number of products available for applicants who, for whatever reason, have a solid down payment but are unable to provide standard income verification. Another normal requirement is that the applicant have good credit. The amount of the mortgage advance will typically be 65% of the total property value but mortgages of up to 80% of the total can also be arranged.

Countryside Financial Corporation has access to many lenders and products which will probably work. The terms and interest rates will depend on the severity of your credit situation.

For funds derived from a bank account, lenders require the last 90 days of bank statements confirming the down payment. For funds derived from RRSP, GIC, or stock portfolios, the most recent statement is required. For funds derived from the sale of property, a fully executed binding sale agreement is required.

Most lenders will accept down payment funds that are a gift from family as an acceptable down payment. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan. Where the mortgage requires Mortgage Loan Insurance, the gift money is required to be in the purchaser’s possession 15 days before the completion of the mortgage.

Depending on the circumstances surrounding your bankruptcy, generally some lenders would consider providing mortgage financing. If you have been previously discharged from bankruptcy, the best way to determine whether or not you qualify at this time is to fill out an application and have one of the Countryside Financial Corporation team members discuss your situation. Countryside Financial Corporation has many lenders to approach based on your circumstances.

Where Child Support and Alimony are paid by you to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for.

Where Child Support and Alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender.

No, have Countryside Financial Corporation begin shopping around for an interest rate at least 120 days before your mortgage matures. Lenders will often guarantee an interest rate to you as much as 120 days before your mortgage matures. Most lenders will cover or offset a majority of the costs of transferring your mortgage. This means a rate promised well in advance of your maturity date, thus eliminating any worries of higher rates. And if rates drop before the actual maturity rate, the new lender will usually adjust your interest rate lower as well.

Most lenders send out their mortgage renewal notices offering existing clients their posted interest rates. The rate you are being offered is usually not the best one.

Absolutely! Financial institutions are not permitted to discriminate based on age. As such, you are entitled to the same mortgage terms and qualifications guidelines as non-retired persons.

Further, pension income qualifies the same as any other income.

Yes, as a non-resident you are able to qualify for a mortgage. The maximum Loan to Value Ratio is typically limited to 65%. A credit report from the country of origin, proof of income and down payment is also required.