Commercial and residential Mortgage Financing

Welcome

Professional Mortgage Services

We work for you-not the bank!!

Why use a mortgage broker?

Services

Home Purchases & Refinances

Commercial mortgage financing

At Approved Financing Centre, we offer a wide array of residential services. Not only can we offer you CANADA'S BEST RATES (often better than the banks) for pre-approvals, purchases, refinances, and transfers, we can provide solutions for those of you who don't qualify at the bank due to the following situations:

Bruised credit
No credit

Bruised credit
No credit
New to Canada
Self employed
Non-traditional sources of income (part-time, casual, commissions, etc.)

We also offer creative solutions for rental property purchases and refinances. Let us help you grow your rental portfolio.

Did you know that you can withdraw up to $25,000 from you RRSP's to buy or build a qualifying home?

Want to keep an eye on your credit profile?Both Equifax www.equifax.ca and TransUnion www.transunion.ca allow you to order your credit profile for free on an annual basis.

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residential mortgage basics

Commercial mortgage financing

Our commercial division is led by Jeff Silverstein, owner and president of APPROVED FINANCING CENTRE
With over 35 years in the Financial Industry, Jeff and his team look forward to new opportunities to discuss your commercial financing needs.

We can simplify the commercial mortgage process for you by underwriting and preparing a professio

We can simplify the commercial mortgage process for you by underwriting and preparing a professional commercial mortgage presentation for the right lenders.
We can provide financing for the following types of projects and more:

Multi-Residential Developments - apartments, condos, mixed residential
Industrial Projects
Office Properties
Retail Space
Hotels
Automotive Industry - dealerships, body shops
Gas Stations
Parking Lots
Medical Office
Self-Storage
Construction Loans

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commercial mortgage basics

More Services

Commercial mortgage financing

More Services

Credit repair-do you need to establish or re-stablish credit? We can help
Loans-have you been turned down by your bank? We may have a solution
Mortgages 101-is this your first time applying for a mortgage-see some basic info below
CHIP Reverse Mortgages-are you or your aging relatives feeling like you can't afford to stay in your home? Ask u

Credit repair-do you need to establish or re-stablish credit? We can help
Loans-have you been turned down by your bank? We may have a solution
Mortgages 101-is this your first time applying for a mortgage-see some basic info below
CHIP Reverse Mortgages-are you or your aging relatives feeling like you can't afford to stay in your home? Ask us how we can help you stay
Looking to qualify for a mortgage with Bad Credit? You CAN be a home owner!!
Has your bank been threatening foreclosure? Let us help. We can re-evaluate your options and get the financing you need in order to keep your home.
Are you behind on property taxes? Do you owe Revenue Canada? Stress no more! A 2nd mortgage could be a perfect solution.

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Our Team

Jeff Silverstein AMP

Jeff Silverstein is owner and president of Approved Financing Centre.
With over 35 years in the Financial Industry, Jeff and his team look forward to new opportunities to discuss your residential and commercial financing needs.
Phone: 204-793-9013
Email:jeff@approvedfinancing.ca

Apply Now

OUR TEAM

Josy Ziolkoski
Mortgage Specialist

Phone: 204-391-4471
Email:josy@approvedfinancing.ca

Rob McDonald
Mortgage Specialist
Phone: 204-292-1075
Email:privatemortgagefinder@gmail.com

Marina Vaserman
Mortgage Specialist
Phone: 204-894-7302
Email:marinaapprovedfinancing@gmail.com

Paul Morrison

Consultant

Phone: 204-952-6460

Email: approvedfinancing2020@gmail.com

Why use a Mortgage Broker?

Why Use a Mortgage Broker?

* Time is precious and having to shop your own mortgage from bank to bank can not only take a significant amount of time but can also be very daunting given the wide variety of products.

* Most people don't know all the right questions to ask.

* On a daily basis a Mortgage Broker sees the lowest interest rates and best mortgage products being offered by financial institutions. We know if you're if being offered the lowest rate or the best mortgage product. Do you know this when you go to your bank?

* Because Mortgage Brokers in Canada are not employees of a lending institution, they are not limited in the products they can offer you.

* Choosing the wrong mortgage can cost you thousands of extra dollars. Because Mortgage Brokers represent you, the borrower, they have the resources and time to shop the mortgage market for the best rates and terms.

* The services provided by Mortgage Brokers are typically free. Mortgage Brokers are generally paid by the Lending Institutions once a mortgage has been placed.

* In some cases, a borrower may not qualify for a traditional mortgage due to high debt, questionable credit, or other concerns conveyed by the lending institutions.
In these cases, Mortgage Brokers have access to alternative sources of funds. In this case, there may be a fee which must be paid by the borrower, however these fees are completely disclosed before you commit.

Mortgage Calculator

Commercial Mortgages

Private Commercial Mortgages

WHEN IS A PRIVATE COMMERCIAL MORTGAGE REQUIRED?

* When you need FAST commercial financing

* When it's a project or venture that traditional lenders are afraid to finance

* For interim periods while waiting for long term financing to be approved

* When you need funding with less criteria than traditional lenders require

* When you need a short term loan (90 days- 24 months)

Don't rule out the purchase of a commercial property until you've tried our commercial specialists at Approved Financing Centre!

Bridge Financing

Private Commercial Mortgages

DOES YOUR PROJECT REQUIRE QUICK SHORT TERM FINANCING?

Our commercial mortgage brokers will work with you and for you, to secure the funds you need as fast as possible and with the best possible terms and rates.

BRIDGE FINANCING IS AVAILABLE FOR:

* Gaps between funding of property sales

* Working Capital for your small business

* Large-scale ventures

* Business expansions and acquisitions

ADDITIONAL INFORMATION:

* Bridge loan fees tend to be higher than other commercial loan products due to quick funding and short terms

* Additional security may be required

* Lenders will want to know your exit strategy-how will you pay them back?

Commercial Refinance

Private Commercial Mortgages

Recently Funded Deals

A SMALL INVESTMENT TODAY = INCREASED INCOME TOMORROW

A commercial renovation or upgrade is a perfect solution for increasing property value which allows for greater return on tenancy income or short-term investment properties.

Acquire a commercial renovation loan to:

* Complete renovations to a building bought at wholesale pricing to resell at a profit.

* Renovate your current property to accommodate a different business. For example, convert a medical office into a tanning salon.

* Remodel your rental property to attract a more diverse tenant base and increase monthly cash flow.

* Upgrade your older commercial buildings electrical or plumbing

* Simply remodel for existing employees and/or clients

Recently Funded Deals

1.9M - conventional first mortgage, refinance- 6-plex, heritage building, Winnipeg, MB
500K - private First mortgage, construction financing-50 6-plexes
1.6M - conventional first mortgage, purchase office and warehouse
1.5M - conventional first mortgage, refinance trucking company
1.1M - conventional first mortgage, 8 unit strip mall

Recently Funded Deals

1.2M - conventional first mortgage, high rise office building
650K - private 2nd mortgage, condo conversion construction financing
$13.5M-commercial development site, Estevan Saskatchewan
$7.5M-6 Story office building construction loan, Osborne St Winnipeg
$440,000-office building Fife St. Winnipeg

Recently Funded Deals

$1M-Purchase of Auto Dealership Building, Roblin Blvd. Winnipeg

$1.35M-Purchase of Car Wash, Notredame Ave Winnipeg
$185,000-purchase of office building, Ferry Rd. Winnipeg
$1.1M-Construction of 6 row new housing development, Dufferin Ave Winnipeg
$660,000-purchase 2 multi family buildings, Selkirk Ave, Winnipeg
$525,000-refinance dental office, Swan River, Manitoba

Mortgages 101-the Basics

Additional Information

MORTGAGE 101-THE BASICS

Mortgage payments are made up of principle and interest. The best plan for any type of mortgage is to minimize the amount of interest you pay and most lenders offer several ways to do this:

* A larger down payment means your home costs less because a smaller mortgage means less interest

* A shorter amortization-the period over which the loan is repaid

* A weekly or bi-weekly payment schedule instead of monthly

* Additional or lump sum payments

At the end of each term you will be able to change the options of your mortgage such as the payment frequency, the term, the rate-even the lender.

This where your mortgage broker can help you!

Rate of Interest

Interest is the cost of borrowing money and is paid to the lender. Interest rates are either fixed or variable.

A fixed rate is locked in so that it will not rise for the term of the mortgage.

A variable rate will fluctuate based on the current prime rate

Term

The term of the mortgage is the number of years or months over which you pay a specified interest rate. Terms can last between 6 months and 10 years. At the end of the term you either pay your mortgage off or renew it. At renewal it is a good time to renegotiate your rate, amortization etc. to suit your current needs.

Approval Process

A mortgage approval should only take a few days depending on the situation. If you are self-employed or credit is challenged it could take up to 2 weeks for your mortgage broker to find the right solution for you. That is what we are here for!

As part of the approval process the lender evaluates the following areas:

1) Income-do you have enough income to afford the mortgage payments

2) Credit- Do you pay your bills on time and do you live within your means?

3) Assets and Liabilities-What is your net worth?

4) Down payment-Do you have cash in the bank, RRSP's, other liquid assets, a gift?

Pre-approval

A Pre-approved mortgage is very common. A pre-approval means your lender approves the amount of your mortgage and gives you a written confirmation. The pre-approval usually expires in 60-120 days and guarantees the mortgage rate for that time.

If rates go down during that time your rate will go down too but if rates increase, your rate stays the same.

A pre-approval is helpful if you are in a bidding war. The seller will feel more comfortable choosing your offer if your financing has been pre-approved.

You're final approval is still subject to an appraisal of the home if the lender requires one as well as final review of your income documents, down payment documents. and credit.

It is wise to NOT make any large purchases such as a new car after you get pre-approved for a mortgage as it will affect how much of a mortgage you can afford.

Contact a mortgage broker at Approved Financing Centre for important information regarding your mortgage pre-approval!

Purchasing a home is one of the most important investments you will make.

Below is some general information that all buyers need to know:

Understanding Costs

When buying a home you will encounter many costs. Some are one-time costs while others are ongoing commitments. Below is a list of the costs you may need to consider:

* Mortgage default insurance-This is required if you have less than 20% down payment. There are 3 providers in Canada-CMHC, Genworth, and Canada Guarantee. They offer insurance to the lender to protect against default on payment of the mortgage loan. The cost is paid by the home owner and can range between 0.5% and 3.5% of the mortgage loan. This cost is added to your mortgage-it is not an out of pocket cost.

* Appraisal fee-if your mortgage loan is not insured, an appraisal will be required. This is a report designed to determine the current market value of a property. You can expect an approximate cost of $250-$300 plus applicable taxes. The cost increases if it is not a single family dwelling i.e. duplex

* Home Inspection fee-A home inspection analyzes the structural integrity of the home (foundation, electrical, heating etc.) This is not generally requested by a lender but is the choice of the purchaser. Costs can range from $250-$450 and more depending on the size and structure of the home.

* Property taxes-A good estimate of the cost of property taxes is approximately 1% of the price of the home. They can be paid monthly through the city and some lenders may require that you pay monthly installments to them that are added to your mortgage payment.

* Condo fees-condominiums charge monthly fees for common-area maintenance such as grounds keeping and carpet cleaning. Some condo fees include your heat, electricity, cable etc. Fees range widely depending on the type of structure but can range between $200-$600/month

* Lawyer/Title Insurance Fees- a lawyer needs to review offer to purchase, search the title, draw up mortgage documents, register the loan with land titles and tend to the closing details. Legal fees range widely and will depend on the complexity of the deal. Some lenders require that you take out title insurance. Title insurance protects you against loss resulting from title and survey defects as well as losses associated with fraud and forgery as it relates to the title of your property.

* Home Owner Insurance (fire insurance)- This protects you in case of fire, or natural disaster, or contents being damaged or stolen, or if you are sued due to an injury or damage caused by you or your property. This must be in place or your lender will cancel the deal.

* Mortgage Protection (life and disability insurance)- this protects your mortgage in case of death or illness/injury. If you should pass away, your mortgage will be paid in full. If you should be unable to work due to illness or injury, your mortgage payments would be covered for a period of time depending on the Provider.

Home Buyers Plan

Did you know that you can withdraw up to $25,000 from you RRSP's to buy or build a qualifying home?

Withdrawals that meet all applicable HBP conditions do not have to be included in your income, and you RRSP issuer will not withhold tax on these amounts. If you buy the qualifying home together with your spouse, or other individual, each of you can withdraw up to $25,000 tax free!

Under the HBP you have 15 years to repay all withdrawals.

The following is a complete guide that contains all the information you need to know: Home Buyers Plan (HBP) Guide

CREDIT BASICS

Want to keep an eye on your credit profile. Both Equifax www.equifax.ca and TransUnion www.transunion.ca allow you to order your credit profile for free on an annual basis.

Welcome

Professional Mortgage Services

Welcome

Services

Home Purchases & Refinances

Commercial mortgage financing

Commercial mortgage financing

Commercial mortgage financing

Commercial mortgage financing

Commercial mortgage financing

More Services

Commercial mortgage financing

More Services

Our Team

Jeff Silverstein AMP

OUR TEAM

Why use a Mortgage Broker?

Why Use a Mortgage Broker?

Commercial Mortgages

Private Commercial Mortgages

Private Commercial Mortgages

Private Commercial Mortgages

Bridge Financing

Private Commercial Mortgages

Private Commercial Mortgages

Commercial Refinance

Private Commercial Mortgages

Recently Funded Deals

Recently Funded Deals

Recently Funded Deals

Recently Funded Deals

Recently Funded Deals

Recently Funded Deals

Recently Funded Deals

Recently Funded Deals

Recently Funded Deals

Recently Funded Deals

Mortgages 101-the Basics

Additional Information

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