Our Story
Why Zach started Silverman Mortgage Group.
Zach loves to unwind from a week of helping home buyers, with a round of golf. In fact, he actually played professionally in the United States. Embarking on this career, he soon realized the lifestyle wasn't quite as he'd expected it to be.
After a lot of consideration and time spent reflecting on his passions and interests, he made a big decision that he has never regretted. In 2004, Zach moved back to Canada and took the leap into his real estate career. Soon after, the Silverman Mortgage Group was born.
Zach was amazed to find he could pair his passion for helping those in the community with his interests in finance. He'd grown up around the real estate industry his entire life, so felt uniquely positioned to start providing value to others.
He completed his mortgage brokers licensing and quickly sharpened his knowledge and skills on the lending side of real estate. To this day, over 15 years later, he still gets excited about helping customers take the next step with home ownership.
Why we do what we do.
Our overall objective as a team, is to create impact for the people and communities we work in. As local mortgage brokers, we are able to help many different people in different ways.
We spend time with each and every customer, to debunk the jargon and provide a deep understanding of options. We take pride in learning our customers complete financial situation, so we can provide them with the very best mortgage option.
We spend time with each and every customer, to debunk the jargon and provide a deep understanding of options. We take pride in learning our customers complete financial situation, so we can provide them with the very best mortgage option.
We bring the same values to collaborating with our business partners and are motivated to create as much value as possible, for all parties involved. We believe the core of this lies in simply doing the right thing!
2,500+
Delighted customers
16+
Years in business
Building a stress-free community.
From a young age, Zach's father taught him an important lesson - that above all else, people want to know that someone cares.
It's so important to us, that it's become our mission and we're committed to playing our role in building a stress-free community. A stress-free community to the Silverman Mortgage Group team is a community in which people feel cared for.
So no matter who you are, or where you live, we want to play our role in making life a little more stress-free. Whether that's in our community or the world at large, let us know how we can help at
info@silvermanmortgage.com.
We Believe
The key to providing a stress-free mortgage experience relies on our ability to communicate effectively. No one wants to be left wondering about the next step.
This is why we take a team approach.
We’re a small group of mortgage professionals who spend just as much time making sure our clients have a great experience as we do closing mortgages.
For a
Stress-Free
Mortgage.
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MORTGAGE ARTICLES
As housing affordability challenges persist across Canada, innovative solutions are reshaping the way homeowners can contribute to housing supply. Starting January 15, 2025, new mortgage insurance rule changes will allow Canadian homeowners to access insured refinancing options to create secondary suites, such as basement apartments or laneway homes. This move, announced in Budget 2024 and detailed by the Department of Finance Canada, is part of a broader strategy to increase housing density and improve affordability while offering homeowners the chance to generate additional income. Why These Changes Matter Historically, converting extra space into rental units has been both costly and mired in municipal red tape. Recent zoning reforms across Canada’s major cities, driven by Housing Accelerator Fund agreements, are reducing these barriers. The creation of secondary suites not only expands housing supply but also provides financial benefits to homeowners, such as offering seniors additional income to support aging in place. Key Parameters for the New Rules The new mortgage insurance program is designed to enable homeowners to build legal, self-contained secondary suites that comply with municipal requirements. Here are the essential details: Eligibility Requirements Homeowners must already own the property. The homeowner or a close relative must occupy one of the existing units. Additional units must not be used as short-term rentals. Project Specifications New units must be fully self-contained with separate entrances (e.g., basement suites, laneway homes). Up to four total dwelling units are allowed, including existing units. Financial Parameters The “as improved” property value must be less than $2 million. Homeowners can refinance up to 90% of the property’s value, including the enhanced value from secondary suites. The maximum amortization period is 30 years. Additional financing must not exceed the project’s costs. When Do These Rules Take Effect? Starting January 15, 2025, lenders can submit applications for mortgage insurance under these updated parameters. This applies to all eligible properties across Canada, provided the new units align with municipal zoning requirements. What This Means for Homeowners For homeowners with underutilized space, such as basements or detached garages, this new program offers an opportunity to increase property value and create a source of long-term income. By building legal secondary suites, homeowners can contribute to Canada’s rental housing market while gaining financial security. A Step Toward Housing Solutions As housing supply remains a pressing issue, these mortgage insurance changes reflect a commitment to practical, homeowner-driven solutions. Whether you’re a senior looking to age in place or a family seeking to maximize your property’s potential, these changes represent an exciting opportunity to invest in your home and your community. Stay informed and explore your options with your lender to determine if this program is right for you. The path to unlocking your property’s potential begins in 2025.
If you've been a homeowner for many years, it is likely your property value has increased significantly. One advantage of homeownership is the opportunity to build equity. Home equity growth, partnered with the security of living in your own home, is why most Canadians believe homeownership is the best choice for them! While home equity is one of your greatest assets, accessing home equity is often overlooked when putting together a comprehensive financial plan. So if you’re looking for a way to access some of your home equity, you’ve come to the right place! Simply put, home equity is the actual market value of your property minus what you owe. For instance, if your home has a market value of $650k and you owe $150k, you have $500k in home equity. If you want to stay in your home but also access the equity you have built up over the years, there are four options to consider. Conventional Mortgage Refinance Assuming you qualify for the mortgage, most lenders will allow you to borrow up to 80% of your property’s value through a conventional refinance. Let’s say your property is worth $500k and you owe $300k on your existing mortgage. If you were to refinance up to 80%, you would qualify to borrow $400k. After paying out your first mortgage of $300k, you’d end up with $100k (minus any fees to break your mortgage) to spend however you like. Even if you paid off your mortgage years ago and own your property with a clear title (no mortgage), you can secure a new mortgage on your property. Reverse Mortgage A reverse mortgage allows Canadian homeowners 55 or older to turn the equity in their home into tax-free cash. There is no income or credit verification; you maintain ownership of your home, and you aren't required to make any mortgage payments. The full amount of the mortgage will become due when you decide to move or sell. Unlike a conventional mortgage refinance, reverse mortgages won’t allow you to borrow up to 80% of your home equity. Rather, you can access a lesser amount of equity depending on your age. The interest rates on a reverse mortgage can be slightly higher than the best rates currently being offered through standard mortgage financing. However, the difference is not outrageous, and this is an option worth considering as the benefits of freeing up cash without mortgage payments provides you with increased flexibility. Home Equity Line of Credit (HELOC) A Home Equity Line of Credit allows you to set up access to the equity you have in your home but only pay interest if you use it. Qualifying for a HELOC may be challenging as lender criteria can be pretty strict. Unlike a conventional mortgage, a HELOC doesn't usually have an amortization, so you're only required to make the interest payments on the amount you've borrowed. Second Position Mortgage If the cost to break your mortgage is really high, but you need access to cash before your existing mortgage renews, consider a second mortgage. A second mortgage typically has a set amount of time in which you have to repay the loan (term) as well as a fixed interest rate. This rate is usually higher than conventional financing. After you have received the loan proceeds, you can spend the money any way you like, but you will need to make regular payments on the second mortgage until it's paid off. If you’re looking for a way to access the equity in your home to free up some cash, please get in touch. You’ve got options, and we can work together to find the best option for you!