Had a great experience with the Silverman group. Dealt with Zach and Sara, very smooth transition over my next mortgage. All 5 star reviews for a reason. Thank you for your professional service !
Mortgages can be overwhelming.
It doesn't have to be.
Let us show you how.
It doesn't have to be.
Let us show you how.
Sorting out your mortgage during a divorce can be overwhelming.It doesn't have to be.
Let us show you how.
START HERE
It doesn't have to be.
Let us show you how.
WELCOME TO
Your Stress-Free Mortgage
Your Stress-Free Mortgage
Get the right mortgage for you,
without the hassle.
You're getting a divorce and need a mortgage plan?
YESIf you happen to be going through, or considering a divorce or separation, did you know there are mortgage products designed specifically to allow you to refinance your property in order to buyout your ex-spouse?
For most couples, their property is their largest asset. In the case of a separation, it’s possible to structure a new mortgage to allow you to purchase the property from your ex-spouse for up to 95% of the property’s value.
Alternatively, if your ex-spouse wants to keep the property, they can buy you out using the same program. Either way, we’ll work with you to make sure that getting a mortgage while going through a divorce is as
Stress-Free as possible.
Here are some common questions people have about divorce mortgage financing.
Clients just like you who received their
Stress-Free Mortgage.
Stress-Free Mortgage.
Was looking for my second mortgage and decided to check this company out. They were seamless and worked round the clock to ensure we got approved. We ended up expanding our budget and buying a bigger house thanks to this team. Awesome work.
Colten Platzner
Our experience with Silverman has been great, we would definitely recommend. They provided clear and frequent communication and answer questions/queries quickly. Kayd and Sara were very helpful and we were guided throughout the whole process. Overall very smooth and not at all stressful.
Sam Pimentel
Kayd and Sara were top notch in their service! Very professional and respectful. They always responded quickly to any of my questions or concerns with knowledgeable answers. I highly recommend using their services. Thank you for making my experience simple and easy.
Liam Mcallister
Zach and his colleagues were wonderful to work with. They worked their magic and made the whole process easy from the beginning. I will definitely be calling them again in the future!
Carol Hofer
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.
QUICKLINKS
MORTGAGE ARTICLES
Credit. The ability of a customer to obtain goods or services before payment, based on the trust that you will make payments in the future. When you borrow money to buy a property, you’ll be required to prove that you have a good history of managing your credit. That is, making good on all your payments. But what exactly is a “good history of managing credit”? What are lenders looking at when they assess your credit report? If you’re new to managing your credit, an easy way to remember the minimum credit requirements for mortgage financing is the 2/2/2 rule. Two active trade lines established over a minimum period of two years, with a minimum limit of two thousand dollars, is what lenders are looking for. A trade line could be a credit card, an instalment loan, a car loan, or a line of credit; basically, anytime a lender extends credit to you. Your repayment history is kept on your credit report and generates a credit score. For a tradeline to be considered active, you must have used it for at least one month and then once every three months. To build a good credit history, both of your tradelines need to be used for at least two years. This history gives the lender confidence that you’ve established good credit habits over a decent length of time. Two thousand dollars is the bare minimum limit required on your trade lines. So if you have a credit card with a $1000 limit and a line of credit with a $2500 limit, you would be okay as your limit would be $3500. If you’re managing your credit well, chances are you will be offered a limit increase. It’s a good idea to take it. Mortgage Lenders want to know that you can handle borrowing money. Now, don’t confuse the limit with the balance. You don’t have to carry a balance on your trade lines for them to be considered active. To build credit, it’s best to use your tradelines but pay them off in full every month in the case of credit cards and make all your loan payments on time. A great way to use your credit is to pay your bills via direct withdrawal from your credit card, then set up a regular transfer from your bank account to pay off the credit card in full every month. Automation becomes your best friend. Just make sure you keep on top of your banking to ensure everything works as it should. Now, you might be thinking, what about my credit score, isn’t that important when talking about building a credit profile to secure a mortgage? Well, your credit score is important, but if you have two tradelines, reporting for two years, with a minimum limit of two thousand dollars, without missing any payments, your credit score will take care of itself, and you should have no worries. With that said, it never hurts to take a look at your credit every once and a while to ensure no errors are reported on your credit bureau. So, if you’re thinking about buying a property in the next couple of years and want to make sure that you have good enough credit to qualify, let’s talk. Connect anytime; it would be a pleasure to work with you and help you to understand better how your credit impacts mortgage qualification.
If you have a variable rate mortgage and recent economic news has you thinking about locking into a fixed rate, here’s what you can expect will happen. You can expect to pay a higher interest rate over the remainder of your term, while you could end up paying a significantly higher mortgage penalty should you need to break your mortgage before the end of your term. Now, each lender has a slightly different way that they handle the process of switching from a variable rate to a fixed rate. Still, it’s safe to say that regardless of which lender you’re with, you’ll end up paying more money in interest and potentially way more money down the line in mortgage penalties should you have to break your mortgage. Interest rates on fixed rate mortgages Fixed rate mortgages come with a higher interest rate than variable rate mortgages. If you’re a variable rate mortgage holder, this is one of the reasons you went variable in the first place; to secure the lower rate. The perception is that fixed rates are somewhat “safe” while variable rates are “uncertain.” And while it’s true that because the variable rate is tied to prime, it can increase (or decrease) within your term, there are controls in place to ensure that rates don’t take a roller coaster ride. The Bank of Canada has eight prescheduled rate announcements per year, where they rarely move more than 0.25% per announcement, making it impossible for your variable rate to double overnight. Penalties on fixed rate mortgages Each lender has a different way of calculating the cost to break a mortgage. However, generally speaking, breaking a variable rate mortgage will cost roughly three months of interest or approximately 0.5% of the total mortgage balance. While breaking a fixed rate mortgage could cost upwards of 4% of the total mortgage balance should you need to break it early and you’re required to pay an interest rate differential penalty. For example, on a $500k mortgage balance, the cost to break your variable rate would be roughly $2500, while the cost to break your fixed rate mortgage could be as high as $20,000, eight times more depending on the lender and how they calculate their interest rate differential penalty. The flexibility of a variable rate mortgage vs the cost of breaking a fixed rate mortgage is likely another reason you went with a variable rate in the first place. Breaking your mortgage contract Did you know that almost 60% of Canadians will break their current mortgage at an average of 38 months? And while you might have the best intention of staying with your existing mortgage for the remainder of your term, sometimes life happens, you need to make a change. Here’s is a list of potential reasons you might need to break your mortgage before the end of the term. Certainly worth reviewing before committing to a fixed rate mortgage. Sale of your property because of a job relocation. Purchase of a new home. Access equity from your home. Refinance your home to pay off consumer debt. Refinance your home to fund a new business. Because you got married, you combine assets and want to live together in a new property. Because you got divorced, you need to split up your assets and access the equity in your property Because you or someone close to you got sick Because you lost your job or because you got a new one You want to remove someone from the title. You want to pay off your mortgage before the maturity date. Essentially, locking your variable rate mortgage into a fixed rate is choosing to voluntarily pay more interest to the lender while giving up some of the flexibility should you need to break your mortgage. If you’d like to discuss this in greater detail, please connect anytime. It would be a pleasure to walk you through all your mortgage options and provide you with professional mortgage advice.