Buying a home can be overwhelming, but it doesn’t have to. Let us show you how with our 3
Stress-Free Mortgage Guarantees.
Buying a home can be overwhelming, but it doesn’t have to.
Let us show you how with our 3
Stress-Free Mortgage Guarantees.
Stress-Free
Pre-Approval Guarantee
Shop with confidence knowing that once we've looked at your application and given you the green light, if you're declined for any reason other than the suitability of the subject property, we'll give you $500.
We confirm that:
We have viewed and pre-qualified all income, credit, and down-payment/equity documents pertaining to your mortgage application. The application now solely hinges on the quality and appraisal of the property being financed.
We have viewed and pre-qualified all income, credit, and down-payment/equity documents pertaining to your mortgage application. The application now solely hinges on the quality and appraisal of the property being financed.
We will give you $500 if your mortgage application is denied for any reason other than the quality and price of the property.
You confirm that:
We have not guaranteed any terms of your approval.
You will not make any changes to your employment, credit, or financial situation while we’re in the process
of arranging mortgage financing on your behalf.
If you chose to not move forward with the transaction as the result of the home inspection, the value of the appraisal, or for any reason that does not include us obtaining your financing, we will not pay you the $500.
If you chose to proceed with financing any place other than arranged by Silverman Mortgage Group, we will not pay you the $500.
All reimbursements will take place within 30 days of the final lender decline.
You will not make any changes to your employment, credit, or financial situation while we’re in the process
of arranging mortgage financing on your behalf.
If you chose to not move forward with the transaction as the result of the home inspection, the value of the appraisal, or for any reason that does not include us obtaining your financing, we will not pay you the $500.
If you chose to proceed with financing any place other than arranged by Silverman Mortgage Group, we will not pay you the $500.
All reimbursements will take place within 30 days of the final lender decline.
Stress-Free
Home
Inspection Guarantee
Once given the green light, if you order a home inspection and your application is declined for any reason other than the suitability of the subject property, we'll reimburse you the full cost of the inspection.
We confirm that:
We have viewed and pre-qualified all income, credit, and down-payment/equity documents pertaining to your mortgage application. The application now solely hinges on the quality and appraisal of the property being financed.
If you proceed with a home inspection and your mortgage application is denied for any reason other than the quality or appraisal of the property, we will refund the cost of the home inspection to you.
You confirm that:
We have not guaranteed any terms of your approval.
You will not make any changes to your employment, credit, or financial situation while we’re in the process of arranging
mortgage financing on your behalf.
if you chose to not move forward with the transaction as the result of the home inspection, the value of the appraisal, or for any reason that does not include us obtaining your financing, we will not reimburse the cost of the home inspection.
If you chose to proceed with financing any place other than arranged by Silverman Mortgage Group, we will not
reimburse the cost of the home inspection.
All reimbursements will take place within 30 days of the final lender decline.
Stress-Free
Variable Rate Guarantee
If at any time you want to lock in your variable rate mortgage into a fixed rate, you won't be held to a single lender, we guarantee you'll get the best fixed rate on the market, even if we have to pay your penalty to switch lenders.
We confirm that:
If you decide to go with a variable rate mortgage, we will monitor your mortgage rate for you! Whenever we see a change in the prime rate, you’ll be the first to know. If market conditions change and we believe it’s a good time to lock-in to a fixed rate, we will let you know.
If you decide to lock-in your mortgage to a fixed rate, we will guarantee not only the best rate at your current lender but the best rates on the market.
We will pay the penalty to break your existing mortgage so you can switch to a better fixed rate product.
This offer is available to all new Silverman Mortgage Clients.
For a
Stress-Free
Mortgage.
QUICKLINKS
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!