Recently Funded - Property Acquistion  Construction Capital For Multiple Triplexes

Recently Funded - Property Acquistion + Construction Capital For Multiple Triplexes

TWT Recently funded a mortgage to acquire a property and additional approved the construction capital for multiple triplexes.     70% Loan To Value on the acquisition of an existing property that will be demolished.   Construction capital based on "as if" value and ...Read more...
Mortgage Solution For Vacant Residential Development Site

Mortgage Solution For Vacant Residential Development Site

We recently funded a mortgage for some amazing clients that needed a creative solution.     $1,890,000 1st Mortgage inter-alia 53% LTV Permanent Resident with foreign income and assets 7.35% Interest Rate 1% Set up fee Interest Only and open with 3 month interest Corporate ...Read more...
The Mortgage Manual Our House Magazine Digital Version Now Available

"The Mortgage Manual" Our House Magazine Digital Version Now Available

Due to COVID-19 we suspended this months delivery of Our House Magazine. However, that doesn't mean you still cannot get the content.  This addition is a follow up to our popular edition entitled Mortgage Manual.  This Magazine touches on everything a homebuyer needs to ...Read more...
Virtual Mortgage Assessment

Virtual Mortgage Assessment

We are very proud of how quickly our industry has adapted to change.  Our brokerage at Dominion Lending Centres put up one of the better websites with resources for homeowners savings questions pertaining to finances and the impact of COVID-19 https://dominionlending.ca/covid-19/   Our ...Read more...
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The Westlake Team (TWT) & Dominion Lending Centres Recognize You May Be Looking For Mortgage Advise...

At The Westlake Team (TWT), part of Dominion Lending Centres, we are deeply concerned about the Coronavirus – and we know you are too. We recognize that many homeowners may be looking for guidance around mortgage financing and our mortgage brokers are here for you today, and ...Read more...
The Westlake Team TWT Sponsors Master Works of Oakville

The Westlake Team, TWT Sponsors Master Works of Oakville!

By Scott Westlake0 comments
The Westlake Team, TWT part of DLC National is proud to sponsor Masterworks of Oakville Chorus & Orchestra. Scott says, "this sponsorship is an investment in our community and the amazing people that are apart of it." Scott committed to investing into two of the communities that ...Read more...
A Night of Networking and Entertainment at an Exclusive Car Lounge

A Night of Networking & Entertainment at an Exclusive Car Lounge

By Scott Westlake0 comments
The Westlake Team is a proud sponsor of this October's Luxury Networking Event. We are happy to be apart of The Preferred Network and look forward to wrapping up another great year in financing Luxury Real Estate.    The Westlake Team has consistently provided solution based ...Read more...
Canadas First Time Home Buyer Incentive Program for First Time Home Buyers

Canada's First Time Home Buyer Incentive Program for First Time Home Buyers

By Scott Westlake0 comments
We have been inundated with questions on the New, First Time Home Buyer Incentive Program. Please see details below along for links to relevant information.  As always our brokerage and team will be leading the way with new initiatives and helping make home ownership ...Read more...
Monthly Mortgage Newsletter - August 2019

Monthly Mortgage Newsletter - August 2019

Check out our Monthly Mortgage Newsletter for August! This month we touch on: -4 Costs to consider as a first-time homebuyer -Mortgage Default Insurance rates are not the problem -About DLC -About The Westlake Team -Homeowner Tips -Did you know... As always for more information ...Read more...
Qualifying Mortgage Rate Falls For First Time Since B-20 Into

Qualifying Mortgage Rate Falls For First Time Since B-20 Into

QUALIFYING MORTGAGE RATE FALLS FOR FIRST TIME SINCE B-20 INTRO The interest rate used by the federally regulated banks in mortgage stress tests has declined for the first time since 2016, making it a bit easier to get a mortgage. This is particularly important for first-time homeowners ...Read more...
How to Get the Best Mortgage

How to Get the Best Mortgage!

Defining BEST Mortgage is difficult as we all have different unique needs and requirements.  To a lot of clients the best mortgage involves the best rate, which we can help find and provide to our clients.   To others, the best mortgage is one than can get them the approval ...Read more...
Recent Mortgage - Construction Financing Cottage Country - 2475000

Recent Mortgage - Construction Financing Cottage Country - $2,475,000

We had the pleasure of supporting repeat clients of ours financing another cottage build in Cottage Country. We provided both land acquisition financing to purchase the property as well as the construction financing for the cottage build out.    Backstory:   Clients ...Read more...
Recent Transaction - June 2019 - Construction Loan 2.8mil

Recent Transaction - June 2019 - Construction Loan $2.8mil

Backstory: Land Accusation completed by purchaser in 2018, The client went through the process of deciding on builder, budget and applying for permit.   -Cash buyer. No credit facility at closing. -Exit strategy is take out mortgage at completion through major institution, soft ...Read more...
Oakville Young Professional or Entrepreneur of the Year (YPEG)

Oakville Young Professional or Entrepreneur of the Year (YPEG)

This past year I was nominated for the YPEG - Young Professional or Entrepreneur of the Year. I went through the vetting out process which included a detailed report on ones business, including: results, year over year growth, community involvement, mentorship, leadership, implementation ...Read more...
Purchase Plus Improvements

Purchase Plus Improvements

Have you ever walked through a home thats almost perfect.  If you could only renovate one of the washrooms or them all.  Update the Kitchen or make the Laundry Room more functional.  These renovations often happen while living in the home but few people realize we can ...Read more...
How to pay off your Mortgage FASTER in Canada

How to pay off your Mortgage FASTER in Canada

By Scott Westlake0 comments
As a brokerage that originates a lot of mortgage business, I feel we have a responsibility to not only help Canadians get into their homes but also help them become mortgage free faster.  Below are my tips on how you can do this!   1. Choose an accelerated mortgage payment ...Read more...
How to get a Mortgage on a Cottage

How to get a Mortgage on a Cottage

By Scott Westlake0 comments
Financing a cottage can be as easy as financing your principal residence or more complicated than you can imagine. This is why we strongly recommend getting advise before making the multiple drives back and forth to cottage country without being properly informed.    When ...Read more...
Transferring or Switching your Mortgage

Transferring or Switching your Mortgage

By Scott Westlake0 comments
Transferring your mortgage or switching your mortgage from one lender to another is usually done in order to take advantage of a better rate or better terms.  A transfer or switch is different then a refinance.  A transfer/switch is when you don't add any money to the mortgage, ...Read more...
Construction Financing Oakville and GTA

Construction Financing Oakville & GTA

By Scott Westlake0 comments
There are two types of homes we get a lot of inquires about financing when it comes to construction.  Building a home to live in as your principal residence and building a home to sell for investment purposes.   When building a home to live in we have numerous lenders that ...Read more...
Minimum Down Payment Requirements

Minimum Down Payment Requirements

By Scott Westlake0 comments
Explanation of minimum down payment requirements:   Purchase price between $1 - $500,000 = 5% minimum down payment    Example - a purchase price of $400,000 is a minimum down payment of $20,000   Purchase price between $500,000 - $999,999 = Blended down payment    The ...Read more...
Mortgage Document Checklist

Mortgage Document Checklist

By Scott Westlake0 comments
When applying for a mortgage or even better, when doing the pre-approval its crucial from an underwriting perspective to understand the buyers income.  We have created multiple checklists to help clients understand whats required:   Our checklist outlines what clients should ...Read more...
How To Finance Luxury Real Estate

How To Finance Luxury Real Estate

By Scott Westlake0 comments
When Financing Luxury Real Estate its important to work with a team that has experience working similar files, especially if the mortgage amount is getting North of $1mil.  We get a lot of calls from Private Bankers, Wealth Managers, Top Performing Realtors, Lawyers and even ...Read more...
Q and N with Scott Westlake on Mortgages

Q & N with Scott Westlake on Mortgages

By Scott Westlake1 comments
1. How do I get the best rate   2. How long does it take to get pre-approved   3. What documents are needed for a mortgage   4. Do you like brokering better than being a banker   5. ...Answer1. Just ask.  We constantly are finding the best rates for our clients.  I just like to emphasize the importance in finding the best rates for YOU.  We have a free mortgage app that publishes ...Read more...
How To Get The Best Mortgage Rate

How To Get The Best Mortgage Rate

By Scott Westlake0 comments
Its not a surprise searching for the Best Mortgage Rate is always going to be a popular topic.  Its a top search term in google, there are rate sites specifically positioned to promote the lowest rates and to be honest, who doesn't want the best interest rate?!   Even though ...Read more...
Reverse Mortgage Oakville and GTA

Reverse Mortgage Oakville & GTA

By Scott Westlake1 comments
1. What is a Reverse Mortgage   2. Eligibility for Reverse Mortgage   3. Qualifying for a Reverse Mortgage    4. Repaying the money you borrow   5. Cost to get a Reverse Mortgage    6. ...Answer1. A reverse mortgage is solution for home owners 55 years and older that want to access equity from their home without having to sell it.  For clients that may not have the income to qualify from ...Read more...
February 2019 Mortgage Newsletter

February 2019 Mortgage Newsletter

By Scott Westlake0 comments
This February we touch on the ABC's of Alternative Lending and the idea of if "we" are qualified to help qualify you for a mortgage.  We also provide a homeowners tip on insurance and provide some additional information on who is DLC along with who is The Westlake Team if you ...Read more...
Jumbo Mortgage

Jumbo Mortgage

By Scott Westlake1 comments
The Westlake Team recently connected with multiple lenders to discuss Jumbo Mortgage Solutions.  As a Mortgage Team that finances a lot of luxury real estate, its natural that many requests come in for large mortgages.  Depending on circumstances, traditional "Jumbo Mortgage" ...Read more...
Commercial Mortgage Oakville GTA

Commercial Mortgage Oakville, GTA

By Scott Westlake0 comments
Commercial Lending is one of our fasting growing verticals within The Westlake Team.  Similar to our Residential vertical, we have built significant relationships with Banks, Credit Unions, Trust Companies, Insurance Companies and Private Capital to once again, be our commercial ...Read more...
First Time Home Buyer Mortgage GTA

First Time Home Buyer Mortgage GTA

By Scott Westlake0 comments
Some great advise from our friends at DLC on what information First Time Home Buyers should be aware of when buying a home and more specifically applying for a mortgage.   The steps broken down:   1. Find a Fantastic Mortgage Broker  2. Get Comfortable with the numbers ...Read more...
Mortgage insurance for Self Employed

Mortgage insurance for Self Employed

By Scott Westlake0 comments
Apparently, self employed individuals make up roughly 15% of the Canada's labour force (noted in the CMHC link below).  It is evident working in the industry as a mortgage professional, that its become difficult to apply for a mortgage.  CMHC has announced that they revised ...Read more...
Self Employed Mortgage Qualifications

Self Employed Mortgage Qualifications

By Scott Westlake0 comments
I personally believe that the way we know self employment mortgages from the past has disappeared. Stating income and using what we believe to be an accurate indication of debt serviceability for a mortgage qualification is no longer an option in my opinion at the bank level.  We ...Read more...
5 REASONS WHY REALTORS WANT YOU TO HAVE A PRE-APPROVAL

5 REASONS WHY REALTORS WANT YOU TO HAVE A PRE-APPROVAL

By Scott Westlake0 comments
In the embedded link there are 5 great reasons to have a pre approval and why your realtor wants you to have one in place.   I might add, that not all pre approvals are created equal.  A top realtor in our area called me asking about a pre approval a client received from ...Read more...
Government of Canada Programs to Support Home Buyers

Government of Canada Programs to Support Home Buyers

By Scott Westlake0 comments
Our partners at CMHC has some terrific information on programs the Government of Canada has set up to support home buyers.  For more information visit:https://www.cmhc-schl.gc.ca/en/buying/financial-information-and-calculators/government-of-canada-programs-to-support-homebuyers ...Read more...
January 2019 Mortgage Newsletter

January 2019 Mortgage Newsletter

By Scott Westlake0 comments
This month we touch on how to stay cool in the housing market and making 2019 your turnaround year!  Each month in 2019 we will be posting our newsletter at http://www.thewestlaketeam.com/.  This newsletter is designed a simple fast read with a few tips for current and future ...Read more...
Non Traditional Mortgage Financing Toronto Oakville and GTA

Non Traditional Mortgage Financing Toronto, Oakville & GTA

By Scott Westlake1 comments
Non Traditional Mortgage Financing GTA   Non Traditional Lending Solutions are becoming necessary. Between government intervention & lender policy change, clients are turning to mortgage agents/brokers for solutions.  Not all clients understand the recent mortgage changes ...Read more...
Private Mortgage Lenders Oakville Toronto and GTA

Private Mortgage Lenders Oakville, Toronto & GTA

By Scott Westlake0 comments
Private Mortgage Lenders in the GTA   Private Lending has become a popular topic but hopefully not for the wrong reasons.  Private lending can be a lucrative investment strategy and a very necessary lending option if presented properly to all parties.  Most private ...Read more...
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