With big city property becoming increasingly more expensive, a new stress test on uninsured mortgages and mortgage regulations getting tougher, there is a growing trend for people to purchase homes with family or friends.

Reducing the Financial Burden

Partnering makes it easier to pass the means test because the combined salaries of the partners are taken into account. It may even be possible for two people to make a larger down payment improving your chances of getting bond approval.

Partnering with someone may also mean that rather than having to purchase an entry level home the partners can buy up, given that the allowable repayments will be calculated on the combined incomes of the partners. All in all, buying with a partner reduces the individual financial burden since shared maintenance and utilities costs should further reduce the financial implications of buying a new home.

Choose Your Mortgage Partner Well

Mortgage partners come from across the board and can include parents, siblings, colleagues or friends. The only hard and fast rule in choosing a partner is that you should trust your partner implicitly since you’ll both be responsible for maintaining on time mortgage payments. Because both owners are responsible for the bond repayments any potential problem with cash flow must be honestly and timeously discussed so that both partners have an opportunity to resolve the situation.

In applying for a mortgage both partners credit scores will be taken into account and if one of the partners has a poor credit score it can increase the required interest rate. Even a small increase on a large long-term bond can have a major impact on the eventual price.

Call Us Today +1 866 921 8890

Questions? We’re here to help!

Mortgage Offers

...pick the one thats right for you.

Find Out More

We Pay Your Legal Fees!

When You Close a Mortgage With Us

WE PAY YOUT LEGAL FEES,
$1000 VALUE

Get $1000 Cash Back

When You Close a Mortgage With us

RECEIVE $1000
CASH BACK

$1000 Referral Fee

When They Close a Mortgage With us

REFER A FRIEND AND GET
$1000

Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

A Written Agreement is Essential

Buying property is a long-term investment, which means that there is a reasonable chance that circumstances will change during the term of the mortgage. Before drawing up the agreement you and your prospective partner should have a frank discussion about what you hope to get out of the investment, how long you plan to live together and what will happen when one of the you want to sell your share. You should also discuss who is responsible for the various aspects of home maintenance.

Before you embark on such a partnership it is essential that you employ a lawyer to draft an agreement. If one of the partners to the agreement reneges it could leave the other partner with a compromised credit score. You should also ensure that an exit arrangement is in place since it is likely that one of the partners will exit the agreement at some stage. If you both want to sell, it will be simple but when one partner wants out things can get difficult.

written-agreement

Finding a Partner

If you don’t know anyone that would be in a position to share a mortgage with you, real estate matching services have sprung to the need and will help to match you with someone who is looking for a partner. There are also lenders that specialise in products that are designed for partner mortgages. As many as four people can partner on a mortgage.

Buying a house with a partner could make it possible for you to purchase your own home, but the partnership must be approached with caution and the agreement between you should cover all potential problems.

people-office-group-team

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

CONTACT US

Give us a call or email us to schedule your appointment