Blog Post

Why Choose a Xeva Mortgage Professional

Luisa Hough • Apr 29, 2015

The benefits of being associated with Xeva are incredible. Simply put, because we are such a big group of very high producing mortgage brokers, we have access to the top products and best rates with every lender we work with. However it is more than just access to these lenders and products that makes us special… it’s also the quality of our business. Because we broker such a high quantity of high quality mortgages, we have been able to develop amazing relationships with our lenders.

Anyone who knows good business knows that results are built on trust and relationship. Our goal is to build both trust and a great long term relationships with our clients AND our lender partners.

Xeva continues to develop a reputation for excellence, most recently being named as a finalist for the The CFF Bank Award For Best Newcomer, Mortgage Broker Firm (in Canada) at the 2015 CMP Mortgage Awards.

So what does Xeva mean anyway? 

“I have aspiration, hope and guidance. Because I am intuitive and perceptive, I understand human nature. I am versatile and I have the power to achieve.

I am inspired, introspective and have a good understanding of the human heart. I desire to inspire and to lead, to influence each others’ affairs.  

I am giving, courageous and bold; action oriented, energetic and strong-willed. I want to make a difference!”

Why choose a Xeva mortgage professional? It is simple. When you are purchasing a home and needing a mortgage, you can go to a local bank and accept one of their products only available to that institution, or you can sit down with a Xeva mortgage professional. A Xeva mortgage professional has access to a wide range of lenders that will be competing for your business therefore offering a variety of products for you to choose from and will offer the best interest rates available.

There is a benefit to use a Xeva mortgage professional as we have access to more than 50 lenders, including Canada’s largest banks, credit unions, trust company and private lenders.

This can be an overwhelming process for most consumers. Having an educated mortgage professional guide you through this transaction can relieve stress, save you time and money. We educate you about mortgage options with over 50 lenders to create the best long-term solution for you and your family. Unlike dealing with the bank staff and other brokers, trust that your Xeva mortgage professional will be here throughout the life of your mortgage to serve you from now and in the future. At Xeva Mortgage we take the time to understand your financial goals. Your Xeva mortgage professional will find the mortgage that suits you best, all with flexible terms to help you pay off your mortgage years sooner and save you thousands of dollars in interest.

Are you self-employed or new to Canada?  Xeva mortgage professionals also have access to the best programs specifically designed for you!  By choosing a Xeva mortgage professional you can rest assured knowing you have a licensed individual and team of professionals looking after your best interest and not the banks.  Did I mention the best part? In most instances our services are free and we offer the best interest rates in the industry. Xeva’s lender partners compensate us so you don’t have to.

Recent Posts

Bridge Financing and Deposit Lending

By Luisa Hough • 24 Apr, 2024
Let’s say you have a home that you’ve outgrown; it’s time to make a move to something better suited to your needs and lifestyle. You have no desire to keep two properties, so selling your existing home and moving into something new (to you) is the best idea. Ideally, when planning out how that looks, most people want to take possession of the new house before moving out of the old one. Not only does this make moving your stuff more manageable, but it also allows you to make the new home a little more “you” by painting or completing some minor renovations before moving in. But what if you need the money from the sale of your existing home to come up with the downpayment for your next home? This situation is where bridge financing comes in. Bridge financing allows you to bridge the financial gap between the firm sale of your current home and the purchase of your new home. Bridge financing allows you to access some of the equity in your existing property and use it for the downpayment on the property you are buying. So now let’s also say that it’s a very competitive housing market where you’re looking to buy. Chances are you’ll want to make the best offer you can and include a significant deposit. If you don’t have immediate access to the cash in your bank account, but you do have equity in your home, a deposit loan allows you to make a very strong offer when negotiating the terms of purchasing your new home. Now, to secure bridge financing and/or a deposit loan, you must have a firm sale on your existing home. If you don’t have a firm sale on your home, you won’t get the bridge financing or deposit loan because there is no concrete way for a lender to calculate how much equity you have available. A firm sale is the key to securing bridge financing and a deposit loan. So if you’d like to know more about bridge financing, deposit loans, or anything else mortgage-related, please connect anytime! It would be a pleasure to work with you.

A First Home Savings Account (FHSA)

By Luisa Hough • 18 Apr, 2024
Dreaming of owning your first home? A First Home Savings Account (FHSA) could be your key to turning that dream into a reality. Let's dive into what an FHSA is, how it works, and why it's a smart investment for first-time homebuyers. What is an FHSA? An FHSA is a registered plan designed to help you save for your first home taxfree. If you're at least 18 years old, have a Social Insurance Number (SIN), and have not owned a home where you lived for the past four calendar years, you may be eligible to open an FHSA. Reasons to Invest in an FHSA: Save up to $40,000 for your first home. Contribute tax-free for up to 15 years. Carry over unused contribution room to the next year, up to a maximum of $8,000. Potentially reduce your tax bill and carry forward undeducted contributions indefinitely. Pay no taxes on investment earnings. Complements the Home Buyers’ Plan (HBP). How Does an FHSA Work? Open Your FHSA: Start investing tax-free by opening your FHSA. Contribute Often: Make tax-deductible contributions of up to $8,000 annually to help your money grow faster. Withdraw for Your Home: Make a tax-free withdrawal at any time to purchase your first home. Benefits of an FHSA: Tax-Deductible Contributions: Contribute up to $8,000 annually, reducing your taxable income. Tax-Free Earnings: Enjoy tax-free growth on your investments within the FHSA. No Taxes on Withdrawals: Pay $0 in taxes on withdrawals used to buy a qualifying home. Numbers to Know: $8,000: Annual tax-deductible FHSA contribution limit. $40,000: Lifetime FHSA contribution limit. $0: Taxes on FHSA earnings when used for a qualifying home purchase. In Conclusion A First Home Savings Account (FHSA) is a powerful tool for first-time homebuyers, offering tax benefits and a structured approach to saving for homeownership. By taking advantage of an FHSA, you can accelerate your journey towards owning your first home and make your dream a reality sooner than you think.

Understanding the Recent Housing Affordability Measures in Canada

By Luisa Hough • 18 Apr, 2024
In recent years, housing affordability has become a significant concern for many Canadians, particularly for first-time homebuyers facing soaring prices and strict mortgage qualification criteria. To address these challenges, the Canadian government has introduced several housing affordability measures. In this blog post, we'll examine these measures and their potential implications for homebuyers. Increased Home Buyer's Plan (HBP) Withdrawal Limit Effective April 16, the Home Buyer's Plan (HBP) withdrawal limit will be raised from $35,000 to $60,000. The HBP allows first-time homebuyers to withdraw funds from their Registered Retirement Savings Plan (RRSP) to use towards a down payment on a home. By increasing the withdrawal limit, the government aims to provide young Canadians with more flexibility in saving for their down payments, recognizing the growing challenges of entering the housing market. Extended Repayment Period for HBP Withdrawals In addition to increasing the withdrawal limit, the government has extended the repayment period for HBP withdrawals. Individuals who made withdrawals between January 1, 2022, and December 31, 2025, will now have five years instead of two to begin repayment. This extension provides borrowers with more time to manage their finances and repay the withdrawn amounts, alleviating some of the immediate financial pressures associated with using RRSP funds for a down payment. 30-Year Mortgage Amortizations for Newly Built Homes Starting August 1, 2024, first-time homebuyers purchasing newly built homes will be eligible for 30-year mortgage amortizations. This change extends the maximum mortgage repayment period from 25 years to 30 years, resulting in lower monthly mortgage payments. By offering longer amortization periods, the government aims to increase affordability and assist homebuyers in managing their housing expenses more effectively. Changes to the Canadian Mortgage Charter The government has also introduced changes to the Canadian Mortgage Charter to provide relief to homeowners facing financial challenges. These changes include early mortgage renewal notifications and permanent amortization relief for eligible homeowners. By implementing these measures, the government seeks to support homeowners in maintaining affordable mortgage payments and mitigating the risk of default during times of financial hardship. The recent housing affordability measures announced by the Canadian government are aimed at addressing the challenges faced by homebuyers in today's market. These measures include increasing withdrawal limits, extending repayment periods, and offering longer mortgage amortizations. The goal is to make homeownership more accessible and affordable for Canadians across the country. As these measures come into effect, it's crucial for homebuyers to stay informed about the changes and their implications. Consulting with a mortgage professional can help individuals explore their options and make informed decisions about their housing finances. If you're interested in learning more about these changes and how they may affect you, please don't hesitate to connect with us. We're here to walk you through the process and help you consider all your options and find the one that makes the most sense for you.

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