I believe in providing my clients with professional advice, uncompromising face-to-face service and access to a wide selection of mortgage products with incredible terms.
Hello. I’m Trevor Hansen. I’m the CEO of Xeva Mortgage and I specialize in working with the following types of clients:
Professionals & Business Owners
Did you know the government has recently made changes to the rules around mortgage qualification for self-employed individuals? If you use a corporation to reduce your taxes and you plan to purchase a property in the next couple of years, we should talk sooner rather than later! I will work in conjunction with your lawyer and accountant in order to make sure you are on track to meet your mortgage goals.
High Net Worth Individuals
With over 20 years of mortgage and banking experience, I have worked with many high net worth individuals. As such, I have developed relationships with lenders who offer exclusive products and I provide professional council grounded in experience. From purchasing an owner occupied home or a vacation property to building an impressive investment portfolio, I will make sure your financing experience is seamless.
Existing Homeowners
If you currently own a home and would like to access some of the equity, I specialize in mortgage refinances and would be pleased to work with you. If you are an existing or new client and your mortgage is up for renewal, I am available to help you lock in your next term with the mortgage product that best meets your needs at the lowest rates available.
TESTIMONIALS
They say that a referral is the greatest compliment. To say that you would recommend someone to family and friends says that they have earned your trust and respect.
From the first day I met Trevor it was apparent how much he cared and how dedicated he was to helping us find the right mortgage. I have personally worked with him 3 times in the last decade and recommend him to anyone and everyone I hear is looking to buy or refinance, including my own clients. Trevor is professional, courteous and genuine. Don’t sit on the fence… he’s your guy!
From the first day I met Trevor it was apparent how much he cared and how dedicated he was to helping us find the right mortgage. I have personally worked with him 3 times in the last decade and recommend him to anyone and everyone I hear is looking to buy or refinance, including my own clients. Trevor is professional, courteous and genuine. Don’t sit on the fence… he’s your guy!
Leah Stark
Lenders
I have developed excellent relationships with lenders across the country, let's figure out which one has the best product for you.
MORTGAGE RESOURCES
With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider. You need to keep making your payments. A mortgage is a legally binding contract between you and the lender. It doesn’t take marriage into account. If your name appears on the mortgage, you're responsible for making sure the regular payments are made. A marital breakdown does not give you an excuse not to make your mortgage payments. If during your marriage, you have relied on your spouse to make the mortgage payments and you aren’t certain payments are being made after separating, it is in your best interest to contact the lender directly to verify your mortgage is being paid. If payments aren't being made, it could affect your credit score or worse, the lender could start foreclosure proceedings. There is always a financial cost to break your mortgage. If, in the course of figuring out how to split your finances, you decided to either refinance your mortgage, remove someone from the title, or sell the property, keep in mind that there will be legal costs incurred. If you’re in the middle of a term, the penalty for breaking your mortgage might be significant, especially if you have a fixed-rate mortgage. It’s certainly worth contacting your mortgage lender directly to verify the cost to break your mortgage. Having that information accessible when writing out your separation agreement will provide increased clarity. Listing your marital status as separated or divorced. When completing a mortgage application for securing new mortgage financing, when you list your marital status as separated or divorced, you can expect that a lender will want to see your legal separation agreement or your divorce papers. This is because they will want to ensure you aren’t responsible for any support payments to your former spouse. This can create a sticky situation, especially if you haven’t finalized the paperwork and could delay getting new mortgage financing. It could be harder to qualify for a new mortgage. With the separation of assets also comes the separation of incomes. If both of you have been working and you’ve qualified for your existing mortgage on a double income, you might find it hard to maintain the same quality of lifestyle post-separation as you will be reduced to being a single income household. This is where careful planning comes in. Working closely with your independent mortgage professional will make sure you understand exactly where you stand and if you can qualify to take over the mortgage on the matrimonial home or what other options you might have. Purchasing the matrimonial home from your ex. There are special considerations given to people going through a separation to buy out the matrimonial home. Instead of looking at the transaction like a refinance where you can only borrow up to 80% of the property’s value, lenders will consider one spouse buying out the other up to a 95% loan to value ratio. This comes in handy when dividing assets and liabilities. If you’d like to discuss your mortgage options, please contact me anytime.
If you're relatively new to the world of mortgage financing, the term "second mortgage" might cause a bit of confusion; especially if you're a first-time homebuyer buying your first home. You might assume that when your first term is up or if you sell your first home, that the next mortgage you get would be a "second mortgage" because it is the second mortgage in your lifetime, this is not the case. A second mortgage refers to an additional loan on a single property. When you borrow money to buy a house, your lawyer or notary will register your mortgage on the title in what is called first position or first charge. Which simply means, if and when you sell your property, your mortgage lender has first claim against the proceeds of the sale. If you happen to default on your mortgage, this is the security the lender has in repossessing your property. A second mortgage is an additional loan, that takes the second position to the first. If you take a second mortgage, you will continue to make the payments on your first mortgage. Also, you'll be required to make payments on the second mortgage as well. If you sell your property, the lawyers will use the proceeds of the sale to pay off your mortgages in sequence, the first position mortgage is paid out first and the second mortgage is paid out second. After both mortgages are paid off completely, you would get the remaining equity. A second mortgage comes in handy when you're looking to access some of the equity you have built up in your property, but you have an excellent rate and terms on your first mortgage. Instead of refinancing the first mortgage, you'd apply to have a second mortgage. Now, typically the rates on a second mortgage are higher than a first mortgage but lower than the interest rate you may be paying on credit cards, loans, or line of credits, making it a great financial debt consolidation tool. Most of the time, the loan amounts on a second mortgage are considerably less than your mortgage in the first position. If you'd like to know more about how a second mortgage works, or if you'd like to discuss anything related to mortgage financing, please contact me anytime!
If you're looking to buy a new property, refinance, or renew an existing mortgage, chances are, you're considering either a fixed or variable rate mortgage. Figuring out which one is the best is entirely up to you! So here's some information to help you along the way. Firstly, let's talk about the fixed-rate mortgage as this is most common and most heavily endorsed by the banks. With a fixed-rate mortgage, your interest rate is "fixed" for a certain term, anywhere from 6 months to 10 years, with the typical term being five years. If market rates fluctuate anytime after you sign on the dotted line, your mortgage rate won't change. You're a rock; your rate is set in stone. Typically a fixed-rate mortgage has a higher rate than a variable. Alternatively, a variable rate is not set in stone; instead, it fluctuates with the market. The variable rate is a component (either plus or minus) to the prime rate. So if the prime rate (set by the government and banks) is 2.45% and the current variable rate is Prime minus .45%, your effective rate would be 2%. Now, if three months after you sign your mortgage documents, the prime rate goes up by .25%, your rate would then move to 2.25%. Typically, variable rates come with a five-year term, although some lenders do allow you to go with a shorter term. So at first glance, the fixed-rate seems to be the safe bet; even if you have to pay a little more to lock-in, and the variable-rate appears to be the wild card. But this might not be the case. Here's the problem, what this doesn't account for is the fact that a fixed-rate mortgage and a variable-rate mortgage have two very different ways of calculating the penalty should you need to break your mortgage. If you decide to break your variable rate mortgage, regardless of how much you have left on your term, you will end up owing three months interest, which works out to roughly two to two and a half payments. Not that bad. With a fixed-rate mortgage, you will pay the greater of either three months interest or what is called an interest rate differential penalty. As every lender calculates their interest rate differential penalty differently, and that calculation is based on market fluctuations and the remaining time left on your term, there is no way to guess at what that penalty will be. However, with that said, it won't be pleasant. If you've ever heard horror stories of banks charging outrageous penalties to break a mortgage, this is an interest rate differential. It's not uncommon to see penalties 10x the amount with a fixed-rate mortgage compared to a variable rate mortgage. There is a reason the banks like people in 5-year term fixed-rate mortgages. The goal of any mortgage should be to pay the least amount of money to the lender as possible. So while a fixed-rate mortgage might provide you with a more stable payment, if "life happens" and you need to break your mortgage, you might end up paying considerably more in fees than you would have ever paid by taking a variable rate. Now, something to think about related to the times we find ourselves in, mid or post-COVID, the Bank of Canada has indicated that rates will remain low for years to come, making the chances of an increase in prime very slim. While there is no way to completely capture all the information required to decide on a fixed or variable rate mortgage in a simple article, if you have questions, please don't hesitate to contact me anytime. I would love to walk you through everything and answer all of your questions.
Should I get a Mortgage Pre Approval? Going through the pre-approval process is important. However, the actual term ‘pre-approval’ is often misunderstood. It’s not magic, and it’s certainly not binding. Let’s be clear, a pre-approval isn’t for the lender; it’s for you! And yes, if you’re considering buying a property, you should start with a pre-approval. But be aware that simply having a pre-approval isn’t all you need to secure mortgage financing. When you sit down with your mortgage broker, we’ll discuss your financial situation, work through a lender product review, access your credit report, and review all income and downpayment documents. At the end of the pre-approval process, you should be clear just how much you qualify to purchase and how much this will cost. A pre-approval should never be relied on as a sure-fire bet for future mortgage financing. There is a lot more to work through. While we can work together to preview and catch any significant areas of concern such as unpaid/unfiled taxes, employment probation, or clarity around downpayment origins, please understand that lenders do not offer a formal live review of documents, so it’s important to protect yourself as best you can. The best way to do this is to include a condition (or ‘subject’) clause along the lines of ‘subject to receiving and approving satisfactory financing’. There are several variables that can derail a final approval once you write an offer on a property, this clause protects you while everything is sorted out. This is arguably the single most important clause in a purchase contract, and should not be taken lightly (even in cases of multiple competing offers). So the bottom line is, start with a pre-approval, but protect yourself by allowing enough time in the purchase transaction to finalize the mortgage financing. If you have any questions about this or anything else mortgage related, please don’t hesitate to contact me anytime!
Alternative lending refers to lending practices that fall outside the normal banking channels. These are lenders that think outside the box and offer lending solutions to Canadians who wouldn’t otherwise qualify for traditional bank products. Although we all like to think that we’re going to qualify for the best mortgages available, this isn’t always the case. Sometimes life just gets in the way! So here are four times that alternative lending beats your typical banking practices. Damaged Credit Life happens, businesses and marriages break down, health can be taken for granted and then taken away. Regardless of why credit has been damaged, there are alternative lenders that look at the strength of employment and income, and the downpayment or equity to offer a new mortgage. Although the rates can be a little higher here, if it’s the choice between buying a property or not, having options is always a good thing and that’s what the alternative lenders will do, offer options. If you do have damaged credit, the goal is to be working towards establishing better credit and moving back into a typical mortgage as soon as possible. Use an alternative lender to bridge that gap! Self-Employment If you run your own business, you most likely have considerable write-offs that make sense for tax planning reasons but don’t do so much for your verifiable income. Traditional lenders want to see verifiable income, alternative lenders can be considerably more understanding and offer very competitive products. As the rates on alternative lending aren’t that far from A lending, alternative lending has become the home for most serious self-employed Canadians. Yes, you might pay a little more in interest rates, but oftentimes that money is saved through corporate structuring. Non-traditional income Welcome to the new frontier of earning an income. If you make money through non-traditional employment like Airbnb, tips, commissions, uber, or uber eats, alternative lending is more likely to be flexible to your needs. Most traditional lenders want to see a minimum of two years of established income before considering income on a mortgage application. Not always so with alternative lenders (depending on the strength of your overall application). Expanded Debt-Service Ratios With the government stress test significantly lessening Canadians ability to borrow, it’s a good point to note that there are lenders in the alternative channel that allow expanded debt-service ratios which can help finance more expensive (and suitable) property for responsible individuals. Typical A channel lenders are restricted to GDS and TDS ratios of 35/42 or 39/44 (depending on credit). However, alternative lenders, depending on the loan-to-value ratio can be considerably more flexible. The more money you have as a downpayment, the more you’re able to borrow and expand those debt-service guidelines. So there you have it, 4 ways alternative lending beats out traditional bank financing. If you would like to discuss mortgage financing, please don’t hesitate to contact me anytime!
If you need to borrow money to finance any property, working with an independent mortgage professional will save you money, time, and provide you with better options than your bank. And if that is the only sentence you read in this entire article, you already know all you need to. However, if you’d like to dig a little deeper, here are three reasons why working with an independent mortgage professional is in your best interest. The best mortgage is the one that costs you the least over the life of your mortgage. An independent mortgage professional will guide you. All mortgages are NOT created equal. Unfortunately, slick marketing and consumerism have led us to believe that the lowest “sticker price” equals the best value. As it relates to mortgages, we’re led to believe that the lowest rate equals the best mortgage. However, this is entirely wrong. When considering which mortgage is the best for you, you’ll want to find one that will cost you the least over the total length of the mortgage. There are so many more factors to consider than just rates, such as the initial term, fixed or variable, amortization, or any potential penalty to break the mortgage (should you need to sell the property before the end of your term). An independent mortgage professional will outline all your options, and help you find the mortgage that best suits your needs. Sometimes taking a mortgage with a bit of a higher rate makes sense if it gives you flexibility down the line to avoid huge payout penalties. Save time and protect yourself by submitting one mortgage application, and let an independent mortgage professional find the best product for you. Let’s face it; getting a mortgage can be challenging enough on its own. Everyone’s financial situation is a little different and making sense of lender guidelines is a full-time job in itself. When you work with an independent mortgage professional, you submit a single mortgage application, all your documentation is collected upfront, and one credit report is taken. Your mortgage professional will then compare your mortgage application and financial situation to various lender guidelines and provide you with the best mortgage options (from their expert opinion). By allowing your mortgage professional to do all the research with multiple lenders, you save time while being provided with more options than you’d have available to you if you did all the work on your own, a win-win situation. An independent mortgage professional works for you, on your behalf, while a bank specialist works for the bank and has the banks best interest in mind. It’s no secret that Canadian banks make A LOT of money. It seems every quarter they turn billions of dollars in profit (despite the economic environment). They do this at the expense of their customers by charging as much interest as they can while locking clients into mortgages with fine print that costs them a lot of money down the line if they need to break their mortgage. Bank employee’s work for the bank, they are paid by the bank to make money for the bank. In contrast, independent mortgage professionals are provincially licenced to work for their clients and are paid a standardized placement or finder’s fee for matching borrowers with lenders. When you work with a single bank, you only have access to the products of that bank. When you work with an independent mortgage professional, you have access to all of the lenders that mortgage professional works with and all of their products. If your goal is to find the best mortgage, one that costs you the least over time, you need product options. And independent mortgage professional provides you with this. If you’d like to discuss mortgage financing, as an independent mortgage professional, I would love to work with you. Contact me anytime.
TREVOR HANSEN
LET’S WORK TOGETHER
Whether you’re a first time home buyer, looking to refinance or renew your home, or you’re looking at purchasing an investment property, regardless of your circumstance, if you need to arrange mortgage financing, please give me a call or contact me using the form below.
I look forward to working with you! Go ahead, drop me a line, your information is safe with me.