Purchases

Moving is supposed to be exciting. New town, new job, new chapter. So why do banks act like you’re asking for their firstborn when you need a mortgage?

“You haven’t been at your new job for thre months” “Your self-employment income doesn’t count in a new market.” “We need to see established a year if you are part time contract - even if you’re working 40 hours under your new role”

Meanwhile, you’re sitting on a 40% down payment and stellar credit. Make it make sense.

The moving penalty nobody talks about: Banks have this bizarre rule - even if you’ve been successfully self-employed for a decade, the moment you cross a municipal boundary, you’re suddenly high-risk. Teacher transferring districts, on a full time job, but letter of employement says contract? Sorry, need two years at the new school. Consultant with national clients? Doesn’t matter, you moved postal codes.

Here’s what we actually see: - You’re not broke, you’re mobile - You’re not risky, you’re relocating
- You’re not unstable, you’re upgrading

Who uses purchase financing through us: - Healthcare workers taking positions in rural BC (where we need them most) - Remote workers escaping city prices with city salaries - Retirees moving closer to family (with pension income banks somehow can’t count) - Self-employed professionals whose income travels with them - Anyone whose life timeline doesn’t match the bank’s checklist

The best part - you’re probably gone in 12 months Unlike other MICs, our mortgages qualify for insurable switches. Been registered with Land Titles since 2001 - before some monolines existed. What’s that mean in English? When you’re ready to move to a bank (usually after settling into your new town), you can switch at their best insured rates. No refinancing. No new appraisal. Sometimes just an FCT insurance transfer.

Other MICs? Good luck. You’re refinancing, which means higher rates, lawyer fees, appraisal costs. The whole circus.

Real math on a typical purchase: - You need: $500,000 mortgage - Banks say: “Not until you’ve warmed that office chair for 365 days” - Cost with us: Maybe 4% more than bank rates for one year - Cost of waiting two years while renting: Your sanity plus $40,000 in rent - Cost of using another MIC then refinancing: 3x our fee in exit costs alone

We’re not naive. Your broker already has your exit strategy mapped out. Six months to establish local employment history. Another six to show stability. Year two, you’re back at bank rates through an insurable switch. We’re the bridge, not the destination.

Perfect world? You’d never need us. But in the perfect world, banks would understand that a nurse with 15 years experience doesn’t suddenly forget medicine because she moved from Kamloops to Comox. Until then, we’re here.

Fair warning: If you’re job-hopping AND town-hopping with no clear plan, we need to talk about whether this makes sense. But if you’re making a strategic move and just need banking rules to catch up with your reality? That’s literally why we exist.