Are there special mortgages for realtors, brokers and commissioned sales people?

Joel Olson • December 20, 2021
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It's interesting, really when you think about it, both me and yourself, work towards helping people achieve homeownership,

whether that's a home they're going to live in, or an investment property that's going to benefit them financially for many years to come.


It's amazing that many of our clients have an easier time being approved for a mortgage than we do, even when we are sometimes in a much better financial position.


So what is available in terms of mortgages for commissioned salespeople?


In particular, what is available in terms of mortgages for people like me and you, realtors and mortgage brokers?


Did you know that there are actual mortgages that exist with the idea of allowing us to benefit from many tax advantages, like keeping money in our corporations, or writing off a significant amount of our expenses so that we are still able to buy a home while claiming much, much less on our taxes.


Sure, there can be some variety in interest rates, but even the very worst mortgage can be as low as two to 3% of our interest rate, and enables you to verify your income by only showing your commission statements and six months bank statements.


So let's review.


Here are a few ways that a realtor can qualify for a mortgage.


Now this applies if you're buying a primary residence or if you're buying rental properties.


Yes, we do go off your taxes by using a two year average of your income but many times this gets us nowhere near what's needed to qualify for a mortgage.


But we also have programs where we look at the retained earnings in your company or what net income you have after taxes and some of that income is added back allowing you to qualify for much more than your T1 General would allow.


After using those expenses, if we don't get you to a healthy amount of money, or perhaps you've had some of your better years this year or previous years and you have not yet claimed a tax return or done your corporate financials for those years to show, we can still qualify you by basing it on your current year and your obvious success you've had thus far.


We have many lenders out there that are using a simple six month bank statement showing the deposits of your commissions to qualify you for a mortgage.  Now as I mentioned previously, this does not mean and exorbitant interest rate. This does actually mean an interest rate that is often 2 to 3% enable you to take advantage of a very, very good market and to get into a house and get into some savvy deals yourself.


As always, it makes the most sense to work with someone really qualified to navigate different properties and different loan programs to allow you to take advantage of what you're seeing in front of your eyes... clients taking advantage of.


So if we can help you with a realtor or mortgage, please let us know as we love helping people just like us!


Schedule a time on my calendar here to explore options:

 

https://calendly.com/joel-20/discovery-zoom-call

 

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Joel Olson
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How to Access Your Home Equity Wisely

By Joel Olson • March 17, 2026
Need to Free Up Some Cash? Your Home Equity Could Help If you've owned your home for a while, chances are it’s gone up in value. That increase—paired with what you’ve already paid down—is called home equity, and it’s one of the biggest financial advantages of owning property. Still, many Canadians don’t realize they can tap into that equity to improve their financial flexibility, fund major expenses, or support life goals—all without selling their home. Let’s break down what home equity is and how you might be able to use it to your advantage. First, What Is Home Equity? Home equity is the difference between what your home is worth and what you still owe on it. Example: If your home is valued at $700,000 and you owe $200,000 on your mortgage, you have $500,000 in equity . That’s real financial power—and depending on your situation, there are a few smart ways to access it. Option 1: Refinance Your Mortgage A traditional mortgage refinance is one of the most common ways to tap into your home’s equity. If you qualify, you can borrow up to 80% of your home’s appraised value , minus what you still owe. Example: Your home is worth $600,000 You owe $350,000 You can refinance up to $480,000 (80% of $600K) That gives you access to $130,000 in equity You’ll pay off your existing mortgage and take the difference as a lump sum, which you can use however you choose—renovations, investments, debt consolidation, or even a well-earned vacation. Even if your mortgage is fully paid off, you can still refinance and borrow against your home’s value. Option 2: Consider a Reverse Mortgage (Ages 55+) If you're 55 or older, a reverse mortgage could be a flexible way to access tax-free cash from your home—without needing to make monthly payments. You keep full ownership of your home, and the loan only becomes repayable when you sell, move out, or pass away. While you won’t be able to borrow as much as a conventional refinance (the exact amount depends on your age and property value), this option offers freedom and peace of mind—especially for retirees who are equity-rich but cash-flow tight. Reverse mortgage rates are typically a bit higher than traditional mortgages, but you won’t need to pass income or credit checks to qualify. Option 3: Open a Home Equity Line of Credit (HELOC) Think of a HELOC as a reusable credit line backed by your home. You get approved for a set amount, and only pay interest on what you actually use. Need $10,000 for a new roof? Use the line. Don’t need anything for six months? No payments required. HELOCs offer flexibility and low interest rates compared to personal loans or credit cards. But they can be harder to qualify for and typically require strong credit, stable income, and a solid debt ratio. Option 4: Get a Second Mortgage Let’s say you’re mid-term on your current mortgage and breaking it would mean hefty penalties. A second mortgage could be a temporary solution. It allows you to borrow a lump sum against your home’s equity, without touching your existing mortgage. Second mortgages usually come with higher interest rates and shorter terms, so they’re best suited for short-term needs like bridging a gap, paying off urgent debt, or funding a one-time project. So, What’s Right for You? There’s no one-size-fits-all solution. The right option depends on your financial goals, your current mortgage, your credit, and how much equity you have available. We’re here to walk you through your choices and help you find a strategy that works best for your situation. Ready to explore your options? Let’s talk about how your home’s equity could be working harder for you. No pressure, no obligation—just solid advice.

Fixed vs. Variable Mortgage Rates in Canada

By Joel Olson • March 3, 2026
Fixed vs. Variable Rate Mortgages: Which One Fits Your Life? Whether you’re buying your first home, refinancing your current mortgage, or approaching renewal, one big decision stands in your way: fixed or variable rate? It’s a question many homeowners wrestle with—and the right answer depends on your goals, lifestyle, and risk tolerance. Let’s break down the key differences so you can move forward with confidence. Fixed Rate: Stability & Predictability A fixed-rate mortgage offers one major advantage: peace of mind . Your interest rate stays the same for the entire term—usually five years—regardless of what happens in the broader economy. Pros: Your monthly payment never changes during the term. Ideal if you value budgeting certainty. Shields you from rate increases. Cons: Fixed rates are usually higher than variable rates at the outset. Penalties for breaking your mortgage early can be steep , thanks to something called the Interest Rate Differential (IRD) —a complex and often costly formula used by lenders. In fact, IRD penalties have been known to reach up to 4.5% of your mortgage balance in some cases. That’s a lot to pay if you need to move, refinance, or restructure your mortgage before the end of your term. Variable Rate: Flexibility & Potential Savings With a variable-rate mortgage , your interest rate moves with the market—specifically, it adjusts based on changes to the lender’s prime rate. For example, if your mortgage is set at Prime minus 0.50% and prime is 6.00% , your rate would be 5.50% . If prime increases or decreases, your mortgage rate will change too. Pros: Typically starts out lower than a fixed rate. Penalties are simpler and smaller —usually just three months’ interest (often 2–2.5 mortgage payments). Historically, many Canadians have paid less overall interest with a variable mortgage. Cons: Your payment could increase if rates rise. Not ideal if rate fluctuations keep you up at night. The Penalty Factor: Why It Matters More Than You Think One of the biggest surprises for homeowners is the cost of breaking a mortgage early —something nearly 6 out of 10 Canadians do before their term ends. Fixed Rate = Unpredictable, potentially high penalty (IRD) Variable Rate = Predictable, usually lower penalty (3 months’ interest) Even if you don’t plan to break your mortgage, life happens—career changes, family needs, or new opportunities could shift your path. So, Which One is Best? There’s no one-size-fits-all answer. A fixed rate might be perfect for someone who wants stable budgeting and plans to stay put for years. A variable rate might work better for someone who’s financially flexible and open to market changes—or who may need to exit their mortgage early. Ultimately, the best mortgage is the one that fits your goals and your reality —not just what the bank recommends. Let's Find the Right Fit Choosing between fixed and variable isn’t just about numbers—it’s about understanding your needs, your future plans, and how much financial flexibility you want. Let’s sit down and walk through your options together. I’ll help you make an informed, confident choice—no guesswork required.