Ryan Ellis Mortgage

Ryan Ellis Mortgage BRX Mortgage #512114
Saskatchewan License #513944

05/05/2026

B lending 101. “B” or alternative lenders help when credit is bruised, income is non-traditional, or the property is unique. Expect larger down payments and slightly higher rates, but often it’s a smart bridge to get you in the market or back on track.

05/04/2026

Bridge financing lets you buy before your current home closes. It’s short-term and covered when your sale funds come in. It can save you from moving twice or missing out on a great home.

05/03/2026

Mortgage insurance providers in Canada include CMHC, Sagen, and Canada Guaranty. Each has slightly different guidelines. We match you to the one that fits your profile and property.

05/02/2026

Prepayment penalties explained:
Penalties vary by lender. One client saved money by waiting two months to break early, because the penalty dropped at term month 36. Before you make a move, I can estimate your penalty and timing.

05/01/2026

A contractor with strong revenue but low taxable income could not fit bank rules. We used a B lender with bank statements and an accountant letter to support income. He got a fair rate and a two-year plan to move to an A lender later.

04/30/2026

Budget 1% to 2% of the purchase price for closing costs like legal fees, land transfer tax, and adjustments. A client almost came up short but we planned early and used a gifted funds letter properly. Plan ahead and you’ll avoid last-minute stress.

04/29/2026

Rate vs total cost:
Lowest rate is not always lowest cost. A client almost picked a no-frills mortgage with a big penalty and limited prepayments. We chose a slightly higher rate with flexible terms that saved them thousands later.

04/28/2026

Many first-time buyers are stacking the FHSA with the RRSP Home Buyers’ Plan. One client used their FHSA for tax-free savings, then topped up with RRSP funds to boost their down payment. Limits and rules change, so message me and I’ll map out your options.

04/27/2026

What is the stress test? In Canada you must qualify at a higher rate than you’ll pay to ensure you can handle surprises. It protects you and helps keep your budget realistic.

04/26/2026

Buying your first place in Canada? You can start with as little as 5% down on an insured mortgage. We walk you through income docs, the stress test, and closing costs so there are no surprises.

Address

Summerside, PE
S0E1A0

Telephone

+13069200146

Website

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