Services
Mid Island Mortgage & Savings has been operating in Nanaimo since 1985, and has worked diligently to make sure that everyone walking through our doors receives the best mortgage available. By staying up-to-date with everything going on in the mortgage industry, we can focus on our only goal – providing the best mortgage options to you.
The services on this page are a guideline to some of the choices you have available. If you have specific questions about getting a mortgage or are looking for more information, contact us right away!
No Fee Mortgages
We get our fees from qualified lenders, not from the mortgagees – that means we do all the shopping to find you the best rate possible, and you don’t pay us a dime!
No Money Down
We offer mortgages to first time home buyers and existing home owners who wish to purchase a home with no money down and 40 year amortization to help make the mortgage payments manageable.
Experience Matters
We are members of CAAMP (Canadian Association of Accredited Mortgage Professionals) and MBABC (Mortgage Brokers Association of British Columbia). This allows us to keep on top of changes in the mortgage industry and consistently provide the best deals to you.
Purchasing a rental property
The banks have changed their rules on rentals! Rather than asking for 25% down payment, they’ll finance you up to 100% – so you can purchase a rental property with as little as no money down.
Mortgage Insurance
We deal with all three mortgage insurance companies (CMHC, Genworth & AIG). If you put less than 20% down, one of these three companies has to approve your mortgage. At Mid Island Mortgage, we are in constant contact with these companies and know their policies inside & out, so we will work with them and you to get you the mortgage you need.
Talk to a Mortgage Broker Now!
Self Employment
Self employed? Ask your mortgage broker about the stated income program recently introduced by lenders. Self employed individuals with good credit can state their income for mortgage financing purposes instead of using their last two years’ net average income.
Mobile Homes
We can achieve financing on mobile homes on their own land and in mobile home parks.
Private Investors
Our top goal is to find you a mortgage. If we are unable to find any bankable lenders to help you due to no job, poor credit or bankruptcy we have many private investors that are able to finance you. While the rates are usually higher, this can be a great starting point to get you a new home in situations where the banks would say no.
We also offer financing on commercial, industrial properties, development projects such as subdivisions, town home or condo projects.