How to use Child Care Benefits to Increase your Mortgage Qualification Budget

Nothing is more frustrating than finding your dream home and then discovering that you’ve just barely fallen short on your mortgage loan qualification budget.

Many if not all major Canadian banking institutions tend to ignore small income sources, such as Canadian child care benefits, in their loan approval process. This can mean you’re missing out on some very helpful resources that may allow you to get the property you deserve. Increasing your mortgage qualification budget can be a crucial step toward getting the home loan that you need. The question is, are you really using every tool at your disposal?

To get the home that you’ve set your eye on, you may need to think outside of the box. That’s where we come in. Not only do we allow you to use more of your available financial power, but we also consider every aspect of your life and help you increase your home mortgage loan approval amount and thus your property buying power.  Creating unique funding solutions is the core of our business – one example of this is how we were successful in helping a family get approved for a mortgage on maternity leave by harnessing the power of multiple mortgage lenders.

There are some seemingly unconventional ways to bring up loan approval numbers; some of which most people never even realize exist. Interestingly enough, one method used to increase mortgage loan approval amounts involves the use of your Canadian child care assistance and benefits. This is a simple and effective way to get you the most out of your mortgage loan.

While many major banks in Canada don’t accept these benefits, we have lenders that realize this income counts and is an important factor to take into consideration. We don’t let convention get in the way of common sense. Below, we will take an in-depth look at how you can use the money you receive in child care payments or assistance to increase your mortgage loan approval amount.  We want to see you get the maximum amount out of your mortgage qualification budget.

We have mortgage lenders that will offer much more flexibility for you than the banks. We’ll help you get a larger qualification budget by using all sources of available income!

How can you find quality lenders that will apply childcare benefits toward a mortgage loan?

The first step toward getting the most out of your financial budget, including childcare benefits, involves finding the right lenders. Well, you’re in the right place – we have plenty of those in our network.

Even though many major lenders will not accept childcare benefits, we have several mortgage lenders that do. Our lenders are here to help you use every asset in your arsenal. We recognize that this benefit can not only a be a major asset, but truly does give you more financial leeway and purchase power.

We can give you access to mortgage qualification amount that you’d be hard pressed to find anywhere else. 

Will this be a detriment to you as a consumer?

If you’re worried that this will negatively impact you as a consumer, you can rest easy. Our lenders offer the same rates as major Canadian banks. Sometimes, these rates are even better. In this way, you aren’t negatively affected as a buyer.

What exactly does this mean for you?

You may be wondering how this will impact you in real life as you’re trying to qualify for a home mortgage loan. There are actually a few ways.

  • Increase your buying power – If your child care benefits amount to $600.00/month, for example, you’ll add around $40,000.00 to your overall budget. This is a pretty large increase that can truly make a difference!
  • Open up new avenues – An increased budget can open up a whole new range of possibilities. For instance, if you’re looking at a condo, you may be able to upgrade to a stand-alone property such as a small residential house. Is the house you like short a bedroom? You may be able to choose a larger home with the number of bedrooms you really need. In this way, you might not have to settle for second best.

What will I need to get started by using my child care benefits for my mortgage application?

Now you know how helpful your childcare supplements can be toward your financial status as a home buyer, you may be wondering what’s next. We have great news on that account. You won’t need all that much to qualify for a mortgage that utilizes your child care benefits. Simply acquire the government documents that prove that you’re receiving childcare assistance. These documents will usually also state the benefit amounts. You can easily do this by requesting these statements from local offices. In fact, things can be even simpler than that. Our brokerage can request these documents on your behalf and are more than happy to do so. So, yes, it really is that easy.

Is there anything else that I need to know?

Yes, here are a couple of additional things that you may need to know.

  • Qualifying age – Children typically must be under the age of 15 years old or Term less than remaining Years to 18.
  • We can help – Our lenders can help you get the maximum mortgage amount for your loan. We also offer some of the best mortgage rates in Canada and our mortgage approval process is both less stressful and more financially beneficial than most other available lending routes. We are the kind of brokerage that goes to work for you.
  • Brokerage vs bank – These rates are not available through major Canadian banks. If you are trying to qualify for a mortgage that considers more aspects of your income, our brokerage is here for you. We want to see you get the mortgage approval that you need.

Advantage Mortgage – a brokerage that works for you

Using a mortgage broker can help you get where you want to be. Our mortgage brokerage knows which lenders to approach on your behalf and how to get you the best possible deals. We want to see our clients happy, hopeful, and thriving. If you want to see every penny of your hard-earned income at work for you, we are ready to help. You don’t have to approach lenders alone or without all the facts.

Letting our experienced mortgage professionals assist you with your home mortgage approval process helps to ensure that your best interests are preserved. After all, your family comes first, and when it comes to family, we know that you want to take full advantage of every asset available. We can help you get the best possible interest rates and loan amounts in the Edmonton area.

Allow our expertly skilled mortgage broker team to assist you in maximizing your approval chances and qualification budgets. We offer some of the absolute best mortgage rates available. Allowing a mortgage broker to step up on your behalf is not only a smart move but can help you get the home that your family needs.

Contact Dennis at (780) 991-1600 or online to request more information on how you can utilize your child care benefits for your mortgage application.