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    • Pre-Approval within 4 business hours
    • Work with industry leaders that specialize in foreclosures
    • As little as 5% down

Why should you choose GLM Mortgage Group?

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Private & Alternative Lending

What Can be Done When the Banks say “NO”

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  • How much of a down payment you will need
  • What your ideal term length should be
  • What kind of interest rates you will pay
  • What kind of fees are associated with a private mortgage
  • What documents you will need for the process
  • What kind of conditions your private mortgage will have
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What Is Mortgage Foreclosure?

Foreclosure—what a horrible word! When a loan foreclosure is looming, it means only one thing: somebody is about to lose their home. Someone has been living a nightmare and the worst possible ending is approaching fast. A mortgage foreclosure is a homeowner’s worst nightmare, and they are also difficult for the lenders—although any homeowners going through foreclosure services will not be worrying about that.

Mortgage lenders in Canada have two enforcement remedies (methods of making sure that they get their money back). The first is loan foreclosure—also known as a Judicial Sale—and the second (which is more commonly used in many parts of Canada) is The Power of Sale.What’s the difference?

Mortgage foreclosure / Judicial Sale Guidelines

The mortgage lender really only uses this method of debt recovery as a last resort—foreclosure proceedings will certainly not be started as soon as a monthly payment is missed as the process is far too costly and time consuming for that. The lender will generally give the homeowner every opportunity to rectify the situation and probably not start the foreclosure procedure for around two or three months.

  • The mortgage lender must apply to the courts in order to receive the necessary permission to sell the property.
  • This is a lengthy and costly process which involves the mortgage lender taking out a lawsuit against the borrower and any other parties which may be liable for the debt.
  • Ownership of the property will be transferred to the mortgage lender.
  • The mortgage lender may sell the property for whatever price he or she can get and does not necessarily have to obtain the highest possible price.

Power of Sale Guidelines

This is a much quicker process which is the preferred method of mortgage recovery in some areas of Canada. The courts are not involved in the process, making the whole process much quicker and easier. The other way in which this process differs from loan foreclosure is that ownership of the property does not revert back to the mortgage lender.

  • The mortgage lender must send notice to the homeowner / mortgage borrower.
  • The lender is free to take legal action against the homeowner only after the property is sold.
  • The property must be sold for a reasonable price.
  • Appraisals must be obtained for the property.
  • It must have an MLS System listing.
  • The sale must be performed quickly.
  • The mortgagee will not necessarily recover all of his or her costs.
  • Any excess monies after the sale will be the property of the homeowner.
  • If there is a deficiency in the money, the lender may try to recover it from the owner.

Of course, in an ideal world, there would be no need for either foreclosure services or a power of sale. Homeowners who are having difficulty in making their payments on time need to speak to their mortgage broker and / or mortgage lender and try to make some alternative arrangements before things get too far. Visit the GLM Mortgage Group to find out all your options to avoid a mortgage foreclosure.

What is the GLM Mortgage Group?

GLM Mortgage Group, powered by Dominion Lending Centres, is your Vancouver and Lower Mainland Mortgage Brokerage service. We are always ready to move forward with you to obtain the mortgage you need with the sharpest mortgage rate available. Whether it’s a fixed rate or variable rate mortgage you are after, we are dedicated to finding the best mortgage rates in Vancouver, including Home Loans, Consolidation Loans, Lines of Credit and more. No matter what you need, our team of Mortgage Specialists will follow through to find the best mortgage product that fits your individual circumstances. Our free online mortgage calculator keeps you informed on how much your mortgage payment will be as well as show how different mortgage rates will affect the mortgage you require.As your Vancouver mortgage broker, GLM Mortgage is committed to clear communication with our clients. We make sure you are informed on all the mortgage options available to you. We call you back within 90 minutes to make sure that you have the fastest service available. We are not only available in Vancouver and the Lower Mainland, we are also available across Canada.GLM Mortgage Group is your Vancouver mortgage specialist. With over 22 years of experience in the investment industry we know how to wade through the challenging process of getting a mortgage. We provide smarter options to putting your mortgage in place. We know how important it is to have an experienced professional Mortgage Specialist available to walk through your mortgage experience and stay with you through to the very end.We get you a fast “YES” at the sharpest rate… guaranteed! Call us now so that you can get that mortgage you’ve been waiting for. We already have been working for you, making sure that you will have every option of a mortgage available to you. GLM Mortgage Group is on call for you!

Guide to Obtaining Good Credit

GLM Mortgage Group will help you to obtain the good credit you need in order to secure yourself a mortgage. Our free Guide to Obtaining Good Credit will provide you with the steps you need to improve your credit quickly. We show you how to obtain your credit report so that you are fully aware of what needs to be improved on as well as making sure there are no errors (as many as 80% of consumers have errors on their credit reports!). It can take as little as 30 days to improve your credit score! Download our free Guide to Obtaining Good Credit.
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Use our Mortgage Calculator

In searching for the right home for you, it’s good to know how much your mortgage payments will be and what you can budget for your payments. Our easy to use calculator will show you how much of a mortgage you can afford as well as what mortgage payments to expect based on the amount of the purchase price. At GLM Mortgage Group we believe in educating our clients. We give our Clients the tools they need to be as well informed as possible. Budgets are extremely important and our calculator makes figuring out mortgage payments easy as well as the right fit for you!
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Posted Rates

Canadian banks post rates that are generally higher than what a Mortgage Broker can offer. This is because the big banks (for example, Bank of Montreal and Royal Bank of Canada) expect you to negotiate down their rates. At GLM Mortgage Group, we post the best rates available anywhere. We have over 90 Lenders that we work with which is good news for our clients. We have the leverage to negotiate the best rates out there. Remember, GLM Mortgage Group works for you! Not the bank! We will get you the fastest YES at the sharpest rate….guaranteed!
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