Mortgage Terms

“Hey Allen, I’m keeping the house, and I’m buying my ex out… What happens to the mortgage? Can I even afford it? Are there penalties?”

Let’s break it down step by step—with plain language, real talk, and expert insight—so you know what to expect if you’re the one staying put and buying your former partner out.

There’s a lot of buzz out there about second mortgages. You hear about people using them to pay off debt, help kids buy homes, or fund renovations. They sound like a simple solution — and sometimes they are. But second mortgages aren’t just a financial hack you pull out of thin air. They come with rules, restrictions, and some real fine print that’s easy to overlook.

Let’s be real — in real estate, everyone plays a role. The realtor sells the dream, the lawyer protects the paperwork, but when it comes to vetting the financials, that’s where I step in. As a mortgage agent, it’s my job to protect the integrity of the deal before it ever reaches a lender’s underwriter. I’m the one who spots the inconsistencies, asks the awkward questions, and makes sure that everything adds up — literally and figuratively.

If you’ve ever been through the mortgage process, you’ve probably heard people throwing around words like pre-qualification, pre-approval, commitment, and funding like they’re all interchangeable. Spoiler alert: they’re not. And if you don’t understand the difference, you could find yourself in hot water right when you’re trying to buy your dream home.

When those relationships end, the emotional toll is heavy—but the financial questions can hit just as hard. Who gets the house? How much is one partner entitled to? Can one partner afford to buy the other out without selling the family home?

That’s where Allen Ehlert’s Ultimate Canadian Spousal Buy Out Calculator comes in. It’s designed to take some of the mystery—and stress—out of a separation by giving you the numbers you need to move forward. Whether you’re divorcing or separating as common-law partners, this calculator helps you figure out exactly what a buyout looks like.

Some Canadian lenders may consider foreign income when underwriting a mortgage, but there are strict guidelines and additional documentation requirements. Many will not. Whether a lender accepts foreign income and the limitations on accepting such depends on their...

Advanced FHSA. Buying your first home in Canada can feel a bit like trying to run a marathon with a backpack full of bricks—every step toward that down payment seems heavier than the last. But here’s the good news: the First Home Savings Account (FHSA) is like discovering there’s a downhill stretch right in the middle of the race. It’s a government-backed program designed to help you save faster for your first home, with some incredible tax perks thrown in. If you’re a first-time homebuyer (or helping one), this account can be a game-changer.

Can’t Pay Back Home Buyers Plan. You’ve done it — bought your first home, maybe with a little help from your RRSP through the Home Buyers’ Plan (HBP). It felt like a smart move at the time (and it often is). But fast forward, and life has a funny way of throwing curveballs: job changes, unexpected expenses, or even just the rising cost of everything. Suddenly, those HBP repayments you promised to make feel like a stretch.

If you’ve got the income to buy a home but your savings account is looking a little… let’s say “light,” you might feel like homeownership is still miles away. The good news? That’s not always the case. With a Flex Down mortgage program, you can borrow your down payment — legally, transparently, and with the lender’s blessing — to get you into your first home sooner.