Wealth ONE Bank of Canada
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
WealthONE Bank of Canada: Tailored Mortgage Solutions
History as a Mortgage Lender in Canada
Established in 2016, WealthONE Bank of Canada is a federally regulated Schedule I bank headquartered in Toronto, Ontario. WealthONE was designed to cater to the unique needs of self-employed individuals, newcomers to Canada, and credit-challenged borrowers. Despite being a relatively young institution, its customer-first approach and innovative mortgage solutions have made it a strong contender in the Canadian financial sector.
Types of Mortgage Products & Programs
WealthONE Bank, in partnership with RateShop Mortgages, provides a diverse range of mortgage products:
Residential Mortgage Products:
Fixed-Rate Mortgages: Offers consistent payments throughout the term for financial predictability.
Variable-Rate Mortgages: Tied to market interest rates, offering potential savings over time.
Newcomer Mortgages: Designed for recent immigrants with limited credit history in Canada.
Self-Employed Mortgages: Tailored for individuals who may not qualify under traditional income-verification methods.
Refinancing Solutions: Enables borrowers to access equity or restructure existing loans.
Commercial Mortgage Products:
Loans for mixed-use, multi-residential, and retail properties.
Flexible financing options for business owners.
Special Programs:
Stated Income Mortgages: Allows self-employed individuals to qualify based on stated income rather than tax filings.
First-Time Home Buyer Programs: Features flexible down payments and support for government incentives like the First-Time Home Buyer Incentive.
Bridge Financing: Short-term loans for transitioning between properties.
Minimum Credit & Income Requirements
WealthONE offers flexible eligibility criteria, making homeownership accessible to a wide variety of borrowers:
Borrower-Specific Criteria:
First-Time Home Buyers:
Minimum Credit Score: 620-650 for insured mortgages.
Down Payment: Starting at 5%, with mortgage insurance for lower down payments.
Self-Employed Borrowers:
Stated income accepted with additional documentation, such as bank statements or invoices.
New to Canada Borrowers:
Requires alternative credit documentation, such as proof of rental payments or international credit history.
Salaried and Contract Employees: Steady income from employment verified through pay stubs or contracts.
Credit-Challenged Borrowers: May require higher down payments or co-signers.
We'll find great rates like this one from one or our several lending partners across Canada.
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*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Mortgage Underwriting Criteria for Approval
WealthONE employs flexible underwriting policies to accommodate diverse financial profiles:
Credit Score: Minimum of 600, with flexibility for unique borrower situations.
Debt Service Ratios:
GDS: Maximum of 39% for housing expenses.
TDS: Maximum of 44% for total debts.
Income Verification: Accepts non-traditional proof of income for self-employed borrowers.
Down Payment Requirements: Minimum of 5% for insured mortgages; 20% for conventional loans.
Property Valuation: Appraisals required to confirm property value and suitability.
Locations Serviced and Branch Presence in Canada
WealthONE Bank of Canada operates primarily through digital channels, making its mortgage products accessible nationwide. While it does not have physical branches, WealthONE compensates with a robust online platform, allowing borrowers to manage their mortgage applications and accounts remotely. RateShop Mortgages bridges any gaps by offering personalized broker support and guidance.
Mortgage Application Checklist
Preparing these documents ensures a seamless application process:
Government-issued photo identification.
Proof of income: Pay stubs, T1 Generals, or business financials for self-employed borrowers.
Proof of down payment: Bank statements, RRSP withdrawals, or gift letters.
Recent credit report (optional, as WealthONE will conduct a credit check).
Purchase agreement, if available.
How to Start a Mortgage Pre-Approval
RateShop Mortgages simplifies the pre-approval process with WealthONE:
Online Application: Complete the secure application on RateShop’s website.
Submit Documents: Provide required income and credit details.
Broker Consultation: Work with RateShop brokers to find the best WealthONE mortgage for your needs.
Receive Pre-Approval: Lock in your rate and know your budget for 90-120 day.
How to Get Mortgage Rates
WealthONE offers competitive mortgage rates through RateShop Mortgages. To access them:
Visit RateShop’s mortgage rate comparison tool for the latest rates.
Speak to a RateShop broker to negotiate customized rates and terms.
Mortgage Pre-Payment Options
WealthONE supports borrowers looking to pay off their mortgage faster:
Lump Sum Payments: Pay up to 15% of the principal annually without penalties.
Payment Increases: Increase regular payments by up to 15% annually.
Accelerated Payments: Opt for bi-weekly or weekly payment schedules to reduce interest costs.
By combining WealthONE’s borrower-focused mortgage products with RateShop’s expertise:
Borrowers benefit from customized solutions for self-employed and credit-challenged applicants.
Access to competitive rates and a seamless application process.
Nationwide support through digital services and broker assistance.
Take the first step toward homeownership with RateShop Mortgages and WealthONE Bank of Canada—your partner in financial success.
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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