Congratulations
on your RCMP transfer!
We understand that relocating with the RCMP can be challenging, so we’ve created this guide to help simplify your mortgage process. Our team specializes in working with RCMP members transferring to new posts, and we’re here to make your mortgage transaction as seamless as possible.
Take me to the relocation directory
Relocating with a Current Mortgage
If you’re selling your home with an existing mortgage, you may need to complete a Mortgage Detail Form. This form determines if your mortgage is portable and if any default insurance premiums are transferable. If your mortgage is portable, relocation benefits won’t cover this fee, so you’ll be encouraged to port it. However, we can help you evaluate whether it’s better to port or break and restructure the mortgage at a more favourable rate. If your mortgage is with us or a non-bank lender (e.g., MCAP, RMG, First National), we can assist with this form; otherwise, your lender must complete it.
Pre-approval for a New Purchase
Now is a great time to get pre-approved for a new mortgage, which is typically valid for 120 days and can easily be refreshed. Pre-approval helps you address any potential credit report issues early. For RCMP members, we generally use a two-year income history, incorporating shift differential, overtime, and service pay, not just base salary. If you receive a Veterans Affairs pension, we can include this in your qualification. Send us a portal letter stating your monthly VAC income, which is non-taxable and may allow for a higher qualifying amount.
Check out our document checklist here to get started. We’ll also request a letter from your relocation specialist confirming your transfer details, including your new detachment and covered relocation costs.
Understanding Your Pre-approval
Once pre-approved, we’ll provide you with a detailed breakdown of what it entails, including any fees that may or may not be covered by RCMP relocation. Property features like non-municipal water sources, alternative waste systems, large acreages, and outbuildings can impact financing and may limit our lender options.
Typical Fees Covered by Relocation Include
Realtor fees (if selling a home)
Property/land transfer tax
Legal fees
Title insurance
Appraisal fees (if required by the mortgage lender)
Home inspection
Mortgage default insurance (MLIP), such as CMHC, if you’re putting less than 20% down
Your Relocation Directory and Resources
We’ve created a growing relocation directory with trusted partners, including realtors and lawyers who are familiar with the RCMP relocation process.
When your House Hunting Trip (HHT) is booked, we’ll check in to ensure all your documents are up-to-date. Having everything ready in advance means no last-minute scrambling during your HHT. For convenience, we have an HHT checklist here.
We also suggest sharing our contact details with your realtor so they can keep us in the loop and send the signed purchase package once you have an accepted offer.
Licensed Across Canada
We’re licensed in several provinces, so we can help wherever you’re headed. We offer virtual meetings, phone calls, email support, and electronic document signing to make the process as easy as possible.
Additional Resources
Here are a few resources we’ve created to support you:
Monoline vs. Bank Lenders: Learn the difference [info sheet]
Purchase Plus Improvements: Add renovation costs into your mortgage [info sheet].
Why Use a Broker? We work for you, not the banks, to be your lifetime mortgage planner. Watch a short video explaining how we can help. With personal experience in RCMP relocation, Tricia understands the unique challenges you face.
We’re here to assist you with your mortgage needs during this transition!
FAQs
Q: We’re moving provinces. Is there anything we need to know?
A: You’ll need a lawyer/notary in the new province to close your purchase. If you can’t be there a few days before closing, consider engaging a second lawyer/notary in your current province to witness your signature and send documents back.
Q: Do I have to port my current mortgage?
A: It’s worth exploring. Porting may save you a penalty, but in some cases, breaking the term and starting fresh can be more beneficial. We can help analyze the best option for you.
Q: Will relocation cover my mortgage default insurance premium if I put less than 20% down?
A: It depends. if you’re moving from RCMP housing or selling your home and putting all equity into the new purchase they fee will be reimbursed. This is a taxable benefit, so you’ll receive a T4. You can pay it upfront or include it in the mortgage and use the reimbursement for other expenses.
Q: If I break my mortgage, will the RCMP cover the penalty?
A: If your mortgage isn’t portable, the RCMP will cover a penalty of up to 3 months’ interest, capped at $5,000.
Q: Are there special rates available for RCMP or First Responders?
A: Yes, we work with a few lenders who offer slightly lower rates specifically for RCMP and First Responders, and we’ll certainly explore those options. However, we often find comparable or even better rates with other lenders. It’s also essential to ensure the mortgage product fits your needs and not to sacrifice important features for a slightly lower rate.
Government Relocation Directory
We’ve sourced all the best people to help you get settled into your new home.
Find realtors, home inspectors, solicitors, and more based on the division/detachment below
