JOE TOMKINS

Getting a mortgage can be stressful and confusing; it doesn't have to be, let me show you how. 
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JOE TOMKINS

Mortgage Broker 

Hi, I’m Joe, and I have been actively involved in the mortgage industry since August 2003 and have a great deal of experience preparing mortgages, dealing with lenders and negotiating all aspects of mortgage underwriting. What can I say, I love what I do!


I value relationships and believe that my job is to firstly take care of my clients, making sure they understand the mortgage process, and then arrange a mortgage with a lending institution who is offering the product that best suits their needs. I believe in standing up for what matters in life and have no problems fighting to make sure my clients get the best mortgage possible.


Although I am proud of my many accomplishments in business, my real passion lies in spending time with my family. I have four healthy and beautiful boys who fill my spare time with constant fun and games. Neither my life nor my business would be as successful without my most important partner, my wife Nicole.

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Whether you're just getting started, have a home in mind, or want to refinance or renew an existing mortgage, why not start by using my online calculator? 
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We take your privacy very seriously. Here is a quick consent form that you can use to indicate that you'd like to start the process in finding a mortgage with me! 

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You've run some preliminary calculations, you've signed the consent form, the next step is to go through my online mortgage application.  
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The Collective Mortgage Group provides mortgage services to loyal clients in a transparent environment, with an authentic voice, helping them feel protected, and save time and money.

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Mortgage Financing


Whatever your mortgage needs; at The Collective Mortgage Group, we have the products you're looking for. Contact us anytime to find out more! 

First Time Home Buyers

If you're looking to buy your first home, we've got the advice (and expertise) you're looking for. Let our team of professionals guide you through the home buying process. 

Going Through a Divorce?

We get it, sometimes life happens. If you're going through a divorce, or separation, there are programs that might allow you to keep the matrimonial home. Make sure to contact us for more information!

Experienced Home Buyers

If you're looking to climb the property ladder, refinance, or renew your existing mortgage, let us help you arrange financing so you can get the best mortgage for you! 

Mortgage into Retirement

Older Canadians are looking for options. Although a great product for some people, the reverse mortgage isn't your only option into retirement. Let's discuss ALL your options, instead of making assumptions. 

The power of working with The Mortgage Collective is that you don’t just get a mortgage broker, you get the care and attention of our entire experienced mortgage team. 

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YOU HAVE ACCESS TO ALL THE LENDERS


As a collective, we've developed excellent relationships with lenders across Canada. Let's figure out which one has the best product for you. 
Buying my home was a daunting task and I didn’t know where to start. I spent a lot of time researching but found it overwhelming. Joe took me through the process step by step, explaining everything until I was confident to make my decision. He worked very hard and was committed to doing everything he could to get me the home I had my heart set on.


I am so happy with the experience I had with Joe and would highly recommend him!

Sandra C.


MORTGAGE ARTICLES

Looking for a little more information before getting in touch? No problems! Have a look through my mortgage blog where I share valuable information about mortgage financing and the home buying process. Once you're ready, feel free to connect with me in whatever way you feel comfortable. 
By Joe Tomkins 21 Mar, 2024
If you’ve been thinking about selling your existing property, for whatever reason, it would be in your best interest to connect with an independent mortgage professional before calling your real estate agent or listing it yourself. And while talking with your mortgage professional might not sound like the most logical place to start, here are a few scenarios that explain why it makes the most sense. If you’re buying a new property If you’re selling your property, chances are, you’ll have to move somewhere! So, if you plan on buying a new property using the equity from the sale of your existing property, chances are you’ll need a new mortgage. Don’t assume that just because you’ve secured mortgage financing before, that you’ll qualify again. Mortgage rules are constantly changing; make sure you have a pre-approval in place before you list your property. Also, by connecting with a mortgage professional first, you can look into your existing mortgage terms. You might be able to port your mortgage instead of getting a new one, which could save you some money. If you’re not buying a new property Even if you aren’t buying a new property and want to sell your existing property, it’s still a good idea to connect with a mortgage professional first, as we can look at the cost of breaking your mortgage together. Unless you have an open mortgage, or a line of credit, there will be a penalty to break your mortgage. The goal is to work on a plan to minimize your penalty. Because of how mortgage penalties work, sometimes it’s just a matter of waiting a few months to save thousands. You'll never know unless you take a look at the details. Marital breakdown The simple truth is that marriages break down. When that happens, often, people want closure, and unfortunately, they make decisions without really thinking them through or seeing the full picture. So, instead of simply selling the family home because that feels like the only option, please know that special programs exist that allow one party to buy out the former spouse. The key here is to have a legal separation agreement is in place. If you’d like to discuss the sale of your property and your plans for the future, connect anytime. It would be a pleasure to work with you!
By Joe Tomkins 07 Mar, 2024
Did you know there’s a program that allows you to use your RRSP to help come up with your downpayment to buy a home? It’s called the Home Buyer’s Plan (or HBP for short), and it’s made possible by the government of Canada. While the program is pretty straightforward, there are a few things you need to know. Your first home (with some exceptions) To qualify, you need to be buying your first home. However, when you look into the fine print, you find that technically, you must not have owned a home in the last four years or have lived in a house that your spouse owned in the previous four years. Another exception is for those with a disability or those helping someone with a disability. In this case, you can withdraw from an RRSP for a home purchase at any time. You have to pay back the RRSP You have 15 years to pay back the RRSP, and you start the second year after the withdrawal. While you won’t pay any tax on this particular withdrawal, it does come with some conditions. You’ll have to pay back the total amount you withdrew over 15 years. The CRA will send you an HBP Statement of Account every year to advise how much you owe the RRSP that year. Your repayments will not count as contributions as you’ve already received the tax break from those funds. Access to funds The funds you withdraw from the RRSP must have been there for at least 90 days. You can still technically withdraw the money from your RRSP and use it for your down-payment, but it won’t be tax-deductible and won’t be part of the HBP. You can access up to $35,000 individually or $70,00 per couple through the HBP. Please connect anytime if you’d like to know more about the HBP and how it could work for you as you plan your downpayment. It would be a pleasure to work with you.
By Joe Tomkins 22 Feb, 2024
If you’re new to the home buying process, it’s easy to get confused by some of the terms used. The purpose of this article is to clear up any confusion between the deposit and downpayment. What is a deposit? The deposit is the money included with a purchase contract as a sign of good faith when you offer to purchase a property. It’s the “consideration” that helps make up the contract and binds you to the agreement. Typically, you include a certified cheque or a bank draft that your real estate brokerage holds while negotiations are finalized when you offer to purchase a property. If your offer is accepted, your deposit is held in your Realtor’s trust account. If your offer is accepted and you commit to buying the property, your deposit is transferred to the lawyer’s trust account and included in your downpayment. If you aren’t able to reach an agreement, the deposit is refunded to you. However, if you commit to buying the property and don’t complete the transaction, your deposit could be forfeit to the seller. Your deposit goes ahead of the downpayment but makes up part of the downpayment. The amount you put forward as a deposit when negotiating the terms of a purchase contract is arbitrary, meaning there is no predefined or standard amount. Instead, it’s best to discuss this with your real estate professional as your deposit can be a negotiating factor in and of itself. A larger deposit may give you a better chance of having your offer accepted in a competitive situation. It also puts you on the hook for more if something changes down the line and you cannot complete the purchase. What is a downpayment? Your downpayment refers to the initial payment you make when buying a property through mortgage financing. In Canada, the minimum downpayment amount is 5%, as lenders can only lend up to 95% of the property’s value. Securing mortgage financing with anything less than 20% down is only made possible through mortgage default insurance. You can source your downpayment from your resources, the sale of a property, an RRSP, a gift from a family member, or borrowed funds. Example scenario Let’s say that you are looking to purchase a property worth $400k. You’re planning on making a downpayment of 10% or $40k. When you make the initial offer to buy the property, you put forward $10k as a deposit your real estate brokerage holds in their trust account. If everything checks out with the home inspection and you’re satisfied with financing, you can remove all conditions. Your $10k deposit is transferred to the lawyer’s trust account, where will add the remaining $30k for the downpayment. With your $40k downpayment made, once you sign the mortgage documents and cover the legal and closing costs, the lender will forward the remaining 90% in the form of a mortgage registered to your title, and you have officially purchased the property! If you have any questions about the difference between the deposit and the downpayment or any other mortgage terms, please connect anytime. It would be a pleasure to work with you.

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