SHANNA DAVIS

DESIGNING MORTGAGES THAT WORK FOR YOU

CONTACT ME

ABOUT ME

Being a mortgage broker comes naturally to me. In fact, it’s a perfect blend of my love for numbers and my passion for helping people fulfill their dreams.


I began working on achieving my own dreams at a young age. I started in the hospitality industry when I was only 15 years old. While working my way up to management level, I earned a Commerce degree with a major in Finance from the world-renowned, UBC Sauder School of Business.


Those years of working hard and going to school taught me the invaluable importance of discipline and a good work ethic. They also exposed me to thousands of people who shared their personal stories with me: stories of their own dreams and the challenges they faced to achieve them. Your stories made me a better listener.


I understand everyone is as unique as his or her story. And so are their needs. I also understand that home ownership is one of the biggest lifetime dreams most of us share. But it can be stressful and confusing to navigate your way through the process of finding the right mortgage for you. Let me help. I bring 5 years of experience to the table.


I don’t want to work ‘for’ you, I want to work ‘with’ you to design a mortgage that is the right fit for you not only today but also for tomorrow and years to come. My commitment to you is for the long haul. It doesn’t end when you sign the mortgage papers and move into your dream home.


I will be available to help you each step of the way throughout your time as a mortgage holder; whether it’s time for a mortgage renewal or you want to refinance. I’ll make sure you keep more of your hard-earned money in your pocket by finding you the best rate possible.


Let me show you that


'IT’S EASIER THAN YOU THINK’

SERVICES

HOME PURCHASE

If you’re looking to buy a property, unless you have all the cash necessary in the bank, chances are you’ll need to get a mortgage! With so many options and mortgage products available, where do you start? You’re in the right place. Instead of working with a banker who represents a single line of products, when you work with me, an independent mortgage professional, I can represent you to several institutions, and you can pick the best mortgage product that suits your individual needs. In most cases, my services are at no added cost to you!

PRE-APPROVALS AND RATE HOLDS

Okay, you have decided now is the time to buy a new property! It may be your first or your hundredth, in any case, the house hunting process starts by understanding how much purchasing power you have. Contact me anytime to get a mortgage pre-approval and secure a 120 day rate hold. This way you will be able to shop with confidence, and you’ll be protected against rising rates.

REFINANCE

Are you looking to access some of the equity built up in your home? Maybe you want to consolidate some debts, start a new business, buy a vacation or investment property, or spend the next eight years in a vineyard… regardless, let’s discuss all your mortgage refinance options!

REVERSE MORTGAGES

One of the benefits of working with an independent mortgage professional is the wide variety of products we are able to offer our clients. The reverse mortgage is one such product. It’s unique in the fact that it allows homeowners 55+ to borrow against the equity in their home without any credit or income qualification. In fact, there are no payments to a reverse mortgage, instead, the principal amount of the loan grows each month. Want to learn more, contact me anytime!

RENEWAL

If you are within six months of your mortgage renewal, or if your existing lender has sent you a renewal offer in the mail, please don’t just sign the offer, contact me directly, and I can give you a second opinion, and in most cases save you money. There is always room to negotiate, or to find a completely new lender. My goal is to save you money, I can’t do that, unless you give me a call!

FIRST TIME HOME BUYERS

Are you looking to get into the housing market, but have no idea where to start? That’s great. I love working with first time home buyers. I understand that you have questions, and that you’ll probably have even more questions after your initial questions have been answered. Buying your first home is a big deal. I’m here to walk you through the process. Getting your financing in order is step one. Please contact me anytime. I’d love to work with you.

WHATEVER MORTGAGE PRODUCT YOU'RE LOOKING FOR,
I'D LOVE TO WORK WITH YOU.

APPLY NOW

MEDIA


I always keep my blog up to date so you can stay informed.

By Shanna Davis November 14, 2024
If you’re looking to purchase a property, although you might not think it matters too much, the source of your downpayment means a great deal to the lender. Let’s discuss the lender requirements, what your downpayment tells the lender about your financial situation, a how downpayment helps establish the mortgage loan to value. Anti-money laundering Lenders care about your downpayment source because, legally, they have to. To prevent money laundering, lenders have to document the source of the downpayment on every home purchase. Acceptable forms of downpayment are money from your resources, borrowed funds through an insured program called the FlexDown, or money you receive as a gift from an immediate family member. To prove the funds are from your resources and not laundered money from the proceeds of crime, you’ll be required to provide bank statements showing the money has been in your account for at least 90 days or that you’ve accumulated the funds through payroll deposits or other acceptable means. Now, if you’re borrowing all or part of your downpayment, you’ll need to include the costs of carrying the payments on the borrowed downpayment in your debt service ratios. If you’re the recipient of a gift from a direct family member, you’ll need to provide a signed gift letter indicating that the funds are a true gift and have no schedule for repayment. From there, you’ll need to show the money deposit into your account. Financial suitability Lenders care about the source of the downpayment because it is an indicator that you are financially able to purchase the property. Showing the lender that your downpayment is coming from your resources is the best. This demonstrates that you have positive cash flow and that you’re able to save money and manage your finances in a way that indicates you’ll most likely make your mortgage payments on time. If your downpayment is borrowed or from a gift, there’s a chance that they’ll want to scrutinize the rest of your application more closely. The bigger your downpayment, the better, well, as far as the lender is concerned. The way they see it, there is a direct correlation between how much money you have as equity to the likelihood you will or won’t default on their mortgage. Essentially, the more equity you have, the less likely you will walk away from the mortgage, which lessens their risk. Downpayment establishes the loan to value (LTV) Thirdly, your downpayment establishes the loan to value ratio. The loan to value ratio or LTV is the percentage of the property’s value compared to the mortgage amount. In Canada, a lender cannot lend more than 95% of a property’s value. So, if you’re buying a home for $400k, the lender can lend $380k, and you’re responsible for coming up with 5%, $ 20k in this situation. But you might be asking yourself, how does the source of the downpayment impact LTV? Great question, and to answer this, we have to look at how to establish property value. Simply put, something is worth what someone is willing to pay for it and what someone is willing to sell it for. Of course, within reason, having no external factors coming into play. When dealing with real estate, an appraisal of the property will include comparisons of what other people have agreed to pay for similar properties in the past. You’ll often hear of situations where buyers and sellers try to inflate the sale price to help finalize the transaction artificially. Any scenario where the buyer isn’t coming up with all of the money for the downpayment, independent of the seller, impacts the LTV. All details of a real estate transaction purchase and sale have to be disclosed to the lender. If there’s any money transferring behind the scenes, this impacts the LTV, and the lender won’t proceed with financing. Non-disclosure to the lender is mortgage fraud. So there you have it; hopefully, this provides context to why lenders ask for documents to prove the source of your downpayment. If you’d like to talk about mortgage financing, please connect anytime; it would be a pleasure to work with you.
By Shanna Davis October 31, 2024
If you’re going through or considering a divorce or separation, you might not be aware that there are mortgage products designed to allow you to refinance your property and buy out your ex-spouse. If you’re like most people, your property is your most significant asset and is where most of your equity is tied up. If this is the case, it’s possible to structure a new mortgage that allows you to purchase the property from your ex-spouse for up to 95% of the property’s value. Alternatively, if your ex-spouse wants to keep the property, they can buy you out using the same program. It’s called the spousal buyout program. Here are some of the common questions people have about the program. Is a finalized separation agreement required? Yes. To qualify, you’ll need to provide the lender with a copy of the signed separation agreement, which clearly outlines asset allocation. Can the net proceeds be used for home renovations or pay off loans? No. The net proceeds can only buy out the other owner’s share of equity and/or pay off joint debt as explicitly agreed upon in the finalized separation agreement. What is the maximum amount that you can access through the program? The maximum equity you can withdraw is the amount agreed upon in the separation agreement to buy out the other owner’s share of the property and/or retire joint debts (if any), not exceeding 95% loan to value. What is the maximum permitted loan to value? The maximum loan to value is the lesser of 95% or the remaining mortgage + the equity required to buy out other owner and/or pay off joint debt (which, in some cases, can total < 95% LTV. The property must be the primary owner-occupied residence. Do all parties have to be on title? Yes. All parties to the transaction have to be current registered owners on title. Your solicitor will be required to confirm this with a title search. Do the parties have to be a married or common-law couple? No. Not only will the spousal buyout program support married and common-law couples who are divorcing or separating, but it’s also designed for friends or siblings who need an exit from a mortgage. The lender can consider this on an exception basis with insurer approval. In this case, as there won’t be a separation agreement, a standard clause will need to be included in the purchase contract to outline the buyout. Is a full appraisal required? Yes. When considering this type of mortgage, a physical appraisal of the property is required as part of the necessary documents to finalize the transaction. While this is a good start to answering some of the questions you might have about getting a mortgage to help you through a marital breakdown, it’s certainly not comprehensive. When you work with an independent mortgage professional, not only do you get a choice between lenders and considerably more mortgage options, but you get the unbiased mortgage advice to ensure you understand all your options and get the right mortgage for you. Please connect anytime; it would be a pleasure to discuss your needs directly and provide you with options to help you secure the best mortgage financing available. Also, please be assured that all communication will be held in the strictest of confidence.
By Shanna Davis October 18, 2024
On October 8, 2024, the government announced a new program that will take effect on January 15, 2025, allowing homeowners to refinance up to 90% of their home’s value to create secondary suites. This is a significant increase from the current refinancing limit of 80%. The program aims to provide homeowners with more flexibility to unlock their home equity and add additional legal units like basement suites or laneway homes, provided they meet municipal zoning requirements and are not used for short-term rentals. The program comes with specific guidelines, outlined by CMHC (Canada Mortgage and Housing Corporation), that include: Eligibility: Homeowners must already own their property, live in one of the existing units, and plan to add additional fully self-contained suites. Refinancing Details: Homeowners can refinance up to 90% of the property's value, including the value added by the new units. The maximum property value, once the new units are built, must not exceed $2 million. Loan Parameters: The loan-to-value limit will be 90%, and the maximum amortization period is 30 years. Any additional financing must not exceed project costs. To give an example, under this new program, if a home is valued at $800,000, homeowners could now refinance up to $720,000 for building a secondary suite—$80,000 more than the previous limit of $640,000. This program could be particularly beneficial for homeowners who have recently purchased their property and built up a moderate amount of equity, offering them an opportunity to create an income-generating suite or expand their home without needing to sell. As housing affordability continues to be a pressing issue in many parts of Canada, adding secondary suites could also contribute to easing the rental supply shortage. While this program represents a significant step forward in unlocking home equity for homeowners, we are still awaiting specific guidelines from lenders. These rules will clarify how lenders will approach refinancing applications under this program. Stay tuned for further updates as more information becomes available from financial institutions. This program is expected to spark significant interest, particularly from younger homeowners or those with growing families, as it offers a pathway to enhance both living space and long-term financial stability. Homeowners looking to leverage this new opportunity should consult with mortgage experts to fully understand the potential benefits and ensure they are making informed decisions. If you're interested in how this program could benefit you or want to explore refinancing options to add a secondary suite, get in touch with a mortgage professional today.
READ MORE

LENDERS

I've developed excellent relationships with many lenders across the country, let's figure out which one has the best product for you. 

APPLY NOW

HAPPY CLIENTS

As first-time buyers with not-so-typical incomes, we were a little overwhelmed going into the mortgage application process, but Shanna directed the process flawlessly. She was incredibly organized and on top of everything, always one step ahead of the process to ensure we wouldn’t run into any hiccups or issues. In the end, she was able to secure us a mortgage with great terms. We would not hesitate to recommend Shanna to anyone!

Magee Walker | First Time Home Buyer, Squamish, BC

My friend recommended that I call Shanna to discuss my mortgage options. I’m so happy I did. She was very accessible, explained the process in a way that made sense to me, provided me with excellent council, and ensured I got the financing to secure the purchase of a new build condo. There was a lot of back and forth paperwork, but in the end Shanna did an amazing job keeping things on track. I highly recommend her if you need mortgage financing. I have since referred several friends who have had similar experiences to mine.

Daniel Magnussen | Condo Owner, Langley, BC.

SHANNA DAVIS

OFFICE


635 East Windsor Road
North Vancouver,
British Columbia
V7N 1K8
Canada


Map It


FOLLOW ME

Contact Us

Share by: