Understanding Closing Costs
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Tenancy in Common (TIC) loans are used when multiple buyers jointly purchase a property while holding separate ownership interests. Unlike joint tenancy, TIC ownership allows each owner to hold a defined share that can be sold, transferred, or inherited.
Simply Approved Mortgages helps buyers understand how TIC mortgage financing works and which loan programs may support this ownership structure.
Tenancy in Common loans allow multiple owners to hold separate ownership shares in a property. Financing depends on lender guidelines and ownership structure.
Tenancy in Common is a form of property ownership where:
Two or more owners share a property
Ownership percentages may be unequal
Each owner holds a separate legal interest
Ownership shares can be sold or inherited
This structure is common among:
Friends buying together
Family members
Real estate investors
Co-buyers with unequal contributions
Disclaimer: Advertised rates and fees depend on borrower qualifications and market fluctuations.
Tenancy in Common
Separate ownership interests
No right of survivorship
Ownership shares may differ
Joint Tenancy
Equal ownership shares
Right of survivorship
Ownership automatically transfers
Financing rules differ depending on the ownership structure used.
At Simply Approved Mortgages, our mission is to make homeownership more accessible and affordable. We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, which is generally lower than typical industry ranges. This structure may help reduce certain costs embedded in mortgage transactions, while allowing us to maintain a strong focus on transparency, responsible loan structuring, and service quality.
Disclaimer: Simply Approved Mortgages complies with all state and federal licensing requirements that we are licensed in.
Yes — but not all lenders allow it.
TIC loan approval depends on:
Ownership agreement structure
Number of co-owners
Occupancy intent
Credit profiles of all borrowers
Loan program guidelines
Many traditional lenders restrict TIC financing, making specialty programs more suitable.
Depending on structure and borrower profile, TIC loans may be available through:
Limited lender availability
Strict underwriting rules
Learn More: 👉 Jumbo Loans
More flexible ownership structures
Investor and co-borrower friendly
Learn More: 👉 Non-QM Loans
Used when property is non-owner occupied
Learn More: 👉 Investment Property Loans
Because TIC ownership is complex, lenders often require:
A written TIC agreement
Clear ownership percentage documentation
Legal review of title structure
Buyers should understand how financing and ownership interact before proceeding.
Key approval factors include:
Number of TIC owners
How the ownership agreement is structured
Whether all owners are on the mortgage
Credit strength of co-borrowers
Property type and usage
Some programs require all owners to be borrowers, while others allow partial borrower structures.
Mortgage calculators help estimate affordability and payment obligations.
Learn More: 👉 Mortgage Calculator
Learn More: 👉 Home Affordability Calculator
For official mortgage lending education, review:
We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, generally lower than typical industry ranges. This approach may support affordability while providing access to competitive mortgage options.
Our team of seasoned professionals is dedicated to simplifying the mortgage process, providing personalized solutions, and ensuring you feel confident every step of the way.
We prioritize honesty and clarity. From disclosing every detail upfront to ensuring no hidden surprises, we build trust through our commitment to your financial success.
At Simply Approved Mortgages, our mission is to make homeownership more accessible and affordable. We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, which is generally lower than typical industry ranges. This structure may help reduce certain costs embedded in mortgage transactions, while allowing us to maintain a strong focus on transparency, responsible loan structuring, and service quality.
We provide access to competitive mortgage options across a variety of loan programs and terms. Our approach focuses on responsible loan structuring based on lender guidelines and borrower qualifications. Explore our mortgage solutions to better understand your available options and how they may support your homeownership goals.
Getting pre-approved for a mortgage is easy with our online application process. Fill out our secure application form, and our team will review your details quickly, so you can start your mortgage journey with confidence.
Once your application is received, a dedicated mortgage specialist will contact you to discuss your needs and preferences. We’ll work together to find the best mortgage options that align with your goals.
After reviewing and selecting the ideal mortgage plan, we’ll guide you through the approval process and ensure everything is in place for a smooth closing. Soon, you’ll be ready to move into your new home!
Prefer personal guidance? A licensed loan officer is available to help.
Yes, but lender availability depends on ownership structure and loan program.
Often yes, though some specialty programs allow flexibility.
Yes. TIC structures are frequently used in investment and co-buying scenarios.
Take control of your home-Take the guesswork out of your home-buying journey. Use our Mortgage Calculator to estimate your monthly payments and make informed financial decisions.
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Simply input your details and see how much equity you could access today. If you have questions or need assistance, our team is here to guide you every step of the way.
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In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Reduce your monthly payment or loan term while unlocking the full potential of your home’s equity!