A mortgage for every season

IN Partnership with

How alternative lenders support clients through life’s changes

THERE'S NO such thing as a “one-size-fits-all” approach when it comes to helping a client. What works for a young family won’t work for a retired couple, and what suits a single mother won’t fit a divorcée. Fern Glowinsky, president and CEO at Haventree Bank, tells CMP that her core values centre around supporting clients through every phase of their lives – both the expected and the unexpected. “The Haventree difference is that we aim to understand the full picture of a client and we try to ‘start with a yes,’” says Glowinsky. “As with all lenders, we do have lending criteria, yet as an alternative lender we make it more accessible by being more open to those with lower FICO scores and more complex credit profiles. While we require down payments, gifts from family members are an option to support homebuyers.”

Founded in 1990, Haventree Bank is a private Canadian Schedule 1 bank specializing in alternative mortgage programs and insured GIC deposits. We help hard-working Canadians from coast to coast achieve homeownership by offering flexible mortgage solutions. Our insured GIC deposits offer competitive rates and are available through a variety of wealth management platforms.

“Our approach of empathetic lending means we will work with our clients to understand their situation, provide options that keep them in their home, or help them qualify to purchase their home”

Fern Glowinsky, Haventree Bank

In the current tough market, with rising house prices and

First-time buyers use ‘non-traditional’ deposit sources

Published May 5, 2025

Resources

News

Specialty

Best in Mortgage

Mortgage Industry

Companies

People

Newsletter

About us

Authors

Conditions of Use

Terms & Conditions

Sitemap

RSS

News

MORTGAGE INDUSTRY

BEST IN MORTGAGE

SPECIALTY

Resources

Companies

People

Newsletter

About us

Authors

Conditions of Use

Terms & Conditions

Sitemap

RSS

News

MORTGAGE INDUSTRY

BEST IN MORTGAGE

SPECIALTY

Resources

Companies

People

Newsletter

About us

Authors

Conditions of Use

Terms & Conditions

Sitemap

RSS

Young families look for HELOCs

As first-time buyers inevitably evolve into young families, home equity lines of credit (HELOCs) and cash-out refinancing options are becoming increasingly sought after. According to Statistics Canada, as of January 2024, outstanding balances on HELOCs increased by 0.5 percent (approximately $0.9 billion) compared to the previous month. This marks a slowdown in annualized growth, with a rate of 3.2 percent in January 2024 compared to 3.7 percent in December 2023. What’s more, recent data shows that, as of mid-2024, HELOCs accounted for approximately 7.2 percent of the lending portfolios of federally regulated banks. At Haventree, they’ve met these changing client demands because they understand that as families grow, so too do their housing needs.

“Last year we introduced our Improvements Mortgage [with which] qualified borrowers can add up to $100,000 to their mortgage to fund those much-needed renovations, whether it’s a kitchen refresh or adding a suite for a family member,” says Glowinsky. “We also allow refinancing within a 12-month period to support clients who need to unlock dollars for renovations.”

‘Empathetic lending’

There’s little more attractive to clients than a wide variety of options – products and loans that adapt and evolve with their needs and wants. Because, after all, life can be unpredictable. If a client is going through a divorce or financial hardship, Haventree has an array of choices to either help them stay in their home or adjust their mortgage terms accordingly. “Overall, our approach of empathetic lending means we will work with our clients to understand their situation, provide options that keep them in their home, or help them qualify to purchase their home,” says Glowinsky. “The best thing our clients can do is reach out so we can help.”

cost-of-living concerns, many young buyers are turning to family for financial help. Research from Redfin found that 38 percent of homebuyers under age 30 used either a cash gift from a family member or an inheritance to afford their down payment. At Haventree, they’re offering tailored solutions for those using more niche deposit sources – as long as customers are clear about where those funds came from. “As we do with all clients, we work hard to understand the big picture. This applies when it comes to non-traditional income sources, which is why we have a very strong business-for-self offering,” explains Glowinsky. “In addition to business for self, we are able to help salaried borrowers who may have a shorter employment tenure – for example, less than 12 months. We understand life happens, and by understanding the full picture we can often help. “We also allow for gifted funds; we just always need to understand the source. This could include an entire down payment being a gift. We know that each story is different: for some, receiving a gift of a down payment could be in connection with a new Canadian establishing a family home.”

In addition, Haventree’s NextJob program ensures clients have tools and support in the event of job loss. The program provides access to:

a personal employment coach to guide you every step of the way techniques and tips for conducting a job search targeted to your strengths, skills, and fields of interest everything you need to know to create an impactful resume and cover letter that includes what hiring managers want to see a customized job search plan expert interview training that will give you the edge you need to land that next job weekly workshops focusing on key topics that will assist in your job search assistance with building online profiles for social media to showcase your experience and career goals

“We also do offer payment relief options,” says Glowinsky. “Sometimes clients are struggling and we can help with skip payments. And we can also help increase or accelerate payments when they are back on their feet.”

“The Haventree difference is that we aim to understand the full picture of a client and we try to ‘start with a yes’”

Fern Glowinsky, Haventree Bank

Retirement plans and seniors code of conduct

Moving on from younger first-time buyers, through the beginnings of a new family, past the upsizing and renovation boom of middle age, clients eventually come to their golden years – the retirement phase. And their needs shift here too. “As with all clients, we look at their full financial pictures, including pension income and allowing for guarantors,” says Glowinsky. “We have an Improvements Mortgage product that could help fund renovations to retrofit space to accommodate clients aging at home. While we don’t

currently offer a reverse mortgage product, we do offer refinancing options. Most importantly, we have a thoughtful team who support clients. This means going beyond the seniors code of conduct by also having seniors champions within our teams.” Looking ahead to what the future holds for the market, it’s famously difficult to predict. Thanks to ongoing economic changes and political upheavals, the market is bound to flex and follow larger national and international trends. As Glowinsky told CMP, it’s essential that alternative lenders remain agile and responsive to market conditions by providing offerings that help meet the needs of Canadians not served by traditional lenders. “For example, as interest rates were dropping, we saw Canadians hesitate to lock in a mortgage and miss the opportunity for a lower rate. To respond to the hesitancy and avoid Canadians having to either wait or lock in, we launched our convertible mortgage product, giving clients time to make the most of a falling rate environment.”

A personal employment coach to guide you every step of the way Techniques and tips for conducting a job search targeted to your strengths, skills, and fields of interest Everything you need to know to create an impactful resume and cover letter that includes what hiring managers want to see A customized job search plan

Haventree’s NextJob program

Source: Haventree

26% of 18–34-year-olds owned a home in 2024 – down from 47% in 2021 56% of Gen Z blame the economy for their money struggles 72% of Gen Z who own a home plan to renew their mortgage this year Just 14% of Gen X plan to do the same

Young people struggle to get on property ladder

Source: Scotiabank Housing Poll