Mortgage Types that ARE supported in Ownwell:
Currently, Ownwell supports first-position, amortizing mortgages.
Mortgage Types that are NOT formally supported in Ownwell:
Second or third-position mortgages
Interest-Only mortgages
Reverse mortgages
Private mortgages
Home Equity Lines of Credit (HELOCs)
Payment Frequencies that are NOT supported in Ownwell:
Accelerated Weekly Payments
Semi-Monthly Payments
A Note on Multi-Component Mortgages:
For products that combine a traditional mortgage with a line of credit, like TD's Flexline or Scotia's STEP, keep the following in mind:
Submission platforms typically require the broker to enter the full combined amount - including both the amortizing mortgage and the line of credit - as a single mortgage amount.
Ownwell receives only the total combined amount (amortizing mortgage amount and line of credit amount) and has no way to separate the components.
If your client has one of these products, you'll need to manually adjust the original mortgage amount in Ownwell to reflect just the amortizing portion.
Here's how to make updates to the client's mortgage in Ownwell:
While we do not formally support HELOCs, as they do not import into Ownwell correctly (we can't automatically separate the amortizing portion from the loan component). There is a way that you can have HELOC client files in Ownwell:
For TD Flexline, you will click into the client file, go to the client details section and update the lender to TD Canada Trust – Flexline and update the mortgage amount (Original Mortgage) to the amortizing portion only. You will also have the option to toggle the mortgage details section off.
For all other HELOCs, you will click into the client file, go to the client details section and update the mortgage amount (Original Mortgage) to the amortizing portion only.
Here's how to update TD Flexline Mortgages in Ownwell:
Here's how to update other HELOCs (not TD Flexline) in Ownwell:
🚨 Please note that Ownwell does not currently have a solution for HELOCs with a loan-only component. This is because Ownwell homeownership reports require an amortizing mortgage component.