Here are a variety of different Mortgages you can choose.
Variable Rate Mortgage
A mortgage with an interest rate that changes with the market. The rate changes each month, meaning that the portion of your monthly payment that goes towards interest may go up or down each month. However, your total monthly payment will probably stay the same.
Closed Mortgage
A mortgage that has a fixed interest rate (usually lower than an open mortgage rate) and a set, unchangeable term. You cannot pay off a closed mortgage before the agreed end date without paying a penalty.
Convertible Mortgage
A mortgage that you can change from short-term to long-term, depending on your financial needs.
Open Mortgage
A mortgage that you can pay off, renew or refinance at any time. The interest rate for an open mortgage is usually higher than a closed mortgage rate.
No matter what the type of Purchase you are looking for we can help.
First Time Home Buyer
To be able to purchase a new home with as little as 5% down payment from your own resourses, or could be a gift.
Refinancing
To arrange a new mortgage for an increased amount. The old mortgage is to be paid off or discharged from the proceeds of the new loan. This type of loan is also referred to as "equity take out."
Renewal
To re-negotiate you mortgage at the end of the term for you, to get you the best deal out in the market for you.
HELOC (Home Equity Line of Credit)
To take the equity out of your house as a secured line of credit for you to use at any time. Whether it be home renovation, send your child to school, or even top up RRSP's.
Self Employed (Hard to Prove income)
To not be able to prove income sometimes for self employed people is understandable by our lenders. They have a program taylored for you call a "NIQ" no income qualifier.
Conventional
With a conventional mortgage a lender will generally provide up to 75% of the lesser of the appraised value or purchase price of a property. You must be able to provide at least 25% of the financing on your own.
High Ratio
With this type of mortgage a lender will provide up to 95% of the the mortgage on a property to a qualified applicant. This type of mortgage must, by law, be insured by either CMHC, GE, or AIG. They are a private sector source of mortgage insurance to lenders in Canada.
Cash Back
This sum of money is either a fixed amount set by your lender of around 4% to 6% of your loaned money. The best thing about getting money from cash back mortgages is that you can decide on whatever you want to do with it.
