Down Payment of
20% or
more
Conventional Mortgage |
Down
Payment of less than 20%
High Ratio Mortgage |
| Is a mortgage for less
than 80% LTV (Loan to Value. These mortgages don't generally need to be
insured, although some lenders provide their own insurance and require
you to pay an insurance premium on top of the mortgage amount, in
order to protect themselves. A conventional mortgage can be used for
those that have 20% or more as a down payment. |
Is a
mortgage that is for more than 80% LTV (Loan to Value) Mortgages for 80%
and more are required to have mortgage insurance on the loan. The
majority of the time the insurance is provided by CMHC (Canada Mortgage
and Housing Corporation or GE (GE Mortgage Insurance Canada, now
Genworth). You pay an insurance premium up to 7.3% on top of your
mortgage amount and the bank or finance company has the assurance that
if you default the mortgage will be covered by the insurance policy. |
Mortgage Pre-approvals Online
Once you apply for a Mortgage your Rate is locked in for up to 120 days. Even if
rates go up, you will still get the lowest mortgage rate. You can fill out our
simple mortgage application online or fax it to us and we will have an approval
for you within 24 hrs.
First Time Home
Buyers
Find out what you qualify for and the First time
Home Buyer Plan.
$0 Money
Down Mortgages
You may qualify for up to 100% mortgage
financing and we also have programs that offer a zero down payment or cash back
on closing. (OAC)
Home
Refinance and Debt Consolidation
Refinancing can get you that extra cash you need for
renovations, a pool, even that long deserved vacation. Why not pay off high
interest debt? from credit cards or loans. You may even consider a vacation home
or investment property. Refinancing your mortgage and consolidating debt at a
lower rate will lower your monthly payments and give you that extra money you
need. You might even be able to put some cash away in an RRSP for retirement!
Home Mortgage Renewal
Did you know that when you sign back your mortgage renewal to the bank you are
getting a higher rate than the bank gives a new client? Call us first and we
will show you how you can get a lower rate, better terms and have all the work
done for you. *Most applications are approved within 24hrs, however it could
take up to five business days depending on the type of financing being applied
for, or clients specific situation.
Mortgages for Self-Employed or on Commission?
If you are self employed and have hard to
prove income we have several Canadian Lenders that offer a no income qualifier,
no document and alternative documents mortgage products. Give us a call first
and we will walk you through the application process.
Second Mortgage, Home Equity Loans and Lines of Credit
If you would like to leverage your home
equity with a second mortgage or line of credit instead of a refinancing your
first mortgage we have different options available. Rates are very competitive
for Home Equity Loans with very flexible terms. Closing is quick and we do all
of the paperwork!
