Canadian Home Mortgages

 What Type of Home Mortgage Do You Need?

First Time Home Buyer Mortgage

Up to 100% financing.  We'll find a mortgage lender to get you the house of your dreams. Buying your first house can be confusing.  All that we do is mortgages so let us handle the bank for you.  You may even qualify for a zero down payment mortgage or get cash back on closing. (OAC)

Purchase Mortgage

Solutions are available for people selling their existing home and changing house size or location.  We will arrange purchase mortgage financing on you new home, pay out your existing home mortgage and lock in your best mortgage interest rate, saving you thousands!

Mortgage Pre-Approval

Lock in your best Mortgage Rate as soon as possible for up to 120 days. Even if rates go down, you will still get the lowest mortgage rate.  And, with a mortgage pre-approval in Canada, you can look at homes that you know are in your price range and make a firm offer to purchase.

Mortgage for Refinancing or Debt Consolidation

For an addition, pool, vacation, pay off high interest debt, or purchase another property.  Refinancing your mortgage and consolidating debt at great rates will lower your monthly payments and give you that extra money for savings or fun. You might even be able to put some cash away in an RRSP for retirement!

Mortgage Renewal

Don't sign back your mortgage renewal in Canada until you call us.  Most people sign back their bank mortgage renewal at a higher rate than the bank gives a new client.  Renewing your mortgage should be easy.  We'll shop your mortgage to the big banks and get you a lower rate, better terms and do all of the work for you.

Self-Employed or on Commission?

Hard to prove your income?  Several Canadian lenders now offer no income qualifier, no document (no doc) and alternative documents mortgage products. Call us and we'll walk you through it.  A mortgage approval is only a phone call away.

Variable or Adjustable Rate Mortgage?

Have you wondered if a variable rate mortgage is for you?  Call us and we can help you figure is out.  Interest rates are at a 40 year low and a variable might be the best way to put you in the house of your dreams today and pay it off quicker.  Saving you Time and Money!

Second Mortgage, Home Equity Loan or Line 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 can help.  Rates are very competitive for Home Equity Loans with very flexible terms. Closing is quick and we do all of the paperwork!

Bad Credit or Employment Issues?

Even if you have bad credit, slow credit, poor credit or a past bankruptcy, you may still qualify for a non-conforming mortgage loan from several banks in Canada. If the Bank has said NO, then that means you don't fit their criteria.  Other lenders in Canada will gladly take you and the interest charges won't be much more, and might be less!.

Private Mortgage

A private mortgage from an individual investor is an excellent way to purchase a non-conforming property or attain a mortgage with tarnished credit or past bankruptcy.

Vacation Home or Cottage Mortgage

As well, we can arrange second home or vacation home mortgages up to 95% loan to value.  Purchase that second home for the kids to go to college, for the in-laws, or that year round vacation home on the water!  Regular discount rates apply, call or email now for details.

Get Your Home Mortgage Approved Right Now

Enter name and email to open the SSL secure application.

So maybe you aren't sure what you need.  What types of mortgages are there?

The mortgage marketplace is full of financing options to fill almost any need for money. Mortgage Brokers have the greatest access to this marketplace and all of the great products to fill the needs of almost all prospective borrowers regardless of their situation. Below are some definitions of mortgage terms, and when they are best utilized based on the needs of the consumer

1st Mortgage - A 1st Mortgage is the standard for mortgages. It is a single charge against your property, with you as the Mortgagee, and the lender (bank) as the Mortgagor.

2nd Mortgage - A 2nd Mortgage is when additional money is borrowed against the property, but a 1st Mortgage is left intact. A 2nd Mortgage is usually an option for a small loan or a short term need for money. Another reason might be that the 1st Mortgage is at a very competitive rate or the prepayment penalty is very sizeable, making it unattractive to break the first mortgage. Also known as being in “2nd Place”. Most 2nd mortgages have “interest only payments” and terms of 1-3 years, as they are more for a “short term solution”.

3rd Mortgage - It is a rare occurrence to have a 3rd Mortgage on a property. Most 3rd’s are offered by high risk or Private lenders. Sometimes it is a last resort for someone to keep their house or if financial difficulties have prevented them from refinancing the entire mortgage.

Renewal - Renewal is when your mortgage term is coming due. When renewing you can have a Mortgage Broker shop the market place on your behalf to secure the best deal, as it is not necessary to renew with the same company if they are not competitive. Another reason to consult a Mortgage Broker is that renewal time may be an optimal time to consider a “refinance” as there would be no prepayment penalty at that time.

Refinance - A refinance is when additional funds are borrowed on top of the existing mortgage amount. Refinance is used in many different ways. It can be used for additional funds for renovations to improve the property or to do maintenance to keep the house functional. (new roof). Another refinance option is to consolidate consumer debt. Loans, Lines of Credit and Credit Cards can sometimes get overwhelming, and to put it all into 1 payment can be a lifesaver. A refinance will result in legal fees to “re do” the mortgage.

Switch or Transfer - A Switch or Transfer usually occurs during a renewal. Usually a month or two prior to the maturity of term, contact a Mortgage Broker to shop the marketplace on your behalf. A Switch/Transfer is the term used when the mortgage is moved, but no additional funds are required. This avoids any legal fees, as the original mortgage stays intact, it is just placed with a different lender.

Port - “Porting” allows you to take your existing mortgage with you to another property. You simply pick up the balance and rate on your current home and move it to the new property you are purchasing.

Assumption - When a home is sold, the seller may be able to transfer the mortgage to the new buyer. This is called Mortgage Assumption because the buyer takes over, or assumes, the mortgage.
This is a great selling feature if the seller's existing interest rate is below the current market rate.

Mortgage Loan Origination Software from Axcess Canada.