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Choice
of Mortgage Products
Fixed-term
mortgages
Not every fixed term mortgage is the same we'll find the best one out
there for you. Fixed-term mortgages offer a fixed interest rate for 1,2,3,4,5,7,
10 and from time to time 15 and 25 year terms. Choosing a longer term
gives you the security of knowing that your interest rate and payments
won't change during the term you select. Some fixed-rate mortgage provide
various paydown options and flexible terms the secret is knowing the
fine print of every mortgage product out there and that's where we can
offer our expertise.
The
open mortgage
You would choose this mortgage if you were planning to pay back the full
mortgage within 6 months to 1 year. If you were expecting a windfall of
money or were planning to move again an open mortgage is the way to go
because the banks won't penalise you for paying them back.
The
Six-month convertible mortgage
If you think the mortgage rates are on their way down you take this mortgage
hoping you can switch to a longer term at a lower rate in the near future.
We'll help you in your decision-making based on current and future mortgage
trends. Many lenders have this product the key is knowing which one works
best for you.
Variable
rate mortgages
Depending on your situation you may choose an ARM (adjustable rate mortgage).
This is where the rate changes usually on a monthly basis depending on
the then current rates. You may think this is risky but in the past number
of years it's one of the best ways to go. Some ARMs keep the payment the
same during the term, that's the better way to go and we can offer this
product to you.
Cash
Back Mortgages
Put thousands in your own pocket with this mortgage. Many lenders have
different promotions around the idea of paying you up to 2% of the mortgage
amount to do business with them. We can search the market and let you
know which product to choose because some will put more money in your
account instead of the banks! It could come in handy for refinances.
Easy
Start Mortgages
Ideal for the first time home buyer. This mortgage gives the homebuyer
a special lower interest rate in the first year of a 5-year term to give
the homebuyer a break. Also the LoanCloser mortgage which give the homebuyer
a cash amount back on the closing date to help with the closing costs.
These mortgages have varying rates and that's where we can access which
is best for you.
Equity
Mortgages
A mortgage based on the amount of equity (market value minus mortgage
amount) in your home. Usually up to 75% of the value of your property
and most suited for people that don't qualify for a traditional bank mortgage
for credit or income verification reasons.
2nd
Mortgages
A great product to consider if one wants to avoid the high cost of a CMHC
high ratio mortgages providing another option to the homebuyer. Usually
a much higher rate then 1st mortgages because of the higher risk and less
equity.
Split
Term mortgages
An innovative mortgage that allows you to 'split' your one mortgage into
any of two or three different mortgage types or terms. You can lock in
part for the security of a longer-term rate and leave another part in
the six-month option, to take advantage of any decrease in short-term
rates. However these mortgages can often be confusing and harder to understand.
Secured
lines of credit - Greater than $75,000
If you need instant cash for home renovations, to buy a car, to purchase
investments, or for any other worthwhile purpose it's a great way to raise
the capital. We can provide these quickly and at the best rates in the
market. Usually based on 75% of the value of your home. We have lenders
that can also provide up to 90% of the value of your home.
Be
aware of some mortgage promotions!
There are constantly new mortgage promotions coming and going. Because
we are mortgage specialists and deal in the business every day were up
to date on all the new promotions. We can easily determine which ones
will actually benefit you and which ones are gimmicks. It's important
to have an outside advisor to determine this for you.
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