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Choice of Mortgage Products

Fixed-term mortgages

Not every fixed-term mortgage is the same. Fixed-term mortgages offer a fixed interest rate for 1,2,3,4,5,7, 10 time periods. 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 mortgages also 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. Our mortgage consultants can help you find the best fixed-term mortgage product for you.

Variable rate mortgages

Some users choose variable rate mortgages also referred to as adjustable rate mortgages (ARM), where the interest rate changes based on changes in the Bank Prime. This might sound risky, but recently it’s been one of the best mortgage strategies. WE can help learn about all the mortgage products so you can understand what your best mortgage options are on a real time basis.

The fully 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 penalize you for paying them back.

Equity mortgages

An equity mortgage is a mortgage loan based on the amount of equity (market value minus mortgage amount) in your home. These are can arranged up to 75% of the value of your property and are most suited for people who don’t qualify for traditional bank mortgages for credit or income verification reasons.

Second mortgages

A second mortgage is a great product to consider in order to avoid the high cost of a Canadian Mortgage and Housing Corporation (CMHC) high ratio mortgage. Second mortgages usually carry a much higher interest rate than first mortgages because they involve higher risk and less equity, however might still give you over all savings vs CMHC insurance costs.

Secured lines of credit – Greater than $100,000

If you need instant cash for home renovations, to buy a car, to purchase investments, or for any other worthwhile purpose, a secured line of credit can be a great way to raise the capital. Mortgage for Less can provide a line of credit quickly and at the best rates in the market. The amount of credit available through one of these products is usually based on 80% of the value of your home.

Be aware of mortgage promotions and mortgage rate shopping sites !

There are constantly new mortgage promotions coming and going. Because we are mortgage specialists and deal in the business every day our mortgage consultants are 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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