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We can help you to achieve your Canadian dream, the most important and biggest investment you would make in your life. Finding a home mortgage is overwhelming at times as it needs lot of dedication, sacrifices and commitment. A residential mortgage is a long-term loan taken out by one or more individuals to buy a home to live.

Whether you are a first-time buyer, moving home, or remortgaging, this is the type of mortgage you will need.

Many Canadians and immigrants have dreams of owning their own house someday, and somewhat it makes more sense because the house rentals have been rising since along. Buying a house will definitely help you to build some sort of equity by paying your mortgage, instead of paying someone else mortgage. Obtaining a mortgage is a crucial step in purchasing your first home and there are several factors for choosing the most appropriate one.

Having a Mortgage Pre-Approval can give you an advantage in this competitive real estate market. There are plenty of buyers, and bidding goes crazy at times. A mortgage pre-approval isn’t a promise that you’ll get a loan for the home you want to buy, instead, it determined how much money you can borrow, how much you could pay per month, and what your interest rate will be.

And this definitely infuses the confidence in the seller about your credibility, after you showcase your preapproval letter from the lender. It gives sellers peace of mind to know they won’t be wasting their time with someone who couldn’t afford their house in the first place.

On the other hand, it defines your eligibility and affordability and gives you a clear direction in terms of the house price range, type of houses, a lender offering you the mortgage solutions, etc. Talk to our Pre-Mortgage Approval experts to learn more about your eligibility.

Refinancing your mortgage basically means that you are trading in your old mortgage for a new one, and possibly a new balance. When you refinance your mortgage, your bank or lender pays off your old mortgage with the new one; this is the reason for the term refinancing.

Most borrowers choose to refinance so they can lower their interest and shorten their payment term, or take advantage of turning some of the equity they have earned on their home into cash. If done thoughtfully, Mortgage refinance is a great option to save money and pay off your debts at much lower interest rates.

Market conditions are very volatile and mortgage interests vary from private lenders, credit unions to big financial institutions. Mortgage contracts play a pivotal role in the long run when you are calculating the balance on mortgage. When you get a mortgage with a lender, your contract is in effect for a specific period of time. This is called the mortgage term and it can range from a few months to five years or longer.

Generally, most financial institutions recommend clients, to start with the negotiations for their mortgage renewals 150 days prior to the renewal date. This gives clients an excellent opportunity to negotiate on the interest rates, amortization period, and other terms and conditions. The renewal process can be challenging at times when it comes to switching the financial institution. Switching banks can not only give you the opportunity to explore but it gives you the fair chance to negotiate on the interest rate. We have an amazing success rate when t comes to mortgage renewals, talk to our expert to know more.

An equity take-out mortgage is a mortgage loan used to “take out” equity for other purposes. It may be used for repairs or renovations of the property, to use as a down payment for a vacation property, for investment in another area, or for many other purposes. Because it is tied to property equity, the property owner must have equity in the property, after its fair market value and other mortgages are taken into consideration.

An equity take-out mortgage may contain a fixed rate and a fixed sum borrowed, or maybe a variable rate and may be arranged as a line of credit, where funds are withdrawn at the discretion of the borrower. Since this is one of the secured loans, it gives you the advantage of the best possible interest rates.

Financial planning is of utmost importance when it comes to dealing with any of the credit products. People don’t plan to fail, in fact, they fail to plan, and which results in heavy debts. Debt consolidation is the act of taking out a new loan to pay off other liabilities and consumer debts, generally unsecured ones. Debt consolidation loans don’t erase the original debt but transfer a consumer’s loans to a different lender or type of loan.

If you qualify it gives you the flexibility of having just one single debt which you can focus on paying off. Secondly, the interest rate in debt consolidation is fixed and much lower than the interest rates on other credit products which are much higher. Lower interest rates create room for you to make more payments towards your principal and allowing you to pay off your debts quickly. Interest rates typically vary between, 8% to 15 % depending upon your relationship with FI, your credit score and other internal factors which are taken into consideration for your eligibility. Talk to our financial advisors today, to know more how we can help you to pay off your debts sooner.

Did you know that you can utilize the equity in your property to use for a variety of purposes? You can utilize the equity in your property to help with the purchase of another property, debt consolidation, investments, and more. In many cases, you do not need to discharge your current mortgage if you have one.

You can request a Free Home Valuation below to see what equity you have available to use in your home.

A home equity line of credit — also known as a HELOC — is a revolving line of credit, much like a credit card. You can borrow as much as you need, any time you need it, by writing a check or using a credit card connected to the account. You may not exceed your credit limit. Because a HELOC is a line of credit, you make payments only on the amount you actually borrow, not the full amount available. HELOCs also may give you certain tax advantages unavailable with some kinds of loans. Talk to an accountant or tax adviser for details.

Are you self-employed currently? Yes? Great! You are already pursuing your dream by choosing a career which you like. Many, self-employed professionals wonder how they would be eligible for a house mortgage and here is the answer to it.

In order to obtain a self-employed mortgage, most lenders require personal tax Notices of Assessment from the past 2-3 years to be included with the mortgage application. Those who are able to provide this proof of income can generally access the same mortgage products and rates as traditional borrowers, while those who cannot must at least have a good credit history and provide a minimum down payment of 10%.

It’s a little tricky situation when you are self-employed since the income varies year to year. Qualification criteria changes, interest rates, and other factors might change in the course of time for someone who is looking for a self-employed mortgage. Talk to our mortgage experts now, who can walk you through the process of applying for the Self-Employed mortgage.