It’s wise to begin by talking with a mortgage expert to understand how much mortgage you can manage, and to explore both traditional and innovative mortgage options. You’re about to take a big step so you will want some advice from the experts. We have access to mortgage rates and features that can help you achieve your home buying dreams. Below we have some information on the most popular mortgage products for homeowners. Our best advice is that you contact one of our experts today.
Fixed Rate Mortgage
This is the most popular type of mortgage among Canadians. The interest rate on a fixed-rate mortgage is set for a pre-determined term – usually between 6 months – 5 years. This offers the security of knowing what you will be paying for the term selected.
Variable Rate Mortgage
A mortgage in which payments are fixed for a period of one to two years although interest rates may fluctuate from month to month depending on market conditions. If interest rates go down, more of the payment goes towards reducing the principal; if rates go up, a larger portion of the monthly payment goes towards covering the interest. Most open variable rate mortgages allow prepayment of any amount (with certain minimums) on any payment date, up to a maximum total amount per year.
Should you go with a short or long-term mortgage?
A longer-term mortgage is worth considering if you have a busy life and don’t have time to watch mortgage rates. Our 4, 5 and 7-year mortgages let you take advantage of today’s rates, while enjoying long-term security knowing the rate you sign up for is a sure thing.
If you want to keep your mortgage flexible right now, you can explore a shorter-term mortgage that usually allows you to take advantage of lower rates and save.
Home Equity Line of Credit (HELOC)
Sometimes the House of Your Dreams is the one You’re Already Living in.
Maybe it just needs some new landscaping, an extra wing for your growing family, an expanded kitchen, or a swimming pool in the backyard! A record number of Canadians have taken advantage of the historic low mortgage rates and rising real estate values and have tapped into their home equity. There’s never been a better time to access the extra funds that can help bring your home to that next level of comfort. Consider accessing the cash you need for the improvements you’ve been dreaming about!
Finding the Best Mortgage at the Best Rate
With the wide assortment of options and features available today for tapping into home equity, shopping around takes a lot of time and effort. The mortgage process can be intimidating to many Canadian homebuyers so it’s wise to begin by talking with a professional. Simply talking with a Mortgage Professional can help you understand how much mortgage you can manage and allow you to explore both traditional and innovative mortgage options.
Tapping into home equity for you is our business. We know which lenders have the best rates and we negotiate with multiple lenders at one time. What’s more, we know the system and have the industry knowledge required to present a proposal for financing to lenders to successfully obtain mortgage financing, and we do all the paperwork.
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