As the term suggests, a second mortgage is an additional loan you take out on a property that already has a mortgage. You can get up to 80% of your property’s value, less existing mortgage. Lenders see this as being riskier, hence the higher interest rates. We have an experienced team that has been helping Markham residents negotiate the lowest interest rates possible.
You can get a residential mortgage if you intend to reside in the said residential mortgage. These mortgages have CMHC insurance, which is an explicit government guarantee providing 100% coverage when the borrower is unable to raise 20% of the property value as down payment. We help residents of Markham, Ontario get good rates and pass the lender’s stress test.
Interest rates charged for commercial mortgages are higher than those of residential mortgages and the down payment required is bigger because of the higher risk of a business going under. We guide residents of Markham to buy residential real estate, storefronts with apartments, pure multi-family residential properties, and other commercial properties at attractive interest rates and in a timely manner.
HOME EQUITY LINE OF CREDIT
If you have equity on your home, a good credit score, a debt-to-income ratio of 40% to 50%, and you can demonstrate you are able to meet your monthly financial obligations, you may qualify for a Home Equity Line of Credit (HELOC). Our team of experienced negotiators will find you the HELOC with the most favorable interest rate and other terms.
NEW TO CANADA MORTGAGE
Permanent Residents who have a good credit score can access typical mortgages at an interest rate of 5% of the property’s value, and 10% for those who don’t have Permanent Residence status. If you don’t meet the credit score and other criteria set out by lenders, you can get a New to Canada Mortgage from Canada Guaranty, Canada Mortgage and Housing Corporation (CMHC), or Genworth Financial. Our team has vast experience in New to Canada Mortgage applications.
UNSECURED LINE OF CREDIT
If you require cash and you don’t have collateral, you can get an unsecured line of credit. The interest rate is higher than with a secured line of credit because of the risk the lender assumes, which makes it necessary to get a mortgage broker to help you get the best deal. We will help you get an unsecured line of credit with competitive interest rates and fees.
SELF EMPLOYED MORTGAGE
It has traditionally been more difficult for self-employed individuals to get mortgages because they don’t always have a regular revenue stream. Self-employed mortgages are meant to cater for this growing demographic. We assist clients to get the lowest rates and the best terms possible, including assisting clients to provide Notice of Assessment, business statements, proof that the business has been in operation for over 2 years, and others.
PRIVATE MORTGAGE LENDING
If you are trying to buy an unconventional property, to get a short-term loan, to get a quick loan, you have a poor credit score, or you have an unverifiable income source, a bank may not give you a mortgage. Private mortgage lenders in Markham, ON have more relaxed requirements. We have worked with many private lenders and we are able to get you the best possible deal, irrespective of your financial circumstances.
If you want to access the equity in your property, to consolidate debt, or to get lower interest rates on your mortgage, mortgage refinance is a good option. You can get your mortgage refinanced through a Home Equity Line of Credit, by extending/blending your current mortgage, or through a reverse mortgage. Contact our team of Mortgage Brokers for a free consultation covering the effects of breaking your current mortgage.