Second Mortgage
The law allows you to get up to 80% of the appraised value of your home, less balance on the existing mortgage. This is called a second mortgage. Residents of Newmarket, ON take second mortgages for such reasons as medical emergencies, business expansion, and home renovations. Our team of experienced negotiators will help you get favorable interest rates and minimal administrative fees for your second mortgage.
Residential Mortgages
If you intend to live in a house, a condo, or other residential property, you are entitled to a residential mortgage. The law requires you to pay a down payment of 5% for properties worth under $500,000, and 10% on any amount over $500,000. These mortgages are insured with mortgage default insurance (CMHC insurance) where the down payment is less than 20% of the property’s value. We partner agents and lawyers to help our clients with with pre-approval “stress” tests.
Commercial Mortgages
Commercial mortgage interest rates are higher than residential mortgage rates, mostly because when some companies, incorporations, and partnerships face financial difficulties, they file for bankruptcy. Our team is experienced in all types of commercial property mortgages for everything from commercial plazas to storefronts with apartments. We assist Newmarket residents to negotiate not only for a good rate but also for quick turnaround.
HOME EQUITY LINE OF CREDIT
Home Equity Lines of Credit, or HELOC, are popular in Newmarket because they are cheaper than credit cards and unsecured lines of credit. A HELOC is also popular because it does not attract repayment penalties, provided you at least pay the monthly interest payments. We will guide you through the entire process of getting a HELOC, including finding the lender with the best offer and assisting you with the pre-qualification tests.
MORTGAGE REFINANCE
Residents of Newmarket, Ontario can refinance their mortgages to take advantage of lower interest rates, to access equity (cash) in their property, to consolidate debt, and for other reasons. This is achievable through extending or blending your existing mortgage, breaking the existing mortgage to get a new one, and getting a HELOC. We link clients with mortgage refinance companies for the best deals.
Private Mortgage Lending
Banks and other major mortgage lending institutions have strict rules aimed at reducing risk. The pre-approval process like ensuring borrowers have good credit scores, unfortunately, means some people are locked out. This is where private mortgage lenders come in. The requirements by private mortgage lenders are more relaxed, allowing residents of Newmarket, ON to start their journey towards property ownership.
Self Employed Mortgage
Self-employed mortgages are meant to cater to the growing “gig” economy, with nearly 20% of all earners in Canada being self-employed. Lenders usually require personal Notices of Assessment going back 2 to 3 years and have other requirements. We will help you not only pick the lender with the best deal but also with the pre-approval process.
Unsecured Line of Credit
An unsecured line of credit is a good idea if you have an unpredictable ongoing project like a home improvement project, if you have an emergency, and if you are a freelancer or in another seasonal job. If you have a good credit score or you have a healthy business, you may qualify for a line of credit even without collateral. We help clients in Newmarket get unsecured lines of credits at favorable terms.
New to Canada Mortgage
If you have received confirmation of Permanent Residence from the IRCC (Immigration, Refugees and Citizenship Canada) and you have been in Canada for the last 5 years but you don’t meet the qualifying criteria of a lender in Newmarket, you can access a special mortgage called New to Canada mortgage. If your credit score is good, you can access a typical mortgage. We help newcomers in Newmarket get mortgages at affordable rates.
