A second mortgage allows you to borrow further on your property. The law allows you to borrow up to 80% of the appraised value of your home, less the remaining balance of your first mortgage. The interest rate for second mortgages is lower than that of credit cards and unsecured lines of credit. Our Mortgage Brokers team has the experience necessary to get you reasonable interest rates and administrative fees from lenders in Richmond Hill .
Residential mortgages are meant for those who intend to live in the houses, condos, or other properties for which they are taking a mortgage. The mortgages are government-insured for down payments of less than 20%, but the law only requires you to put down 5% as the deposit. Call us on (416) 419-3939 and we will help you get good rates and pass the pre-approval process.
You can take a commercial mortgage to buy a real estate property for investment, for a new office/relocation, to renovate, and to develop a property in Richmond Hill. Qualification criteria include debt service coverage ratio, credit history, current business situation, and type of business. A good mortgage broker like our team of Mortgage Brokers helps you to get good interest rates and quick turnaround time hustle free.
HOME EQUITY LINE OF CREDIT
A HELOC gives you a revolving line of credit which you can maintain by making interest-only payments. This and the fact that it is cheaper than credit card debt makes HELOC attractive to residents of Richmond Hill. Hiring our experienced team of Mortgage Brokers offers you convenience since you don’t need to compare interest rates and terms from different lenders.
New to Canada Mortgage
Permanent Residents who have been in Canada for at least 5 years can get mortgages with a down payment of 5% (and 10% for those with no Permanent Residence status). You, however, have to meet the lender’s qualifying criteria, including a good credit score. If you don’t meet the qualifying criteria, Canada Mortgage and Housing Corporation (CMHC), Genworth Financial, and Canada Guaranty offer New to Canada mortgages. We help clients in Richmond Hill to get these mortgages at good rates.
Unsecured Line of Credit
Unsecured lines of credit are usually advanced to borrowers who have a good credit rating or well-established businesses to reduce the risk of default. The interest rate is higher than with a secured line of credit. We helped residents of Richmond Hill, ON get unsecured lines of credit at good rates, with minimal fees, and in a timely manner.
Self Employed Mortgage
The “gig” economy in Ontario is on the rise. To access a self-employed mortgage, the lender has to be satisfied your business is healthy enough to support the monthly repayments. Lenders in Richmond Hill request for such info as NOAs, T1s, T2s, and/or business statements. We have an experienced team of negotiators who will get the best deal for you and help you with the pre-approval process.
Private Mortgage Lending
Residents of Richmond Hill who do not qualify for conventional mortgages for one reason or the other can still get their dream properties through private mortgage lenders. Private mortgages generally have shorter amortization periods and have higher interest rates. We will help you get a good interest rate, favorable processing fees and other terms, and quick turnaround time.
The law allows you to refinance your mortgage should you choose to do so. Common reasons residents of Richmond Hill refinance their mortgages are to access equity on their homes and to get lower interest rates. Our experienced team helps clients get good terms on Home Equity Lines of Credit (HELOC), blending/extending their current mortgages, and reverse mortgages.