If you have a medical emergency or need to expand your business and you don’t have the funds, you can take a second mortgage. This gives you up to 80% of the appraised value of your property, less the existing mortgage balance. Interest rates for second mortgages are higher, but our team of Mortgage Brokers has the experience to get you the best possible deal.
Residential mortgages, as the term suggests, are meant for those who intend to reside in the residential property on which they are taking a mortgage. Residential mortgages come with Canada Mortgage and Housing Corporation (CMHC) insurance to cover lenders, but only if the borrower is unable to raise 20% as a down payment. We help residents of Scarborough pass the pre-approval “stress” test by the lender.
Getting a commercial mortgage approved typically takes 3 months to 1 year because of the more difficult process of ascertaining the creditworthiness of a business. We have a good relationship with lenders, which allows us to negotiate quick mortgage approval for our Scarborough clients. We have experience with different commercial mortgage types ranging from farmland mortgages to commercial plazas.
HOME EQUITY LINE OF CREDIT
A Home Equity Line of Credit (HELOC) is cheaper than a credit card or an unsecured line of credit, making it popular with Scarborough residents. When you come to our Mortgage Brokers to assist you to get the best HELOC terms and interest rates, we will guide you through the entire process, including helping prepare the relevant paperwork. Call us on (416) 419 3939 for a free consultation.
New to Canada Mortgage
If you have a Permanent Residence status and you have been in Canada for at least 5 years, you can get a typical mortgage at 5% down payment, provided you have a good credit score. If you don’t have Permanent Residence status, the down payment is 10%. If you don’t qualify for a typical mortgage, you can get a New to Canada Mortgage from Canada Mortgage and Housing Corporation (CMHC), Canada Guaranty, or Genworth Financial. We have vast experience streamlining the process.
Unsecured Line of Credit
An unsecured line of credit does not require collateral. The lender accepts your word that you will repay the debt. Note you risk getting sued or debt collectors coming your way if you fail to repay. Worried about the applicable interest? We have an experienced team that helps residents of Scarborough get the best rates and terms.
Self Employed Mortgage
Doctors, small business owners, and other entrepreneurs in Scarborough do not have it easy when it comes to accessing mortgages. The lender may require you to provide such information as Notices of Assessment, your personal and business credit score, proof that your down payment is not gifted, and others. We will help you in searching for good rates and to prepare all the requirements.
Private Mortgage Lending
Other than looking at your credit score and the other things banks and other mainstream mortgage lenders look at, private mortgage lenders in Scarborough look at the property type and value, your confirmable income which can be proven through Notice of Assessments, the down payment you are willing to put down, and equity (if refinancing). We will help connect you to a good private mortgage broker as well as help you with the pre-approval process.
If you are in need of cash, you can refinance your mortgage to access up to 80% of your property’s appraised value, less the outstanding mortgage. Mortgage refinance also allows you to access lower interest rates. Our team of experienced negotiators has been helping residents of Scarborough get favorable terms and we help with the pre-approval process.