Although the interest rate for a second mortgage is higher than that of the first mortgage, it is often lower than that of an unsecured line of credit and a credit card, making it a good way of funding expenses like business expansions. You can get up to 80% of the appraised value of your home, less the balance of your existing mortgage. Call us at (416) 419-3939 to help you get a good rate on your second mortgage.
If you will be living in a home, a condo, or other residential property in Vaughan, you can take a residential mortgage. If you are unable to raise 20% of the property value as down payment, the law requires that you get CMHC’s mortgage-insurance. Lenders require that you pass the pre-approval process to qualify for a residential mortgage – we will help you prepare.
Commercial mortgages are different from residential mortgages in that it is the business that is assessed, not the individual. Assessing the creditworthiness of a business is more complex. This and the fact that CMHC does not insure a purely commercial property means higher interest rates and longer turnaround time for the application. We assist clients in Vaughan to get commercial plaza, office, industrial, farmland, multi-family residential, construction project, and other types of mortgages at a good rate.
HOME EQUITY LINE OF CREDIT
The law allows you to access up to 65% of your home’s appraised value in the form of a Home Equity Line of Credit (HELOC), provided the value of your HELOC plus the balance of the outstanding mortgage loan are not equal to 80% of the value of your home. Other than what is stipulated by the law, different lenders have different qualifying criteria. We help clients in Vaughan to get the best rates.
New to Canada Mortgage
New to Canada mortgages are meant for those who are new to Canada but do not meet the credit score or other eligibility criteria of the lender. Note if you meet the criteria, you can access a typical mortgage at 5% for Permanent Residents and 10% for those who don’t have Permanent Residence status. Call us on (416) 419-39393 today and we will guide you through the entire New to Canada mortgage application process.
Unsecured Line of Credit
With an unsecured line of credit, you can borrow up to a pre-determined amount without collateral. This line of credit is usually made available to borrowers with a good credit score and to healthy businesses to prevent the risk of default. We assist clients in Vaughan to secure the best interest rates and favorable terms. Hiring us offers convenience and saves you money.
Self Employed Mortgage
If you are self-employed and your business has been in place for over 2 years, you may qualify for a self-employed mortgage. You, however, have to prove you are able to service the monthly repayments, by providing a Notice of Assessment (NOA), T1 and/or T2 general, and other documentation and meeting credit score and other conditions. Getting a good deal and providing the required documentation is time and energy-consuming – our team of Mortgage Brokers is here to help you.
Private Mortgage Lending
Residents of Vaughan who do not have a good credit score, who want to buy unconventional properties, who want a short-term mortgage than a lender is willing to give, and who do not qualify for conventional mortgages for other reasons can get mortgages from private mortgage lenders. We help clients negotiate for the best possible deal.
Need some quick cash but you don’t know where to turn? Mortgage refinance through a home equity line of credit is a popular option of getting quick cash. Mortgage refinance can also be through the extension/blending of your current mortgage or through a reverse mortgage. Our team understands the Vaughan mortgage scene and we are able to find our clients lenders with the best terms.