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Mortgage options

We live in a wonderful country, where we have so many mortgage options available for the Canadian consumer.  There is pretty much something for everybody.

And if your credit is damaged, we have private lenders right across the country that are available to help you buy a house, or take out an equity loan to pay off bills, do some renovations or take a vacation.

Below is an explanation of the 15 most popular mortgage terms in Canada.

If you need a mortgage, for any reason, please fill out our quick application below.

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  • Pre-Approved Mortgage - this pre-qualification allows you to shop for a house, and know exactly what you can afford

  • Conventional Mortgage - this is a standard mortgage that does not need to be insured by CMHC or Genworth. Usually the mortgage amount is less than 80% of the house property value.

  • High-Ratio Mortgage - when the mortgage for a property is greater than 80% of the property value, conventional lenders need to have the mortgage insured against default by CMHC or Genworth.  There is an added cost for this, and it is in the form of either an increase in the mortgage rate, or a flat fee at the time of closing.

  • First Mortgages - this is the term for a "first" charge against a property.  If there is a default in the mortgage during the term, and foreclosure proceedings occur, the first mortgage holder is first in line to receive proceeds from the sale of the property.

  • Second mortgages - as the name would infer, these are mortgages registered in the second position, after the first mortgage.  The rates are usually higher, and the terms are shorter.

  • Open Mortgages - this mortgage allows you to repay the mortgage at any time without penalty.

  • Closed Mortgages - these are mortgages that have fixed monthly payments for a fixed term.  Most lenders will allow you to make an annual lump sum payment of up to 20% of the principal.  If you wish to pay off the whole mortgage, there is usually a penalty of either 3 months interest or an interest-rate-differential penalty.

  • Fixed-Term Mortgages - these are mortgages that have a set term ie 6 months to 10 years, and the monthly payments are the same each month.

  • The Adjustable Rate Mortgage - this instrument is beneficial when interest rates are decreasing.  Your mortgage rate will follow the fluctuations in the interest market.

  • Secured Lines of Credit - also called an LOC, is secured with your property, and allows you to borrow money, up to an agreed amount, and pay it down when you have extra cash.

  • Equity Mortgages - simply a term reflecting that money can be borrowed using your property as security.  Equity is defined as the difference between what is owed on the property and the market value.

  • The 6 Month Convertible Mortgage - a fixed 6 month instrument, which is advantageous when rates are falling.  You can convert the mortgage into a fixed long term mortgage anytime during the 6 month period.

  • All-Inclusive-Mortgage (A.I.M.) - this refers to the mortgage covering all of the out-of-pocket expenses incurred during the purchase or refinancing process.  It includes, but not limited to, closing costs, lawyer, appraisal, broker fees, land registration fees, property taxes, title insurance, etc.

  • Bridge Financing - this financing covers the time "gap" between selling a house and purchasing a house.  If the house you are purchasing "closes" before the house you sold "closes", this short term financing covers the time gap.

  • Reverse mortgage - this CHIP homeowner income plan allows you to access the equity in your home as long as you are 55+ and have at least 50% equity in your property.

To received more detailed information on any of the mortgages above, please fill out our application, and I will contact you immediately.  Thanks.

All Applications are FREE and there is NO OBLIGATION to borrow


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