What is a Mortgage?
This is a security for a loan on the property you and your family own, as you will see there are many types of mortgages to choose from.

Fixed Rate
Your interest rate will be fixed for one of the following: 6 month, 1,2,3,4,5,7, &10-year terms – this gives you the security of knowing your rate and payment will not change during the chosen term.
Variable Rate Mortgage – Below Prime Mortgage
This product usually offers an introductory rate for the first 1 to 3 months. It is then adjusted either monthly or quarterly against prime – you will have the option to convert your mortgage anytime to a longer term. There are many benefits to this product, however it is not for everyone I would suggest you talk to one of us about the pros & cons of this mortgage.

Cash Back Mortgage
Most lenders offer a mortgage that will give you cash back on or after funding. The cash you receive is based on a percentage of the mortgage amount usually 1-5 %. However you will usually pay posted bank rates on these products

Split Term Mortgage also referred to as 50/50 or a Multi Level Mortgage
This unique product enables you to split your mortgage into many different mortgage types or terms. This is only available on conventional mortgages. For instance if you have a 400K mortgage you could have 100K fixed with a 5 year term, 100K floating on a variable, you may choose 60K as a 3 year fixed and the remainder as a line of credit. This mortgage allows you to choose different rates and terms and still have only one mortgage registered on title.

Inter-Alia
One mortgage registered over 2 properties may be helpful if you are buying a second home. Must be conventional.

Not A Canadian Citizen?
Yes you can purchase a home in Canada while residing in another country. You will require 35% downpayment. In some cases income verification may be waived. Talk to us for more information
Insured Mortgages (High Ratio Mortgages)
All Mortgages must be insured if you have less than 25 % down. This insurance protects lenders against loss due to default. Your downpayment can be as low as 5 % regardless of whether you have owned a home in the past. Your insurance premium is based on the size of your loan and is added to your mortgage. The premium is a percentage based on the loan size or downpayment.

Up to 95 % financed 3.75 %
Up to 90 % financed 2.50 %
Up to 85 % financed 2.00 %
Up to 80 % financed 1.25 %