Mortgages In Canada
By Emran Esfandiari
Key Points: Experienced and knowledgeable mortgage agent, Passionate about helping clients achieve their homeownership goals, Committed to providing transparent communication and support, Highly rated by clients, Offers a wide range of services, Contact Omar today to start your journey to homeownership.
Our Services
As a member of 8Twelve Mortgage Corp, a highly reputable mortgage brokerage with an extensive network of lender relationships across the nation, I offer a comprehensive suite of mortgage services in Canada.
Refinance/Equity take-out
Take advantage of equity accumulated on your property. An equity takeout mortgage is a loan used to ‘take out’ equity on the property for other purposes. Home equity is the difference between the appraised home value and the remaining mortgage amount. You can pull 80-85% of the equity. If a big home renovation project or an investment property is up your alley, an influx of cash can help. Equity takeout refinance is a great option if you choose the right mortgage corporation to help.
Best Suited for
- Those looking to consolidate loans and take advantage of equity on the property
- Those looking to improve or enhance their property portfolio
- Those who want to renovate or upgrade their home
Construction Financing
Build as you like with premium construction financing. If you have purchased land you want to build on or update your existing home, then construction mortgage or builders financing will be helpful for you. As your construction advances and progress, you will receive funds.
The amount changes as per the stages in the construction. If you already own the land, you will get an equity takeout advance. If not, you will get a lump sum to purchase the land.
Best Suited for
- Those planning to construct a home on your existing property
- Those with a piece of land to build/construct a home/second home
Second Home Mortgage
Secure the right mortgage to fund your second home. A second home can be a condo, vacation home, or waterfront property. The equity accumulated can serve as a down payment towards the second home. You can also look at it as an investment for additional income. The right investment partner makes it easier to get the tax benefits associated with buying a second home.
Best Suited for
- Those looking to buy a second property or investment
Mortgage Renewal
Mortgage renewal is not just renewing your paperwork. It is an opportunity to renegotiate the terms of your contract, such as payment schedule, interest, term, additional payments, frequency of payments, or more. You can check the best mortgage renewal rates in Canada to get the best deal.
Best Suited for
- Those whose mortgage is up for renewal
New to Canada
If you are new to Canada, there isn’t much you can provide in terms of employment, income and earnings, debt-to-service ratios, credit history, and so much more. You might not have any credit history in Canada, irrespective of your Permanent Residency or Work Permit status. This is why a good mortgage broker is necessary to guide you through the process.
Best Suited for
- Newcomers who may not be aware or have an existing credit history in Canada
- New immigrants who are looking to find financial solutions to their first home-buying problems
Co-equity Ownership
Choose co-ownership with an investment company like Ourboro. You and Ourboro can co-own the home together for up to 10 years. You are always free to sell the home or make an offer to buy out Ourboro share. The percentage of the down payment that you and Ourboro individually contribute is a reflection of the percentage of equity or ownership in the home.
Best Suited for
- Those who want to save money on closing costs
- Those looking to succeed as a homeowner by reducing financial stress significantly
First-time Home Buyer
Face your first-time home buyer blues with the right mortgage. Understand your down payment requirements, government solutions, and more as a first-time home buyer. Track your savings, income, debt-to-service ratios, interest rates and amortizations to find the best pathway to invest in your first home. You can obtain a pre-approval to reduce worry and uneasiness surrounding the home closing process. Choosing this service is helpful when you are a first-time home buyer with no first-hand experience or investment in the Canada real estate market. Take advantage of interesting benefits for first-time home buyers such as rebates on the land transfer tax, new to Canada benefits etc.
Best Suited for
- First-time home buyers who are new to the real estate market
Commercial Mortgages
Commercial mortgages differ from residential lending, and there’s a strict set of guidelines and criteria that applies to each niche. Commercial mortgages include properties that are industrial, office, multi-residential or retail. Commercial mortgage renewals need to consider several qualifying factors, including your current business situation, qualifying factors including your current business situation, planned down-payment, debt service coverage ratio and credit history.
Best Suited for
- Those looking to secure a commercial loan
- Anyone aiming to make real estate or commercial investments
HELOC
HELOC or Home Equity Line of Credit is secured against your home to give you a revolving credit line to use for large expenses like education, healthcare, vacations, home renovation, or to consolidate higher-interest rate debt on other loans. HELOC has lower rates of interest and offers a lot of flexibility.
Best Suited for
- Those looking to leverage home equity
- Anyone looking to make a new investment with a home
Purchase and Improvement
This service is ideal for those looking to purchase a property and fund its renovation. The purchase and improvement mortgage will help buyers fund their renovation dreams. The right mortgage expert will allow lenders to make the right decisions considering the estate and its location. You can make a single monthly mortgage without accumulating debt in other areas.
Best Suited for
- Those looking to buy and renovate or improve a property
Debt Consolidation
Debt Consolidation is when you take one loan to pay out existing other loans. Consolidating multiple loans with high interest into one mortgage with a lower interest rate. This easily managed payment as part of the interest will simplify your repayment journey.
Best Suited for
- Homeowners looking to consolidate loans
- Those who want to renovate or upgrade their home
Switch/Transfer
A mortgage switch, or a transfer mortgage, involves moving your current mortgage from one lender to another. While all the terms of your mortgage are reset when you refinance, with a mortgage switch, the only things that change are your term and interest rate.
Best Suited for:
Individuals seeking to switch lenders and transfer their mortgage to a new lender.