Types of Mortgages

Purchase Mortgage

A purchase mortgage is a loan used to finance the purchase of a property. It’s the most common type of mortgage, where the buyer borrows funds to pay the seller and repays the loan in instalments over time. We will help you find the perfect mortgage to match your specific needs, preferences and custom requirements to purchase, and on top of that we will ensure that you get the best deal and lowest rate right up to your purchase closing completion date.

 

Renewal Mortgage

A renewal mortgage occurs when your current mortgage term ends, and a new loan with new terms are negotiated with same or a different lender while continuing to pay off the remaining balance.  When you move your mortgage to a new lender it is called a Transfer Switch Mortgage. We will help you find the perfect mortgage to match your specific needs, preferences and custom requirements, and on top of that we will ensure that you get the best deal and lowest rate right up to your maturity date. 

 

Refinance Mortgage

A refinance mortgage involves replacing your existing mortgage with a new one, typically to obtain better terms, lower interest rates, or to access the equity in your home. It can also be used to consolidate debt or adjust the loan term. The new mortgage can be with your current lender or a different one. We will help you secure the perfect mortgage to satisfy your specific needs, preferences and custom requirements, and will ensure that you get the best deals and lowest rates available on the market. 

 

Home Equity Loan

A home equity loan is a mortgage where you borrow against the equity in your home (the difference between your home’s current value and the amount you owe on the mortgage). It’s typically taken out as a lump sum with a fixed or variable interest rate and repayment term. The loan is secured by your home, meaning the lender can take possession if you default on payments. It’s often used for large expenses, such as home renovations, debt consolidation, or education. Options may include an increase-and-blend of your current term,  blend-and-extend into a new term, a new mortgage preferable with better terms, a 2nd position mortgage, or a home equity line of credit loan.  We will review and compare all the options available to you and ensure your best interest is protected.

 

Reverse Mortgage

A reverse mortgage is a loan available to homeowners aged 55 or older that allows them to borrow against the equity in their home without having to make monthly repayments. Instead, the loan is repaid when the homeowner sells the property, moves out, or passes away. The amount borrowed, plus interest, is typically repaid from the proceeds of the sale of the home. Reverse mortgages can provide a source of income for seniors, but they reduce the homeowner’s equity in the property over time.  There are many reverse mortgage lenders and we have access to all of them to ensure you get the right and best solution for your needs.

 

Debt Solutions & Financial Restructuring

Debt Solutions & Financial Restructuring Mortgage Financing refers to using mortgage products and strategies to manage and resolve financial difficulties, particularly when an individual or business has multiple debts or is struggling to meet their financial obligations. It can be a critical tool for those who want to consolidate debt, improve cash flow, or avoid foreclosure. 

A debt consolidation mortgage is a type of mortgage used to combine multiple debts (such as credit card balances, personal loans, or other liabilities) into a single loan secured by your home. By refinancing your existing mortgage or taking out a new mortgage, you use the equity in your property to pay off your outstanding debts. The benefit of this type of mortgage is that it typically offers lower interest rates compared to unsecured debt, which can lead to reduced monthly payments and increased cash flow.  

Financial restructuring is a broader concept that involves reorganizing your finances to regain control over debt and improve your overall financial situation, or to positions yourself with access to equity for specific goals and needs. A mortgage financing solution within financial restructuring typically focuses on adjusting or refinancing your mortgage to align with new financial goals or to address current challenges. This is typically done by Refinancing Your Mortgage.  Replacing your existing mortgage with a new one at a lower interest rate or with better terms.  You can reduce the amount of interest with lower rates,  lower your monthly payments, extend your amortization period, or access home equity to pay down other debts or have available for other purposes like investing, and to increase your cash flow. By restructuring your mortgage, you can better manage your cash flow, reduce debt, or improve your financial stability.   It’s important to consider your long-term financial goals, carefully evaluate your options, consult with a mortgage professional and financial advisor to determine the best solution for your situation and needs.

 

Commercial Mortgage

A commercial mortgage is a loan used to purchase or refinance commercial real estate, such as office buildings, retail properties, industrial spaces, mixed-use commercial, or multi-unit residential buildings (e.g., apartment complexes). These mortgages are typically offered to businesses or real estate investors, not individuals purchasing property for personal use. Purpose: Used to finance the purchase, refinance, or construction of commercial property. Loan structure: Generally, commercial mortgages have shorter terms (5–20 years) than residential mortgages, and they may involve a larger down payment (typically 20–35%). Interest Rates: Interest rates on commercial mortgages are often higher than those for residential mortgages because commercial real estate is considered a higher-risk investment.  Amortization: The amortization period is often longer, sometimes up to 35 years or more, but the loan term (the period the borrower is locked into the mortgage agreement) may be shorter, requiring refinancing at the end of the term. Collateral: The property being purchased or refinanced is the collateral for the loan. If the borrower defaults, the lender can seize the property. Qualification Criteria: Lenders assess the financial strength of the business or individual, the income generated by the property, the value of the property, and the borrower’s creditworthiness. Commercial mortgages are more complicated than residential ones and often require a much longer underwriting period,  thorough business plan, proof of income, commercial appraisal, and sometimes personal guarantees. Cost associated with commercial financing is much higher than residential typically includes lender fees, brokerage fee, commercial appraisal fee and higher lawyer fees.  Commercial mortgages are an essential financing tool for businesses and investors looking to acquire, build, or renovate commercial properties. However, due to their complexity and risk, it is important to carefully consider terms and consult with a mortgage professional, accountant or tax professional, financial advisor and legal professional before proceeding.

Some common commercial mortgage products we provide funding for: