Buying a New Home?
Mortgage qualifying rules keep changing, interest rates are fluctuating, and you don’t know if you should put less down payment or more down payment or whether you should apply for a fixed or variable mortgage… Are you thoroughly confused? We can help. You want a mortgage broker to help you understand the ins and outs of purchase financing — whether it’s your first home or you are a repeat buyer. At Capital Mortgages, we will provide you with the right advice and make the application process lucid, simple, and tailored to your needs. Connect with one of our experienced mortgage agents today!
Need to renew your Mortgage?
Is your mortgage renewal date approaching in the next few months? Most property owners do not realize that they do not have to remain with their current mortgage lender. If you don’t renew or pay off your mortgage in full, the lender has the right to automatically renew your mortgage into a higher rate open term or could even lock you into a one year closed term. This has happened before! It is vital that you have a Capital Mortgages agent working for you on renewal, perhaps even more so than when you took out your current mortgage. We will make sure you are offered the best renewal solution in rate, terms and pre-payment privileges. Ready to start the mortgage renewal process? Contact us today to set up an appointment.
Refinance Your Property
Refinancing is a strategic financial decision that is applicable in a variety of situations and may require an advisor to ensure the best solution is found to fit your specific needs. There are many reasons why you may wish to refinance your current mortgage. You might have plans to renovate your home, send your children to university, buy an investment property, or pay off other high interest debts. Steps for Refinancing Your Home:
- Get pre-qualified. Start collecting the necessary documentation.
- Mortgage approval. Complete all paperwork.
- Meet with the lawyer prior to funding.
- Life changes. Keep in touch with mortgage agent.
If this sounds like the right financial decision for you and your family — contact us today!
Pre-Qualified, Pre-Approved… What’s the Difference?
When you’re pre-qualified for a mortgage, a lender has simply given you a good idea of how much you may be able to finance to buy your home. When you’ve got a pre-approved mortgage, a lender has made an actual commitment (subject to conditions such as a property valuation) to loan you money. Mortgage pre-approval should be your first step when you’re seriously looking for a home to buy.
Why get pre-approved for a mortgage?
You’ll find house-hunting is easier with the advantages of mortgage pre-approval:
- You’ll save time, seeing only homes you can afford.
- You can better manage your money, knowing your monthly payment amounts, as well as how much your down payment will be.
- Real estate agents will serve you better because they know you’re serious and ready to buy.
- When you make an offer to purchase, the seller is more likely to give it serious consideration because you have solid financial backing.
- Your pre-approved status may give you more negotiating power with a seller.
- Your mortgage rate will be locked in against increases for 120 days with Capital Mortgages, if you select a fixed rate term (and it can go lower if rates go down).
- There’s no cost to you and you’re not obligated to accept the mortgage.
- Best of all, at Capital Mortgages, we’ll respond within 24 hours of receiving your request to start your online mortgage pre-approval.
What happens in the pre-approval process?
- You and your mortgage specialist will discuss your financial strategy and needs, mortgage amount, down payment, purchase price, etc.
- You’ll learn about the various available mortgage options (fixed vs. variable rate, interest terms, payment options, amortization, etc.) and discuss which of them best suit your needs.
- With your consent, you mortgage specialist will take an application, which will require you to provide details on such items as employment, income, assets, down payment (if applicable) and liabilities.
- You’ll give the lender permission to obtain a credit bureau report.
- Your mortgage specialist will advise you about the documentation (income confirmation, down payment confirmation, etc.) you’ll need to supply upon conditional approval of your mortgage. Any conditions must be met for your mortgage to be fully approved.
Be prepared for pre-approval.
You’re under no obligation when you’re pre-approved, but you should still feel comfortable with the amount and terms of your pre-approved mortgage. That’s why it’s vital that you review all your personal expenses and have some idea of your future expenses before you talk with a mortgage specialist about pre-approval.
Small Commercial Mortgages
Small Commercial Mortgages are designed for small businesses or investors that would like to purchase or refinance commercial real estate. As one of Canada’s largest brokerages for commercial property, we can tailor a financing solution to meet your financing needs.
How can this help my business?
Bricks and Mortar Loans provide funding up to $1,000,000 for long-term financing of income producing properties.
What else do I need to know?
- To qualify, the real estate must be a multi-purpose, industrial, office, commercial, retail, or a multi-residential (5+ units) property
- The property must be located in an active resale and rental market where current market rents exist for comparable properties, and where the property is readily marketable
- Properties must be less than 20 years old or restored through renovation
- Small commercial mortgages require a current appraisal (AACI-qualified, bank approved appraiser; CMHC guidelines apply for CMHC insured mortgages), a passing environmental report (phase 1 ESA) and may need a report on the building condition
- Loans are available at a fixed rate for a term of 1 to 5 years
- Variable rate loans are available for 1-2 years and can be converted to fixed rate loan
- Multi-residential buildings, depending on the age and type of property, are amortized over a maximum of 25 years. Other types of property are amortized up to 20 years
Large Commercial Mortgages
A commercial mortgage is designed for businesses and investors who wish to purchase or refinance income producing, commercial properties. With competitive interest rates and a national network of real estate specialists, we are committed to finding solutions meeting the individual needs of each customer.
How can this help my business?
A Commercial mortgage provides funding over $1,000,000 for long-term financing of income producing properties.
What else do I need to know?
- To qualify, the real estate must be a multi-purpose, industrial, office, commercial, retail, or a multi-residential (5+ units) property
- The property must be located in an active resale and rental market where current market rents exist for comparable properties, and where the property is readily marketable
- Mortgages require a current appraisal (AACI-qualified, bank approved appraiser; CMHC guidelines apply for CMHC insured mortgages), a passing environmental report (phase 1 ESA) and may need a report on the building condition
- Variable and fixed rate options are available. Variable rate option (prime-based) can be converted to fixed rate option
- Mortgages are available for a maximum of 5 years (10 years for CMHC-insured properties)
- Multi-residential buildings may be amortized over 25 years (CMHC-insured may be up to 35 years). Other types of property may be amortized over 20 years
Construction and Build Mortgages
A construction mortgage can provide the financing you need to create the custom home you want. Many Canadians are choosing to build custom homes with special features to suit their lifestyles and personal tastes. While building your own home can be a creative and exciting experience, it can also present some complicated financial challenges. Here’s where your mortgage specialist comes in. With an in-depth knowledge of construction mortgages, we can give you the support you need from start to finish to guide you through the process and explain all the important facts you need to know, including:
- Designing your home plans with an architect
- Arranging a construction mortgage
- Managing your home construction costs
- Hiring a general contractor
- Obtaining building permits
- Constructing your home
Simple, efficient and effective
A construction mortgage can help you finance the cost to purchase that perfect building lot, as well as the construction costs to build your dream home. Whether you already own your lot or are still on the look-out for that ideal location, an Capital Mortgage specialist can help.
Reverse Mortgages
Wouldn’t it be nice if you had the money to do more of the things you want to do? A Reverse Mortgage could be just what you need. It’s the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on your terms.
Benefits of a reverse mortgage
You receive the money tax-free. It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive. You can use the money any way you wish. Maybe you want to enjoy your retirement or cover unexpected expenses. Perhaps you want to update your home or help your family without depleting your current savings. No regular mortgage payments are required while you or your spouse live in your home. The full amount only becomes due when you and your spouse no longer live in the home. You maintain ownership and control of your home. You will never be asked to move or sell to repay your Reverse Mortgage. All that’s required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there. You keep all the equity remaining in your home. In many years of experience, 99 out of 100 homeowners have money left over when their Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
Who is it for? Reverse Mortgage is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.
How much can I get and how is it calculated? You can receive up to 55% of the value of your home. The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value. You can contact us and we can quickly give you an estimate of how much you may be approved for.