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  • First Time Home Buyers
  • Mortgage Pre-Approval Process
  • Mortgages For Newcomers
  • First Mortgages
  • Second Mortgages
  • Self-Employed Mortgages
  • Home Equity Mortgages
  • Reverse Mortgage Lenders
  • Commercial Mortgage
  • Construction Mortgage
  • Cash Back Mortgages
  • Industrial Mortgage
  • Institutional Mortgage

First Time Home Buyers

Purchasing your first home can be very exciting. You pick your favourite neighbourhood, you attend some open houses and you start mapping out your future. When you buy a home you are not only buying a place to live, you are making one of the most important financial investments you will ever make.

We’ve created a handy guide for you, the first time home buyer, to ensure you know everything there is to know about your best investment.

Can You Afford It?

Prepare a monthly budget to determine how much your mortgage payment could be. You need to be able to...

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Mortgage Pre-Approval Process

Thinking of buying a house? When you buy a house you will need to get a mortgage to be able to pay for the property. A mortgage is a loan that you have to pay back over a certain time period. However, before you even start shopping around for the perfect property, consider getting pre-approved for a mortgage.

What Is a Mortgage Pre-Approval?

A mortgage pre-approval lets you know the maximum amount you can afford to spend on your new home and what the monthly payment will be. Pre-approvals also hold a mortgage rate for you for 120 days. This is great because the rate...

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Mortgages For Newcomers

People often speak of attaining the American Dream, but what about the Canadian Dream? Like our neighbours to the south, our country offers many housing opportunities for newcomers. If you are new to Canada or are looking to immigrate here in the near future, there are mortgage options available to you.

Review the following list and see if you have any of the milestones needed to secure a mortgage in Canada:

You must have landed immigrant status in Canada You must secure full-time employment for a minimum of three months or have been transferred to Canada through a...

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First Mortgages

So, you’re ready to buy a home. Congratulations! Home ownership is a big step and you should pat yourself on the back because you’re about to make one of the most rewarding financial purchases ever.

What Is a First Mortgage?

A first mortgage doesn’t mean that it is your first time taking out a mortgage; it refers to the primary lien against the real estate you wish to buy. Although most people have never taken out a mortgage before when they apply for their first one, it always refers to the property itself, not your level of home buying. Your mortgage is a...

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Second Mortgages

A property can have many loans against it. Your first mortgage is the first charge against the property. If you take out a second mortgage it becomes the second charge against the property. Lenders consider second mortgages risky but that doesn’t mean you shouldn’t apply for one.

Why Do Lenders Consider Second Mortgages Risky?

Basically, a supplementary loan is taken out against your home on top of your first mortgage. However, if you default on your payments and your property is seized, the first mortgage would be paid out first. Lenders who hold your second...

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Self-Employed Mortgages

As someone who is self-employed, you probably have your hands full. Whether you run your own business or freelance for someone else’s, there are many factors you have to deal with on a daily basis to ensure you collect enough income to stay afloat. Adding home ownership to the mix can be quite the accomplishment. So, how does someone who is self-employed get a mortgage?

Generally, lenders are weary to provide mortgages to those who are self-employed, especially those who are just starting out. When your taxable income has been reduced, lenders see you as more of a risk than...

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Home Equity Mortgages

When it comes to your finances, sometimes you just don’t have enough extra cash lying around to pay for life’s expenses. Your kids can’t afford to pay for their own education, your house needs upgrades, and you have many high-interest credit cards on which the debt keeps mounting. Where can you find the funds to take care of life’s expenses? Answer: A home equity mortgage.

What Are Home Equity Mortgages?

Home equity mortgages allow you to access the equity that lies in your biggest investment: your property. This loan lets you use the equity in your home as...

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Reverse Mortgage Lenders

As we near retirement age, we often wonder how we’ll be able to live comfortably without having to sell our homes. There is a special type of mortgage that will allow you to remain in your home and reap the benefits of its value.

What is a reverse mortgage?

A reverse mortgage is a financial package that is designed to either supplement your retirement fund or provide you with adequate funds to live comfortably in your golden years. Reverse mortgages are named as such because it allows you to borrow against the value of your home without having to sell it or repay it on a...

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Commercial Mortgage

As a business owner or investor, you may be on the lookout for a property that can house your company. Or, you may be looking for a larger residential property you can rent out to tenants. In order to secure funding for buildings of this nature, you will need a commercial mortgage.

What is a commercial mortgage?

A commercial mortgage is a loan that is to be used specifically to fund commercial real estate. The borrower in the case of a commercial mortgage is a company or business instead of a couple or individual, like is the case in a residential...

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Construction Mortgage

Building your dream home can be very rewarding, but can you afford it on your own? For some people, it makes more financial sense for them to build their dream home from scratch instead of turning an existing property into the house they want. How do you get the financing needed to create the custom home you’ve always wanted?

The answer: A construction mortgage.

What is a construction mortgage?

A construction mortgage is a special type of mortgage given to borrowers looking to finance the cost to purchase the lot to build on, as well as for the actual...

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Cash Back Mortgages

Moving into your new home comes with costs that you may not be able to cover in one shot. There’s renovations, furnishing and decorating costs that could see you seeing major debt if you can’t pay for everything right away. However, there is a specific type of mortgage that offers funds to purchase your dream home and puts money in your pocket to pay for those extras that go along with it.

What is a cashback mortgage?

Cashback mortgages allow you to get up to 5% of your mortgage principal up front to use any way you like.

Like other mortgages, you are...

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Industrial Mortgage

In order to secure funding for larger properties like manufacturing plants, factories, warehouses, storage units and workshops, an industrial mortgage is required.

What is an industrial mortgage?

Whether you are looking to buy into an existing business or looking for a new location for your current business, you can’t just buy an abandoned building or takeover one that’s in use.

Industrial mortgages provide funding specifically for the purpose of purchasing buildings such as:

Factories Warehouses Storage Units Industrial...

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Institutional Mortgage

If you and your company are looking to purchase a church or educational centre you will need a very specific type of financing. You and your company will need to consult your staff counsel or other legal authorities before applying for this type of financing known as an institutional mortgage.

What are institutional mortgages?

Sometimes referred to as “religion financing,” institutional mortgages are available for those looking for funding for houses of worship. These mortgages are also needed to purchase education centres, such as primary and secondary schools....

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Mortgage Rates

Bank Vs Broker Northwood Scotia Bank BMO RBC CIBC TD
1 Year Fixed 2.99% 3.490% 3.250% 3.25% 3.09% 3.04%
2 Year Fixed 2.79% 3.190% 3.290% 3.140% 3.04% 3.04%
3 Year Fixed 2.84% 3.640% 3.790% 3.69% 3.54% 3.14%
4 Year Fixed 3.09% 3.990% 4.240% 4.42% 4.19% 3.24%
5 Year Fixed 3.19% 4.940% 4.840% 3.510% 4.89% 4.94%
5 Year Variable 2.25% 3.40% 3.10% 3.2% 3.20% 2.75%

Updated as of: 16/10/2017

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Canada’s mortgage website

Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).

We All Need a Mortgage

Everyone who is looking to purchase a home will need a mortgage. But, what is a mortgage exactly and why do you need it? Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.

Mortgage Blog

10 Reasons To Use A Mortgage...

Many people have difficulty understanding how mortgages, refinancing, and home equity work—even if they already have a mortgage! Read More

How To Consolidate Your Debt With...

Many homeowners find themselves in debt at one time or another. Read More

The Importance Of Qualifying For A...

It may seem premature to apply for a mortgage before you buy a property, but in reality many potential buyers end up losing out on... Read More

3 Documents You’ll Provide...

Getting a mortgage can be a complicated experience, especially if it’s your first time. Read More

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