[ Mortgage Products ]
MORTGAGE RATE TYPES
Mortgage Rates can come in three different forms. The first being a fixed interest rate, which locks in the rate so that your payment is the same for the term of the mortgage. The second and third, variable and adjustable interest rates, are similar in that they are both defined by the Prime Rate. While all lenders have a fixed rate option, not all lenders offer the variable and adjustable, rather subscribing to one or the other.
The interest rate is locked in for the duration of the mortgage term. For example, a 5-year fixed-rate mortgage at 3.00% means your payment will stay the same for 5 years.
The interest rate is attached to the Prime Rate. When the Prime Rate changes, your payment will stay the same, but the pace at which you paying down your mortgage will change.
Adjustable Rate (ARM)
Similar to a variable rate, however, when the Prime Rate changes, your payment amount changes too. At the same time, the pace at which you are paying down your mortgage will remain unchanged.
Specialty Mortgage Products
Purchase Plus Improvements Mortgage
A unique mortgage product that allows you to add renovations into the mortgage. For example, if the purchase price is $200,000 and the renovation costs are $21,000 the new purchase price will become $221,000. This is great for those who want to customize their new home purchase.
Equity Buyout Mortgage
A unique mortgage product that allows one spouse to buy the others' interest out of the home.
A mortgage product designed to help homeowners, over 55, access up to 55% of their home's value.
Cash Back Mortgage
A special mortgage product allows you to take a lump sum of cash, between 1-5%, out upon closing. Only available in a Fixed Rate Mortgage with a premium rate.
Interest Only Mortgage
A mortgage product where you only make interest payments. With low payments, this frees up cash-flow for other purposes. For example, those who want to access cash for other investment opportunities.
A short-term solution, providing solutions for builders, those with CRA debt, credit repair, bridge financing, land purchases and more. For example, when a builder needs funds to complete the build.