Mortgages Options

Home Purchases:

When buying a home, Mortgage Intelligence offers hundreds of mortgage options from over 50 national lenders as well as an excellent array of private solutions for those who may even have bruised credit.  Rates are competitive and fixed rate mortgages from 6 month terms to 25 yr terms are available. Variable rate mortgages come in fully open and closed for the term selections.

Second Mortgage:

There are times when a second mortgage is a good option. Brokers have access to numerous resources when considering this choice.  Second mortgages are often at a higher rate of interest than first mortgages and there may be fees associated with arranging them. However if the situation is right it can still be a sound option.

Private Funds:

Mortgage Intelligence has relationships with local private lenders through their mortgage agents in your market place. When a borrower or the property may not be a candidate for an institutional mortgage, this is an excellent option. Private mortgages may not necessarily be at a rate that is a great deal higher than a sub-prime mortgage from a national lender.  More often than not, a fee is associated with private lending.

Credit Cards:

At Mortgage Intelligence we offer out clients a unique second mortgage by way of a Secured Visa Line. Rates can vary based on past credit history, but the limit on a secured Line of Credit can be far higher than a normal credit card.  The re-payment reports to the credit bureau, making this an exceptional way to re-establish to build a solid credit history. There are fees associated with this type of secured Line of Credit.

Construction Financing:

Often clients wish to build a home rather than buy an existing one. This is a perfect opportunity to use a construction loan to fund the building of the structure.  The cost for this type of temporary financing is slightly higher than a regular mortgage, but is only for the duration of the construction, generally a few months. Once completed, this loan is discharged and a “take out” mortgage, or regular mortgage is put in place.

Select lenders provide this type of mortgage. Certain guidelines apply.

Renewals:

Did you know that only 13% of Canadians shop for the best rate when their mortgage renews.  That means 87% could be paying more on their interest rate than if they actively sought a better rate.  This would be the perfect time to contact a mortgage broker and compare. The process is simple once there is a mortgage in place and should be complete in less than 3 weeks, from start to finish.

Secured Lines of Credit:

Nowadays it’s possible to have a line of credit as the main source of financing on a home loan.  The benefit is the lower payment that can be made when interest only is being applied.  One instance where this can be a perfect option is if a client still has a small mortgage on their home when they retire.  They wish to stay in the house, but need a lower payment.  Another option is for investment purposes usually in conjunction with advice from a financial planner. This can be discussed in great detail with your mortgage agent.

Commercial Mortgages:

Mortgage Intelligence has several very reliable sources for commercial financing. Both institutional and private lending is available.  Rates are generally slightly higher than residential rate and down payments are dependant greatly on the quality of the real estate and the income that the property is capable of producing.

Refinancing:

Often a homeowner wishes to consolidate high interest rate debts into one lower payment. Refinancing the property may offer this option. Re-financing may also occur to free up equity so that additional real estate properties may be added to a financial portfolio. There are limits to the amount that can be refinanced, based on approved credit and existing equity in the home.

Cottage Financing;

Cottages are considered second homes and are not difficult to finance. Both CMHC and Genworth have programs to insure the mortgages. Conventional financing, by way of equity take out (re-finance) of an existing property is also a sound method.