...pick the one thats right for you.
|HELOC||4.2% (prime + 0.25%)|
First National Financial
Street Capital Bank
|5 year variable||1.15% (prime - 1.3%)|
|3 year variable||0.99% (prime - 1.46%)|
|Line of Credit||Starting at 3.00%|
|Equity Loans||Starting at 5.99%|
|Private Mortgages||Starting at 4.99%|
|Traditional Financial Institution||Private mortgage lender|
|Requirements||Typically, private mortgage lenders are investors looking to make a profit, just like you. This means they tend to focus more on the potential payoff and success of the investment.||Banks base their loan or mortgage decisions on the reputation of the borrower. One very important factor is your credit score. Other things include your current debt to income ratio.|
|Limits or regulations||The sky’s the limit when it comes to private mortgages. It’s one of their main benefits that they aren’t tied down by state or national regulations. Although they are still regulated by some agency, such as the FSCO for Ontario.||Loans and mortgages have limits and minimum amounts set by the CMHC and OSFI. Things such as a minimum down payment, a maximum loan amount, etc. are prescribed. Some of the borrower requirements are also imposed.|
|Geographical limitations||Private mortgage lenders tend to have a scope of operations in which they are willing to consider a loan.||Banks or other traditional financial institutions offer the same packages nationwide wherever they have branches.|
|Terms||These loans are generally given for a shorter term of 1 month to 2 years. Interest-only is sometimes available.||Loans can be anywhere from 5 to 30 years. Interest-only is sometimes available.|
|Interest rates||Interest rates are on average higher at 8-12% which is more than double what banks offer.||Interest rates are low at between 2 and 4% for Canadians.|
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
There are a lot of mortgage brokers in toronto to choose from, I was a bit intimidated by that. Don't regret I picked CMB, they took the lead and made sure to cover all the bases
I was renting an apartment for a long time and finally decided to take a big step - get a mortgage instead. Team at certified Mortgage Brokers laid out various options for me. The actual process went smooth and quick, happy with my new home.
My wife and I decided to refinance our mortgage and started looking for a mortgage broker in Toronto. There were so many options, so you can imagine how overwhelmed we got! After talking to Leon we decided to proceed with Certified, didn't regret that decision once. They always gave useful recommendations, were attentive, and constantly in touch. And most importantly (for us) they helped us to save some money!!
Vita was great. Helped my son with all the paperwork and got him very good interest rate. On the closing date called to follow up if everything went fine. Quite a pleasant experience. I would recommend this firm for anyone who is looking a mortgage broker.
…by providing award winning customer service to each and every single client.
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