Mortgages: LoanDepot offers a wide variety of options for all your mortgage needs we offer the best rates and with over 150 products we specialize in self employed and not so perfect credit situations(ie: bankruptcy,divorce). Our programs include 100% financing for purchase or re-finance to consolidate debt or for investment purposes. Call or click to Apply Now!
RESIDENTIAL MORTGAGES: We guarantee the lowest rates on the markettoday!!! With $0 fees charged by LoanDepot.ca for residential applicants we offer financing on principal residences, duplexes, condos, and owner occupied buildings up to 4 units. As well as Rental and Recreational Properties.
COMMERCIAL PROPERTIES: We offer financing on Apartment, Storefront,Retail, Industrial and Office Buildings.
We also specialize in PRIVATE NON BANK LOAN PLACEMENT if you don't fit the banks box or have trouble proving income we can help. We offer a full suite of products tailored to the self employed call for more info and a rate quote.
A MORTGAGE is a long-term loan is used to purchase a home and many financial institutions offer a variety of repayment options for the purchasers needs. Once you have a certain amount of equity in your home, you may also qualify for home equity financing. You can use your home as security for borrowing - the more equity in your home, the more you can borrow.
SECURE LINE OF CREDIT: A variable rate product that is registered like a mortgage against your property .We offer a prime plus.80 line up to 95% of the value of the home .It allows you to Put in place a line of credit you can use at your convenience and not have to re-apply when you need more money .It can be used in conjunction with your existing mortgage in such cases we give you a fixed amount to pay off your current mortgage and a cheque book to use to access the balance of funds .you only pay interest On the amounts you use. This is a very convenient tool and can be locked in at any time.
TERM/RATE OPTIONS /AMORTIZATIONS WE OFFER: Over the last few decades, mortgages have become much more flexible and the market place has become more competitive. There are closed, open and convertible mortgages. We offer fixed rates for up to 10 years and amortization of up to 40 years on selected products.
CLOSED A closed mortgage is set up a fixed term - for a one to ten year term and is "locked in". The most common term is three to five years. The lender will usually also have preset penalties for the borrower to buy the mortgage out early.
OPEN: An open mortgage has no preset term and the interest rate will fluctuate with the prime lending rate. With an open mortgage, the interest rate tends to be lower than with other types of mortgages, although there is a high element of risk that interest rates will go up. You can take out an open mortgage in six month increments when rates are high. This way you can wait for a break in rates before you lock your mortgage in.
CONVERTIBLE: Convertible mortgages offer consumers the lowest rates of all. They allow you to change to a closed term or convertible term mortgage without paying a penalty. (?) It is very similar to an open mortgage.
VARIABLE RATE: The interest rate on this type of mortgage fluctuates because it is linked to the prime rate and is adjusted monthly.
MULTI-RATE: A multi-rate mortgage is the result of blending two mortgages. If you locked your mortgage in originally at 10% and then two to three years later your financial institution offers a mortgage at 5%, they may be able to blend the two rates and give you an interest rate at about 7%. .You have to look at what type of mortgage you have and what the penalties will be to pay it out. Generally if you blend your mortgage you will pay lower penalties than if you move your mortgage to another financial institution to get a lower interest rate. There will also be no need for new appraisals or legal fees.
FIXED RATE: Locked in at a certain rate which is constant throughout the length of the terms of the loan. Terms: six months, one to ten years.
SECOND MORTGAGE: Generally a higher interest form of loan because they secure your home, they are able to amortize over a longer period of time than a regular personal loan. We offer 2nds up to 100% of your homes value.
REVERSE MORTGAGE: This is also referred to as a home income plan or equity conversion. Reverse mortgages are now being offered by many financial institutions as a way to draw income from the equity you have in your home. This is done by purchasing an annuity with the up to 70 to 80% of the equity in your home. You can take this out in a lump sum or in the form of a monthly payment. The benefits are that the income taken out is not taxable (confirming whether the home is not your principle residence may factor into this) you will be able to keep your home and supplement your income for current living expenses.
Mortgages are also available with many payment features such as bi-monthly, bi-weekly, weekly and accelerated options which will help the home owner pay off the mortgage faster. Sometimes you may even have the option to skip or defer payments. As the business of lending money is a profitable one, there is a lot of competition. To beat out other lenders in the market, lenders will lower their mortgage rates.