Frequently Asked Questions

A high-ratio mortgage is essentially a kind of loan that a borrower may obtain against an obligated property and it amounts to over 80% of the lending value of that piece of real estate.

To put things into perspective, if the present financial worth of your house is $1 million, your high-ratio mortgage will be anything over $0.8 million.

The high net worth program is ideal for individuals with a low reported income albeit having ample liquidity for mortgage repayments. Banks are likely to finance as much as 65% of the purchase price of the property that you are contemplating purchasing even if your monthly income does not meet minimal eligibility criteria for the same concerning home loan repayments.

Refinancing your current mortgage allows you to benefit from switching to a low interest offered by your new lender, access the equity that your house has accumulated over time, and consolidate any high-interest debt.

Private mortgages are essentially short-term solutions—typically one to three years—to help borrowers accomplish their immediate objectives whilst they improve their credit and/or address any unforeseen financial emergencies.

The qualifying rate is the rate that lenders compute beforehand to assess whether you would be able to afford a mortgage or not.

The main difference is a bank mortgage officer represents only the products their institution offers, while a mortgage broker is an intermediary who works with multiple lenders and is paid a referral fee by the lenders. Mortgage brokers are regulated in Ontario by the Financial Services Commission and require a license.

Some advantages of choosing a mortgage broker over a bank:

• Offers a one-stop shop; clients fill out one application and don’t seek out multiple lenders’ quotes themselves.

• Often are able to get better rates than offered by major banks.

• Mortgage specialists are knowledgeable about what different lenders have to offer.

• Help arrange a mortgage for those having trouble getting approved by a bank, such as self-employed people and those with poor credit histories.