July 2020 Once again I am happy to say that Shamus at CanadaLend and his ability to find the best deal for his client has benefited us. Thanks to his consistent focus, relentless pursuit of the best deal for his client and infinite patience we were able to successfully renew our mortgage - in the middle of the COVID-19 pandemic. 2017 To say that I am pleased with the superior customer service provided by Shamus Chandani at Canadalend would be an understatement. Shamus listened to what we were asking for and then went out to find the best mortgage at the best rate. Now, you might say that any mortgage broker worth his salt would do that, but you'd be surprised. What made his service even more valuable was his continuous and open communication with us during the process and the genuine care that he took to ensure that all went well. We felt like we were his only client when he dealt with us and THAT is priceless.
Stalin, is the man to see when you need it! He is very professional, very kind, very quick to respond to your every need. If I can give 100 stars, I would. Stalin gets the job done! I would definitely recommend him to anyone!
It was a pleasure working with Mr. Cardenas. Very helpful, resourceful and very good advice. Will come back and will recommend to all. Thank you.
Great group to work with. Helped us obtain a construction loan for our addition. Very easy to work with, explained everything along the way, and always available to answer any questions we had. Highly recommend them.
I had the pleasure of working with Stalin Cardenas a number of times over the years to renew our mortgage. He’s always been amazing and there when we need him, however this occasion was different and complicated due to the fact we were not just renewing, we sold our home and purchased a new one and it had complications a long the way due to the buyer being laid off and getting snd extension on our property closing date which lead us to have to do an unexpected bridge mortgage for our new property and Stalin was there immediately to solved every problem that arose with the situation and made everything work out smoothly for the expected closing date on our new property. He worked miracles this time for us and I’m happy that I was with someone familiar and felt extremely safe and taken care of in these unexpected times and situation that we were faced with...We are giving him a 20 out of 10 for handling this situation with such ease and making us feel no worries when there could have been a lot to worry about and working so extra hard in these times for people like us who really need his help. Happy he was there is an understatement! Corinne and Frank
If you are looking to purchase a home in Ontario, you have come to the right place! Serving Ontario and the GTA for almost 20 years, Canadalend has become one of the largest and most used brokerages in the province.
We help clients with all types of income and credit to secure mortgages for the home of their dreams. By bridging the gap between banks and private lenders, we are able to obtain the best possible product – at the best possible rate – for your unique situation.
Our unique access to large pools of banks, credit unions, and private lenders ensure that the competition is high for your business. We use them to work with you – not against you – to make that giant leap into homeownership a reality.
When the banks and private lenders compete, you will always win with Canadalend!
A Fixed Rate would keep the interest portion of your payments the same over the term of your mortgage whereas with Variable rates the interest portion fluctuates with the market.
For example, when interest rates are low, more of your monthly payment would go towards paying off the principal (the actual mortgage). If the rates were to then rise, more of your payment would slide towards the interest portion of the mortgage loan.
Amortization and Mortgage Terms
Amortization is the length of time it takes for you to pay off the full amount of your mortgage.
In order to pay off your mortgage, you must agree on what are called Mortgage Terms. Everything your mortgage contract outlines, including rates, type and payments, make up your Mortgage Terms.
These terms need to be renewed, so it usually takes multiple terms to fulfill your amortization agreement.
There are two types of mortgages that you can get – Open and Closed.
With an Open mortgage, you can pay extra money (without any penalties) in order to pay off the balance of your mortgage quicker, as well as the ability to renegotiate your Term before it is up.
A Closed mortgage limits the amount of extra money you can pay on top of your usual payments (without a penalty) but is great for budgeting. Your payment never changes, and it is usually at a better interest rate than an Open mortgage.
If this sounds complicated don’t worry, the experts at Canadalend can explain it all – in simple and clear terms – over a free consultation.
Down Payment and Other Costs
To avoid extra insurance costs from the CMHC, one should have a down-payment of at least 20% of the appraised value of the home. Not only will the mortgage amount be smaller, but your terms tend to be more favorable as well.
It might take a little longer to save, but in the end, you will save thousands of dollars. These savings can put towards covering the Closing Costs as well as the Land Transfer Tax that is necessary to finalize your home purchase.
|Client’s Current Mortgage||Canadalend.com Mortgage||Savings|
|First Mortgage Amount||$500,000||$500,000|
|Amortization Period (Years)||25||25|
|Remaining Term (Months)||24||60|
|Total Remaining Payments for 24 months||$69,724.32||$56,458.08||$13,266.24|
*For representation purposes only. Rates subject to change without notice. This is an example of what we can do for you. New payment schedule based on a first mortgage of 2.95% on a 30 year amortization, 5 year variable. Terms and conditions apply. Subject to the verification of the information on the credit application and review of the credit worthiness of the borrower. O.A.C some conditions apply.