Mortgage Brokers in Richmond Hill

Mortgage Refinancing

Refinancing your mortgage involves paying off your existing mortgage to negotiate a better mortgage agreement. Homeowners opt for this option to reduce borrowing costs or access their home's equity. It allows individuals to negotiate favourable terms and interest rates.

Home Buyers Mortgage Plans

Whether you're looking to purchase a new home or upgrade your current one, our agents can find the most competitive mortgage rates in Richmond Hill. We ensure a smooth application process and aim to alleviate any associated stress. Regardless of your situation, we can customize a loan to align with your financial feasibility.

Second Mortgage

A second mortgage is subordinate to the first mortgage on your property. People consider a second mortgage for debt consolidation, renovations, settling property taxes, catching up on mortgage arrears, avoiding a power of sale, and more.

While second mortgages can provide relief from difficult financial situations, they come with additional costs.

Commercial & Industrial Solutions

As commercial mortgage brokers in Richmond Hill, our agents possess the resources to secure industrial and commercial mortgages throughout Ontario. Commercial mortgages provide financing for commercial properties, including retail stores, factories, farmland, malls, apartments, and construction projects.

These mortgages typically have a lower loan-to-value ratio and higher interest rates, with an amortization period of 20 years or more.

Private Mortgages

Private mortgages are suitable for individuals facing challenges with traditional banks or those in need of short-term financing. These mortgages have shorter terms (3-24 months), offering greater flexibility.

If you are self-employed, a private lender can provide more lenient evaluation options and a broader perspective on your financial situation. Private lenders are also more forgiving of damaged credit and can offer better solutions.

Bad Credit Mortgages

In 2014, CMHC raised the minimum credit score required for mortgage eligibility. Traditional banks assess income and credit score when determining eligibility.

Our private lenders, on the other hand, are more lenient regarding your credit history and provide better solutions and lower rates to help you regain financial stability.

Self-Employed Mortgages

In Ontario, 15.5% of people are self-employed. Traditional banks often require self-employed individuals to provide third-party income validation, leading to mortgage application rejections.

However, at Canadalend, our brokers have access to thousands of mortgage lenders in Richmond Hill who are willing to assist you in securing a no-income verification mortgage.

Home Equity Loans

Home equity refers to the actual property value of your home, which is the fair market value minus all outstanding liens against the property. Home equity loans use your home's equity as collateral, with the loan amount determined by the property's value and appraised value.

These loans are commonly used to consolidate large payments due to their lower interest rates.

Home Equity Line of Credit (HELOC)

HELOCs offer flexible borrowing options, allowing homeowners to access funds as needed. This loan enables you to borrow against established home equity for various purposes. Homeowners can borrow up to a predetermined amount, with payments based on the borrowed amount.

Mortgage & Tax Arrears

Inability to pay taxes or missing mortgage payments places significant stress on families. This leads to additional interest charges and negatively affects credit scores, potentially resulting in the loss of the home. However, solutions are available.

Contacting your mortgage broker is crucial to explore your options. You may need to refinance or take out a second mortgage, but we will find a feasible solution to improve your cash flow.

Reverse Mortgage

For individuals aged 55 and over seeking supplemental retirement income, reverse mortgages offer a solution. These mortgages allow homeowners to convert a portion of their home equity into a tax-free fund while retaining ownership of their homes.

Up to 55% of the equity can be accessed, and monthly mortgage payments are not required as long as the homeowner continues to reside in the property.

Mortgage Renewal

When it's time to renew your mortgage, it's essential to meet with your mortgage broker. After each term expires, homeowners should reassess their financial goals and future needs. By considering your future requirements, you can discuss them with your broker, who can recommend the best deal, ultimately saving you money.