Prime Rate
5.95%
1 Year Fixed Rate
6.14%
2 Year Fixed Rate
5.34%
3 Year Fixed Rate
4.49%
4 Year Fixed Rate
4.59%
5 Year Fixed Rate
4.29%
Fixed Rates
Prime 5.95%
5 Year Fixed Rate 4.29%
4 Year Fixed Rate 4.59%
3 Year Fixed Rate 4.49%
2 Year Fixed Rate 5.34%
1 Year Fixed Rate 6.14%
Variable Rates
5 Year Variable Rate Prime -1.15%
3 Year Variable Rate Prime -.75%
Private Mortgage Rates
First Mortgages starting as low as 7.99%
Second Mortgages starting as low as 9.19%
Up to 80% LTV
Beacon Scores from 300 +
Explore Toronto’s Real Estate Market & Mortgage Options
Over the past year, homeowners have witnessed MLS prices drop with rising interest rates. However, the Canada Mortgage and Housing Corporation (CMHC) projects next year’s average MLS price will increase in the following two years. With the potential of entering a buyer’s market, our mortgage brokers in Toronto, Ontario, can customize options for your situation.
What Does This Mean for Toronto Residents?
In the past, with skyrocketing interest rates, buyers had to qualify for mortgages up to 9%. These hikes decreased people's desire to buy a new home. With projected marketing shifts for the following two years, buyers have more ability to negotiate, increased options, and a decreased concern for creating conditional offers.
Even if you are not interested in selling, our customized solutions can tap into your home’s equity, allowing you to receive more money at the best interest rates. Additionally, Reuters projects the Bank of Canada will reduce interest rates during the second quarter of 2024.
Toronto Mortgage Services
Whether you are refinancing your home, need money for expenses, or want to do a major renovation, our mortgage services in Toronto provide you with the best rates and terms.
Mortgage Refinancing
Refinancing your mortgage involves paying off your current loan and replacing it with one tailored to your current goals. Refinancing lowers monthly payments by reducing interest rates. Customers enjoy receiving better rates as more of their mortgage is paid, since having a larger deposit is better than a lower one.
Additionally, homeowners in Toronto, Ontario, can use their home equity for major renovations or their child/children’s education.
Home Buyers Mortgage Plans
We assist our clients with different credit and income types to secure mortgages. We diligently search the market for the best deals based on your circumstances. Our institution has unique access to several credit unions, banks, and private lenders to ensure high competition to get you the best offer.
Second Mortgage
Second mortgages are loans against Toronto homes previously mortgaged. It is the perfect instrument if you require financial help. Whether you want to start a new business, consolidate loans/credit card debt, or other ventures, this method raises money for whatever you need.
It is a primary alternative to refinancing, allowing homeowners to increase their loan size by withdrawing increased equity against their house.
Commercial & Industrial Solutions
Whether you need financial resources to partner in a business, start a company or assist someone in realizing their dreams, our mortgage brokers in Toronto, Ontario, can assist you in obtaining the best rates. We tailor our solutions to your needs.
Private Mortgages
Private mortgages can fund transactions on your Toronto home’s location and equity. They apply when you cannot receive funding from institutions or major banks. If the lengthy approval process isn’t an option for you, or you don’t qualify for a mortgage, private lenders provide a better option.
They are also helpful for bad credit, are self-employed, or are an investor requiring faster service.
Bad Credit Mortgages
Traditional institutions frequently decline people with poor or bad credit. At Canadalend, we know sometimes life happens (job loss, sickness, disability, or missing payments over a few years) as you attempt to rebuild credit.
Our experts can assist you with mortgage refinancing or obtaining a second mortgage in Toronto. Despite others viewing you as a high-risk, we work with you to provide better rates.
Self-Employed Mortgages
While being self-employed has advantages, homeowners have challenges with mortgage approval. Traditional lenders can incorporate strict lending policies, resulting in a crackdown on entrepreneurs with little to no reportable income. Furthermore, in 2014, CMHC discontinued mortgages for self-employed individuals without third-party validation.
Through our private lenders, we can assist you in receiving what you need.
Home Equity Loans
Equity is the amount of ownership established in a home. It is your home’s value minus your mortgage. Home equity loans allow homeowners in Toronto to withdraw money from their houses to pay bills, go on vacation, or for upgrades/renovations. The amount available for withdrawal depends on your home’s value.
Home Equity Line of Credit
The best method of borrowing money is with home equity lines of credit (HELOC). With this loan, you can borrow at low-interest rates with your home’s equity. Once approved, you can immediately access your credit without the need to reapply.
HELOCs are helpful for home improvement projects, repairs, tuition, or consolidating credit cards at a lower interest rate.
Mortgage & Tax Arrears
Mortgage and tax arrears place additional stress on individuals. It leaves people feeling overwhelmed under the financial strain. Alleviate the pressure by taking out a second mortgage or equity loan.
Second mortgages will raise cash to pay additional debts. Equity loans provide better interest rates than credit card/personal loans.
Reverse Mortgages
Reverse mortgages allow homeowners to borrow up to 55% of their home’s current value. Since real estate quickly increases in value, many years of accumulating equity can provide money for significant expenses. Reverse mortgages allow you to withdraw from that saved equity without selling your property (equity release).
Mortgage Renewal
When your mortgage term ends, you should consider a renewal that aligns with your financial objectives. It is an opportunity to negotiate for a better term and mortgage rate in Toronto. We provide mortgage renewal terms to suit your situation.
Reasons to Choose Our Mortgage Solutions in Toronto
At Canadalend, we provide customers with more lending options. We have wide access to credit unions, banks, and private/alternative lenders. It ensures you have the most competitive and best rates on the market, saving you money.
Our agents have specialized industry knowledge and an extensive understanding of rates, features, and products. We care about our customers, and it shows that our professionals strive to provide you with the best mortgage products. Our Toronto mortgage lenders are available throughout the week to expedite your mortgage application, getting you financing quicker.
Whether you want to increase cash flow for investments, home renovations, business ventures, or buying a new house, we tailor our solutions so you can quickly access money and save in interest.
For more information, call Canadalend at 1-844-586-0713 or contact us here.