Mortgage Brokers in Vaughan

Mortgage Refinancing

Mortgage refinancing involves applying for another mortgage to replace your existing one. Homeowners can refinance for the same amount as the existing mortgage and more. There are numerous benefits of doing this, one of them being debt consolidation, as frequently lower rates can help cash flow and/or pay down the debt faster.

Other reasons for mortgage refinancing in Vaughan include renovating a home, paying a down payment for a new home/investment property, paying for education/consolidating student debt, or buying out a spouse/partner for separation/divorce.

Home Buyers Mortgage Plans

Canadalend helps individuals with different types of credit scores and income to obtain a mortgage. Our network of resources helps you get the best deal, as we ensure there is high competition for your business. We work with our customers to aid them with their goals.

Second Mortgage

Second mortgages are chronologically referenced, so they go behind the first one. Homeowners may choose a second mortgage in Vaughan if the penalties to break the first one are unappealing, their existing mortgage is closed (can’t be repaid before maturity), and the term is too valuable for the bank to relinquish.

Commercial & Industrial Solutions

Do you have an idea for a great business and need funding? Our solutions can get you the capital necessary to start your own company or to expand your existing business. With 20 years of experience in commercial, construction, and land assembly financing, our commercial mortgage brokers in Vaughan are experts in the field.

Private Mortgages

After the government changed mortgage regulations, many homeowners found it difficult to get a mortgage through traditional financing. Therefore, private mortgages gained traction as alternatives to meeting financial responsibilities. These private loans in Vaughan offer easy payback and tend to be short-term solutions.

Corporations (Mortgage Investment Corporation) or individuals fund these mortgage types.

Bad Credit Mortgages

Changes in credit score requirements from the Canada Mortgage and Housing Corporation (CMHC) made it challenging for some clients to obtain mortgages from traditional lenders. However, we help those with bad credit restore their rating with short-term solutions from our private lenders in Vaughan, Ontario, to help you get back on your feet.

Self-Employed Mortgages

CMHC changes made it equally challenging for self-employed people to obtain financing. If traditional banks see you as “high risk” and won’t finance you, come to Canadalend and we will assist you with your financial goals. Our access to private lenders can provide you with the money you need.

Home Equity Loans

Home equity loans allow homeowners to tap into their home’s equity to assist them with short-term financial objectives. They provide a method of accessing home equity without selling your residence. You can place a mortgage on the home to obtain needed funding. They are lump sum amounts with interest accruing on funds issued on the closing date.

Home Equity Line of Credit (HELOC)

HELOCs are similar to credit lines. Yet, the bank secures them to your home. It isn’t a lump sum amount but allows homeowners to access the funds when needed. You pay interest on the loan’s outstanding balance and not the limit. Homeowners can pay back parts or the entirety of the loan whenever they want without limitation or penalty.

Mortgage & Tax Arrears

Falling behind on your mortgage and taxes can happen for many reasons. Unexpected layoffs, sicknesses, or rising costs cause many homeowners to struggle financially. At Canadalend, we look at your situation and try to find the best solution to help you catch up.

Depending on your home equity, we can increase your loan, help you pay off the first mortgage by reducing interest rates, or obtain a second mortgage in Vaughan.

Reverse Mortgage

Reverse mortgages are frequent recommendations for those 55 years of age and older who need cash. It enables them to obtain tax-free money by tapping into their home’s existing equity while not having to make payments on the amount borrowed.

The caveat is that since paying interest is voluntary, if you choose not to make payments, interest accumulates in your account without being in default for non-payment.

Mortgage Renewal

Is your mortgage up for renewal? While many homeowners just re-sign with their existing institutions, other banks may have better rates and terms. Also, when you are up for renewal, it may be a good time to re-evaluate your financial situation by asking yourself whether you need more money, want to consolidate debt, and whether there are any foreseeable lifestyle changes.