Find the Right Mortgage for You with The Mortgage Ability
The Mortgage Ability is committed to helping homebuyers secure the best conditions possible for their mortgage. To achieve that aim, we offer our clients the chance to compare different types of mortgages for commercial and residential real estate. With our team of experienced brokers at your disposal, you can trust we’ll find the right mortgage for you.
Read on to learn more about your options for different mortgages.
To discuss your options with a member of our team, don’t hesitate to call us at (214) 293-9383 today.
First-Time Homebuyer Mortgage
First-time homebuyers are at a considerable advantage in the real estate market. The Government of Canada provides numerous financial incentives—including the First-Time Home Buyer Incentive and the First-Time Home Buyers’ Tax Credit housing rebates—to make it more affordable for Canadians to find their first home.
For a first-time mortgage, you will need:
- 5% minimum down payment
- Good credit rating
- Proof of full-time employment or stable income
Our team is ready to demystify the homebuying process for you and ensure you get the best mortgage for your first home.Learn more.
A second mortgage is an additional loan taken out on a property with an existing mortgage. The second mortgage is subsidiary to the first (primary) mortgage, and can be used to finance home improvements, consolidate debt, or avoid paying Private Mortgage Insurance (PMI). Second mortgages are considered to carry higher levels of risk, and consequently come with higher interest rates.Read more.
Commercial real estate has its own process for mortgages. Compared to residential mortgages, commercial mortgages typically feature lower loan-to-value ratios and higher interest rates. If you’re considering purchasing commercial property, our team of brokers will be happy to help you find the best deal for your mortgage.Click here.
Investment Property Mortgage
An investment property mortgage is designed for properties intended to generate an income. They can be vacation homes, secondary tenements, or similar types of lodging.Click here for more.
A purchase-plus-improvements mortgage is designed for consumers who want to start making improvements to their home immediately after buying it. Typically, these mortgages will include the costs of improvements into the agreement itself, giving the borrower a cash cushion for their renovations.Read more.
Home Equity Line of Credit
A home equity line of credit (HELOC) is not a mortgage per se, but it can be used as an alternative. A HELOC is a line of credit, which allows you to withdraw money up to a maximum credit limit based on your home equity. You can withdraw from your line of credit, pay it off, and then take out more—so long as you don’t exceed your limit.
HELOCs can be combined with a mortgage to provide extra cash flow. However, they can also be their own standalone product.Learn more.
Lenders offer a variety of special mortgages for newcomers, making it easier for them to acquire property in Canada. Typically, they feature low down payment requirements and extended amortization periods.
To qualify, newcomers will need:
- Status (as a permanent resident, non-permanent resident, or landed immigrant)
- Reasonable credit rating
- Proof of work history and income
- Good credit score
If you are new to Canada, you can trust our team to find the best mortgage based on your circumstances.Click here.
While primer lenders, such as major banks, may not offer the best rates and conditions for homebuyers with bad credit, there are still many mortgage options that may be to your advantage. The Mortgage Ability can help you discover all your options so that you can start off on the right foot.Discover more.
A pre-approved mortgage is a preliminary agreement in which the lender outlines the terms and conditions of a mortgage based your income and credit rating. The borrower can be pre-approved before choosing a property to buy, meaning you can find out approximately how much money you’ll have before entering negotiations with a seller.Find out more.
Refinancing involves taking out another loan based on the net worth of your home (i.e., your home’s current market value minus what you owe on your mortgage). By replacing your original loan with a new one, refinancing may seem like starting from scratch, but it can be useful to consolidate debt or to access the house’s equity as a source of capital.
To avoid unnecessary fees and penalties, it’s best to seek the advice of a broker from our team when refinancing.More advice here.
A reverse mortgage allows homeowners age 55 and up to get money from their home equity without having to sell their property. If you qualify, a lender can grant you a loan in either one lump sum or in pre-arranged installments.Learn more here.
When a mortgage reaches the end of the agreement term but has yet to be paid off, it is up for renewal. Most lenders will attempt to renew the mortgage with the previous terms, but this situation is not always favorable to the borrower. In many cases, the borrower stands to benefit significantly by renegotiating and seeking better conditions for the renewal.
A broker from The Mortgage Ability can help you learn about your renewal options and negotiate the terms of your mortgage. That way, you can develop a solid long-term strategy to pay it off more easily.Uncover your options here.