Current Variable Rate
5.55%Current Prime Rate
6.45%
Terms | Bank Rates | Our Rates |
|---|---|---|
6 Months | 6.59% | 5.99% |
1 Year | 6.09% | 5.99% |
2 Year | 5.79% | 5.74% |
3 Year | 5.79% | 5.09% |
4 Years | 6.09% | 5.24% |
5 Years | 6.34% | 4.79% |
7 Years | 6.60% | 5.84% |
10 Years | 6.85% | 5.99% |
Mortgage FAQsYou have questions, We have Answers
FAQsYou have questions, We have Answers
ANY QUESTIONS, CALL ME
What is a Mortgage
A mortgage is a loan that is used to finance the purchase of a property. The property is used as collateral for the loan, which means that the lender can take possession of the property if the borrower fails to make the required payments.
Mortgages are typically long-term loans, with most lasting for 15 to 30 years. The interest rate on a mortgage is typically fixed, meaning that it does not change over the term of the loan. The borrower makes monthly payments to the lender, which consist of both principal (the amount borrowed) and interest (the cost of borrowing the money).
There are several different types of mortgages available, including conventional mortgages, government-backed mortgages, and adjustable-rate mortgages. The type of mortgage that is right for you will depend on your financial situation and the type of property you are looking to purchase.
It’s important to carefully consider the terms of a mortgage before agreeing to one, as it can have a significant impact on your financial situation for many years to come.
What is a Second Mortgage
A second mortgage is a loan that is taken out using the equity in a property as collateral. It is called a “second” mortgage because it is typically taken out after a borrower has already taken out a first mortgage on the property. The amount of the second mortgage is usually smaller than the first mortgage, and it is often used to finance home improvements, pay off high-interest debt, or to cover other expenses. Second mortgages typically have a higher interest rate than first mortgages because the lender is taking on a higher level of risk. If you are considering taking out a second mortgage, it is important to carefully consider the terms of the loan and to make sure that you will be able to make the required payments. You should also be aware that if you default on the loan, the lender may be able to foreclose on your property.
What is a Home Equity Loan
A home equity loan is a type of loan that allows you to borrow money using the equity in your home as collateral. Equity is the difference between the value of your home and the amount you still owe on your mortgage. For example, if your home is worth $800,000 and you owe $300,000 on your mortgage, you have $500,000 in equity. A home equity loan is similar to a second mortgage in that it is a loan that is secured by your home. However, unlike a second mortgage, a home equity loan typically has a fixed interest rate and a fixed repayment period, usually between 5 and 15 years. Home equity loans can be a good option for homeowners who need to borrow a large sum of money and want the security of a fixed interest rate and repayment period. However, it is important to carefully consider the terms of the loan and to make sure that you will be able to make the required payments. If you default on the loan, the lender may be able to foreclose on your home.
What is a Debt Consolidation Loan
A debt consolidation loan is a type of loan that is used to pay off multiple smaller debts by combining them into a single, larger loan. The purpose of a debt consolidation loan is to simplify your financial life by consolidating multiple payments into a single payment and potentially lowering your overall interest rate and monthly payment. To get a debt consolidation loan, you typically need to have good credit and sufficient income to qualify for the loan. You will also need to provide information about your current debts, including the creditor, balance, and interest rate for each debt. Once you are approved for a debt consolidation loan, you can use the loan to pay off your existing debts. You will then make a single monthly payment to the lender of the debt consolidation loan, rather than making multiple payments to multiple creditors. Debt consolidation loans can be a good option for people who are struggling to keep up with multiple debts and are looking for a way to simplify their finances. However, it is important to carefully consider the terms of the loan and to make sure that it will actually help you improve your financial situation. In some cases, a debt consolidation loan may not be the best option, and it may be more beneficial to explore other options such as credit counseling or a debt management plan.
What is a High Ratio Mortgage
A high ratio mortgage is a mortgage in which the borrower has a down payment of less than 20% of the purchase price of the property. High ratio mortgages are also known as “high loan-to-value” (LTV) mortgages. In Canada, high ratio mortgages are required to be insured by the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada, or Canada Guaranty. This insurance protects the lender in the event that the borrower defaults on the mortgage. The borrower is required to pay for the insurance, and the cost is typically added to the mortgage. High ratio mortgages can be a good option for people who are unable to come up with a large down payment for a property, but they may come with higher interest rates and fees compared to conventional mortgages (mortgages with a down payment of 20% or more). It is important for borrowers to carefully consider the terms of a high ratio mortgage and to make sure that they will be able to make the required payments.
What is a Secured Line of Credit
A secured line of credit is a type of loan that is secured by collateral, which is an asset that the borrower pledges as security for the loan. This means that if the borrower fails to make their required loan payments, the lender has the right to seize the collateral in order to recoup their losses. Secured lines of credit are typically offered by banks and other financial institutions, and they can be used for a variety of purposes, including financing a small business, consolidating debt, or paying for home improvements. The collateral that is used to secure a secured line of credit can be a variety of assets, such as a home, a car, or even a savings account. Secured lines of credit typically have lower interest rates and fees than unsecured lines of credit, because the lender has the added security of the collateral in case the borrower defaults on the loan. However, it is important to note that if the borrower defaults on a secured line of credit, they may lose the collateral that they pledged as security for the loan.
What is a Bridge Mortgage
A bridge mortgage, also known as a bridge loan or a bridging loan, is a short-term loan that is used to bridge the gap between the purchase of a new property and the sale of an existing property. It is designed to provide temporary financing until the borrower can secure a more permanent financing solution. Bridge mortgages are typically used by homeowners who are looking to purchase a new home before they have sold their current home. For example, if a homeowner is relocating to a new city for work and needs to buy a new home before they are able to sell their current home, they may take out a bridge mortgage to cover the cost of the new home until their current home is sold. Bridge mortgages are typically secured by the borrower’s existing home, which serves as collateral for the loan. They generally have higher interest rates than more traditional mortgage loans, because they are considered to be higher risk for lenders. However, they can be a useful tool for homeowners who need temporary financing while they are in the process of buying and selling a home.
Our Rates
Compare our rates to the banks and see why the GTA Mortgage Centre is the wisest choice.
Please Note: Advertised rates are not guaranteed. The rate provided by any financial institution listed, or any approval or decline you receive, will be based solely on your personal situation. Rates may vary from Province to Province and are subject to change without notice. Posted rates may be high ratio and/or quick close which can differ from conventional rates. The advertised rates are provided as guidance only and the accuracy of these rates is not guaranteed. You are encouraged to speak with a GTA Mortgage Centre Specialist for the most accurate information and to determine your eligibility. *O.A.C. & E.O.