Mortgage Tools
Finding the Perfect House Mortgage
Choosing a house mortgage with the best terms, rates, and conditions can be hard when you are trying to factor in your own financial circumstances, but the mortgage professionals at Canadian Mortgages Inc. can provide you with the guidance necessary to find the most favourable financing, whether you are looking to acquire:
- Your first home
- A second or vacation home
- An investment property
- A rental property
Traditional lending institutions can sometimes make it difficult to obtain financing, especially if you are a first-time buyer or looking to acquire multiple properties. CMI is an independent brokerage firm that specializes in finding financing for high-risk borrowers and people looking to acquire a second home or property, and we can find you the best terms and rates on the market.
Mortgages for Your First Home from CMI
Any traditional lender will be more likely to approve a house mortgage for buyers with a lengthy credit history and high credit rating. But if you are a first-time buyer, there is a good chance you have not had time to build this. With CMI, we work with hundreds of lenders who are willing to finance first-time buyers, and will compete for you business. Regardless of your financial situation, they offer mortgage products for first-time buyers that include:
- Open and closed mortgages
- Fixed and variable rate mortgages
- Lines of credit and high ratio mortgages
- Co-signed mortgages and private home loans
Second and Vacation House Mortgages
Conventional lenders are often disinclined to approve a house mortgage for a second property acquisition, and will look for borrowers who can offer a down payment of at least 25%. But unlike banks, independent brokerage firms like CMI offer competitive financing options that are purposely designed for second home acquisitions. Our accredited brokers can even find a high ratio house mortgage for your second home with only a 5% down payment.
Vacation homes can be similarly difficult to finance through the usual channels, especially if they are seasonal or recreational properties that are:
- Located on an island or in a rural area
- Not equipped with plumbing or indoor water
- Without access to a road
CMI has lending partners that will fund the purchase of properties that have traditionally been subject to financing restrictions, and will get you the best house mortgage available.
Multiple Property Financing for Investment and Rental Properties
Investment and rental property acquisitions have also been traditionally hard to finance, especially when they are not owner-occupied residences. But CMI works with lenders that specialize in multiple property acquisitions, and will approve a house mortgage for:
- A rental property the owner will or will not occupy
- A home to be renovated and used as the owner’s primary or secondary residence
- A house that will be renovated and put back on the market immediately
For an owner-occupied investment residence, you could be eligible for a house mortgage worth 100% of the value of the home; if you will not be living on the property, CMI lenders can still offer 80% financing for your rental property.
CMI mortgage professionals specialize in different fields of real estate, and you can count on us for advice about budgeting, property investments, and maximizing your home’s value, as well as an evaluation of the best type of house mortgage and amortization for your needs, goals, and financial circumstances.
