CUSTOM MORTGAGE SOLUTIONS
Unlike the bank where you have access to only one lender, our mortgage solutions include all major banks, major lenders and private lenders. There are two ways to get a mortgage in Canada. One is from a bank, the second is from a licensed mortgage broker. Licensed mortgage brokers have access to hundreds of mortgage products to offer you more choice. We will always tailor a solutions that is unbiased and fits your circumstance. Mortgage professionals work for you, therefore, they work in your best interest.
***Mortgages products & services provided through Dominion Lending Centre Valko Financial Ltd. Independently owned and operated FSCO 13047
CURRENT MORTGAGE RATES
Take advantage of our current mortgage rates and see how they compare to regular bank rates. Already have a mortgage? Let us help you switch today, hassle-free!
MORTGAGE
AWealth has an extensive and trustworthy network of financial partners in Canada to meet your investment, insurance, and mortgage needs.
Fixed rate mortgages appeal to clients like young couples who want stability in their payments or manage a tightly monthly budget.
Variable rate mortgages allows borrowers to take advantage of lower rates. (The interest rate is calculated on an ongoing basis at a lenders’ prime rate minus or plus a set percentage).
AWealth will provide you with the best option by ensuring you have a full understanding o the risks and rewards of each type of mortgage.
Those who are self employed may face roadblocks when they are trying to obtain personal financing such as a mortgage or a vehicle loan. As business owners, proving self employment income and income stability can be difficult.
However, Canadian mortgage lenders understand the importance of self employment and have created mortgage programs that are available to the self-employed to finance their homes. Therefore, obtaining a mortgage if you are self employed has never been easier.
Contact AWealth to learn about the mortgage products available today that are structured to help you succeed in your business and personal life.
Thinking ahead and a bit of sacrifice will help you pay off your mortgage in a much shorter period of time.
Here are the steps you should take:
1. Making mortgage payments each week, or even every other week. This will lower your interest paid over the term of your mortgage and paying off your mortgage in this way can take your mortgage from 25 years down to about 21 years.
2. If your income increases, you should increase the amount of your mortgage payments. For example, if you get a 50% raise ease year at work, if you put that extra 5% of your income into your mortgage, your mortgage balance will drop much faster without feeling like you are changing your spending habits.
3. If you inherited some money from a relative or received a nice holiday bonus at work, you should apply this mortgage to your mortgage as a lump-sum payment and watch the results!
Mortgage insurance is required in Canada for any down payments that are between 5% and 19.99%. Mortgage insurance protects the lender should a borrow cease to make payments or default on the loan. This insurance is ideal and helpful for potential homeowners as it gives them a better chance at the real estate market. Without this the of insurance, mortgage rates will be much higher and the chances of defaulting on a loan would increase. This insurance also allows lenders to offer lower rates because they have protection as the risk of a defaulted loan is passed onto the mortgage insurer.
Fixed rate mortgages appeal to clients like young couples who want stability in their payments or manage a tightly monthly budget.
Variable rate mortgages allows borrowers to take advantage of lower rates. (The interest rate is calculated on an ongoing basis at a lenders’ prime rate minus or plus a set percentage).
AWealth will provide you with the best option by ensuring you have a full understanding o the risks and rewards of each type of mortgage.
Those who are self employed may face roadblocks when they are trying to obtain personal financing such as a mortgage or a vehicle loan. As business owners, proving self employment income and income stability can be difficult.
However, Canadian mortgage lenders understand the importance of self employment and have created mortgage programs that are available to the self-employed to finance their homes. Therefore, obtaining a mortgage if you are self employed has never been easier.
Contact AWealth to learn about the mortgage products available today that are structured to help you succeed in your business and personal life.
Thinking ahead and a bit of sacrifice will help you pay off your mortgage in a much shorter period of time.
Here are the steps you should take:
1. Making mortgage payments each week, or even every other week. This will lower your interest paid over the term of your mortgage and paying off your mortgage in this way can take your mortgage from 25 years down to about 21 years.
2. If your income increases, you should increase the amount of your mortgage payments. For example, if you get a 50% raise ease year at work, if you put that extra 5% of your income into your mortgage, your mortgage balance will drop much faster without feeling like you are changing your spending habits.
3. If you inherited some money from a relative or received a nice holiday bonus at work, you should apply this mortgage to your mortgage as a lump-sum payment and watch the results!
Mortgage insurance is required in Canada for any down payments that are between 5% and 19.99%. Mortgage insurance protects the lender should a borrow cease to make payments or default on the loan. This insurance is ideal and helpful for potential homeowners as it gives them a better chance at the real estate market. Without this the of insurance, mortgage rates will be much higher and the chances of defaulting on a loan would increase. This insurance also allows lenders to offer lower rates because they have protection as the risk of a defaulted loan is passed onto the mortgage insurer.
MORTGAGE TYPES
AWealth can help you grow your financial success from the start. AWealth collaborates with professionals and our in-house experts to ensure that you receive comprehensive financial advice tailored to your investing goals and financial needs.
NEW PURCHASE
Depending on your downpayment amount you can amortize a mortgage for a new property purchase on 25 or 30 years. For any residential property over one million dollars, buyers are required to put a minimum of 20% downpayment and are able to amortize the mortgage over 30 years. Some alternative lenders will allow 35 and even 40 years amortization. For buyers that have less than 20% downpayment and are buying a property that is less than one million dollars, the maximum amortization allowed is 25 years. These buyers will also have to buy mortgage insurance.
NEW PURCHASE
Depending on your downpayment amount you can amortize a mortgage for a new property purchase on 25 or 30 years. For any residential property over one million dollars, buyers are required to put a minimum of 20% downpayment and are able to amortize the mortgage over 30 years. Some alternative lenders will allow 35 and even 40 years amortization. For buyers that have less than 20% downpayment and are buying a property that is less than one million dollars, the maximum amortization allowed is 25 years. These buyers will also have to buy mortgage insurance.
MORTGAGE REFINANCE
Refinancing allows existing home owners to re-amortize their mortgage or in other words, increase amortization from 15 years to up to 30 years in order to improve cash-flow and reduce monthly payments, or it allows existing home owners to take out equity from their home for the purpose of investing, debt pay-off, home renovations or even helping a child purchase their first home.
MORTGAGE REFINANCE
Refinancing allows existing home owners to re-amortize their mortgage or in other words, increase amortization from 15 years to up to 30 years in order to improve cash-flow and reduce monthly payments, or it allows existing home owners to take out equity from their home for the purpose of investing, debt pay-off, home renovations or even helping a child purchase their first home.
MORTGAGE RENEWAL
Most mortgages, although amortized over 25 or 30 years carry a specific term. In Canada 5 year mortgage term is the most popular and usually carries the best rates. Renewal happens when a homeowner comes at the end of their term. The Borrower can then stay with the current lender and renew their mortgage or they can switch lenders. The difference between renewal and refinance is that with renewal, the borrower keeps their existing mortgage amount and mortgage amortization, in other words if you a borrower has 20 years remaining on their mortgage and a balance $100,000, they would have to renew with those same conditions. Should the borrower choose to extend amortization or re-mortgage for a higher amount, they would then be refinancing and not renewing.
With refinancing, the borrower usually has to pay solicitor fees, appraisal fees if required and mortgage penalties if their mortgage term has not come to an end.
MORTGAGE RENEWAL
Most mortgages, although amortized over 25 or 30 years carry a specific term. In Canada 5 year mortgage term is the most popular and usually carries the best rates. Renewal happens when a homeowner comes at the end of their term. The Borrower can then stay with the current lender and renew their mortgage or they can switch lenders. The difference between renewal and refinance is that with renewal, the borrower keeps their existing mortgage amount and mortgage amortization, in other words if you a borrower has 20 years remaining on their mortgage and a balance $100,000, they would have to renew with those same conditions. Should the borrower choose to extend amortization or re-mortgage for a higher amount, they would then be refinancing and not renewing.
With refinancing, the borrower usually has to pay solicitor fees, appraisal fees if required and mortgage penalties if their mortgage term has not come to an end.
CANADIAN HOME INCOME PLAN (CHIP)
Seniors face the challenge of managing with less cash flow than they anticipated. HomEquity bank is the only bank dedicated to older Canadian homeowners with smart and simple ways to use the value of their home during retirement.
CHIP has helped thousands of older Canadian homeowners enjoy more financial flexibility.
CANADIAN HOME INCOME PLAN (CHIP)
Seniors face the challenge of managing with less cash flow than they anticipated. HomEquity bank is the only bank dedicated to older Canadian homeowners with smart and simple ways to use the value of their home during retirement.
CHIP has helped thousands of older Canadian homeowners enjoy more financial flexibility.
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LATEST NEWS
Learn more about investment, insurance, and mortgage in our latest blog posts from AWealth.
CONTACT US
Feel free to call or email. You can also fill out the form below to book a consultation with us.
CONTACT US
Feel free to call or email. You can also fill out the form below to book a consultation with us.
Book a Consultation
Which Awealth Plan is right for me? Schedule a consultation on your investment, insurance or mortgage needs.
Book a Consultation
Which Awealth Plan is right for me? Schedule a consultation on your investment, insurance or mortgage needs.