We
offer following Products and Services
Residential Mortgages: -
First Mortgages
High
Ratio Mortgages:
The mortgage amount more than 75% called as high ratio mortgage
and insurance companies like CMHC and GE capital insures mortgages.
Some lenders gives mortgage 95% of the purchase value. Some
lenders to make it more attractive gives 5% cash back to the
borrower . Therefore client can be made available 100% mortgage
of the purchased amount. Some lenders call this product free
down payment. There are few intelligent lender pays insurance
premium of mortgage amount which will make total mortgage
amount to 103% of the purchased value.
-
Conventional Mortgage:
When
the borrower does not want to pay insurance premium and wants
to avail mortgage 75% or below purchase price the lender asks
for appraisal to make sure value of house.
The lenders have given different names to newcomers or immigrants
like “ Welcome Canada or Newcomer” Scheme.
Some
of the lenders provide cash back to borrower to use for their
expenditure to cover closing cost or buying furniture for
the new home. As the cash back increases, interest rate increases
on the mortgage.
The
rates can be open, variable, closed variable, fixed on the
mortgage.
The
client can transfer or switch their first mortgage from one
lender to another. Most of the time lender pays transfer or
legal fees for the deal.
-
Refinance:
When
client/applicant/house owner wish to take out some of the
equity is called refinance. Sometimes it is called as equity
take out. House owner uses the equity for repairing house,
paying debts, paying tuition fees for their kids. Sometimes
taking out to invest into another property. To avail refinance
borrower has to carry out appraisal and the appraised value
will be considered. Appraisal cost to be borne by borrower.
The borrower has to bear closing cost also. The maximum eligibility
of refinance is 95%.
-
Second Mortgage:
2nd
Mortgage becomes necessary in the following cases:
When
client does not have down payment to make total purchase value.
For example a house of $ 100,000 & client has only 15%
to put as down payment & he does not qualify to get mortgage
of $ 85,000 but he qualifies for $ 75,000. He will take $75,000
as first mortgage & 2nd mortgage of $10,000 from any institutional
lender or private lender. Second mortgage can be made available
for refinance purpose also. It works like this- Suppose a
client has first mortgage at good rate & does not want
to break that mortgage , he will continue with existing mortgage
& avail 2nd mortgage to pay its debts & to cover other
expenses.
These
private lenders do not ask for employment letter etc to confirm
income when LTV is up to 85%. There are lenders who make 100%
finance on the 2nd mortgage but their rate of interest is
higher.
Commercial
Mortgage:
Mostly lenders do conventional mortgage.
Categories for the Commercial Mortgage are:
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Residential building with more than 4 units |
|
Commercial condo like shops in plaza |
|
Shops & residence combine |
|
Commercial plaza. |
|
Mall. |
|
Office building |
|
Gas stations |
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Schools |
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Churches/Mosques/Temples |
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Retirement homes |
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Hotels/Motels |
|
Construction loans |
|
Land loans |
|
Golf courses |
Generally
in Commercial mortgage lenders want LTV kept 75%. The interest
rate varies from loan to value ratio, on the location &
business of the property and the net worth of the borrower.
International Finance :
We
can help you arrange funds for international projects from
US $ 5,000,000.
If
you are looking for mortgage on any of the above please email
or fax or phone to us. We will give correct information or
advise.
Reliable
Mortgages Inc. proves clients that they are committed, dependable
& resourceful to get the mortgage done.
To
get the service of any of the member of the company please
contact us.
Reliable
mortgages always striving for dedicated & committed agents.
Please contact us to join us.
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