Mon - Sat: 9:00am - 5:00pm
Sunday Closed
80 Corporate Drive Suite 307
Scarborough, ON M1H 3G5
(401 and McCowan)
416-298-1700
info@smi4loan.com

Mortgage Basics

Interested in Canada mortgages?


What You Should Know

Choosing a mortgage in today’s market can be overwhelming. Here is an overview that should help you to choose the right mortgage package for you whether you are looking for Calgary mortgages / Canada mortgages.

Fixed Rate Mortgages

The principal advantage of fixed rate mortgages is that the interest rate is set for the entire term of the mortgage. A fixed rate mortgage offers you the security of knowing exactly how much principal and interest you will be paying on your mortgage during the term you selected. If you think interest rates will rise, you may want to lock into a longer term fixed rate mortgage but if you think that the rates may fall, a shorter term may be the best choice for you.

Keep in mind that with a fixed rate mortgage you are locked in for the selected term, and that you may incur a penalty to break your mortgage.

If you are considering a fixed rate mortgage keep the following options in mind to help to reduce your mortgage faster.

Choose a lender who offers you the flexibility to :

These options will help you to pay down your mortgage faster.

Most of the lenders we deal with offer the above options, it’s up to you to choose the best package for your needs.

Variable Rate Mortgages

Depending on the level of risk you are willing to take, a variable rate mortgage can save you money while keeping your options open during times of fluctuating interest rates.

With variable rate mortgages your mortgage payment could increase or decrease depending on fluctuations in the Prime rate. With most variable rate products you can lock in at our discounted rate (not bank posted rates) anytime during your term.

Cash Back Mortgages

Put thousands of dollars in your hands with this mortgage. Many lenders have different promotions around the idea of paying you up to 5% of the mortgage amount to do business with them. We will search the market and let you know which product to choose because some will put more money in your account instead of the banks! This could come in handy for refinances.

Equity Mortgages

A mortgage based on the amount of equity in your home. Usually up to 75% of the value of your property and most suited for those people who do not qualify for a traditional bank mortgage for credit or income verification reasons.

Please contact us for further details on our mortgage products.

Secure Line of Credits

Use the equity in your real estate holdings, or guaranteed investments to secure a higher credit limit, at a lower interest rate.

Unsecured Line of Credits

Quick and easy approval process and Competitive interest rate, based on your financial standing.