3300 Gregoire Road, Russell,, ON K4R-1E5
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Business, Commercial, Industrial, Residential and Investment Financing


 

At Canadian Mortgage Brokers we are qualified to arrange Commercial, Income, Industrial, and Investment Mortgages. We also arrange financing for your business needs. We will meet with you to discuss your specific needs, and then recommend financing options through conventional, institutional or private lenders.
We arrange funds for all types of Commercial Properties including:
  • Investment, and Income Properties.
  • Retirement Homes, and Nursing Homes. 
  • Apartment Buildings
  • Commercial, Industrial, and Retail Plazas.
  • Office Buildings and Stores.
  • Residential and Commercial Mixed use.
  • And much more!

Remember One Call Does It All!.

Contact Canadian right now, and get Canadian working for you today!.

 

Residential Mortgages

 

 

 

Is it the best rate? or the best rate available for you?

 
At Canadian we arrange mortgages for all Residential properties including both Homes and Condos. However as you know mortgage rates are in a constant state of flux. Rates that you may see on various web sites could very well be out of date by the time you apply for your mortgage. In many cases these websites do not differentiate on the rates for clients with specific needs or certain credit issues. While it is impossible for you, looking at different sites to be sure that the advertised rate is what you will end up with.
 
One thing that you must be very cognizant of is that some mortgages with very low rates may not come with the options or flexibility that you require. The only way that we can accurately quote you an interest rate is to discuss with you your particular situation. Everyone's needs and goals are different. Once we are aware and know precisely what is right for you, we will find you the best available mortgage product for your needs.
 
Do not forget! Not all mortgages are equal. Is it the best rate?, or the best rate available for you? Many sites advertise "Today's Best Rate". We at Canadian do not wish to mislead anyone therefore, contact us directly either via email or phone for an honest, professional discussion of your mortgage requests.

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 Glossary of Real Estate and Mortgage Terms

Agreement of Purchase and Sale - A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed). 
Amortization Period - The time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, up to a maximum of 35 years. 
 
Appraisal - The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home. 
 
Appraisal Value - An estimate of the market value of the property.
 
Assessed Value -The value placed on land and buildings by a government agency for tax purposes.
 
Assessment- A tax or charge levied on property by a taxing authority to pay for improvements such as sidewalks, streets, and sewers.
 
Assets-What the borrower owns. This could include real estate, savings, vehicles, RRSPs, GICs, stocks, bonds, household goods, etc.
 
Assumption (of mortgage)- Buyer assuming responsibility of seller's existing mortgage at the interest rate and terms as laid out in the original mortgage documents.
 
Blended Payments - Payments consisting of both a principal and an interest component, paid on a regular basis (e.g. weekly, biweekly, monthly) during the term of the mortgage. The principal portion of payment increases, while the interest portion decreases over the term of the mortgage, but the total regular payment usually does not change. 
 
Bridge Financing- Interim financing to bridge the time gap between the closing date on the purchase of a new home and the closing date on the sale of the current home.
 
Building Codes- Provincial or locally adopted regulations that control the design, construction, repair, quality of building materials, use, and occupancy of any structure under its jurisdiction.
 
Canada Mortgage and Housing Corporation (CMHC) - The National Housing Act (NHA) authorized Canada Mortgage and Housing Corporation (CMHC) to operate a Mortgage Insurance Fund which protects NHA Approved Lenders from losses resulting from borrower default. 
 
Certificate of Location or Survey - A document specifying the exact location of the building on the property and describing the type and size of the building including additions, if any. 
 
Certificate of Search or Abstract of Title - A document setting out instruments registered against the title to the property, e.g. deed, mortgages, etc. 
 
Closed Mortgage - A mortgage agreement that cannot be prepaid, renegotiated or refinanced before maturity, except according to its terms. 
 
Closing Costs - Various expenses associated with purchasing a home. These costs can include, but are not limited to, legal/notary fees and disbursements, property land transfer taxes, as well as adjustments for prepaid property taxes or condominium common expenses, if any. 
 
Closing Date - The date on which the sale of a property becomes final and the new owner usually takes possession. 
 
CMHC or GE Capital Insurance Premium - Mortgage insurance insures the lender against loss in case of default by the borrower. Mortgage insurance is provided to the lender by CMHC or GE Capital and the premium is paid by the borrower. 
 
Conditional Offer - An offer to purchase subject to conditions. These conditions may relate to financing, or the sale of an existing home. Usually a time limit in which the specified conditions must be satisfied is stipulated. 
 
Conventional Mortgage - A mortgage that does not exceed 75% of the purchase price of the home. Mortgages that exceed this limit must be insured against default, and are referred to as high-ratio mortgages (see below). 
 
Debt-Service Ratio - The percentage of the borrower's gross income that will be used for monthly payments of principal, interest, taxes, heating costs and condominium fees. 
 
Deed (Certificate of Ownership) - The document signed by the seller transferring ownership of the home to the purchaser. This document is then registered against the title to the property as evidence of the purchaser's ownership of the property. 
 
Deposit - A sum of money deposited in trust by the purchaser when making an offer to be held in trust by the vendor's agent, broker, lawyer or notary until the closing of the transaction. 
 
Equity - The interest of the owner in a property over and above all claims against the property. It is usually the difference between the market value of the property and any outstanding encumbrances. 
 
Fire Insurance - Before a mortgage can be advanced, the purchaser must have arranged fire insurance. A certificate or binder from the insurance company may be required on closing. 
 
Firm Offer - An offer to buy the property as outlined in the offer to purchase with no conditions attached. 
 
Fixed-Rate Mortgage - A mortgage for which the rate of interest is fixed for a specific period of time (the term). 
 
Foreclosure - A legal procedure whereby the lender eventually obtains ownership of the property after the borrower has defaulted on payments. 
 
Gross Debt Service (GDS) Ratio - The percentage of gross income required to cover monthly payments associated with housing costs. Most lenders recommend that the GDS ratio be no more than 32% of your gross (before tax) monthly income. 
 
Gross Household Income - Gross household income is the total salary, wages, commissions and other assured income, before deductions, by all household members who are co-applicants for the mortgage. 
 
High Ratio Mortgage - If you don't have 25% of the lesser of the purchase price or appraised value of the property, your mortgage must be insured against payment default by a Mortgage Insurer, such as CMHC or GE Capital. 
 
Holdback - An amount of money required to be withheld by the lender during the construction or renovation of a house to ensure that construction is satisfactorily completed at every stage. 
Home Equity - The difference between the price for which a home could be sold (market value) and the total debts registered against it.
 
Inspection - The examination of the house by a building inspector selected by the purchaser. 
 
Interest Rate Differential Amount (IRD) - An IRD amount is a compensation charge that may apply if you pay off your mortgage principal prior to the maturity date or pay the mortgage principal down beyond the prepayment privilege amount. The IRD amount is calculated on the amount being prepaid using an interest rate equal to the difference between your existing mortgage interest rate and the interest rate that we can now charge when re-lending the funds for the remaining term of the mortgage. For more information, click on compensation amounts. 
 
Interim Financing - Short-term financing to help a buyer bridge the gap between the closing date on the purchase of a new home and the closing date on the sale of the current home. 
 
Maturity Date - Last day of the term of the mortgage agreement. 
 
Mortgage Critical Illness Insurance - Mortgage Critical Illness Insurance is available as an enhancement to Mortgage Life Insurance. Mortgage Critical Illness Insurance is underwritten by several companies. Complete details of benefits, exclusions and limitations are contained in the Certificate of Insurance. It is recommended for all mortgagors. 
 
Mortgagee and Mortgagor - The lender is the mortgagee and the borrower is the mortgagor. 
 
Mortgage Life Insurance - A form of reducing term insurance recommended for all mortgagors. If you die, have a terminal illness, or suffer an accident, the insurance can pay the balance owing on the mortgage. The intent is to protect survivors from the loss of their homes. 
 
Mortgage Term - The number of years or months over which you pay a specified interest rate. Terms usually range from six months to 10 years. 
 
Open Mortgage - A mortgage, which can be prepaid at any time, without penalty.
 
Payment Frequency - The choice of making regular mortgage payments every week, every other week, twice a month or monthly. 
 
P.I.T. - Principal, interest and taxes. Together, these make up the regular payment on a mortgage if you elect to include property taxes in your mortgage payments 
 
Porting - This allows you to move to another property without having to lose your existing interest rate. You can keep your existing mortgage balance, term and interest rate plus save money by avoiding early discharge penalties.
 
Prepayment Charge - A fee charged by the lender when the borrower prepays all or part of a closed mortgage more quickly than is set out in the mortgage agreement. 
 
Prepayment Option - The ability to prepay all or a portion of the principal balance. Prepayment charges may be incurred on the exercise of prepayment options. 
 
Principal - The amount of money borrowed for a new mortgage.
 
Refinancing - Renegotiating your existing mortgage agreement. May include increasing the principal or paying out the mortgage in full. 
 
Renewal - At the end of a mortgage term, the mortgage may "roll over" on new terms and conditions acceptable to both the lender and the borrower. This is known as renewing a mortgage. Otherwise, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing. 
 
Security - In the case of mortgages, real estate offered as collateral for the loan. 
 
Second Mortgage- A mortgage registered against real property which is already encumbered with one mortgage. Date and time of registration determines which is first and which is second.
 
Term - The length of the current mortgage agreement. A mortgage may be amortized over a long period (such as 35 years) with a shorter term (six months to five years or more). After the term expires, the balance of the principal then owing on the mortgage can be repaid or a new mortgage agreement can be entered into at the then current interest rates. 
 
Total Debt Service (TDS) Ratio - The percentage of gross income needed to cover monthly payments for housing and all other debts and financing obligations. The total should generally not exceed 40% of gross monthly income.
 
Variable Rate Mortgage - A mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage.
 
Underwriting-The assessment of loan applications based on: the value of real property, a borrowers credit worthiness and ability to pay and the lending guidelines of the lender.
 
Weekly and Bi-Weekly Payments- You can usually choose to make your mortgage payments once a week or once every two weeks. This accelerates the reduction of your mortgage because you are making the equivalent of one extra monthly payment per year.