Getting a mortgage from a bank or a non-bank entity through a mortgage broker will provide you with the lowest mortgage rates in Canada. Whether you are buying your first home, refinancing your existing mortgage, or switching your mortgage from one lender to another, a Sunlite Mortgage mortgage agent has the experience to provide you with guidance, counseling, and choice to make the right decision that will save you thousands of dollars over the life of your mortgage.
You can buy a home with as little as 5% down if you are looking to get a high ratio mortgage, which will be subjected to CHMC default mortgage insurance fees. Rates for high-ratio mortgages are lower than those for conventional mortgages.
To save on CMHC default mortgage insurance fee your downpayment will have to be at least 20% of the purchase price. While saving on the CMHC fee, rates for a conventional mortgage are higher with some lenders.
Applying for a mortgage is simple, once you complete the mortgage application and provide the necessary documents and authorization, we will review our lender list and select the one most suited based on your credit and income.
Our mortgages come with a variety of features. A Sunlite Mortgage agent can work with you to make the best choice by assessing your budget, circumstances, and future goals.
Before embarking on the home search, it’s essential to gain a preliminary understanding of your affordability and potential mortgage payments. This knowledge will empower you to establish a practical price range that aligns with your lifestyle requirements while considering home ownership.
Paying off your debts on time and within your budget is key to effectively managing your finances. If you find your loan payments difficult to manage, you could consider refinancing your loans to give you a positive cash flow and save on interest costs. Refinancing your loans achieves different objectives, including lowering interest rates, increasing payment amounts, stretching out payment schedules, and more.
If you are buying and selling homes at the same time, the home you are buying could close before the one you are selling, thus not providing you with your downpayment on time to close. You may need funds to pay for the purchase until your sale closes.This is where Bridge Financing comes in.
A Reverse Mortgage allows Canadian homeowners age 55+ to access up to 55% of their home’s value and turn it into tax-free cash without having to move or sell and no monthly mortgage payments required. You remain the sole owner of your home.
We have access to over thirty A Lenders, each with different rates, lending criteria, and priveliges. We have an excellent working knowledge of their products. Let us do the legwork and get you the lowest rate based on your income and credit.
If you are employed full time and not on probation, you will need Letter of employment (dated within the last 60 days).
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Minimum of two years on the credit bureau with a minimum of two active trade lines for at least 2 years, except where the borrower is new to Canada and a special qualification is applied.
If your credit score is below 680, 32% of your income will be used for the Gross debt Service (GDS) the principal and interest payment plus property taxes, plus heat and 50% of condo fees (if applicable). With that score, 42% of your income will be used to pay your GDS and all other debts (TDS). If your credit score is 680 and above, those numbers increase to 39/44.
No two applicants or mortgage are alike, even if two people are applying, have identical jobs with the same company, get the same income, there could be a difference in the application process and the type of mortgage they would qualify for as the number of credit cards or loans, the timing of monthly payments and credit card balances could make a difference in what a borrower qualifies for. the FAQ is not an exhaustive list. If you have questions, we would be happy to hear from you.
Yes you can pay off your mortgage early, open mortgages, you can pay off with no penalties, variable rate mortgages attract a three-month interest penalty and fixed-rate mortgages could either be interest differential or a three months interest penalty depending on the outstanding balance of the mortgage and the amount of time left to pay out the mortgage. This could potentially be the most costly alternative.
If you are buying a property with at least 20% down, or refinancing your property the lender will most likely require an appraisal. Lenders will only use an appraiser on their appraisal list, so please do not order an appraisal before applying. You could potentially pay for two appraisals. If you are buying a property and putting less than 20% down, your mortgage will need to be insured by one of the three mortgage default insurance companies, who will pay for an appraisal if necessary.
There is a myth about credit checks in the mortgage industry. If you are seeking credit cards from multiple companies, you are considered a credit seeker, which will adversely impact your credit score. Applying for a big-ticket item like a mortgage is entirely different. Your income could qualify for multiple credit cards, but only one mortgage and the credit bureaus recognize that. Four to five hits on your credit during a period when you would apply for a mortgage and close that mortgage (fourteen to forty-five days) will count as one credit pull and will not affect your credit adversely. This allows you enough time to consult with different lenders and find the best mortgage term for you.
Unfortunately not, the credit report you get from Equifax is different from the commercial credit report and does not have some of the information that lenders use to assess the risk of lending on either a credit card, loan, mortgages or a job application. A mortgage broker must pull a credit bureau to submit t a lender when they are applying for a mortgage for a potential borrower.
We strive to get you the mortgage with the lowest rate and term based on your income and credit. Contact a mortgage agent today.
