Exceptional Lending & Mortgage Services
Empowering You with Knowledge to Make Informed Mortgage Decisions
At Ontario Lending and Mortgage, out goal is to provide you with the resources you need to make the decisions that serve you best.
Learn about the different financing and mortgage options you have!
01
Pre-Approval
Are you interested in purchasing a home but not sure how much you can afford? Look no further!
Our partner brokers can assist you with mortgage pre-approvals, which will help determine your financial strategy, mortgage amount, down payment, and overall affordability.
02
First Time Home Buyers
If you’re thinking about buying your first property, we can make the transition from renting to owning seamless.
We provide you with the information you need to move forward with peace of mind. We can also refer you to one of our partner brokers who will be able to handle you specific situation and help you on the journey to home ownership.
03
New to Canada Mortgages
With newcomers to Canada playing an ever increasing role in Canada’s future population growth, mortgage financing is available to borrowers with a permanent and non-permanent residence status with the goal of helping newcomers to Canada realize their dream of home ownership.
LEARN MORE
04
Mortgage Renewals
Many homeowners choose to stay with their current lender because they believe that switching lenders would be time-consuming. However, it is important to reassess the rates and terms offered by their current lender during mortgage renewals.
In fact, renewal time is often the best time to review all your options.
05
Mortgage Refinancing
You can tap into the equity in your home to eliminate high-interest debts and pay off your mortgage faster. You have the option to refinance your mortgage for better rates, terms, and potential debt consolidation.
But is it that easy? Yes and no. So it’s very important to understand the ins and outs with a refinance.
06
Self Employed Loans
While many view being self employed as a barrier to getting a mortgage, we know that is simply not reality. Self-employed individuals can often access low rates and excellent mortgage options. Even if they have been declined before.
Self Employed mortgage options take into consideration various aspects to present the borrower with good options.
LEARN MORE
07
Investment Properties
Start building your long term wealth with Real Estate by accessing all the top prime, alternative, and private lenders in Canada. There are many custom products and rates for investment properties.
Whether it’s your first investment, second property, or entire portfolio, there are custom solutions tailored to your needs.
08
Renovations
If you are thinking of doing a renovation, it’s important to know that there are a wide range of financing options to suit your needs. Many lenders offer tailored renovation loans that are designed to keep you within your budget and timeline.
09
Debt Consolidation
Take advantage of your home equity to decrease your credit card debt by consolidating high-interest loans into one lower-payment option. This not only simplifies credit payments but also has the potential to improve your credit scores. Lower payments can free up funds for other investments.
LEARN MORE
Talk with a licensed and qualified broker
Connect with a great Mortgage Agent now!
So you’ve had enough reading and knowledge, it’s time to engage a broker? Or you still are not sure and need some human advice? No problem. Simply fill out the form and you will be connected with a licensed and qualified mortgage agent.
What our customers say
★★★★★
I’m truly grateful for all I learned from Ontario Lending and Mortgage as well as the referral to their partner broker. I highly recommend using them!
Christine Weaver
EXP Realty
Frequently Asked Questions
How can I initiate the process?
Simply fill out the form with a note of what you are thinking or interested in. Within 24 hours, a licensed and qualified broker will be in touch. That easy.
What does the Bank of Canada Rate do?
Simply put, The Bank of Canada rate directly affects prime rates at banks, which in turn impacts interest rates on mortgages, loans, and lines of credit. The Bank of Canada will adjust rates up or down depending on a variety of economic factors.
What is pre-approval?
A process where a lender evaluates a potential borrower’s financial situation to estimate the maximum mortgage amount they would qualify for, as well as the interest rate and loan terms. This is typically done before the borrower starts house hunting, giving them a clear idea of their budget and helping them act quickly when they find a property.
What is a fixed Rate?
A type of home loan where the interest rate remains the same for the entire term of the mortgage. This stability means that the borrower’s monthly mortgage payments will not change over time, making it easier to budget for housing costs.
What is a Variable Rate?
Also known as an adjustable-rate mortgage (ARM), is a type of home loan where the interest rate can change periodically based on the prime rate (which is heavily influenced by the Bank of Canada). This means that the mortgage payments can vary over time, potentially increasing or decreasing as the interest rate fluctuates.
What is a mortgage term?
is the length of time a borrower is committed to the specific terms, interest rate, and conditions set out by the lender for the mortgage. At the end of the term, the borrower either renews the mortgage with updated terms or pays it off if they can. In Canada, mortgage terms are generally shorter than the full repayment period (or amortization period) of the loan.
What is an Amortization Period?
It is the total length of time it will take to fully repay a mortgage loan through regular payments of principal and interest. It represents the lifespan of the mortgage, which is usually longer than the mortgage term. In Canada, common amortization periods are 25 years for insured mortgages (those with less than a 20% down payment) and 25 to 30 years for conventional mortgages (those with a 20% down payment or more).
What is an insured Mortgage?
An Insured Mortgage is a home loan that requires mortgage insurance because the borrower’s down payment is less than 20% of the property’s purchase price. Mortgage insurance is typically mandatory for these high-ratio mortgages to protect the lender in case the borrower defaults on the loan.
Why would someone need a private lender?
Private lenders are typically individuals or companies that offer loans outside of traditional banking institutions. There are many reasons to use a private lender, some include:
– Credit Issues, Self employed individuals, Speed & Flexibility, Investment Properties, Non Standard Properties, Short Term needs, and more!
How long should I allow to get my mortgage?
The process of obtaining a mortgage can vary significantly depending on several factors, including the lender, your financial situation, and the type of mortgage you’re applying for. For basic pre-approval, you should plan for 1-2 weeks. If you are working with a private lender, they may be able to approve a loan in as little as a few days. It is important to check with your mortgage broker to be sure you are on the same page. As a general rule, the more time you have, the better it will turn out for you.
Why use a mortgage broker?
A mortgage broker acts as an intermediary between borrowers and lenders, helping clients find the best mortgage options based on their financial needs and goals. Some of the benefits of using a broker are:
– they have access to multiple lenders and products, they can save you time, they are experts, you get personalized service, no cost to you, access to niche products, better negotiating power, post closing support, help with complex situations and more!
Who can use a mortgage broker?
Anyone! A mortgage broker’s job is to serve their clients needs. So anyone needing lending or a mortgage can use a mortgage broker.
So you are ready to explore more options?
Schedule a mortgage/Lending consultation with an expert now.
✓ FREE
✓ No Obligation