Bridge financing is a short-term solution for homeowners buying a new home before the sale of their current one. It provides temporary funds to “bridge” the gap, covering down payments or other expenses until your home sells.
Home Owners
Home Owners
Owning a home opens the door to a range of mortgage options that can support your financial goals, from accessing home equity to restructuring debt or renovating. Our mortgage solutions are designed to give Canadian homeowners flexibility and control over their financial future.
Bridge Financing
How Bridge Financing Works:
- Flexible, Short-Term Solution: Use bridge financing to secure your new home without waiting for the sale of your current property.
- Interest-Only Payments: Many bridge loans allow for interest-only payments, reducing the impact on cash flow.
- Quick and Convenient Access: Our team works to expedite bridge financing, so you have the funds when you need them most.
We make bridge financing easy to understand, so you can move into your new home with confidence, knowing your finances are covered during the transition.
Home Equity Lines of Credit (HELOC)
A Home Equity Line of Credit (HELOC) lets homeowners access the equity they’ve built in their property to use for home renovations, education, investments, or other major expenses. This flexible, revolving line of credit allows you to borrow against the home’s equity as needed.
Benefits of a HELOC:
- Flexible Access to Funds: Withdraw only what you need, up to a predetermined credit limit, and repay as your cash flow allows.
- Interest Only on What You Use: You only pay interest on the amount withdrawn, making it a cost-effective solution for large expenses.
- Potentially Lower Interest Rates: HELOCs typically offer lower interest rates than other types of credit, as they’re secured by your home equity.
Our team helps you determine how much equity you can access and works to find the best HELOC terms suited to your financial goals.
Medical Professional Programs
Our medical professional programs cater to the unique needs of doctors, dentists, veterinarians, and other healthcare professionals, including newly practicing and foreign-trained physicians. We understand the challenges that come with extensive training and student debt, and our programs are designed to help you secure mortgage options that align with your qualifications and career path.
Mortgage Benefits for Medical Professionals:
- Newly Practicing Physicians: Physicians who have completed their residency or fellowship within the last 24 months can qualify with proof of program completion and specialization. This flexibility makes it easier to secure financing as you start your career.
- Newly Practicing Foreign-Trained Physicians: For foreign-trained physicians, our program requires proof of program completion within the last 24 months or active registration with a provincial college, confirming you are legally authorized to practice in Canada.
- Residents/Fellows: Medical residents or fellows in their final year, or those who have completed their residency/fellowship within the last 24 months, can qualify based on projected income, which takes your field or specialization into account for mortgage qualification.
We’re here to make homeownership accessible and straightforward for healthcare professionals, offering mortgage options that consider your educational and professional background.
Mortgage Renewal
When your mortgage term comes to an end, renewing is an opportunity to review and possibly renegotiate your mortgage. By assessing new rates and terms, we help homeowners maximize savings and find better options suited to their current financial picture.
Key Considerations for Mortgage Renewal:
- Access to Lower Rates: Use this time to take advantage of competitive rates in the market or adjust your rate type (fixed vs. variable).
- Modify Payment Terms: Adjust your payment frequency, amortization period, or even your loan type to align with your financial goals.
- Avoiding Renewal Penalties: We work with you to ensure timely renewal and avoid penalties or fees.
Our team will help you explore all options, including switching lenders if it offers you better rates and terms.
Refinancing / Equity Takeout Mortgages
Refinancing, or an equity takeout mortgage, allows you to leverage your home’s increased value by replacing your current mortgage with a new one for a higher amount. This provides access to cash for major purchases, debt consolidation, or investments.
Benefits and Uses of Refinancing:
- Access Cash at Lower Interest Rates: Use the equity in your home to access funds at mortgage interest rates, which are often lower than other credit options.
- Debt Consolidation: Combine high-interest debts (such as credit card or personal loans) into a single, manageable monthly mortgage payment.
- Flexible Terms and Rates: Tailor your refinancing solution with options like fixed or variable rates and terms that suit your financial needs.
We’ll guide you through the refinancing process, ensuring you understand your options, potential costs, and the impact on your mortgage term.
Reverse Mortgages
For Canadians aged 55 and over, a reverse mortgage allows you to access up to 55% of your home’s value as tax-free cash while retaining ownership of your property. This can be a valuable option for retirement income or to cover other financial needs.
Advantages of a Reverse Mortgage:
- No Regular Payments Required: Unlike traditional mortgages, there are no mandatory monthly payments, and the loan is repaid when the home is sold.
- Tax-Free Cash: Access the equity in your home as tax-free income, preserving other retirement savings.
- Flexible Payout Options: Choose to receive funds as a lump sum, in monthly payments, or as a line of credit based on your financial needs.
We’ll guide you through the pros and cons of a reverse mortgage, helping you assess if it’s the right choice for your retirement plans.
Divorce & Spousal Buyouts
Navigating mortgage options during a divorce or separation can be complex, especially if one partner wishes to retain ownership of the home. Our spousal buyout mortgage services are designed to make this transition as smooth as possible, providing refinancing solutions to buy out your partner’s share of the property.
How Spousal Buyout Mortgages Work:
- Customized Refinancing Options: Secure refinancing that allows you to buy out your partner’s equity, keeping your home during a time of transition.
- Access to Equity for Separation Settlements: Use your home’s equity to facilitate asset division, covering any payments needed to complete the settlement.
- Guidance and Support: We offer compassionate guidance, helping you understand your options and manage the financial aspects of the separation.
Our experienced team is here to support you through this process, helping you secure your financial future with the least disruption possible.