Is your mortgage working for you? Whether you are looking to Refinance and tap into your homes equity or Renew, we provide all of your options in an easy convenient manner with no obligations.
At mfactory, we guide you through a personalized mortgage journey, step by step, to help you find the perfect mortgage tailored to your unique needs.
Renewing your mortgage is an opportune time to reassess your needs and ensure the mortgage works for you, not the lender. Rate is the easy part, but not all mortgages are created equal. Let’s look at the whole picture, adapting the term, payments, and privileges to your advantage.
There is no cost when renewing your mortgage. The goal is to put more money back in your pocket.
We make the renewal process easy. Online, over the phone or in person, with flexible availability.
Renewing early may save you thousands. With current market rates, renewing your mortgage early at a great rate may be advantageous.
Get expert, unbiased advice. We do not work for the bank. We work for you for free!
Let us show you how to pay your mortgage quicker and be debt-free!
We do all the homework for you, comparing all the major lenders and securing a mortgage that fits your needs.
Canadian mortgages vary based on their loan-to-value, the current mortgage balance over the home’s current value.
The home is the asset that secures the mortgage loan. The more that is owed relative to its value will dictate the type of mortgage needed.
In the eyes of the bank, it’s all about risk. The main factor is the property loan-to-value, among other variables, such as Credit Scores, Income, and debt.
This is where the National Housing Act allows for a purchase with a lower down payment, as low as 5% of the purchase price. To achieve this, the mortgage must be insured to alleviate the risk from the bank, with the insurance premium passed onto the homeowner.
Over time, as you make regular payments, the mortgage balance decreases, and the home’s equity increases. When the loan-to-value drops below 80%, we look at tapping into this equity. After all, this is the smartest way to borrow, meaning it has the lowest cost or less interest paid.
Refinancing could be the right option if you want to take equity out of your home for a large project, lower your interest rate or consolidate debts to save on interest. As a mortgage broker, I will assess your mortgage needs to determine the best product for you.
A New Mortgage
Refinancing is a great way to consolidate debts and access funds with the lowest cost of borrowing. Access up to 80% of your home’s equity for projects.
Home Equity Line of Credit
A HELOC will allow access to up to 80% of your home’s equity but through a line of credit. This is a great way to access funds when you need them.
Senior Living
A Reverse Mortgage lets you remain in your home and access up to 55% of your home’s value to finance your retirement.
Your renewal/refinance journey begins here. The first step is completing our online mortgage form.
This form gives your agent the essential details to personalize your mortgage renewal/refinancing options.
Based on the information you provided in step 1, your agent will prepare a customized checklist of required documents to ensure all your mortgage options are available.
After submitting the necessary documents, your agent will review and provide the top renewal/refinancing options and recommendations.
During this step, your agent will prepare the mortgage commitment, reviewing the mortgage amount, terms, payments, prepayment privileges, property taxes and answer any questions you may have.
Your current lender will issue a detailed payout statement. The information your lender sent over is reviewed verifying that the information on your home’s title matches the paperwork submitted to your new lender.
This process is facilitated by a mortgage loan closing service (FCT, FNF) or lawyer of your choosing.
You’ll meet with a signing agent to review and sign the final documents just prior to the closing date.
Getting Pre-Approved is as easy as 1-2-3 with our online application
We are working hard to get the latest and greatest mortgage information. Check back soon!
