Every agent on our team goes through a rigorous training in mortgage criteria, lending qualification and underwriting. We support them with technology and expertise every step of the way. You will receive a guaranteed satisfaction in results, we hold our team accountable to it! Our knowledge in the Canadian mortgage industry is a testament to the results we achieve for our clients, maintaining 97% approval rates since 2017.
An instalment loan is a type of loan where you receive an amount and repay it over time in monthly payments. The interest you pay on this type of loan is usually fixed, which means that the amount you pay each month will not change as long as you pay on time. These loans are good for people who want to borrow a large amount for a certain period but do not want to commit to long-term debt. You can typically borrow between $5,000 and $50,000 on this type of loan, and the terms are usually less than five years. When the loan term ends, you pay the remaining balance in full.
Lines of credit loans A line of credit is another type of loan where you can withdraw money from a revolving account when you need it. This type of loan gives you the flexibility to borrow the amount you need up to a certain limit without having to reapply every time. You can also repay the borrowed money at any time at no additional cost. This flexibility allows you to pay off the loan faster if you wish, but it may take longer to repay if you cannot pay the full amount in one go. The amount you can borrow with a loan with a credit limit depends on your credit history, and the interest rate is usually variable rather than fixed.
Mortgages A mortgage is a loan that is guaranteed by the value of your home and can be used to finance various home improvement projects. Unlike other types of loans, you have to give your home as collateral in exchange for borrowing the necessary money. Once the loan has been repaid, you will have full ownership of your home and no more debts to the lender. If for any reason, you are unable to make the mortgage payments on your home loan, you could lose your home and owe the lender more than you originally borrowed. For this reason, it is important to ensure that you can pay off the mortgage before applying for a loan.
Home equity loans A home equity loan works in the same way as a traditional home loan does. However, the amount borrowed does not depend on the value of your property. Instead, the lender will use the value of your home to determine if you are eligible to borrow money and how much you can borrow. Usually, you have to provide your house as collateral when taking out a loan for the purchase of a house. As long as you continue to pay your mortgage, you will retain full ownership of your home. The interest rates on home loans are generally higher than those on other types of loans. This is usually due to your property serving as collateral for the loan.
Personal loans If you have a bad credit score and are struggling to qualify for a loan, consider taking out a personal loan. These types of loans are relatively easy to obtain and can be financed very quickly. They usually require smaller monthly payments, making them a great choice for homeowners on a budget. Personal loans can also be used to pay off various home improvement projects. It is important to look for a lender that offers a low-interest rate so that you can save money on your loan. Getting a loan in Toronto for construction and renovation can be easier than you think. However, you must choose what works best for you. The different types of loans will appeal to different types of people in different ways. That is why it is necessary to equip yourself with what is best for you.