Mortgage Products Overview

Mortgage Products – Get the Best Solutions at Your Money Matters Inc.

A mortgage loan is taken out to fund the purchase of a property. It is secured against the property. Your loan is likely to be the biggest debt you take on; therefore it is important to choose a mortgage solution with care. At Your Money Matters Inc. you will find solutions that fit your requirements perfectly.

Typically, the duration of your loan can range anywhere from 15 to 30 years depending on the amount of your down payment (30 years available with 20% down payment). Monthly principal and interest payments on the mortgage can limit the amount of cash available to you. Our affordable low interest rates for Toronto, the GTA and virtually all regions throughout Ontario ensure that the payments have minimal impact on your overall finances.

A Wide Range of Mortgage Products

We offer a wide range of mortgage products which allow you to choose a solution that is most suitable for your unique financial situation. Based on your requirements you can choose a low interest rate, interest only, adjustable rate or fixed rate mortgages. You can also choose a one that is assumable, transferable or portable and that offers you a repayment privilege to pay down your mortgage balance sooner.

Some of the other finance solutions we offer include:

  • Bad credit mortgage
  • Home equity line of credit
  • Secured line of credit
  • Mortgage renewal
  • Conventional mortgage

To us, our clients are much more than just credit scores. We do not believe in penalizing people for their past financial troubles. This is the reason we offer affordable solutions even to those with imperfect credit histories.

For Further Details on Mortgage Product Solutions, Contact Us Today

Give us a call at 905-553-0299 and take advantage of our free consultation. Our experts can assess your financial situation and suggest the best possible solutions for you. If you are planning to buy a property, our mortgage brokers can help you understand all the options available along with their pros and cons.

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Get the Best Mortgage Loan Solution at Your Money Matters Inc.

A loan taken out to finance the purchase of a property is known as a mortgage loan. Such loans are given out for a specific duration and need to be repaid in accordance with a predetermined schedule.  Again, the term of a this loan can range from 15 to 30 years.

As a mortgage loan is likely to be the largest debt you take on, careful consideration is necessary while choosing a home loan solution.

Your Money Matters Inc. offers affordable and flexible home loan solutions. Our licensed mortgage brokers have access to a large number of institutional and private lenders.

With Your Money Matters Inc., you don’t need to worry about high interest rates or creditor harassment. Our low interest loans make sure that the impact of monthly principal and interest payments on your overall finances is minimal.

Find a Mortgage Loan that is Right for You at Your Money Matters Inc.

Our professional, licensed mortgage brokers will offer you a wide range of products. This allows you to choose a solution that is most suitable for your particular requirements. Products and services offered by us include:

At Your Money Matters Inc. a mortgage broker will not only provide a large number of mortgage product options, but also offer expert advice to help you make the right choice. Our mortgage brokers have over 25 years of experience in the mortgage industry. Our specialists give individual attention to each and every client. This enables us to understand your unique financial situation and offer solutions accordingly. You can be sure of getting the best possible solution under the able guidance of our specialists.

Opt for a Conventional Mortgage from Your Money Matters Inc.

Once you meet the 20% down payment requirement, you now have a conventional mortgage in that you do not have to pay an insurance premium which lowers your payment.

Benefits of Conventional Mortgage Solutions from Your Money Matters Inc.

Low interest rates and options are some of the main advantages of conventional loans. As the number of restrictions on these loans is less, lenders can be more flexible and offer more favorable terms to borrowers.

Large down payment means less risk for lenders, which translates into lower interest rates for borrowers. Conventional loans can be fixed rate products. This means that you need not worry about an increase in interest rates. Fixed monthly payments enable you to manage your budget more effectively.

Once you meet the 20% down payment requirement, you need not pay a mortgage insurance premium. Elimination of an insurance premium can further lower your monthly payments and significantly increase the amount of free cash available to you. You can use the extra cash to shorten the duration of your mortgage amortization or in other words the time duration to completely pay the entire mortgage.

Conventional and High Ratio Mortgages

A high ratio mortgage is a mortgage where the borrower puts down less than 20% of the total purchase price of a home as a down payment. In Ontario, a minimum 5% down payment is required on all home purchases, but you can put down as much as you like. However, if you put down less than 20% you have to get a high ratio mortgage.

Having a high ratio mortgage means that it is necessary to purchase mortgage insurance; this is usually done by the lender. The premium for this insurance is usually calculated in as a closing cost, or can sometimes be financed through the mortgage.

Why do you need mortgage insurance with a high ratio mortgage? A high ratio mortgage necessitates the purchase of mortgage insurance because the lender is putting forth more risk and wants to protect their investment. If you are putting down less than 20%, there is a higher chance that the lender will not recoup those funds if a client defaults, and therefore the insurance is there for their protection.

So what if you put down more than 20%? This is where a conventional mortgage comes in. Since you have placed what the lender considers to be a large enough down payment on a home, you can qualify for a conventional mortgage and are not required to buy mortgage insurance.

If you are putting down more than 20% there is more immediate equity in your home and the lender acknowledges that this is less of a risk. Since there is less risk involved on the lender’s behalf, they will often provide much more favorable repayment terms and you may find rates a little more flexible.

So what are the benefits of these two types of mortgages? Simply put, if you want to open the range of properties you can have access to and are willing to put down less of a down payment, then a high ratio mortgage might make sense. However, if you prefer to put down a larger down payment and skip the mortgage insurance, then a conventional mortgage may be right for you.  Speak with us about your current and future needs and goals and we’ll ensure that you make informed decisions.

Get in Touch with Our Mortgage Brokers Today

Whether you need a loan for buying your first home or you would like to refinance your  current mortgage, our licensed mortgage agents can help you sort out the available options and assist you in making the right decision.

To reach us, call 905-553-0299 and speak with a Your Money Matters Inc. mortgage specialist today!  You can also email your questions to info@yourmoneymatters.com  or visit us at our office in Woodbridge, ON. Get in touch with us and take a concrete step toward fulfilling your financial needs.

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Your Money Matters Inc. is the Mortgage Brokerage of Choice

Your Money Matters Inc. offers comprehensive mortgage solutions for residential and commercial properties. We work with the major banks and have access to a vast & powerful lender network, including private lenders. You are assured flexible terms and the lowest interest rates available. Get in touch with us and see how we can help you arrange a flexible mortgage that suits your individual needs.