Whether buying a new home or refinancing your current home, Commonwealth will search the Canadian mortgage marketplace to make sure you get the mortgage that perfectly fits your needs.
The backbone of the Canadian mortgage market. Fixed rates give you the safety of locking in your rates for the length of the term. Terms typically range from 6 months to 10-years.
The cheapest mortgage at any given time is typically a variable rate mortgage. These highly flexible mortgages are tied to the Prime Interest Rate. When the Prime Rate falls, so does your mortgage payment. When the Prime Rate goes up, your monthly payment goes up too. Variable rate mortgages are considered risker than fixed rate mortgages – but if you think rates will fall, or remain level, this is your best bet.
Bad times occasionally befall good people. Commonwealth has access to lenders that are not as constrained as conventional banks and trust companies. Bruised Credit mortgages typically require a larger down payment (or sometimes even a co-signer). Call us to chat about your situation and how we can help.
Sometimes it’s hard to prove your income when you own your own business. Commonwealth has access to a number of programs that know how to lend to self-employed borrowers. This usually requires at least 10% down (in some cases even more).
If you’re a permanent resident with a Canadian credit history, you may qualify for a 95% mortgage. If you're a non-permanent resident you may qualify for a mortgage of up to 90%. In all cases you must reside in Canada.
Need improvements before you move in? Have a great contractor lined up with a solid quote? Then we can help. This is an insured program that allows you to move in, complete your improvements, then pay your contractor from mortgage proceeds held in-trust with your lawyer or notary.