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eMortgage Solutions

Trusted Mortgage Brokers Located in Toronto

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eMortgage Solutions

Trusted Mortgage Brokers Located in Toronto


Brokerage License #10530

Mortgage Types

Before diving into the wide world of mortgages and refinancing, it is important to know about the many options available to you. The better you understand the options, the easier you’ll be able to converse with brokers and other institutions.

Here is our primer on thirteen of the most common mortgage types available to individuals in Canada. Should you have any questions, do not hesitate to contact us at (416) 258-0156.

First-Time Homebuyers Mortgage

First-time mortgages are for persons or families, making their first foray into the housing market. In most cases, the requirements for obtaining a first mortgage are:

  • Stable income
  • Reasonable credit rating
  • Verifiable down-payment of at least 5%
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Second Mortgage

Second mortgages typically do not exceed 80% of your home’s appraised value. Typically, second mortgages are sought for matters related to debt consolidation, financing of home improvements, or to avoid paying for Private Mortgage Insurance. Interest rates on second mortgages tend to be higher than first mortgages.

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Commercial Mortgage

When acquiring commercial real estate, you need a commercial mortgage. Interest rates are typically higher, and the loan-to-value ratio may also be lower.

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New to Canada Mortgage

Many financial institutions offer mortgage options for Canadian newcomers who wish to secure a home quickly. These mortgage types allow:

  • 5% down-payment
  • High loan-to-value ratios
  • Extended amortization rates
  • And other advantages
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Mortgage Renewals

When your current mortgage term comes to an end, your lender provides you with a mortgage renewal allowing you the option to renegotiate the mortgage terms.

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Mortgage Refinancing

To refinance a mortgage is to pay off an existing loan and replace it with another. Homeowners do this to obtain better interest terms and rate on a mortgage.

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Reverse Mortgage

Reverse mortgages are for homeowners 55 years or older. With a reverse mortgage, you can get money from your home equity without having to sell the home.

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Pre-Approved Mortgages

A pre-approved mortgage is a loan that is secured by lenders prior to individuals finding a home. With this type of mortgage, families can search for a home knowing they’ve already secured a mortgage for it.

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Purchase Plus Improvements Mortgage

A purchase-plus improvements mortgage is for homeowners looking to purchase a home that requires renovations and improvements. Borrowers are able to borrow up to 20% of the home’s post-renovation value.

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Investment Property Mortgage

An investment property mortgage is a loan available to individuals interested in buying rental properties. Down payments and the size of the loan vary depending on the number of dwellings in the unit.

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Bad Credit Mortgage

Bad credit mortgages are for individuals whose financial status puts them at a higher risk for default. Due to their credit rating, many lenders will often request a down payment of 20% or higher.

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Home Equity Line of Credit Mortgage

A home equity line of credit (HELOC) is a line of credit that allows you to borrow the equity in your home. These loans come with a much lower interest rate than the standard line of credit, making it the optimal choice for those who qualify.

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Contact Your Trusted Brokers Today

To learn more about your options, do not hesitate to contact us at (416) 258-0156.

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