Mortgage

We have over 50 lenders, conventional and private that do the following: Construction mortgages, Development land mortgages, ALR Mortgages, Residential Mortgages

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The Type Of Mortgages We Offer
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We deal in five major mortgages which include, Residential, Construction, Commercial, Private, and Agriculture. Having dedicated many years as a lender/funder, we know how to present your application. We’ve seen many applications declined or approved based on presentation alone. Presentation is key!

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Commercial Mortgages
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East to West Groups main area of expertise is negotiating long-term mortgages for industrial properties, apartment buildings, shopping centers, and office buildings. We are always looking at different ways to be innovative, minimizing the cost of funds and meeting other unique needs of the borrower such as, funding prior to lease-up, limited guarantees, and fixing of interest rates prior to the completion of development projects.

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Residential Mortgages
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There are many different types of mortgages available. Whether your purchasing your first home, a rental property, re-financing/equity take-out, or consolidating debts.

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Private Mortgages
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Private mortgages are interest only loans, short term, ranging in length from 1 to 3 years. Private lenders have realized that conservative lending guidelines used by banks and conventional lenders exclude many individuals who are in fact able to pay back loans. Private lenders take into account a property’s overall value and marketabilty as opposed to the borrower’s credit history and documented income. Interest only loans do not require home-owners to pay the mortgage principal down, and only requires interest payments each month. Often we get private deals approved in 24 hours!

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Agricultural Mortgages
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We specialize in Agricultural Mortgages. With over 10 years of experience in the Agriculture Industry we understand each sub sector of the industry and can provide competitive conventional financing and private financing for any Agriculture related business.

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Subordinated Debt / Mezzanine Financing
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This growth and transition capital may not have specific tangible security and typically relies on the stability and adequacy of cash flow from the business to service the debt. In certain forms, this product may also be referred to as ‘second lien’ or ‘mezzanine financing’. Typical guidelines: Highly customized based on the strength of the business, security particulars, repayment terms, and debt servicing capacity. Security may be subordinated to the prior lien of a senior lender. Amortization up to 10 years. Interest rates vary. May include some equity ownership as additional consideration for the loan, depending on the amortization and the strength of the business.

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Construction Mortgages
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A construction mortgage is a type of funding, which is advanced in intervals as the house is being built. There are usually 4 draws at; 35%, 60%, 80% and 100% completion. Completion is verified at each stage by a progress report from an appraiser. A Land Draw (conventional only) may be required if the customer is also purchasing the land.

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MORTGAGE FAQ

Mortgages are loans you take out to buy real estate or turn your home equity into useable funds. Once approved you are required to payback the loan based on specific terms that include variable or fixed interest rates, payment schedules and timelines. These details are finalized at approval and become the repayment terms for your mortgage.

Your lender registers a charge on your property. If you are unable to repay the mortgage, your lender may take possession of your property and list it for sale to recoup any money you owe them.

Mortgage brokers work as liaisons and facilitators between the borrowers and mortgage lenders. A mortgage broker does the hard part of obtaining a mortgage for you; they search for the mortgage product that best suits your needs by obtaining the best mortgage rate and terms based upon your specific situation. Mortgage brokers have access to most bank-based lending institutions, as well as specific mortgage lenders.

Fixed-rate mortgage - your interest rate and monthly payments stay the same [fixed] for the length of the mortgage term, traditionally one to five years. If interest rates go up during the term, your rate will remain the same as your product is fixed.

Variable-rate mortgage - the interest rate changes based on the mortgage Prime Rate which is determined by the Bank of Canada. Your mortgage agreement sets out how and when your interest rate will change. Your regular payments may stay the same, however if interest rates go up, more of your payment will go towards interest. Conversely if rates go down, more of your payment goes towards the principle of your mortgage.

We have many options that can help you pay off your mortgage faster. You can start by changing your payment frequency to an accelerated option such as bi-weekly or weekly payments. Another option is increasing your regular payment amount. The amount that you can increase your payments will be dependent on your mortgage lender and their specific restrictions for extra principal repayment.

You can prepay an open mortgage, in part or in full, without a prepayment penalty. Open mortgages usually have higher interest rates than closed mortgages, this is due to their flexibility. If rates start to increase, you request a switch to a closed mortgage.

If you prepay a closed mortgage before the mortgage term ends, you'll pay a prepayment penalty. The prepayment penalty is usually the greater of 3 months' interest or the interest rate differential (IRD). For a variable-rate closed mortgage, the charge is usually 3 months' interest. Closed mortgages usually have better interest rates than open mortgages.

A Commercial Mortgage is any mortgage that is purchased under a corporate entity [sole-proprietorship, partnership, or corporation]. These mortgages are used to purchase office buildings, warehouses, apartment buildings, shopping centers. They are also used for commercial construction and development for townhouse complexes, apartments, and residential construction.  Commercial mortgages are different from residential mortgages due to the fact:

  1. The loan-to-value ratio may be lower for a commercial mortgage, meaning less of the total value of the property is covered by the loan.
  2. The interest rate on a commercial mortgage is higher than on a residential mortgage.
  3. Commercial Mortgages have shorter terms, usually one to two years with some exceptions up to five years.

While a residential mortgage loan may be approved quickly, a commercial mortgage loan can take up to three to six months to achieve approval through a financial institution. This is where a mortgage broker is a key partner, they use their relationships to decrease the approval time with these institutions.

When refinancing commercial mortgages, it is important to be able to determine how much equity you have remaining in your real estate property. and what total loan to value (LTV) will be. Commercial mortgage lenders have a loan to value thresholds that they will not exceed. This is due to lenders wanting to ensure that the borrower has enough invested interest in the property, to be motivated and make their monthly mortgage payments on time.

The payment options for commercial mortgages offer both variable and fixed rates, like residential products. Commercial mortgages traditionally have shorter terms, usually one to five years with some exceptions up to five years and payments are interest only. Mortgages used for construction lending or land purchases have the shorter one to two years with interest only payments. Mortgages used for rental properties [apartment buildings, office buildings, warehouses, or shopping centers] will traditionally have a five year term with a longer amortization and blended payments [principle and interest].