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The right mortgage to move you forward.

Low Down Payment Mortgage

In Canada, whether it is your first home or your tenth, if you find yourself moving and want to buy a home to live in, you can still put down as little as 5% of the purchase price.

If you need mortgage financing with less than 20% down payment, we have options available to you.  This is referred to as high ratio mortgage financing and there will be an insurance fee added into the mortgage. 

Your Rock Capital mortgage professional will provide the guidance you need to ensure the mortgage you get will be the best one for you.

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1st Time Homebuyer Mortgage

The reality for a lot of first time buyers in Canada is that they may only be able to save a small down payment for their first home. With Canada’s mortgage insurers, there are many options available to buy your first home with as little as 5% down payment. You may also be able to benefit from available tax incentives and rebates for first time buyers.  See the following for more information:

Talk to your Rock Capital mortgage professional today about all the options and benefits available to get you into your first home.

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Flexible Down Payment Mortgage

We understand that it can be a challenge as first time buyers to save up the minimum required down payment.  That is why with our Flex-down mortgage program we make it easier to get into that first home.

With the Flex-down mortgage you can borrow your down payment from many non-traditional sources such as personal loans, lines of credit or credit cards, gifts from non-immediate family member(s) etc. Note* (an immediate family member is defined as a father, mother, child, brother, sister, grandparent, legal guardian, or legal dependant)

Repayment of the borrowed funds is included in the qualification of the mortgage.

Standard insurer guidelines apply for minimum credit scores, income confirmation, eligible properties etc.

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I'm 55+ and Don't Want a Mortgage Payment

If you are like most Canadians 55 and older, a lot of your net worth is tied up in your home.  You have worked hard all your life to pay off that mortgage and prepare for the retirement years ahead.  You deserve to retire in style, but that asset which is your home, is doing nothing for you as an investment unless you sell.

This is where a reverse mortgage comes in, and we can provide the expertise to guide you through this program and help you move forward with retirement confidently.

A reverse mortgage still leaves you with plenty of equity in your home as it can only take up to 55% of the value of the home which ensures you have the cash you want and the security you need.

Whether you wish to receive your money in a lump sum or over time, the choice is yours, and remember, you are not obligated to make any mortgage payments until you choose to move or sell.

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Large Down Payment Benefits

In Canada, if a qualified purchaser for a home can put 20% or more down payment, they qualify to get a mortgage with no mortgage insurance fees added.  This is called a conventional mortgage.  With a conventional mortgage you also qualify to extend the life of that mortgage up to 30 years, which will in turn reduce your monthly payments, although you will pay more interest over the entire life of that mortgage than you would with a shorter amortization.

Some mortgage lenders require 35% down payment in order to take advantage of the conventional options, others require only 20% down payment.

Another benefit of putting a larger down payment means you have access to a wider range of lenders in cases where you may have bruised credit etc. and cannot qualify for a high ratio insured mortgage.

No matter what your scenario, your Rock Capital mortgage professional will provide the advice you need to ensure you get the absolute best mortgage for your given situation.  Together we will move you forward.

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I Want to Buy a Home That Needs Upgrades or Renovations

If you are buying a home and come across one that you love for the neighbourhood but it just isn’t quite what you want in terms of style or taste, or you find one that needs some updating because you may not be able to afford the one that is completely done the way you want, fear not.  We have a solution for you! It’s called a purchase plus improvements mortgage.

With a purchase plus improvements mortgage, you can purchase a home with as little as 5% down, and add in some money to upgrade or renovate the home to suit your exact style and make it your own.  You provide us with 3 quotes from qualified contractors for the improvements you want done, and then the cost of those improvements is added into the mortgage and paid back over time.  You will need to have access to sufficient funds to pay for the renovations up front, because with this type of mortgage, the renovation funds provided by the bank are held back at the lawyer on closing until the work is completed, and then paid to you after a final inspection is performed to confirm the work is done.

This is a great way to ensure that the home you buy is the way you want it, right from the start.

Our Rock Capital mortgage professionals will guide you through the entire process to ensure it is smooth and stress free.

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Refinances/Debt Consolidation

If you find yourself wanting to make use of the equity in your home and refinance your current mortgage, we have many options available to you.  Maximum limit is 80% of your home’s appraised value.  

Whether you want to do renovations you have been waiting for, or use the money to send the kids to school, take a vacation, or pay off high interest debts to free up some cash, we have the right solution for you.  Contact us today to find out if you have refinance options available.

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Second Mortgages

If you need to consolidate some debts, do that renovation you have been wiaitng for or any other number of things, but you don’t want to refinance your existing 1st mortgage and lose that great rate you have or pay a big penalty, then a 2nd mortgage may be a better fit for you.  We have many lenders available offering competitive 2nd mortgages. Contact us today to see if this is the right choice for you.

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Lines of Credit

You find yourself in the sitatuion where you have plenty of equity in your home, and you want to find a way to maximize the use of that equity to help you now and in the future.  Maybe a Home Equity Line of Credit is right for you.  We have many great options for a secured Home Equity Line of Credit.  This means you can utilize the equity in your home, accessing only what you need for a given situation, and then as you pay off the balance on that line of credit you can access those funds again. This can save you interest costs over time and give you ability to use the funds the way you see fit.  The ultimate in flexibility.

Give us a call today to find out if a line of credit is right for you.

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We strive to combine a passionate and relentless pursuit of excellence with a high view and value of people, culminating in a long-term impact on the individual lives of those underserved in our communities. Our mission to love and serve people pushes us to be the best in everything we do.

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