How to Secure the Best Commercial Mortgage in Canada

How to Secure the Best Commercial Mortgage in Canada

For those who are new to the commercial mortgage policy, it is simply a regular mortgage bought against a commercial property instead of a residential plot. The commercial property need not be used just for stores, offices or warehouses. They can be used for residential houses or land improvements as well, as long as the mortgage buyer stands to earn a monetary return from the property.

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What Does a Good Application Have?

  •  At Least a Three Year Tax History

In all cases, be it a new venture, an expansion plan, a rental home construction, or just a property improvement, at least three years of tax returns and the latest bank statements need to be attached in the application.

  •  Detailed Business Projections

Clear plans and precise reasons for your business projections that are going to be executed through the plot needs to be included. To secure the best commercial mortgage rate one has to concentrate on presenting a good plan other than the regular mortgage requirements.

  •  A Significant Down Payment

As commercial mortgages has a slightly higher percentage of down payment to be made, it will only give you a better deal to keep available at least 30% of the value of the property in hand during the application.

  •  Reliable Credit History and Asset and Liability Documents

Your credit history will matter significantly in the application, but has a lower weight age than the business plan and down payment criteria. Other documents such as additional assets and liabilities can also help you be more transparent and more reliable as a borrower.

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Ineluctable Benefits of a Commercial Mortgage with Top Rate Mortgage

  •  Avoid Risk of Facing Increased Rental Charges
  •  Free Your Capital and Increase Your Working Capital
  •  Have a scope for Sub-letting or Leasing areas of the commercial property
  •  Interest payments on your Commercial Mortgage is reduced from your taxable amount
  •  Commercial Mortgage is usually the only and best way for a Start-up without enough cash liquidity

Why Lenders Don’t Tell You the Benefits of Adjustable Mortgage Rates?

Why Lenders Don’t Tell You the Benefits of Adjustable Mortgage Rates?

Adjustable Mortgage Rates are quite disputed as the less beneficial plan, as the risk associated is indefinite. But has anyone told you how adjustable mortgage rate can help save you thousands of dollars flowing simply towards interest payments? Get to know why adjustable mortgage rates are the most preferable when it comes to a long tenure mortgage.

What Are the Rates Printed on Those Banners and Posters?

Mortgage lenders display one of their best rates among all their bill boards and poster, which we are all aware of. These rates which attract most clients, are they actually offered? Yes, they are the rates offered for Adjustable Rate Mortgages. Now that we know adjustable mortgage rates are pretty lower than that of fixed rate mortgages, we are yet not satisfied enough to take such a risk of unpredictable fluctuation. So let’s understand more.

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How long are You Going to Actually Stay in the Home?

We all know, lower the mortgage period, lower the risk the lender assumes and hence give a better rate than a longer period mortgage. But in the long term, adjustable rate mortgages have a much lower average mortgage payment rate than that of fixed mortgage rate, and in short term lenders eventually offer a lower rate in both cases (average or fixed).

Adjustable Mortgage Rates are much Lower that the market rates in their initial period.

In the second scenario, adjustable mortgage rates are quite lower in the introductory period in order to attract clients which give us an upper hand in case we want to sell the house. When one wishes to sell a house which is currently under a mortgage, the equity amount is what the owner gets and the rest is collected by the mortgage lender.

Let’s say your mortgage tenure is of 30 years, but plan to sell your home ten years down the road. You equity value in case of average mortgage rate would be higher than that of the fixed mortgage, as lower payments towards interest would be paid, and more principal amount would be cleared off.

Did You Know About the Five Year Fixed Rate Mortgages in Canada?

Did You Know About the Five Year Fixed Rate Mortgages in Canada?

Most mortgage borrowers prefer mortgages that extend for more than a decade, hence there is little knowledge about the five year fixed rate mortgages in the Canadian mortgage market. The other type of mortgages may have variable or adjustable rate mortgages wherein the rate of interest varies with respect to a base agreed upon in the agreement. But in a five year fixed rate mortgage you monthly payment will remain fixed over the total five year period.

At the end of a fixed rate five year mortgage, either your mortgage is totally paid back or you are moved to an SVR by your mortgage, where SVR refers to Standard Variable Rate category. The SVR here could be higher or lower than your fixed rate of mortgage. If you are willing to go for a mortgage which has short duration, a fixed rate five year mortgage is surely the choice.

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A Five Year Fixed Rate Mortgage come with benefits which are much thought provoking for any mortgage borrower:

Lower interest rate

Interest rates are lower for shorter periods when compared to longer periods. So, in a fixed rate five year mortgage, you will be able to command lower interest costs, and also get your mortgage renewed at the end of the five year term, in case you want more time to repay your mortgage.

Certainty in finances

When you need to project your finances for the near term future, or longer, you have your interest cost fixed and determined as it is a fixed rate five year mortgage. Even if the interest rates rise in Canada, your mortgage shall remain untouched.

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Scope for availing opportunities

If your interest costs are fixed and you are able to project your cash flows and income properly, there is scope for more mortgages in the future. In a Variable Rate Mortgage, as the interest costs are variable, one may not be able to ascertain certain figures that are needed to present while applying for a loan, and lose out the edge on availing a loan.

How Can You Avail Cheap Mortgages?

How Can You Avail Cheap Mortgages?

If you are a first time mortgage buyer then mortgage market may look more like a maze to you. In spite the lack of experience and knowledge, it won't be impossible for you to avail a cheap mortgage. If you follow a dedicated series of steps while finding a mortgage, you can avail the cheapest mortgage that suits your financial position. But before you go to find a cheap mortgage, you need to understand a few rules and regulations about availing a mortgage. Home equity refers to the value of the self-owned part of your house property which is not given out as mortgage. In simple terms, the value of your property other than the amount of mortgage you owe is the home equity portion. While availing a cheap mortgage, you must have at least 20% home equity, hence limiting the amount of cheap mortgage that can be availed to 80% of your house property value.

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Given Below Are A Few Steps That You Can Follow To Avail a Cheap Mortgage

Interest Rate:

Consider the type of interest rate that you are opting for while finding a cheap mortgage. If you think that there are chances that the interest rates may go down, then opt for a adjustable rate mortgage, if not, go for a fixed rate mortgage. All in all, if you want your interest rates to be stable and fixed through-out, go for a fixed rate mortgage.

Choose The Right Broker:

Consider the mortgage availing fees payable to the mortgage lender for the mortgage transaction to complete. Apart from mortgage fees there are few other charges to that may be levied upon you either one time or periodically. You should keep a note of the charges while assessing your mortgage cost, as it can significantly alter your costs. A Mortgage Broker can help you forecast all your costs realistically.

Take Your Credit Score Seriously:

Give high priority to your credit score to get a cheap mortgage. A good credit score can magically bring you a mortgage with much higher benefits than the one with a bad credit score. Simple steps to improving your credit score include, making payments in time, consolidating debt, maintaining a clean balance sheet.

If you are Still Confused about How to Avail a Cheap Mortgage, simply Call on +1 416-402-1410

How Can a Commercial Property Loan help you Expand Your Business?

How Can a Commercial Property Loan help you Expand Your Business?

Businesses that work well have a dynamic layout, having multiple departments to be covered, ranging from product quality, financial planning, market targeting and also public relations. All the mentioned aspects here have a great scope to grow yet in most businesses. At Toprate Mortgage, we simply help you increase your investment flowing towards working capital rather than being stagnant under a property.

Any business can expand, eventually by growing its sales only. Sales would require a growth in purchases too. But if most of your capital IS gone in buying a land or a property, then you would not be able to display as much strong and equipped organization you could’ve been. Here is where commercial property loan helps you access a property simply by putting down a fraction of the value of the property.

Contact Us and Take your First Step towards Setting up a Successful Business.

How Should You Pick a Commercial Property Loan?

Know Your Business Potential

Be sure of what you want to do with the property and have a full proof plan. Show your research and potential of the business that you would grow or expand through the new property. Present all the available documents and have strong reasons about why you would earn high returns.

Secure an Efficient Rate

A plan would eventually give you a rate of return you would earn on the investment. The return must be quite higher than the interest return on your commercial mortgage so that building the business would give you a better earning than just a bank deposit return.

Connect With an Experienced Lender

Consider various lenders and go through their terms and the rates they have to offer. Pick the one most suitable to you having the tenure of the loan on mind as well. Ensure to use all your contacts to secure your best deal as it is not a regular purchase, but an on- time investment for your business.

Call Us At +1 416-402-1410 to Know More About Your Commercial mortgage Options.

How to do it All?

All the above can be easily ensured by just employing the right mortgage broker to work for you. A brokers experience and swiftness cannot be replaced by a simple layman’s effort. Brokers tend to have access to a wide range of lenders who can now be easily accessed by you just by contacting Toprate Mortgage.


How Do Fixed Rate Mortgages Work?

How Do Fixed Rate Mortgages Work?

Out of the various types of loans based on interest, fixed rate mortgages are ones in which the interest rate is fixed throughout the loan period. The other type of interest based loans that is offered by a lender is variable rate mortgages, where in the interest rates vary through the period of the loan depending on a factor that is pre-decided, for example inflation. The fixed rate mortgages are characterized by their fixed interest rate, the duration of the loan, its compounding frequency and the amount of loan borrowed. With the help of these the monthly interest payments can be calculated while considering if the fixed rate mortgage loan is amortizing or non-amortizing.

When compared to the variable rate mortgages, fixed rate mortgages tend to have a higher interest rate as they offer certainty in the future for the borrower. There can also be a few mortgages in which variable rate mortgages have higher interest due to their bases being one which shall decline in the future. A fixed rate mortgage is considered to be as a standard home loan.

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What Are the Advantages Of Opting A Fixed Rate Mortgage

Certain and Defined

It is convenient for the borrower as they can plan their finances and make financial projections with a fixed interest cost, unlike in the case of variable rate mortgage takers who have an uncertainty element in their decision making.

Easy to understand

It eliminates complexity in its loan agreement and in the loan tenure. As in a variable rate mortgage where the rate varies on a regular basis, and the reasons, basing on which the rates shall change may be an added burden for the borrower, and is fully eliminated in the case of a fixed rate mortgage.

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No sudden increase in interest rates

There can be a situation in variable rate mortgage when the interest rates might suddenly rise due to an exceptional case or a regular expected event in which the interest burden for the borrower becomes unworthy. This type of a situation cannot occur in a fixed rate mortgage.

All You Need to Know About Home Equity Loan

All You Need to Know About Home Equity Loan

Many confuse Home Equity Loan with Home Equity Line of Credit (HELOC). Home Equity is a lump sum you borrow against your own stake, while HELOC is more like an access to a limited amount of credit which you can borrow and pay off periodically, much like a credit card. In a Home Equity Loan you use the equity value of your home as collateral, and to determine the value of the property one needs to get his / her home appraised.

How Much Home Equity Loan Can You Borrow?

Generally 80% value of the available home equity is eligible to be given out to as loan, but the loan amount also depends upon the borrower’s credit score and payment history.

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How is Home Equity Loan different from a Regular Mortgage?

A regular mortgage is when you borrow to purchase a home. Home equity loan, is when you borrow on a part of what you own already. In a regular mortgage, buying the property is your primary motive, while in a Home Equity Loan, your primary purpose to borrow could be a personal expenditure or home renovation or such other expenses.

Is Reverse Mortgage a Better Option than borrowing on Home Equity?

Reverse Mortgage is relatively costlier. Reverse mortgage is to be paid off only at the time of resale, till which the interest gets accumulating. Amount in Home Equity is received as a lump sum and is repaid as an amortizing loan.

Other Features:

  1.  You Can Sell while on loan
  2.  You Can Use the Amount to fully finance a Second Home
  3.  You can avail finance quickly
  4.  Provides opportunity in times of lowering interest rates or rising property rates
  5.  You can avail tax benefits on the interest paid towards Home Equity Loans

Contact us Today and Know How Much Equity are You Eligible to Borrow Right Away!

How Second Mortgages allow you to Borrow from Your Own Pocket?

How Second Mortgages allow you to Borrow from Your Own Pocket?

Second Mortgage options in Markham if bought after through research, can give you a great return on your equity owned. It is almost like borrowing from your own pocket and earning returns on it. For those who are new to the second mortgage, it is simply a loan you can borrow from a lender by offering him a collateral being your equity left in the home after deducting your first mortgage. Wondering how it can it not cost you much to borrow a second mortgage in spite of already having the first mortgage? Let’s see:

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Way’s You Can Use a Second Mortgage as an Opportunity:

Erase The High Rated First Mortgage Off Your Cards:

This is the most common reason for one borrowing through a second mortgage. When the mortgage interest rates in the market take a steep fall, it is better to purchase a new mortgage at a lower rate and pay off the initial mortgage to the full.

Second Mortgage Markham

Build the Resale Value of Your Home:

The second mortgage can be borrowed to renovate your home for a better resale value. At the time of resale, owners usually furnish and polish their home to make it more presentable to the buyer. Newly renovated strong houses give a higher resale value.

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Give Wings to the New Business Opportunity:

That store you wanted to open or the idea you wanted to fund, that product you wanted to make or the trade you wanted to can now all be possible at a second mortgage rate. Mortgage rates would allow you to reach your break even quickly.

Lend on an Unorganized Platform:

Since mortgage collateral’s are strong and physically immovable, the lending rates are quite low compared to other financing options. This allows you to lend your money to another at a higher rate and save the difference in rates for your good.

Benefits of Second Mortgage

Why Should You Take a Second Mortgage?

A Mortgage simply refers to a loan where the collateral is specifically a residential property. A second mortgage is a loan borrowed in spite of an existing ongoing loan against the property. Thus in a second mortgage the risk of the lender is higher than the risk of the first mortgage lender. The first mortgage lender has the initial rights over the property to clear off his share after which the second mortgage lender has a right.

Click here to avail a Loan of 80% of the value of your home

Usually the loan you can avail from a second mortgage is around 80% of the value of home, but it differs from situation to situation. Since the risk of the second mortgage lender is high, the interest rates are also higher than the first mortgage market rates at a particular time. That is why consulting a broker has become very necessary to secure a good deal in the mortgage market. Brokers have no charge for their consultancy, they are simply paid by their network of lenders.

Lump Sum Availed from the Second Mortgage Can be Simply Used for Anything:

Cover the Down payment of Your First Mortgage

A second mortgage can be availed to cover the down payment of the first mortgage only after which you will be able to avail the first mortgage. You can also avoid Private Mortgage Insurance using your second mortgage.

Secure a Better Interest Rate

Being a volatile market, you can avail a second mortgage at a low interest rate and simply pay off your first mortgage with the lump sum received. You can also pay off your high rated debt obligations such as your credit card dues using the second mortgage.

Meet Emergency Financial Obligations

Emergency medical expenses or higher education expenses can easily be covered by a readily available second mortgage. The rates are much lower than other borrowing options in case of a second mortgage.

Move to Another Lender

A lender having better terms and conditions can always be approached and availed by borrowing a second mortgage on your home and using the lump sum to pay off your first lender. You can convert from bank to a private lender or vise versa using a second mortgage.

Interest payments on Second Mortgage are usually tax deductible unlike other interest payments such
as your credit card interest charges.

Are You Buying Your First Home in 2018 – 2019? Here’s All You Need to Know

Are You Buying Your First Home in 2018 – 2019? Here’s All You Need to Know

Make Your First Home Your Dream Home.

Most of us just hold the thought of our desired home, but there are only a few who execute it. At Toprate Mortgage, we simply guide the later few. First Homes can be quite a drag as the purchase might not turn out as simple as it may seem. Let us see what are the steps involved for a First Time Home Buyer:

THERE IS A FIRST TIME FOR EVERYTHING! Click Here For Your First Home Purchase.


There are a few conditions that every home buyer must be aware of. Either he can do his own research on the rules and procedures or can simply approach a mortgage broker having reliable testimonials. Mortgage brokers are usually paid by their network of lenders and hence won’t cost you much, but will definitely save you thousands on your deal.

Determine Affordability

A certain down payment has to be made by the buyer to avail your mortgage. In case the down payment is too low, the buyer will have to buy the mandatory mortgage default insurance. Your down payment usually determines your interest rate as well as your affordability. As you are a first time home buyer your credit score may or may not be a reliable indicator.

Make an Offer and Clearing Inspections

Once you have visited a few homes and prefer a specific one you go ahead by making an offer. There may be more along with you making the offer and hence making an offer can be quite competitive. A broker usually helps you understand the locality and its ongoing rates along with the value of the built property. An inspection will then be made to check the durability and quality of the home.

Only After all these steps you will be en-cashing your mortgage and making your first home purchase. It is always better to employ a mortgage broker who can give you an insight of the market and help you get your first and best deal.