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TEN STEPS TO BUYING YOUR DREAM HOUSE FOR THE LOWEST PRICE POSSIBLE – Your Complete Home Buyers Kit E-Book

It is easier for you to buy a new home if you have the information needed to guide you through the process! Download this eBook now and get the information you need to make this process as easy as possible!

GET APPROVED TODAY WITH THE BEST MORTGAGE RATES AND TERMS FOR YOUR MORTGAGE NEEDS !

Citadel Mortgages will give you the facts that your bank won’t tell you about financing or refinancing your home. With access to multiple lenders, we will help you find the best mortgage rates and best mortgage solutions so you can buy or refinance  your dream home today!

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Mortgage Rates

When mortgage rates change, it can happen quite quickly. So when it comes to mortgage, timing is everything. Be sure to secure your mortgage rate while rates are favorable in order to get the best deal possible. Also, if you are looking to buy a home or you are thinking about changing from your current lender, you’ll want to do your research before you make any final decisions as the mortgage rate is just as important as the terms of your mortgage. The wrong terms for your mortgage could cost you thousands in extra fee or break fees!

Remember, all mortgages aren’t created equal, so it’s important to compare mortgage rates and with with a mortgage broker or mortgage agent that you trust.The terms and conditions of mortgages vary, as do the interest rates. A mortgage should be set up to match your needs as much as possible. At Citadel Mortgages we want to equip you with the knowledge you need to make the best decision for you and your family.

 

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Citadel Mortgages Changing The Way Mortgages Are Done!

Current Mortgage Rates

Term Rate
Insured Rates 
Variable Rate – High Ratio Insured 2.60%
1 Year Fixed 2.99%
2 Year Fixed 3.19%
3 Year Fixed 3.29%
4 Year Fixed 3.59%
5 Year Fixed 3.47%
7 Year Fixed 3.59%
10 Year Fixed 3.89%
5 Year Special 5 in 1 Rate 3.04%
Line Of Credit ( HELOC) 4.45%
Refinance Insured
Variable Rate 3.20%
5 Year Fixed 3.59%
Purchase/Refinance Conventional)
Variable Rate 3.20%
5 Year Fixed 3.59%

“Instant Approval, Conditional Approval, Pre-Approval” – Borrower subject to credit and underwriting approval. Not all borrowers will be approved for conventional financing or equity financing or mortgage rates shown here. Receipt of borrower’s application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, Annual APR is subject to approval and underwriting, APR includes all fees and rate which is calculated on a yearly term. APR varies contact us for current rates or more information on a specific product. OAC* Mortgage rates always change please contact us for proper approval.

 

Which Mortgage Is Right For You ?

What is an open mortgage?

An “open-term mortgage” is an appealing option to those who plan on paying off their mortgage sooner rather than later. This type of mortgage can be repaid fully or partially at anytime without prepayment interest fees. If you want to convert them to another term, you are able to do so at anytime again without prepayment interest fees. The interest rates for open mortgages tend to be higher than those of closed mortgages because they have such flexibility and options for you as a client. Keep in mind these types of mortgages may have other fees involved as well so it is best to talk to one of our mortgage agents to ensure you understand all the terms!

What is a closed mortgage?

A “closed-term mortgage” is the most common choice for people who aren’t planning to pay off their mortgage in the near future. The interest rates for closed term mortgages tend to be lower than that of open mortgages. With closed term mortgages, you’re able to save on interest costs and hopefully this will help you to pay your mortgage back faster. Fixed or variable options are available for closed term mortgages but there’s a restriction on the principal amount that you can pay towards our mortgage each year.

If you want to renegotiate your rate, you will need to pay a prepayment charge. In addition, you will need to pay this prepayment charge, if you want to pay off the balance of your mortgage before the end of the term or if you want to prepay more money than your mortgage will allow you to.

Also there are some closed mortgages that you are not allowed to pay off the mortgage at all until end of term which can make it hard to do refinancing in the future, again these are common terms that can cost thousand of dollars in the future and it is best to ask one of our mortgage agents to assist you in obtaining your mortgage so we can explain all the terms to ensure a smooth mortgage transaction.

Prepayment Charges

With prepayment charges you have the flexibility to increase your monthly payments or to pay the whole thing off. Contact our team of mortgage agents to find out more about your prepayment options.

Comparison: Variable vs. Fixed Mortgage Rates

Fixed Mortgage Rates

More than 50% of Canadians have fixed mortgage rates, which means the monthly payment stays the same over the full term. You are protected against fluctuating interest rates, so it can set up and you don’t have to worry about it. If you want stability – this may be the best option for you but we have to look at your complete financial picture to ensure this.

Variable Mortgage Rates

With a variable mortgage, your rates are typically lower but they will vary over the term. Your payments will be based on market behaviour and this will have an affect on how much you are paying. The amount that you are paying will change over time but can also reduce the amount of interest you pay over your mortgage term or even help you pay off your mortgage faster.

What We Offer:

At Citadel Mortgages, our knowledgeable mortgage agents are able to provide you with our best mortgage rates that fit with your mortgage needs.

 

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New Mortgage Rules FAQ

Even if you have 15 to 20% of the property value for down payment, it may not be enough to quality for a loan, under the new rules, from a traditional lender such as a bank. As of January 1, 2018, new regulations were put in place which makes it harder for first time home-buyers and even experienced home-buyers to secure the mortgage loan they need.

How does this affect the mortgage client with a down payment/equity of 20% or more?

The biggest impact will be on the amount for which the home buyer/owner will be able to qualify. Previously, the home buyer/owner qualified at the contract rate offered by the lender. While the actual mortgage payment will still be paid at the contract rate, a higher calculation will be used for qualification purposes.

Do I still have the option to refinance my home with these new mortgage rules?

Yes, home owners will still have the ability to refinance up to 80% of the value of their property. You will have to pass the same stress test which is the higher of the Bank of Canada five-year benchmark rate OR the contract rate from the lender plus 2%.

What happens to the bundle mortgages some of the lenders offered ?

Mortgage lenders (excluding credit unions and private lenders) are prohibited from arranging with another lender: a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law. This is often referred to as “bundling” or “bundle partnership”.

What does this mean?

For example: a client applies for a mortgage with an 80% LTV and the lender can only approve 65%. The lender then partners with a second lender for the additional 15%. The original lender then “bundles” the 15% LTV mortgage with the original 65% mortgage to form the complete 80% LTV loan. This is no longer permitted as per OSFI.

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Client Success Stories

Our clients always come first. Our goal is to help you get the best advice and mortgage solutions for your needs. Citadel Mortgages was formed to help you achieve your financial home success so allow us to help you today. Speak to one of our mortgage agents today!

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Citadel Mortgages - Mortgage Solutions Across Ontario -Consolidate Debts- Second Mortgage - Home equity Loans- Mortgage Refinancing- Self Employed Mortgages- New Home Buyer Mortgages- Toronto Mortgage Broker- Stop Power Of Sale - Power Of Sale
 Citadel Mortgages
Citadel Mortgages - Mortgage Solutions Across Ontario -Consolidate Debts- Second Mortgage - Home equity Loans- Mortgage Refinancing- Self Employed Mortgages- New Home Buyer Mortgages- Toronto Mortgage Broker- Stop Power Of Sale - Power Of Sale
Citadel Mortgages - Mortgage Solutions Across Ontario -Consolidate Debts- Second Mortgage - Home equity Loans- Mortgage Refinancing- Self Employed Mortgages- New Home Buyer Mortgages- Toronto Mortgage Broker- Stop Power Of Sale - Power Of Sale
Citadel Mortgages - Mortgage Solutions Across Ontario -Consolidate Debts- Second Mortgage - Home equity Loans- Mortgage Refinancing- Self Employed Mortgages- New Home Buyer Mortgages- Toronto Mortgage Broker- Stop Power Of Sale - Power Of Sale

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“Instant Approval, Conditional Approval, Pre-Approval” – Borrower subject to credit and underwriting approval. Not all borrowers will be approved for conventional financing or equity financing. Receipt of borrower’s application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, Annual APR is subject to approval and underwriting, APR includes all fees and rate which is calculated on a yearly term. APR varies contact us for current rates or more information on a specific product. OAC*