Bank Mortgages

•    Conventional Mortgages - These are the type of mortgages where you are making a minimum down payment of 20%.
•    High Ration Mortgages - When you have a down payment of less than 20%, then your mortgage is considered high ratio.
•    Open/Closed Mortgages - An open mortgage is where you can pay off the mortgage in full at any time without facing a penalty.
•    Fixed Rate Mortgages - Your mortgage rate remains the same during your mortgage term.
•    Variable Rate Mortgages (VRM) - Your mortgage rate can vary during the mortgage term.
•    Portable Mortgages - With a portable mortgage, you can transfer it from one property to another without facing a penalty of re-qualifying.
•    HELOCs - home equity line of credit - Lets you borrow equity from your home.
•    Cash Back Mortgage - These are types of mortgages whereby you receive cash up front.

Pros – Offer a Discount or incentive on your loan
Cons – Strict Criteria & slow process

Alternative Mortgages (MIC, B-Lenders, Private & Syndicated)

MIC - Fully authorized entity that pools investor money into a fund to underwrite mortgages on Canadian residential & commercial properties (Home Trust, First National etc.)
B-Lenders - Can offer mortgages that require interest only payments or allow non-conventional income sources (self-employed).
Private Lenders - Can lend mortgage using their flexible underwriting guidelines and financing stategies catered to the borrower's needs.
Equity lenders - Underwriting criteria based on the equity (LTV and or CLTV) in the property rather than conversational underwriting criteria.
Syndicated Mortgage - Facility of financing offered by a pool of lenders (Syndicate). The Syndicate agrees as a group to provide significant loans for single borrowers and property.
VTB Mortgages -  A type of seller financing that lets buyer get a mortgage directly from the seller of the property.
Bridge Financing -  Short-term financing aimed to fund down payment for a new home purchase until current home is sold.
Multiple Collateral Mortgages - Single mortgage secured by more than one property. Provides tremendous flexibility in structuring a single loan to maximize equity in multiple properties.

Pros – Faster approval (Same Day), Simple qualification, Flexible mortgage terms, and better funding options.
Cons – Higher cost of borrowing, only approachable via professional broker
 

Credit Union

Same Products as Bank Mortgages
Pros – Process is fastest, flexible terms
Cons – Higher cost of borrowing

Mortgage Brokers

Customized Mortgage Solution:

• Conventional or High Ratio Mortgage, 0–35 year Amortization mortgage, Pre-approved mortgage,  Interest-only payment mortgage, Balloon payment mortgage,  Customized term.
  • Personalized experts advise
• Brokers have access to countless options for a tailor-made mortgage that suits the client's financial conditions.
  • Save Time & Effort
• Brokers take care of all required legwork, handle loan procedure, documentation closing with Attorney.
  • Best Interest Rate
• Broker has access to 100’s of lenders to negotiate best mortgage rates and terms.
  • Variety of Products
• Brokers can arrange mortgages for land, commercial, construction and bridge mortgages.
  • Save Optional Fees
• Brokers can get lenders to waive application, appraisal, origination & other fees

Pros – Know all the available mortgage products
Cons – Additional brokerage fee applicable