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mortgage

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Buy a
property

First time buyer Already a home owner Commercial Multi-Unit
Refinance

Refinance
your property

Renovate your property Consolidate your debts Invest Other projects
Renew

Renew
your mortgage

Time to renew your mortgage? Before your term expires Use your equity
Reverse mortgage

Reverse
mortgage

Equity Take Out Income for Life
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Buy a property

First time buyer

Find the right mortgage financing option for your needs.

Purchasing your own home is very likely the biggest investment that you will make in your lifetime. Terry Kilakos & his team of mortgage brokers can help you get the most out of this important investment. Our trained consultants will help you through the whole process, provide advice tailored to your individual situation, and guide you to finding the perfect mortgage.

Owning vs. Renting? Ask Yourself the Following:

You are planning to purchase a home when suddenly doubt strikes you. Is it the right time? How much will my mortgage payments cost?

Our mortgage calculator can help you to put your situation into perspective. Just enter some basic information and it will give you an estimate of your mortgage payments.

Here is what you need to know

Buying a home requires

A down payment of at least 5% of the purchase price plus an extra 1.5% for fees related to the purchase.

You must prove that you can afford the related costs (notary, moving fees, etc.)

Saving up for a down-payment on a home can be very difficult, but we can help. In consideration of your budget, lifestyle and long-term financial needs, we’ll find a solution that will allow you to achieve your goal.

Get a Mortgage that Suits your Financial Position

If you are thinking of buying a home, then stop for a moment to consider the pros and cons. Create a realistic household budget that will not place any risk on your financial situation or lifestyle. Once you know your borrowing capacity, you will have a clear picture of how feasible it is to buy a home.

With a clear view of your financial situation, your broker will be able to help you find a mortgage that fits. We can also refer you to a real estate professional who will advise you in finding a neighborhood that suits your lifestyle and family situation.

When is the Right Time to Get a Mortgage Broker?

You should contact a mortgage broker at the very beginning. Terry Kilakos and his team will walk you through the whole mortgage financing process. They will find a mortgage product that is tailored to your needs, will explain the programs and subsidies that are available to you, and will point out any closing costs that you might incur during the purchase.

Why Should You Get Pre-Approved?

Pre-approval is the first step in buying a home. It allows you to:

  • Know your borrowing capacity
  • Set a budget for the purchase
  • Protect you from increases in interest rate during the first 180 days, but still allow you to benefit if from rate reductions.
  • Give you credibility and a stronger bargaining position in negotiations
  • Pre-Qualification: Protects you from interest rate increases, but does no include a credit check so it does not guarantee that you will be able to borrow the money that you need.

Pre-Approval: Gives you peace of mind and accelerates your mortgage application.

Already a home owner

Leverage your vacation property with programs offered by some of our lenders.

Is a Cottage the One Thing You’re Missing?

If you already own your home, but dream of a country cottage or downtown pad, we can make your dreams a reality. With a vast experience in the industry, Terry Kilakos and his team can offer many vacation property programs from several chosen vendors. Our trained consultants help you to gain perspective on your project and find a mortgage tailored to your needs.

Did you know:

  • You can have more than one mortgage at time, such as one for your home and another for a vacation property.
  • Only one property is considered “primary”, all others are secondary.
  • It only takes a 5% down-payment to get a mortgage on a second home.
  • You can use the equity in your first home to finance a second mortgage and make your dream come true.
  • There are many options available for each of your mortgages. Let us use our market knowledge to help you finalize your project and get a mortgage at an unbeatable rate.

Rental properties

If you are looking to buy a rental property (one where you do not reside) then take advantage of the expert advice offered by the Terry Kilakos team.

Here’s what you need to know

For a full rental property:

  • A 20% down-payment is required to purchase a 1 – 4 unit property.
  • If you want to purchase a property with 5 units or more, you will need at least a 15% down-payment, and must respect the CMHC’s rental ratio.

For a rental property where the owner lives in one unit:

  • The down-payment is 5% for a duplex, 15% for properties with 3-4 units and 15% for a 5 unit property. Full rental property criteria apply to buildings of 6 units or more.

Commercial

How to obtain a commercial mortgage

You have found the ideal project and also the perfect plans and location. Now how do you turn this real estate project into a success? Terry Kilakos and his team can help ensure that the financing structure of your project is geared to achieve this goal.

Today’s financial tools can either make or break a project. With today’s rapidly changing market, staying on top of the latest available financial tools is difficult for even the most sophisticated promoter or developer. Our staff is dedicated to the success of your project and will ensure the best possible return on your investments by meeting all your projects’ current and future requirements. So instead of dealing with the numerous questions and replies from the lenders, you can focus on the everyday details of your project.

Keeping your acquisition, construction, operating or management costs at a minimum is essential. Terry Kilakos and his team can make sure that your borrowing costs are tailored to your objectives. Our knowledgeable staff will negotiate the best rate and most flexible terms and conditions to maximize your return.

Feel free to contact us today so that one of our brokers can assess your commercial needs on a case-by-case basis and recommend your best options.

Multi-Unit

North East Mortgages offers tailored solutions for your 5+ unit projects. Whether you are purchasing or refinancing, we have access to a wide array of lenders willing to finance your investments. From traditional lenders working with CMHC to alternative lenders who are more flexible with the financing conditions, our customers have many options to discuss with our knowledgeable multi-unit experts. Using equity from an existing multi-unit to finance the purchase of a new building? We can coordinate that as well. And if you choose to use our notaries on site, the transaction becomes that much easier. Contact us today to find out more.

services

Refinance your property

Renovate your property

Have a large project but only a small budget?

Mortgage refinancing is your solution

Did you know your house has most likely increased in value since you purchased it? This value gain can be used to help finance home renovations. By refinancing your mortgage, your increased home equity can secure a lower interest rate which will then finance your renovation projects.

Your possible refinancing options:

  • If your detached home, condo, duplex, 3-4 unit property is owner-occupied, up to 80% of the value can be borrowed.
  • For multi-unit buildings of more than 5 units, up to 80% of the market value can be borrowed as well.
  • The remaining sum after your mortgage balance is deducted could be used to invest elsewhere.
  • Refinancing can be done at any time.

Some renovation projects that could increase the value of your property:

  • Redo your bathroom and/or kitchen.
  • Construct an addition onto your house or expand your garage.
  • Have an in-ground swimming pool installed in your backyard.
  • Enhance your home’s exterior with some attractive landscaping.
  • Hiring a recognized APCHQ contractor for your renovations is highly recommended. It is also advisable to obtain quotes from the professionals or specialized retail stores you are considering hiring for the renovation projects.

Feel free to contact us to discuss the various options available to help you realize your home projects.

Consolidate your debts

Do you have any large, unmanageable debts?

Mortgage refinancing is your solution

When trying to reduce debt, you must carefully analyze your financial situation and determine if repaying a loan within a reasonable period is manageable without the debt load being too overwhelming. Taking out a debt consolidation loan may not be the solution if the payments are too high or if your cash flow stream is irregular. Refinancing your mortgage might prove a better option. Your home has most likely increased in value and this equity would help to secure a lower interest rate, thereby helping you to pay off debts.

If your single or 1 to 4 unit property is owner occupied, up to 80% of the value can be borrowed. For multi-unit buildings of more than 5 units, 80% of the net value can be borrowed. After you deduct the mortgage balance from that amount, the excess can be used to pay off debts, most likely while profiting from lower interest rates too.

Debt consolidation has several advantages. It reduces the amount of your monthly payments by combining them into one monthly payment. You can take out one loan to pay off either part of or your entire debt load, whether from credit cards, line of credit or other personal debts. This can be a practical option so long as repayment corresponds to your financial stream at the same time as allowing you to maintain your lifestyle.

Most often, a debt consolidation loan results in a lower monthly interest rate than the previous debt load. By comparing your mortgage rate to interest rates paid on credit cards, line of credit, car loan or other personal loans, a big difference can translate into savings just by consolidating your debts.

Reconcile your debts and save

Refinancing your mortgage can help to improve your money management. By doing this, your loans will be paid off by our lenders while your payments will be simplified to a single affordable monthly one! One loan means only one payment! Terry Kilakos and his team of brokers can help reduce your financial burden as well as your interest costs, translating this into savings.

Several options offered by our lenders will allow you to repay your mortgage quicker while decreasing the interest paid. You could choose to either make advance lump-sum payments applied directly against your capital or accelerate your payments (weekly or bi-weekly).

Feel free to contact us to explore different options to better manage your money.

Invest

Are there huge advantages in investing?

Mortgage refinancing is a profitable option

You will be happy to know that your home has most likely increased in value since its purchase. This increase in equity can be used to help grow your investment portfolio or even allow you to invest in a multi-unit property. You can use your home equity to refinance your mortgage and secure a lower-interest loan. You can, in fact, borrow up to 80% of your property’s market value minus your mortgage balance.

Did you know that:

  • Refinancing is possible at any time.
  • For owner-occupied property of 1-4 units, up to 80% of the market value can be borrowed.
  • For multi-unit buildings of 5 units or more, up to 80% of the market value can be borrowed.
  • After you deduct the mortgage balance from that amount, the rest can be used to invest in something interesting.
  • Utilize your increased home equity for investment purposes

We recommend that you contact a professional recognized by the Autorité des marchés financiers (AMF). He or she will carefully help you to develop an investment strategy based on your particular needs and knowledge of the financial market. Your risk tolerance, available funds to invest, and investment goals will also be taken into consideration. Refinancing your mortgage to wisely purchase a diversity of financial products could result in a substantial and worthwhile profit.

Contribute to your RRSP

A refinancing strategy can be used to increase your RRSP contributions while also generating tax savings.

Accredited AMF professionals can readily counsel you on how to expand your RRSP portfolio.

Invest in rental property

Why wait for your mortgage term to conclude before deciding to buy rental property? As the years pass, your property will follow the real estate market trend and the net value will increase. Take advantage of this increase in equity to refinance you property and invest in a rental building.

You can find out from your accountant what operating costs are deductible, such as mortgage interests. Your mortgage broker would also be able to tell you about the benefits of specific products adapted to your investment projects.

Is refinancing the right choice for you?

Borrowing to invest could be a great strategy if done wisely and in accordance to your risk tolerance and your personal values on investment goals. Before making this financial commitment, you should thoroughly examine what you want to achieve, how it can be done and if you are willing to accept the outcome.

Feel free to contact us to help you choose the right investment. Our team of mortgage brokers will gladly explain to you the advantages of mortgage refinancing.

Other projects

Have a large project but only a small budget?

Mortgage refinancing is the solution

Unfortunately, we aren’t usually rewarded financially for all the great ideas floating around in our heads, but don’t let that lack of cash flow stop you. You will be happy to know that your house has most likely increased in value since it was purchased.

This gain in equity can help you:

  • Travel and see the world
  • Buy a car, a motor home, a boat, or even a motorcycle
  • Pay for your children’s education
  • Start a business or any other project that your heart desires
  • Take a sabbatical or retire early
  • By refinancing your mortgage, your home equity can be used to secure a more advantageous interest rate, thus helping to finance your projects.

Did you know that:

  • You can benefit from your increased home value when refinancing by borrowing up to 80% of your property’s market value minus your mortgage balance.
  • For a 3 or 4 unit building, you can borrow up to 80% of the property’s net value and for multi-unit buildings (5 units and up)
  • You can use the sum resulting from the increased equity to realize these projects.
  • Feel free to contact us to understand the various options available to help you take advantage of life.

Renew your mortgage

Your mortgage term will expire. Time to renew your mortgage?

Take into account your current economic position

Contacting us four months before the end of your term can help you take advantage of more advantageous rates. It’s free to start your transaction with us.

Let us help you find a mortgage solution geared to your financial needs. We will analyze your financial situation and review the most important elements, such as mortgage term and accelerated repayment options.

It is important to review your available options closely before accepting your mortgage renewal. Understanding your lender’s perspective of your application as well as knowing which key elements are considered is essential before you agree to the renewal terms. Increasing your awareness of the mortgage process will better allow you to comprehend our brokers’ suggestions, thus easing the mortgage renewal process on the whole.

Points to consider about mortgage renewal :

  • Which option is better? A short term (i.e. six months) or longer term mortgage?
  • Should you consider a fixed or variable rate interest?
  • How high is your risk tolerance?
  • Are there any projects to prioritize? Your overall plan can be incorporated into your renewal.

The benefits to a straight renewal

  • The lowest rate you are given is guaranteed for a period of up to 120 days regardless of terms.
  • This period will allow you enough time to analyze the available products on the market so that you can make the best decision.
  • It will also allow you the necessary time to complete the paperwork needed to make your request on time.

Options for renewal

A mortgage renewal can either be a straight-forward administrative process, where all the numbers are adapted to the interest rates in effect at the time of the transaction, or a more complex procedure like refinancing, which allows you to borrow more money and/or change the amortization period. Various options are available to help you fulfill your projects without detriment to your financial or personal well-being.

Now is the time to review your short term projects and decide their practicality before you commit to your renewal. Assess your future spending. Careful consideration must be taken of all important elements before you refinance your mortgage, such as changing its term and increasing your loan and/or the amortization period.

Whatever your personal needs, whether you have specific renovation goals, simply want to redecorate, consolidate your debts, or perhaps even travel, there is a mortgage solution that suits your needs. Terry Kilakos and his team of mortgage brokers can help you choose the best options for your renewal.

Renew your mortgage before your term expires

There are many reasons that may necessitate renewing your mortgage before the end of term, regardless of the penalties:

  • Passing of your spouse
  • Divorce
  • Sale or transfer of your property
  • Unforeseen expenses
  • Critical repairs
  • Others

If a situation requires you to refinance before the end of your mortgage term, a penalty* will be incurred and you will be obliged to pay your current financial institution the higher of:

  • 3 months interest on your present mortgage
  • An Interest Rate Differential penalty (IRD).
  • Also, take into account that you may be charged administration fees by your current lender.

* Loss of interest sustained by your financial institution because of a breach of contract.

Firstly, confirm the penalty amount with your financial institution in writing. We will then be able to confirm with you if the penalty charge is less than the savings resulting from a more advantageous interest rate.

We encourage you to contact one of our mortgage brokers who will readily assist you through the renewal procedure. Keep in mind that a decrease in interest rates can substantially lower your end of term balance.

A considerable transaction volume translates into lower rates and better conditions for our clients.

Use your equity

Your property has most likely increased in value since its purchase. You can take advantage of this gain to renovate, consolidate your debts to reduce monthly payments, invest, or make your dreams come true. Use your increased home equity to refinance, thus securing a lower interest rate that will help you to realize these projects.

We have a vast array of products available from our associated lenders that will allow you to pay back your mortgage loan at a pace that suits you best. An equity line of credit will help you to choose the mortgage payment amount yourself.

You can borrow up to 80% of the market value of your condo, duplex, detached home, less your mortgage balance as well as for an owner-occupied three or four unit property, and for multi-unit buildings of 5 units or more. Thus, refinancing allows you to take advantage of your equity to invest in other projects or simply live life fuller!

Reasons to refinance:

  • Renovate or redecorate your home
  • Travel
  • Invest in a cottage, pied-à-terre, or other property
  • Buy a car, boat or other vehicle
  • Ensure your children’s education
  • Make wise investments
  • Contribute to your RRSP
  • Consolidate your credit card debts and lower your interest rate

Having a set monthly payment will protect you from rate increases. You can do this by transferring the complete or partial balance of your equity line of credit to a fixed interest rate mortgage.


Reverse mortgage

Equity Take Out

60 years old or plus? Enjoy your freedom alongside your pension…

You can enjoy a fuller life with a reverse mortgage. Terry Kilakos and his team can show you how to use your home equity to realize your dreams and projects in this phase of your life. A reverse mortgage provides an easy way to turn your property value into cash to indulge yourself after a lifetime of hard work or to cope with unplanned expenses.

What is a reverse mortgage?

A reverse mortgage makes payments to you instead of the reverse, where you make regular payments to a traditional mortgage. So long as you live in your house, you do not need to make payments. Your estate is well protected since ownership remains in your name. The reimbursement amount is guaranteed and will never exceed your home market value.

Up to 55% of the value of your home can be paid out to you tax-free. You can use this money to make your dreams and projects come true:

  • Additional income for spending
  • Vacations
  • Home improvement
  • Luxury car or dream boat
  • Holiday home (cottage, villa or condo)
  • Any other project your heart desires!

Go spoil yourself and have fun!

Income for Life

60 years old or plus and seeking a steady income? This type of Reverse Mortgage is for you

Terry Kilakos and his team of mortgage brokers will help you set up a loan secured against the value of your home which will provide you a steady income for many years to come.

This type of mortgage lets you convert part of your home equity into cash — without requiring you to sell or move.

What is a reverse mortgage?

A reverse mortgage makes payments to you instead of the reverse, where you make regular payments to a traditional mortgage. So long as you live in your house, you do not need to make payments. Your estate is well protected since ownership remains in your name. The reimbursement amount is guaranteed and will never exceed your home market value.

Up to 55% of the value of your home can be paid out to you tax-free.

Depending on your circumstances, Income Advantage may be the right tool to help:

  • Provide you with additional income
  • Preserve your investment portfolio longer
  • Lower your tax liability long term

You can access your money in monthly installments or initial and periodic advances.

Contact us

Looking to refinance

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Today's mortgage rates*

1.79%


3 years
Fixed

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1.84%


5 years
Fixed

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1.80%


5 years
Variable

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2.14%


7 years
Fixed

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2.49%


10 year
Fixed

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* Rates are subject to certain conditions and to change without notice

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