Categories for New Mortgages

A New Interest-Only Mortgage from Meridian

—The Mortgage Report: Oct. 15— Canada has had interest-only home financing for decades, the most popular type being the HELOC. But it’s hard to find a mainstream lender selling an interest-only mortgage. That’s partly what makes Meridian Credit Union’s new Hybrid mortgage interesting. The Meridian Hybrid is a traditional mortgage and interest-only (I/O) loan in one. It lets someone with...

Cash-back Mortgages Get More Competitive

—The Mortgage Report: July 23— Forget Posted-rate Cash-back Mortgages: Many borrowers with less than 20% down aren’t just short on down payment funds, they’re short on closing costs too. And that’s a problem, because lenders want to ensure buyers have at least 1.5% of the purchase price available for closing costs. If you can’t easily swing that, there are now...

Flex-Equity Mortgage Line from Meridian Credit Union

Big banks reign over Canada’s mortgage market, but one segment that they particularly dominate in is readvanceable mortgages. If you want a good readvanceable you have very few choices outside of the Big 6 banks. Meridian Credit Union is one of those very few. The company’s Flex-Equity Mortgage Line has all the trappings of a major bank readvanceable, with added benefits....

B2B Now Allows Income Proof Via Business Bank Statements

Self-employed? Don’t declare enough income on your tax returns? Want a mortgage? Lenders are waiting to lend to you. But there’s a price. Their “non-prime” (a.k.a., “alternative”) lending options always come with a rate premium. We don’t talk about non-prime financing very often, but a new such product from B2B Bank is worth a look. B2B Bank recently re-launched its “Business Bank...

Interest-Only Mortgages. Back in Canada

You’ve probably never thought about not paying the principal on your mortgage. It sounds almost un-Canadian. But it’s a crazy-sounding idea that, in limited cases, is not so crazy. Out of thousands of home loans in Canada, only two products let you pay just the interest each month: A Home Equity Line of Credit (HELOC) An interest-only mortgage (I/O). HELOCs...

motusbank Mortgages Are Here

It’s been two and a half years since Ontario’s biggest credit union (Meridian) announced its new digital bank (motusbank), and now it’s here. motusbank brings mortgage shoppers one helluva good offering. For one thing, its process is super easy and fully online. That’s becoming mandatory for time-pressed, smartphone-addicted borrowers. More importantly, by eschewing bricks and mortars, the bank can trim...

Scotiabank’s New eHOME Mortgage: Canada’s Digital Mortgage Standard

When Scotiabank announced its new “digital mortgage” offering called eHOME, we thought to ourselves, “Oh, how grand, another glorified online application from a big bank.” But after digging into this thing a little, we have come away genuinely impressed. Scotiabank’s eHOME app is officially the best online mortgage experience we’ve reviewed to date. The bank took some risks with this...

CHIP Max – Canada’s Maximum Reverse Mortgage

Apart from the interest rate, probably the biggest complaint among reverse mortgage borrowers is that they can’t get enough money. That’s now changing thanks to the launch of “CHIP Max” by HomeEquity Bank. In a nutshell, CHIP Max is a reverse mortgage that lets you borrow more money in return for a higher interest rate. That higher rate compensates HomeEquity...