ABOUT US
FINANCE YOUR PERFECT HOME
At Bank Street Mortgage, we help clients secure the best financing with expert guidance, great rates, and personalized service for a smooth, stress-free experience.
TYPES OF MORTGAGES
THOUSANDS OF
SATISFIED CLIENTS
Centum Bank Street Mortgage has been providing all of our clients with the best rates for nearly a decade. At Centum Bank Street Mortgage, we have no commitment to any particular lenders or products; we simply recommend what is in the best interest of our valued clients.
THE BEST MORTGAGE
AT THE BEST RATE
Feeling overwhelmed and stressed with finding a mortgage? Centum Bank Street Mortgage has been delivering the best rates for over 10 years! Finding the perfect mortgage fit for you is our business. We have connections with multiple lenders and can negotiate with many of them at a time to find the best rate for you.
OUR
EXPERIENCE
We have a carefully selected team of mortgage experts. Every broker has achieved high professional standards and are chosen based on their reputation as well as their experience in the mortgage Industry. Contact us today and let us show you how we do things at Centum brank Street Mortgage!
OUR TEAM
THE CENTUM ADVANTAGE
Our network of community lenders spans Ottawa, Ontario and throughout the country. You’ll have a lender who knows and understands your housing market. If you’re looking for financing or you’d like to learn more call
FREQUENTLY ASKED QUESTIONS
HAVE ANY QUESTIONS?
ASK US & GET ANSWER
Are you looking for more information? Have any questions or concerns? Please contact us!
Should I get a Variable or Fixed Rate Mortgage?
Having a say in what type of mortgage you want is always a good thing. Here at Centum Bank Street Mortgage – located in Ottawa, Ontario Canada – our job is to make sure you’re well aware of all the options available to you.
Let’s focus on two of the main types of mortgages you may be dealing with now or in the future; fixed mortgages versus variable mortgages.
The main difference between the two types of mortgage loans is that a fixed mortgage loan maintains the same interest rate and monthly payments for the duration of your amortization. A variable mortgage loan, however, increases and decreases in interest in accordance with the rise and fall of the Canadian market interest rate, otherwise known as the prime rate.
Fixed mortgage rates are generally qualified differently based on terms. For example, for the 5-year term, the mortgage rate is based on the current rate of that time. If you decided to take a 1-4 year term, the mortgage rate would usually have to qualify on the posted 5- year rate. A fixed mortgage rate always means that every term would have a different rate based on the Bond rate and can vary anywhere between 1 to 10 year terms. Our recommendations of the fixed mortgage loan is based on our client and on how long they plan to have the mortgage for as well as how long within that time they would like their mortgage to be closed or fixed at the certain rate. Fixed mortgage loans are ideal for those who want to know the amount they will be paying each month and for how long without any surprises.
Variable mortgage rates are based on the Canada prime rate, which means they can increase and decrease based on the Bank of Canada. Variable mortgage rates can also be qualified on the 5-year posted rate at the time of the mortgage and can be switched over to the fixed mortgage rate for whatever the fixed rate is of the time. However, you can never go from an initial fixed mortgage to a variable one. Essentially, the way that a variable mortgage loan works is that every lender decides what they want to give as a variable rate and depending on The Bank of Canada, the rate can go up and down based on economic reasons. Variable mortgage rates are known to save clients money over time, but can be riskier based on the unpredictable rise and fall of the bank of Canada’s prime rates.
Now that you know a little something about the different mortgage routes you can choose to take, the next step is to sit down with a Centum Bank Street Mortgage agent in Ottawa for the best advice. We can provide you with the professional consulting you need to make sure that route leads you to the proper destination. After all, nobody likes getting lost.
What are Closing Costs?
When you purchase a home, the fees all add up at the lawyers office. This is what we call closing cost.
These fees can include:
- Lawyer’s cost- like bank drafts and courier cost, fax and photocopy cost
- Lawyer’s fees- the cost for their services
- Property taxes -some bank and lenders require that the city of Ottawa taxes are paid 6 months in advance (interim tax). Or to pay the seller of the home’s property tax credit with the city. (Please refer to the property tax bill page for more info.
- Mortgage Insurance PST- if your purchase a home with 5 %, 10 %, 15% down payment, this might require Mortgage insurance. The insurance cost is rolled into the mortgage but the government of Ontario does charge PST and that cost will have to be paid at the lawyer’s office.
- Land Transfer cost – when purchasing home, weather you have a mortgage or not. The government of Ontario charges a tax to transfer the mortgage title from one person to another.
To calculate the cost of your land transfer tax click here.
This Land Transfer cost is usually collected by your lawyer to pay the Ontario government.
If you are a first time home buyer there are special perks with land transfer tax. Since the government of Ontario are encouraging young and first time buyers, they are willing to discount that Land transfer tax up to 2,000 dollars required that you have never owned a home before in Canada or in any other country.
What is Bridge Financing?
Bridge financing is typically a process of when you’re selling and buying a new home at the same time.
Mortgage banks, lenders, and mortgage brokers understand that when you are selling a home, the closing dates sometimes extend pass the date of when you are purchasing. Without bridge financing, typically this places you in bit of a bind because when you sell your home, your must set your closing date at the same time as your purchasing date.
What the banks do is lend you the money for the next purchase of the home.
For example:
You sell your home for 100k and you owe 50k and the next home your buying is 200k and you’re putting 50k as down payment. The lenders and banks typically lend you the mortgage of 150k plus an additional 50k which is called bridge until your home has closed. Lenders usually have rules like the home must be firm sold or firm offer (meaning that you have an offer from a buyer and without any conditions)
There are other forms of bridge financing. For more info please contact one of our qualified and experienced mortgage brokers.
What is a Home Appraisal and Why do I Need One?
An appraisal is a report completed by a designated licensed professional who values a home. These appraisals differ from realtors and mortgage brokers.
An appraisal is a home evaluation that is based on the homes in the area and what they sold for. The process is based on what they call a comparative process.
There are a few other processes like cost approach, direct comparison and comparative approach.
The majority of mortgages that are on a conventional level need an appraisal, but with any mortgage insurance like CMHC/Genworth /Canada Guarantee the appraisal would not be necessary. There are exceptions to this is where the value of the home is too high and/or if the home is a private sale.
Appraisers usually charge the clients the fee if and when needed