Category: Types Of Mortgages

Transfer Your Mortgage

Renewing just about anything can be a hassle and a pain most of the time, not to mention expensive. Centum Bank Street Mortgage is committed to making your life a little easier when it comes to transferring your mortgage for free. Whether you live in Downtown Ottawa, Alta Vista, Kanata, or even Orleans, we’re here to help.

A good rule to keep in mind is to not leave your renewal until the last minute. Since banks like to raise their rates when their clients are renewing, they usually only remind you to renew a month or so in advance so that you don’t have enough time to shop around for better mortgage rates for your home or commercial property in Ottawa. The reason they do this is because it gives them the ability to raise their rate by 40-50 biases point because it would be far easier for their existing Ottawa clients to sign a renewal then to remortgage or transfer their current mortgage.

The general process behind transfer of mortgage in Ottawa, Ontario is that when your mortgage is coming up for renewal, we can offer to switch your mortgage at a lower rate with a different mortgage provider or even the same lender for free. Keep in mind that there are some conditions, such as, both the mortgage and renewal must have the same amortization. In some cases, the mortgage amount must also remain the same. However, when it comes to seeing the big picture, the conditions have little impact on the transfer of your mortgage. Transferring during your time of mortgage renewal is a very successful way to save money and have lower interest rates. Did we mention we do it for free?

Here at Centum Bank Street Mortgage, we like to provide you with all the information you need. You won’t find the kind of honesty and genuine care that you will with us here in Ottawa, anywhere else in Ontario and all of Canada for that matter. Homeowners usually are not aware of the process involved with transferring their mortgage and this, more often then not, results in simply renewing their mortgage with the same lender for a higher rate. We like to keep our clients informed so that you can save money and enjoy your new or existing home. The common misconception that most people have with transfer or switch of mortgages in Ottawa is that there will be some type of penalty; this is not the case since we don’t profit from you and since we have your best interests in mind. If we didn’t care, we wouldn’t be doing this for free.

Types Of Mortgages

Mortgage Insurance

Ottawa Mortgage Insurance

Whether you’re dealing with a Mortgage Broker, Mortgage Agent, Bank or Lender usually when you purchase a home with 5 % Down payment10% Down payment 15 % Down Payment banks and mortgage lenders require Mortgage insurance:, Tthe three mortgage Insurance companies are Genworth, CMHC, Canada Guarantee.

Is there a difference between mortgage insurance companies – All offer the exact same thing, but some are more flexible than others. It all depends on your mortgage application.

What is mortgage insurance? Mortgage insurance offers the banks and lenders a guarantee that if a home owner was to default (meaning not pay the mortgage) if there are any losses on the property or any issues that arise from the default the mortgage insurance company will pay the bank or mortgage lender any outstanding principal on the mortgage

Does mortgage insurance benefit the home owner? The real benefit from mortgage insurance is the benefit of putting down 5%, 10%. 15% 20% down. In the past, the mortgage down payment was 25% minimum.

Types Of Mortgages

Foreign Income Mortgages

Mortgages for Foreign Income Earners

Attention foreign income earners! Centum Bank Street Mortgage located in beautiful Ottawa, Ontario Canada, knows how difficult it can be to finance a mortgage loan with foreign earned income. That being said, we provide you with the best service for all your needs, including those of you who earn foreign income.

Evidently, obtaining a mortgage loan with foreign income is a stressful task, especially when so many banks frown upon overseas income earners. We’re able to help you with as low as 15% down as long as you meet a few of our requirements. If you have no credit here in Canada, all we require from you is a letter from a bank overseas indicating that you are a good client of theirs. We’re even able to help clients from countries that do not have a tax system. A good thing to keep in mind is that mortgage rates do vary depending on credit and location in the city center or suburbs of Ottawa or other large cities in Ontario.

Regardless of whether you are employed by a company overseas or self-employed overseas, we have a mortgage program for you. This whole process can be, not only stressful, but also a little scary. We take the time here at Centum Bank Street Mortgage to make you feel safe and comfortable. You can walk away from us knowing that you’re in good hands with the confidence that you have professional mortgage brokers in Ottawa on your side who want to provide you with the best possible service and results.

Types Of Mortgages

Commercial Mortgages

Commercial Mortgages Ottawa

Purchasing a home or commercial property is intimidating enough without having to stress over your mortgage and financial needs. Here at Centum Bank Street Mortgage in Ottawa, we make your priorities our priorities. Our vast knowledge, experience and diversity in commercial real estate mortgage finance gives our clients the confidence and trust in finding the right partner lending program to meet their Ottawa mortgage needs as well as their financial needs.

Centum Bank Street Mortgage is a full service, privately owned commercial real estate mortgage firm. Whether you need a commercial loan with direct or partner programs, preferred partner programs, or whole loan sales, our mortgage brokers will be able to help. Our elite team of mortgage brokers has collected decades of commercial real estate experience in order to give you the most professional and best experience in the industry.

The mission of Centum Bank Street Mortgage is to continue being the leading Mortgage Brokerage Operation not only in Ottawa, but also in all of Canada. We pride ourselves in setting and exceeding the standards and expectations set by the industry, our competitors, and clients with our professionalism, dependability and reliability. We are located in the Alta Vista area here in Ottawa surrounding Walkley and Heron Road in addition to being in close proximity to St. Laurent Boulevard. Regardless of our location, we still serve many clients from all over the city, including areas like Kanata and Orleans.

The mission of Centum Bank Street Mortgage is to continue being the leading Mortgage Brokerage Operation not only in Ottawa, but also in all of Canada.

Commercial lending is already a difficult and daunting task without the added stress of finding the right Ottawa mortgage broker for you. Lenders are, more often then not, quite picky with certain types of properties. Here at Centum Bank Street Mortgage, you can relax and gain confidence knowing your agent is qualified and experienced with over 15 years of commercial mortgage experience. We walk you through the necessary steps and procedures to make sure the end result is one you can be, not only satisfied with, but also happy about. We explain how to deal with Phase 1 and 2 reports and we set up all the appraisal and phase 1 and 2 appointments.

Centum Bank Street Mortgage understands the importance of having choices. This is why we provide our clients who need a mortgage in Ottawa with a number of programs for first-time and low to moderate-income homebuyers. We negotiate with multiple lenders at a time in order to find you the best mortgage rates in Ottawa possible. And since we are not obligated to one specific lender, you gain the peace of mind in knowing that the end results will be something you’re happy with.

The problem nowadays with financing your Ottawa mortgage stems from the fact that you don’t get a variety or much say in what kind of loan you are able to receive. At Centum Bank Street Mortgage, we have programs that are bankable rates and programs for clients who do not meet today’s banking underwriting. When considering investing in an Ottawa mortgage, no one will bring forth the diversity and experience you need like Bank Street Mortgage. From straight multi-family retail commercial, we’ve got the products and partners to meet your financial needs.

We pride ourselves with our excellent customer service and since the lenders compensate Centum Bank Street Mortgage professionals, we offer our services free of charge to our clients, in most cases.

Furthermore, you can trust that you’re in good hands with knowledgeable people that have been working in the Ottawa mortgage industry for several years that not only know, but also understand the Ottawa commercial market thoroughly. To sum things up, you’re not only getting the best rates for your needs with no obligations attached, but also confident mortgage brokers who know the real estate system, the Ottawa market and have all the extensive knowledge required to present proposals for financing lenders to successfully obtain mortgage financing; not to mention, we do all the paperwork. We pride ourselves with our excellent customer service and since the lenders compensate Centum Bank Street Mortgage professionals, we offer our services free of charge to our clients, in most cases.

Our office has over 25 years of commercial mortgage experience so that you can rest easy knowing you’re in the right hands. We listen to you and understand your individual needs in order to get you the best mortgage loan in Ottawa. Indulge in the experience with Centum Bank Street Mortgage in order to make your life a little easier. After all, who doesn’t enjoy a little stress off their shoulders?

Types Of Mortgages

Second Mortgages

Ottawa Second Mortgages

We all know what it’s like to experience some hard times in life, especially when it comes to paying off your mortgage.

At Centum Bank Street Mortgage, we understand that sometimes people do need a little extra help. Life is unpredictable and we’re here to help you with the obstacles that come in the way of you and your dream home. We provide second mortgage loans to our Ottawa clients in need to make life just a little bit easier.

A second mortgage loan is basically just another mortgage taken out on an already mortgaged property. These types of mortgages are generally good for paying off CRA, property tax arrears and even mortgage arrears in order to bring your payments up to date to avoid any legal actions.

Obtaining a second mortgage loan in Ottawa varies from institutions like banks and trust companies to private lenders. This means that your second mortgage rate also varies and will be different depending on the individual, credit, and loan to value ratio. There are plenty of options available for those seeking to invest in a second mortgage loan. Don’t hesitate; no matter where you live in Ottawa, we’re happy to help. There’s also a lot of information one should know before making any decisions. For example, there are private second mortgages which usually are interest only and normally have higher rates versus institutional and bank second mortgages which are amortized and tend to have lower rates. These types of mortgages are usually short terms of 1 year and can be renewed very easily based on repayment history of the client. Penalties vary for second mortgage loans since some are open and others have 2-month interest penalties.

Second mortgage loans are essentially for refinancing, temporary loans, or to help people purchase their first home. Whatever the case, we’re here to help you at Centum Bank Street Mortgage. We can discuss the basis of your second mortgage and what would be the best method of approach to obtain one in Ottawa without falling further in debt. We’ll help you sort out your troubles, and at the same time, get you back on track to obtaining and keeping your home.

Types Of Mortgages

Residential Home Mortgages

Post author By admindev
Post date March 17, 2025
No Comments on Residential Home Mortgages

Residential Mortgages Ottawa

The words mortgage and loan have always been a bit scary to some people. So much so, that it takes away from the joy of actually purchasing a home. The good news is there’s nothing intimidating here at Centum Bank Street Mortgage in Ottawa. Our mortgage brokers make it their priority to put you in great hands and keep you there. You will easily walk away without ever having to fear the words mortgage or loan again; you can trust us.

Instead of all the negative feelings associated with residential mortgage loans, we take the strain off you so that you can go back to actually enjoying the idea of buying a home. We work together here in Ottawa to give you a mortgage loan that not only allows you to buy the house of your dreams, but also turns that house into your home. The stress and pressure of everyday life is enough without you having to worry about your mortgage. Take it easy, we’ll take care of you here at Centum Bank Street Mortgage so well; we guarantee it will be one of the more enjoyable tasks in your day. Help us help you get back to being happy.

If you’re looking to purchase your first primary residential property in Ottawa, we can help you. Buying a home is not like buying an investment property and requires a different kind of attention that Centum Bank Street Mortgage can supply you with.

When refinancing your primary residential property, CMHC and Genworth have certain guidelines in which we have to abide by. Thankfully, we have other companies that allow us to do things a little differently to help accommodate you better.

If you are an existing homebuyer in Ottawa, Canada looking to purchase a new primary residence, we have programs in place to help you or we can keep your current primary residence as a rental property, which will allow us to purchase the next property at 5% down.

Let’s talk about the options we provide you with for a minute. First of all, you can choose to go with a fixed mortgage loan, which essentially means that the interest rate is determined from the beginning and remains the same throughout the payment of your mortgage. This option supplies you with the security of knowing what your monthly payments will be for the remainder of your loan payment.

Another mortgage option you have is a variable mortgage loan. This option provides flexibility on a periodic basis on the interest rate of your loan while keeping the amount of your monthly payments the same. Your initial monthly payment will generally be lower than that of a fixed mortgage loan, however, your rate may increase or decrease towards the principle amount of your mortgage payment depending on the interest rate in Ottawa.

Our next option for your residential mortgage loan is our open mortgage. This allows you to pay a part of your mortgage or the full sum of the principle at any time without any penalties, making it an ideal option for those who want that little bit extra flexibility.

Contrary to an open mortgage, we also offer closed mortgage loans. Closed mortgages consist of a fixed payment option so that you know what your monthly payments will be and for how long.

We also give our clients the option of convertible mortgage loans. This allows our clients the freedom to switch from a variable mortgage to a fixed mortgage in accordance to their specific needs. This option essentially gives you the best of both worlds with regards to financing your mortgage to better suit you.

We understand that this is a lot of information to take in and that buying a home altogether is a stressful task. That’s why here at Centum Bank Street Mortgage we make it a priority to give you honest, truthful advice that you can rely on. As mortgage brokers in Ottawa, we’re here to provide you with the best residential mortgage rates for your needs. We have many different options that allow us to place you in a position you’re comfortable in without adding financial strain to your wallet. Whether you have good credit, bad credit or unstable income, we’ll be able to find the amortization and term best suited for you.

Visit us here at Centum Bank Street Mortgage for your Ottawa residential mortgage loan and let us make sure you leave here happy and stay happy.

Transfer Your Mortgage

Ottawa Mortgage Insurance

Mortgages for Foreign Income Earners

Commercial Mortgages Ottawa

Ottawa Second Mortgages

Residential Mortgages Ottawa

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