First Time Buyers – Are you a first-time buyer?  The residential property you are about to purchase is probably the largest single purchase, and biggest investment decision you have had to make in your life so far.  Let Jayman Financial help you through the confusing maze of lender options, mortgage documentation, and terminology.

Jayman Financial will provide a mortgage pre-approval, which strengthens your position when negotiating the purchase of your home.  Call Jayman Financial (877) 974-6843 and we will get the ball rolling for you!

Conventional or High-ratio - A conventional mortgage is a loan for no more than 80% of the appraised value or purchase price of the property, whichever is less. The remaining amount required for a purchase (20%) comes from your resources and is referred to as the down payment. If you have to borrow more than 80% of the money you need, you'll be applying for what is called a high-ratio mortgage.

Here's how a High-ratio mortgage works - A high-ratio mortgage is any purchase where the down payment is less then 20% is considered a high-ratio mortgage, and the mortgage must be insured by the Canada Mortgage and Housing Corporation or Genworth Financial.  The insurer will charge a fee for this insurance. The amount of the fee will depend on the amount you are borrowing and the percentage of your own down payment. Typical fees range from 1.75% to 3.65% of the principal amount of your mortgage. This amount can be paid up front or added to the principal portion of your mortgage. A Jayman Financial Mortgage Associate can help you determine the exact amount.
 
Fixed rate - With a fixed rate mortgage your interest rate and payment will remain unchanged throughout the entire term of the mortgage.  Therefore you are able to calculate the balance owing at the end of the term.

Variable rate - With a variable-rate mortgage, your rate will be set in relation to the banks Prime rate. In other words, it may vary from month to month. Historically variable-rate mortgages have tended to cost less than fixed-rate mortgages when interest rates are fairly stable.

Open or Closed - Open mortgages can be paid off at any time without penalty and are usually negotiated for very short terms. They are suited to homeowners who are planning to sell in the near future or those who want the flexibility to make large, lump-sum payments before maturity.

Closed mortgages are commitments for specific terms. In order to pay the mortgage balance in full you will need to wait until the maturity date of the term or pay a penalty.

Refinancing – If you have been living in your home over the past 5 years, you have probably increased the equity in your home.  Let Jayman Financial help you unlock the equity to work for you.
If you are ready to invest in your own small business, or you need to fund your daughter's university tuition, your home equity can be a ready source of cash to finance your dreams.

Debt Consolidation – High interest debt on credit cards can create a lot of stress.  Perhaps it's time to review your debt situation and consolidate your high interest debt into one low manageable monthly payment.  Stop losing sleep, contact Jayman Financial to discuss your options.

Mortgage Renewal – Is your mortgage up for renewal?  Do you want to be sure you are getting the absolute best mortgage rate in the market today, the rate you deserve?  Jayman Financial will get the best rate the market has to offer.