Are you looking to finance a luxury residential property through our Toronto mortgage broker services? If so, you’ll need to understand that these differ from a more traditional loan. OMJ Mortgage Capital specializes in advanced mortgage solutions to accomplish this goal.
Some Reminders From A Toronto Mortgage Broker
You’ll need to remember a few things as you move forward.
- One of these loans typically requires a more significant down payment than a more traditional counterpart. In fact, in some cases, it can be as much as 20 to 30% more. Lenders typically look at these properties as having higher risk because there’s a bigger chance of price volatility and market fluctuation.
- There are some minimum down payment requirements that you’ll need to know about. For properties listed out or below 1 million Canadian dollars, the minimum down payment needs to be 5% for the first $500,000 and 10% for any amount above that. All properties priced above 1 million Canadian dollars need a 20% down payment minimum. That’s generally for a conventional mortgage.
- Although different lenders usually have different policies regarding down payment, one factor contributing to an acceptance is your credit score. Several factors go into one of these scores, including your credit history, the number of inquiries made over a given period, and your payment history. Equifax reports that a good credit score that will generally get you accepted is between 670 and 739.
OMJ Mortgage Capital is the Toronto mortgage broker that can help you get a luxury Residential Mortgage. Contacting us today is the first step towards realizing your dream home. Don’t settle for a cookie-cutter variety of products when you can get what you want through our exclusive services. We offer a good variety of different mortgage products for many types of real estate in Ontario. Ask about our outstanding track record of funding many different types of loans today.
