Mortgages are personal loans that assist you in acquiring real estate or if you currently own property, borrow against the equity in your home for other purposes.
Whether you’re buying a home for the first time or renewing your mortgage, it’s important to have the best possible mortgage package so your home or renovations are truly affordable. We offer a wide range of mortgage options — including pre-approved mortgages — with competitive rates and no hidden fees, flexible terms and convenient repayment schedules that will suit your budget and your lifestyle.
At Casera, you have a wide range of mortgages to choose from:
First & Second Conventional Mortgages
A member receives these loans against their existing or prospective homes. These mortgage options require down payments of at least 20%, permitting up to 80% of a home’s appraised value to be borrowed. Maximum amortization is 30 years.
High Ratio Insured First Mortgages
These mortgages are designed for first-time buyers and require down payments of 5%, which permits up to 95% of a home’s value to be borrowed. Canada Mortgage and Housing Corporation (CMHC) or Genworth Canada insures the mortgages. Amortization is 25 years.
Members receive these loans to assist in building new homes. These mortgages are available on a conventional basis or through CMHC or Genworth Canada. Based on contractor quotes, funds are advanced in stages throughout the building process.
Interim Financing Loans
Provides purchasers of new homes with the funds required to close the deal prior to receiving funds from the sale of their existing home. Terms are generally three months in duration. Upon maturity, the outstanding principal and interest are payable in full.
Before you start house-hunting, consider getting pre-approved for your mortgage. Pre-approval confirms your price range, giving you the freedom to look only at homes that you can afford. You’ll also know in advance
how much your down payment and monthly payments will be.
A pre-approved mortgage can often be a determining factor in negotiations because the seller knows your mortgage financing is secure. Casera guarantees interest rates for 90 days on pre-approved mortgages, provided your possession happens within that period.
Did you know you can apply for a mortgage online? Click for more info.