Specialist Mortgage Brokers | Brampton

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Residential

Buying your first home, move-up home or an income property? We can help you find the best product for your individual unique situation.

Home Buyers
Buying a new home is one of the largest financial transactions of your life. When you know where you stand you can make better and more informed decisions. Our job is to work with you and find you the best rate and the best terms for your mortgage package. We can provide you with a pre-approval based on the information you provide us and guide you on the best options to direct you on the path of home ownership.

Most lenders will look at 7 areas when reviewing your application for a mortgage:
- Income
- Debts
- Employment history and industry experience
- Credit history
- Identity
- Property value
- Down payment
Contact us for a pre-approval or to complete our fast and easy application. Count us to be there to navigate you through the mortgage process.

Download a Residential Checklist Purchase PDF
Self-Employed

With each passing year, more and more homeowners are becoming self-employed in Canada. Many of them work from home, run shops, own a construction or landscaping business, etc. Most of this self-employed population does not have enough information about how self-employment affects their credit and mortgage application.

At Kingdom Mortgages, we offer you the best lending solutions that do not need traditional lenders’ income validation. We have close connections with a vast number of lenders and provide you with various mortgage products that consider your business income and credit history instead of personal taxable income. You may think that your situation limits your mortgage options, but you can get some of the most competitive rates in applicable cases.
Refinances
As the prices of residential properties have significantly appreciated during the past few years, you can choose your home’s refinancing to unlock its value. Refinancing means that you pay off your existing mortgage loan and replace it with a new loan. There are many reasons you should decide to refinance your house mortgage, which includes the following:
- Enhancement of your asset
- Renovations
- Debt consolidation
- Combining Your First and Second Home Mortgages
Before you select refinancing, you need to ask yourself these specific questions:
- Are you no longer able to manage multiple payments every month?
- Are you paying minimum payments every month?
- Do you want to have more money in hand for investment purposes such as purchasing bonds, stocks or investing in a business?
- Are the current mortgage interest rates better than your current creditor rates?
If your answer to any of the questions above is yes, then call Rodney Schunker of Kingdom Mortgages today to help you with refinancing. He will support you at every step from determining your requirements to taking you through the entire process, while ensuring that you get the lowest possible refinance rates.

At Kingdom Mortgages, we have connections with a vast number of lenders, both big and small. We discover the best solution and negotiate with the lenders on your behalf.

Download a Residential Checklist Refinance PDF
Rental Investments
As your family grows and your life changes, so do your priorities. Perhaps a second property in the city to reduce the commute time? Or a weekend getaway retreat for the family? Or a rental property to provide some additional income. Whatever your reasons for a second property we have a mortgage solution to make it possible.

As a landlord you will be required to carry a different insurance policy that is not the typical homeowners policy.
Start expanding your financial portfolio today.

Benefits Our Investment Property Program Offers:
- We offer the most competitive interest rates without any application fees
- Extended amortization gives you the flexibility of payment
- A cost-effective way to purchase your desired investment property
- Multiple options available for down payment
Vacation Homes

Whether you’re looking for a second home that can be used for year-round enjoyment – or a cottage for weekend getaways – Kingdom Mortgages Vacation Home Mortgage could be the ideal solution for your borrowing needs.

The Borrowing Solution that’s Right for You
We understand that vacation properties are all different, and that your financing needs are unique. That’s why the Kingdom Mortgages Vacation Home Mortgage gives you the flexibility to choose the specific mortgage features that work best for you.

Get Your Vacation Home Faster
The Kingdom Mortgages Vacation Home Mortgage is a mortgage solution that lets you finance up to 95% of the value of your vacation home. That means you could own your vacation home sooner than you think!

Commercial

Grow your business - We have expertise in construction financing, business start-up or expansion and land acquisitions. Download a Commercial Checklist PDF

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We make it our business to understand your business. Our commercial expertise allows us to connect with a variety of prominent lenders in Canada to offer you the best financing solutions available.

The Mortgage Specialists at Kingdom Mortgages simplify the complex commercial application process and will work with you step-by-step to ensure the best rates, terms and conditions.

Commercial Services:

• CMHC Insured Term
• Conventional Term
• Real Estate Equity
• Small Loans Program
• High Yield
• Construction Financing

Debt Consolidation

Combining your high interest debts into one convenient payment can save you money, stress and in most cases improve your credit score.

Reverse Mortgage

A reverse mortgage allows homeowners over the age of 55 to access the equity that exists in their home. Download a Reverse Mortgage PDF

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What is a Reverse Mortgage?

A reverse mortgage lets you retire safely and securely in the home you love. Unlike a traditional home equity line of credit or conventional mortgage, there are no monthly payments for as long as you live in your home. You have the choice to receive your money as a lump-sum upfront, or as a lump-sum with advances over time.

How It Works

1) DECIDE IF ITS RIGHT FOR YOU
Review your financial situation and plans with your advisor to determine if a Reverse Mortgage is a fit for you.

2) CRAFT YOUR OWN FLEXIBLE PLAN
Access up to 55%* of your home's appraised value, tax-free, as a lumpsum payment, plus the option of advance over time.

3) PEACE OF MIND
You will maintain complete ownership and control of your home while you enjoy your retirement, your way.

Benefits of a Reverse Mortgage

YOU ALWAYS OWN YOUR HOME
We're not in the homeownership business. Instead, we are here to provide you with a unique financial product designed to provide you with the cash you need, when you need it.

NO REGULAR MONTHLY PAYMENTS
You are not required to make regular mortgage payments for as long as your home is your primary residence.

TAX-FREE
All funds acquired are tax-free and do not affect your OAS or CPP.

A CUSTOMIZABLE SOLUTION
Access up to 55% of the value of your home and receive the funds in the amount you desire.

PROTECT YOUR INVESTMENTS
Your investment portfolio can remain untouched for a longer period of time.

TAKE CONTROL
Get your finances under control and gain the freedom to set your own plans and priorities.

Who Can Qualify
- Canadian homeowners
- Age 55 or older
- Home must remain your primary residence
- Property to be kept well maintained
- Property taxes must be paid on time

Glossary of Terms

Mortgage Types

CLOSED MORTGAGE
This type of mortgage must usually remain unchanged for whatever term you agree to. Prepayment costs will apply if you payout, renegotiate, or refinance before the end of term.

CONVERTIBLE MORTGAGE
This is a mortgage which offers the same security as a closed mortgage, but which can be converted to a longer, closed mortgage at any time without prepayment costs. Typically associated with fixed rate mortgages.

HIGH-RATIO MORTGAGE
The mortgage you obtain when you have less than 20% of the total purchase price to put down as your downpayment. This type of mortgage must be insured (through sources such as CMHC or Genworth Financial Canada).

OPEN MORTGAGE
This type of mortgage may be repaid, in part or in full, at any time during the term without any prepayment costs.
Rate Types

FIXED RATE MORTGAGE
An interest rate that does not change during the entire mortgage term.

VARIABLE RATE MORTGAGE
An interest rate that will fluctuate in accordance with the prevailing market prime rate during the mortgage term.

MORTGAGE RATE
The percentage interest that you pay on top of the loan principal. For example, you may take out a mortgage of $100,000 at a rate of 12%. Your monthly payments will consist of a portion of the original $100,000, plus 12% interest.
Closing Costs

APPRAISAL
The process of determining the lending value of a property. There is usually a fee to have an appraisal done.

INTEREST ADJUSTMENT
The amount of interest due between the date your mortgage starts and the date the first mortgage payment is calculated. Sometimes there is a gap between the closing date of your home purchase and the first payment date of your mortgage. Let’s say that the closing date on your new house is August 10th – but your mortgage payments are on the 15th of each month (so your first payment is calculated from August 15th and paid on September 15th). That leaves five days (August 10th to 14th) that aren’t accounted for in your first mortgage payment. You have to make an extra payment to make up for these five days; the payment is generally due on your closing date. You can avoid all this by arranging to make your first mortgage payment exactly one payment period (e.g., one month) after your closing date.

LAND TRANSFER TAX
A tax that is levied (in some provinces) on any property that changes hands.

LEGAL FEES AND DISBURSEMENTS
Some of the legal costs associated with the sale or purchase of a property. It’s in your best interest to engage the services of a real estate lawyer (or a notary in Quebec).

PREPAID PROPERTY TAX AND UTILITY ADJUSTMENTS
The amount you will owe if the person selling you the home has prepaid any property taxes or utility bills. The amount to reimburse them will be calculated based on the closing date.

PROPERTY SURVEY
A legal description of your property and its location and dimensions. An up-to-date survey is usually required by your mortgage lender. If not available from the vendor, your lawyer can obtain the property survey for a fee.

SALES TAXES
Taxes applied to the purchase cost of a property. Some properties are sales tax exempt (GST and/or PST), and some are not. For instance, residential resale properties are usually GST exempt, while new properties require GST. Always ask before signing an offer.
General Mortgage Terms

AMORTIZATION
The number of years that you take to fully pay off your mortgage (not the same as your mortgage term). Amortization periods are often 15, 20, or 25 years long.

ASSUMING A MORTGAGE
Taking over the obligations of the previous owner’s (or builder’s) mortgage when you buy a property.

BUY DOWN RATE
The portion of the interest rate on a buyer’s mortgage that you assume when they buy your home. If you’re selling your home and the prospective buyer doesn’t like the interest rate on their mortgage, you can offer to add a certain percentage of it onto your existing mortgage. You can add a maximum of 3%.

CANADA MORTGAGE AND HOUSING CORPORATION (CMHC)
A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians. One potential source of mortgage insurance for high-ratio mortgages.

CLOSING COSTS
Costs that are in addition to the purchase price of a property and which are payable on the closing date. Examples include legal fees, land transfer taxes, and disbursements.

CLOSING DATE
The date on which the sale of a property becomes final and the buyer takes possession of the property.

DOWN PAYMENT
The money that you pay up front for a house. Down payments typically range from 5%-20% of the total value of the home.

GENWORTH FINANCIAL CANADA
A private mortgage insurance company. One potential source of mortgage insurance for high-ratio mortgages.

HOME INSURANCE
Insurance to cover both your home and its contents (also referred to as property insurance). This is different from mortgage life insurance, which pays the outstanding balance of your mortgage in full if you die.

INSPECTION
The process of having a qualified home inspector identify potential repairs to the property you are interested in and their estimated cost.

LUMP SUM PAYMENT
An extra payment that you make to reduce the amount of your mortgage principal.

MORTGAGE
A loan that you take out in order to buy property. The collateral is the property itself.

MORTGAGE LIFE INSURANCE
This form of insurance pays the outstanding balance of your mortgage in full if you die. This is different from home or property insurance, which insures your home and its contents.

MULTIPLE LISTING SERVICE (MLS)
A computerized listing of the properties available in your area, including information and sometimes pictures of each property.

PRE-APPROVED MORTGAGE CERTIFICATE
A written agreement that you will get a mortgage for a set amount of money at a set interest rate. Getting a pre-approved mortgage allows you to shop for a home without worrying how you’ll pay for it.

OFFER TO PURCHASE
A legally binding agreement between you and the person who owns the house you want to buy. It includes the price you are offering, what you expect to be included with the house, and the financial conditions of sale (your financing arrangements, the closing date, etc.).

PORTING
Transferring an existing mortgage from one home to a new home when you move. This is known as a “portable” mortgage.

PRE-PAYMENT
Repaying part of your mortgage ahead of schedule. Depending on your mortgage agreement, there may be a prepayment cost for pre-paying.

REFINANCING
The process of paying out the existing mortgage for purposes of establishing a new mortgage on the same property under new terms and conditions. This is usually done when a client requires additional funds. The client may be subject to a pre-payment cost.

RENEWAL/RENEWING
Once the original term of your mortgage expires, you have the option of renewing it with the original lender or paying off all of the balance outstanding.

TERM
The length of time during which you pay a specific rate on the mortgage loan (i.e., the number of years in your mortgage contract). This is different than the amortization period. A mortgage is usually amortized over 20-25 years, with a shorter term (typically 6 months to 5 years). After the term expires, the interest rate is usually renegotiated with the lender (your bank, for example).