Mortgage Products & Services from Mortgage Broker Steven Faux

Finding The Right Mortgage For You: The primary goal of a mortgage broker is to not only provide you with a mortgage at a great rate, but to help you choose the very best mortgage to suit your needs.; Please choose from the following list to learn about the different types of mortgages available:

Fixed Rate Mortgages: The principal advantage of fixed rate mortgages is that the interest rate is set for the entire term of the mortgage. A fixed rate mortgage offers you the security of knowing exactly how much principal and interest you will be paying on your mortgage during the term you selected. If you think interest rates will rise, you may want to lock into a longer-term fixed rate mortgage but if you think that the rates may fall, a shorter term may be the best choice for you.; Keep in mind that with a fixed rate mortgage you are locked in for the selected term, and that you may incur a penalty to break your mortgage.; If you are considering a fixed rate mortgage keep I choose lenders who provide the following options; helping to reduce your mortgage faster.; Back to Top »

Intro Rate Mortgage: Variable Rate Mortgages
Depending on the level of risk you are willing to take, a variable rate mortgage can save you money while keeping your options open during times of fluctuating interest rates. With variable rate mortgages your mortgage payment could increase or decrease depending on fluctuations in the Prime rate. With some variable rate products you can lock in at our discounted rate (not bank posted rates) anytime during your term; Cash Back Mortgages
Put thousands of dollars in your hands with this mortgage. Many lenders have different promotions around the idea of paying you up to 5% of the mortgage amount to do business with them. We will search the market and let you know which product to choose because some will put more money in your account instead of the banks! This could come in handy for refinances. Caution will be noted, that the rates are a bit higher for this mortgage.; Back to Top »

First Time Homebuyers: There's nothing more exciting than buying your first home. For couples, it represents an important step toward building a life together. For others, it's the most enjoyable investment you'll ever make.; This step can also be a little scary. So I have spent some time answering some of your most common questions. And I will spend even more time sitting with you, discussing your needs, explaining all the options, making you feel completely at home about the whole process.; First Time Homebuyers Resources & Articles:; Back to Top »

Mortgage Renewals & Transfers: If you're locked into a long term mortgage from a few years ago, there's a very good chance you're paying substantially higher interest rates than what you'd be paying today.; But what can you do if you're locked in and face the prospect of early pay-out penalties? The best thing to do is have Your Mortgage Associate at www.yourmortgages.ca look into your situation.; It's possible that today's ultra low rates could make breaking out and paying the penalty a wise investment.; Back to Top »

Debt Consolidation & Refinancing (Line of Credit): This is a mortgage based on the amount of equity in your home. Usually up to 75% of the value of your property and most suited for those people who do not qualify for a traditional bank mortgage for credit or income verification reasons. I can also take the Loan To Value to 80%, 85% and 90% and all with the best rates.; The Line Of Credit floats with Prime and is one of the best ways to build a solid portfolio. At most times the payments can be intrest only and the idea is for you to access the equity that you put into your home. Defiantly feel free to contact me for further information on this great product.; Back to Top »

No Money Down Mortgage: This is an excellent mortgage product for those people with good job stability and great credit. The lender gives you 5% cash back, which can be used towards your down payment. You must have 1.5% cash from your own resources to put towards your closing costs.; Feel free to contact me anytime with questions.; Back to Top »

Self Employed / Commissioned / Business for Self: Self Employed
This mortgage product is for those people who have been self-employed for 2 years or longer and have excellent credit. You may qualify for a mortgage with 15% down payment or equity. As everyone's situation is different, please contact me for further details on this product.; No Income Verification
This mortgage product is for those people who cannot prove their income (commissioned sales people, restaurant staff). With a down payment or equity of 25% you may qualify for a mortgage. Please contact me for further information on this product.; Back to Top »

Commercial Mortgages: Commercial mortgages are similar to your home mortgage, with the exception that they are obtained on commercial properties. What is a commercial property? In most cases, it will be property for business purposes, such as for shopping centers, industrial buildings, office buildings, golf courses, resorts, hotels, parking garages, car washes. You may also need a commercial mortgage as a follow up to a construction loan, if the loan was to build a commercial property.; As you might expect, you can get an adjustable commercial mortgage, or a fixed rate commercial mortgage. These mortgages have many of the same features as the ARM or the fixed rate mortgage on your home. Again, the same principles apply to commercial mortgages as residential mortgages, but collateral is business property. The length of the loan can range from 5 - 30 years, and payments are normally due monthly.; Back to Top »

Recreational & Second Properties: Everybody has dreams, and many of those dreams are related to home ownership. If you're not sure what kind of mortgage to ask for, call me and we will get together.; Owning a vacation property makes sense on a lot of different levels. It can dramatically reduce the cost of vacations, bring your family closer together, be a good investment, and in some cases even generate rental income.; And today, financing your vacation property is easier than ever, with mortgages available for several different property types, including revenue properties.; Finding out which solution will work best for you is as easy as talking to Your Mortgage Associate about vacation property mortgages.; Back to Top »

Building a Home: Ideal For:
Customers purchasing or requiring equity take-out on land to build a principal residence or cottage and leisure home for personal use; Key Features:
Customers receive financing at various stages of completion of the construction of a new owner-occupied home
A first draw is available to assist with the purchase of a building lot or as start up cash (up to 65% of the lending value of the vacant land - uninsured only); Maximum LVR:
Insured: Up to 95% LVR
Uninsured: Up to 75% LVR; Valuation Requirements:
Copy of Purchase and Sale Agreement (for land purchase)
Copies of building plans/sketches, cost estimates, contracts, purchase agreements for modular units
New Home Warranty Program registration required; Back to Top »

Secured Visa: If you would like to establish or re establish your credit, a secured Visa card may be right for you. The Visa company will require a security deposit, which earns interest. You then are given a limit equivalent to that of the deposit. A bill will be sent to you each month when you have made purchases. It does not matter if you pay the minimum payment or the entire bill but to establish good credit, you need to pay the bill on time!; After the Visa company reviews your file, (generally 1-2 years), and are satisfied with the way your account has been handled, they will send you back your deposit, with interest!; Download a Secured Visa Application; Back to Top »