Mortgage Services
Financing a mortgage is an important decision in one’s life, and many factors need to be taken into consideration in order to make the right choice. With access to over 30 lenders, Thompson Mortgages will search out the best rates and terms to suit your personal mortgage needs. Whether you’re a new buyer searching for your first home, or you’d like to use an existing property to free up some cashflow for renovations, our team is happy to assist you.
New Mortgage
Are you a first-time home buyer in need of a new mortgage? Feeling overwhelmed by the process? We don’t expect you to know all your options; that’s our job. Thompson Mortgages will take care of all the financial details of your purchase so you can concentrate on finding that perfect home.
Renewal
If your mortgage renewal is approaching, don’t simply sign the renewal papers without considering all your options. In most cases, the bank rate is not the best rate available to you. Leveraging our extensive list of lenders, Thompson Mortgages will work with you to ensure you are able to renew your mortgage at the best rate, with the most favourable options.
Refinance
Due to new government rules, refinancing a mortgage is more difficult now than it has ever been. For this reason, it is essential to have a qualified mortgage broker to assist you in navigating this endeavor. Refinancing can be a great financial move if it allows you to secure a lower interest rate, consolidate debt, or free up equity for an important purchase or investment. Our brokers will use their experience and knowledge to help you refinance your mortgage in a way that best suits your goals.
Commercial
Thompson has the capability to arrange commercial mortgage loans for a wide range of buildings and rental properties, such as strip-malls, apartment buildings, and storage lockers. We have access to Mortgage Investment Corporations, and, though it is a rarity in Alberta, bank lenders so we can provide our commercial clients with the most competitive and innovative solutions.
Self-Employed
Being business owners ourselves, we understand the difficulties that a self-employed individual can face when applying for a mortgage loan. Though business owners can take advantage of tax write-offs, this makes it harder for them to qualify for a mortgage due to their significantly reduced declared income. We know how to use cash flow and write-offs to your advantage in applying for a mortgage, and our in-house chartered accountant and in-house lawyer make the process that much more convenient for our clients.
Types of Mortgages
Fixed
A fixed-rate mortgage is a mortgage that has an interest rate that is constant, or “locked in”, over the duration of the term. Fixed-rate mortgages are well suited to people who would like the stability and peace of mind of knowing with certainty that the amount of their payments will not fluctuate over time. This may be a good option for first-time homeowners who have a large mortgage relative to their income, or for the buyer on a tight monthly budget.
Variable
With a variable mortgage, the rate of the mortgage will periodically fluctuate based on current market conditions. This can be a favourable option for some because the mortgage rate is calculated based on the prime rate, which can often result in savings over the long-run. However, there is some risk involved with a variable rate mortgage as there are no guarantees. Variable is a good option for those who are willing to take some financial risk.
Open
An open mortgage allows repayment of the principal amount of the mortgage at any time without penalty. This provides flexibility to homeowners who expect that they may be able to pay off their house relatively soon. Open mortgage rates are typically variable and somewhat higher; you are likely to pay a substantial premium in addition to the prime rate. However, there is always the option to move from an open mortgage to a regular fixed mortgage if it isn’t working for you.
Secured
A secured mortgage is one in which a line of credit is provided to a borrower who pledges property as a collateral for the loan. This is useful for a homeowner who wants to take equity out of their property for an investment, or for someone who would like to pay off or consolidate debt. With a secured mortgage, you only pay interest on the amount used. This makes it a smart option for large purchases as it can save you the high interest that would need to be paid on a credit card purchase.