For life’s major moments, let’s get you a home with a First Mortgage

New Purchase Toronto and across Ontario

First Mortgage

Buying a home is one of life’s major events. We buy to have a better lifestyle for our families and for ourselves. Pride of ownership and amount of investment can far outweigh the costs. Whether you have just begun your search or already found your dream home, you need to understand the fundamentals of mortgage financing. We will help you prepare for the largest transaction of your life so you can enjoy the ride.

Square Capital offers innovative mortgage solutions working with banks and private lenders to provide borrowers with fast 24-hour mortgage funding options (subject to terms and conditions).

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Mortgage Solutions in Toronto, GTA and across Ontario

Fast and Flexible, regardless of Credit

Buying a Home with a First Mortgage

For most Canadians, buying a house is usually the largest purchase they make.  Oftentimes this leads borrowers to seek out mortgages with a great rate. There are many things to consider in addition to a great rate including the flexibility of the mortgage. Home buyers need to figure out how much they can afford, how much to save for a down payment, understand various home buyer programs and potential closing costs. Living in Toronto and other cities across Ontario is so desirable and with the Ontario Government and Canadian Government programs, makes it one of the best places in the world to live and work. At Square Capital Mortgage Brokerage, we work with various banks (prime lenders) and private lenders to find appropriate first mortgage options. We work with home buyers to help qualify for mortgages including borrowers with bad credit, who are self-employed or have higher levels of debt.

First mortgage means that the bank or private lender places a lien against your property and has first right to sell it, should there be a default situation. Because of this position on the title of the property, mortgage lenders are willing to consider lending as it will be secured against your property. In addition to banks, we are partners with private lenders who offer alternative mortgage options to help you with a new purchase, debt consolidation (that helps improve your bad credit score), and even renovations.

Private lenders usually charge a higher interest rate and fees, however the goal is to help borrowers repair their credit and move into a lower rate mortgage, quickly. Your first mortgage will help prove your creditworthiness by showing your ability to repay debt on-time. 

Buying a Home, First mortgages can be used for;

  • New Purchase – Live the Canadian dream or diversify your asset allocation by purchasing a new home, second home or rental property.
  • Debt Consolidation – Homeowners with bad credit can take advantage of their home’s equity and quickly have access to funds. Consolidate high interest debts and save money with a lower rate private mortgage while repairing bad credit.
  • Bad Credit Mortgage – Buy a new house and build your credit with consistent monthly payments, or payoff all high interest debts and start new with one of the best low interest borrowing options in the market.
  • Purchase Plus Improvements – Even with bad credit or poor credit, homeowners may have to renovate their biggest investment. A bad credit mortgage leverages the home equity you have built into your home and lets you use it to pay for renovations that you need.

Be Prepared

Pre-Approval: As you begin your journey through buying a home, with a first mortgage, figure out how much you can afford. You can have a Square Capital Mortgage Broker or Mortgage Agent provide you with a pre-approval.

Down Payment: Make sure you have enough money for the down payment plus any potential fees and closing costs. Try to take advantage of savings programs such as RRSPs and TFSAs to increase the amount of your down payment.

Home Buyers Programs: Home Buyers in Toronto, Ontario and across Canada have access to the City of Toronto, Ontario Government and Canadian Government home buying programs that provide: incentives, the Home Buyers Plan, land transfer rebates, other rebates tax credits, and GST/HST rebates.

Credit Report: Know your credit score and credit history to ensure it is correct. There are mortgage lenders including banks and private lenders that will lend based on your credit score. Even borrowers with bad credit can qualify but may have higher mortgage rates and fees.

Mortgage Insurance: If home buyers put less than 20% of the home’s price, then they will need to purchase mortgage insurance. This insurance protects the mortgage lender in case home buyers cannot make payments.

Costs: Home buying comes with costs including (but not limited to) legal costs, appraisal fees, home inspection, condo fees, home insurance, land transfer, GST/HST, home insurance and moving costs.

Questions about Buying a Home, First Mortgage

Are you ready to get your mortgage?

Contact us today to get a free quote. We will help you understand the current market conditions affecting the mortgage market! Prequalify without affecting your credit!

Innovative Mortgage Solutions

Simple and Quick Mortgage Loan Approvals

First-time Homebuyers

With access to many options, we help navigate and secure suitable mortgages possibilities.

Purchase Plus Improvements

Take your new home purchase from good to great!

Bad Credit

Life doesn’t always go as planned. We help get your finances in order while boosting your credit score.

Quick Closing

Mortgages Funded quickly usually within 24 hours.

Our Mission

Why People Choose Us

Fast/Quick Mortgage

Have your mortgage within 24 hrs, subject to terms and conditions

Best Rates, Flex Terms

Competitive mortgage loan rates with flexible 3 to 12-month terms

Rebuild Credit

Boost your credit within 90 to 120 days

Custom Payment Plan

Partial or zero payments for up to 12 months

Related Services Offered

Other Mortgage Financing Options

Home Equity Line of Credit (HELOC)

Access your home’s equity to use as much as you need and only pay the interest.

Read More

Private Mortgage

For different life situations, private lenders help with access to short-term, interest-only mortgage loans.

Read More

Reverse Mortgage

Canadian homeowners 55 and older can access up to 55% of their home’s value.

Read More

Second Mortgage

An alternative option for homeowners to access their home’s value to consolidate high-interest debt, without paying penalties.

Read More

Other mortgage options

Homeowners have choices and can consider options to leverage their home equity. Depending on the product, these options may have slightly higher interest rates.

 Home Equity Line of Credit (HELOC)

There are different products that provide flexibility for the most suitable mortgage loan options such as home equity lines of credit or HELOC. A HELOC still enables access to the home’s equity, just in a different way. Instead of a single (or lump sum) payment, a HELOC provides on-going access to a certain amount of money, similar to a credit card, with a lower rate. The amount of the HELOC depends on the value of the home.

The benefit of a line of credit is that payments are interest-only payments and homeowners can access it when needed. Downsides include variable interest rates and access to the total amount of the HELOC, which could lead to more unwanted mortgage debt. That being said, there are opportunities to lock in rates to protect monthly mortgage payments.

Private Mortgage

When homeowners cannot qualify for a mortgage to refinance through a bank mortgage debt consolidation or a home equity line of credit (HELOC), private mortgages may be an alternative. Since private mortgage lenders will secure a mortgage debt consolidation against a home, the interest is usually lower than high interest debts like credit cards.

Private lenders usually charge a higher interest rate and fees than a bank, given the higher level of risk, however, this option still reduces interest costs over time. This is because these lenders understand that situations exist such as quick turnaround for financing, bad credit, stated income, and non-conventional properties.

Typically, private mortgages are shorter-term products and only require the interest portion to be repaid. Private lenders evaluate risk differently than traditional lenders and will consider the borrower’s ability to repay which is beneficial to self-employed and people with bad credit. Private lenders can also provide debt consolidation options through second mortgages.

Second Mortgage

Borrowers unable to qualify for a mortgage refinance leveraging equity, could consider a second mortgage. A second mortgage will provide the option to consolidate loans with higher interest into a lower rate option. While interest rates for second mortgages tend to be higher, it will save money on interest costs over time. Speak to a mortgage broker to understand the costs associated with a second mortgage.

Reverse Mortgage

An option available to homeowners 55 and older are reverse mortgages that provide access to the home’s equity without having to sell. Reverse mortgages allow homeowners to borrow up to 55% of the value of the home. The concept of this mortgage is essentially a reverse loan that means there are no payments required. Payments will be made either in monthly payments or in a lump sum payment to homeowners. Homeowners will pay the reverse mortgage loan when they move, sell or the last borrower dies. Typically, the interest rate is higher, and there are fees additional associated with reverse mortgages.

Debt Consolidation Mortgage

To understand if a debt consolidation mortgage or a HELOC could be suitable options to consolidate debts, and help get your life back on track, contact Square Capital Mortgage Brokerage. We understand each case is unique and there are many factors to consider including homeowners with bad credit or low income. Unlike traditional lenders like banks and financial institutions, with very strict lending terms, Square Capital works with over 50 lenders, including private lenders, to find the right solution for our clients. Our expert mortgage brokers and agents will help to find solutions to lower your monthly payment and reduce or stop the interest on your debt. Lower monthly payments every month reduces the chances of financial default while improving your credit and managing your money wisely.

Learn more about leveraging home equity for products such as mortgage refinance, home equity lines of credit (HELOC), and second mortgages.

Budget Planning and Expense Tracking

While products like debt consolidation mortgages, HELOCs, and private mortgages are tools to financial freedom, managing debt is the key to success. Practicing better money management in daily life like budgeting, monitoring spending, and saving. There are many free online apps that can support homeowners to achieve financial freedom and get better at managing money.

Start Your First Mortgage Pre-Approval

Get a head start with a Square Capital mortgage pre-approval to buy your home. We can help you lock your rate and know exactly how much you can afford. Start your mortgage pre-approval online.

Questions? We’ll Put You On A Right Path!

Contact us today to get a free quote. We will help you understand the current market conditions affecting the mortgage market! Prequalify without affecting your credit!

Mortgage Application

Once the form is submitted, we will contact you to discuss your needs and to answer any of your questions.