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Superior Mortgage.ca provides you with access to five major forms of borrowing.

1.Residential Mortgages.

A. Borrowing for your primary residence as a first mortgage. This typically revolves around the initial purchase of a property, but also includes:

B. Second or even third mortgages. These are loans that are placed in lesser (legal) priority than your initial loan. Generally people acquire second mortgages after some time of living in their current residence. However, these additional mortgages can be acquired at the same time as the 1st “Legal Mortgage”.

C. Refinancing. Either withdrawing additional equity from your home by adding to your original mortgage amount OR renewing / renegotiating upon the expiration of the term (a period where the payments are fixed). The amortization period is usually 25 years –or longer-. This means that after your term has expired, you must renegotiate with your original lender to extend the financing or acquire adequate financing from a new lender to pay out the original lender. This is one of the most critical times to consult a mortgage broker and unfortunately one of the fewest times consumers do so.

2. Line of Credit. In the context of a mortgage broker these are ‘secured’ loans. Very similar to a second mortgage but often viewed legally with some distinctions. Some important points: A line of credit is generally revolving so you may re-borrow funds that have been repaid. A line of credit typically does not have a fixed interest rate so the ‘cost’ of borrowing is not absolute from the beginning. It is becoming increasingly popular to have a mortgage mixed with a line of credit. As the mortgage principal declines, the line of credit availability increases. There are benefits for the lender and consumer in this situation. Although some mortgage brokers worry about losing the client upon renewal. Nevertheless, it is an option you should discuss.

3. Commercial Lending. Borrowing for primarily secondary residential or investment properties. Investment properties can be residential, industrial, office space, storage facilities, apartments or other various commercial (for profit) properties.

4. Construction. Borrowing by property owners who are building –or paying to have built- their personal residence. There are many options for individuals who now want to buy a lot and build. Ratios continually change so check in with your mortgage broker.

5. Reverse Annuity. Borrowing against the established equity in a residential property. There are limits to how much can typically be borrowed as a percent of the overall value. It is also reasonably cost effective because interest only accrues on the amount funded. The payments are effectively reverse mortgage payments. This can provide an elderly owner with the ability to stay at their current home beyond the period present cash flow would have allowed them. However, by utilizing a reverse annuity, equity is continually eroded. In some case it may be better to simply sell.

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