We See Things That Others Miss
Not sure if you can afford a new home? Our team of experts offer financing solutions to help make homeownership a reality.
If you’re looking to buy a home, you’ve come to the right place!
We help clients with all types of income and credit to secure mortgages for the home of their dreams. We are used to scouring the market for the best deals, based on your unique situation.
We specialize in helping people who have been turned down before by other lenders. Our experience has taught us that many people are unaware of what it takes to get approved for a mortgage, and we take pride in educating our clients with this knowledge and guiding them through the process.
We have the unique ability to connect you to large pools of banks, credit unions, monoline lenders, insurance companies, alternative lenders (B lenders) and private lenders who compete for your business. Because of our exclusive access to these lenders, we are able to offer you competitive interest rates and terms on all of our loans.
Our customers have trusted us for years, and now it’s your turn! Contact us today for more information or to apply for a mortgage.
We provide a range of mortgage products to fit your individual needs.
At Orchid Financing, we offer a range of solutions for all your home mortgage needs. Whether you're looking to buy a new home or refinance an existing one, we'll help you find the loan that works best for you.
What should you consider when purchasing a home?
Amortization and Mortgage Terms
Amortization is the length of time it takes for you to pay off the full amount of your mortgage. The amortization period begins at the beginning of your mortgage and ends when you have paid off all of your loan.
In order to pay off your mortgage, you must agree on what are called the Mortgage Terms. Everything your mortgage contract outlines, including rates, type and payments, make up your Mortgage Terms. These terms need to be renewed periodically, so it usually takes multiple terms to fulfill your amortization agreement.
Down Payment and Other Costs
When you purchase a property that you put less than 20% down payment, you are required to insure your mortgage through one of the 3 major companies here in Canada (Canadian Mortgage and Housing Corporation (CMHC), Sagen and Canada Guaranty), your home for its full value – currently, up to $1 million. The premium for this insurance is usually between 0.5% and 1.0% of the loan amount.
For those who are thinking about buying a house in the near future, it’s a good idea to have a 20% down-payment so you can save the insurance premium.
Your other costs consists of land transfer tax, legal fees and appraisal.
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FAQ
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How do I get a mortgage to buy a home or condo in Canada?
To get a home or condo mortgage in Canada, you’ll need to complete a mortgage application, provide income and credit details, and get pre-approved. A mortgage broker can help you compare lenders and secure the best financing options.
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What is the minimum down payment to buy a home in Canada?
The minimum down payment in Canada starts at 5% for homes under a certain price range. The required amount depends on the purchase price and your mortgage qualification.
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Should I get pre-approved before buying a home?
Yes, getting pre-approved for a mortgage in Canada is highly recommended. It helps you understand your budget, lock in a rate, and strengthen your offer when purchasing a home or condo.
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What costs should I expect when buying a home or condo?
In addition to your down payment, you should budget for closing costs in Canada, including legal fees, land transfer taxes, home inspections, and appraisal fees.
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Can I buy a home with bad credit?
Yes, there are mortgage options for bad credit in Canada. Alternative and private lenders can provide solutions if traditional banks are unable to approve your mortgage.
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What types of mortgages are available?
You can choose from various mortgage types in Canada, including fixed-rate, variable-rate, and adjustable-rate mortgages, depending on your financial goals and risk tolerance.
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How long does the mortgage approval process take?
The mortgage approval process in Canada can take anywhere from a few days to a few weeks, depending on the lender and complexity of your application.
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Why work with a mortgage broker when buying a home?
A mortgage broker in Canada gives you access to multiple lenders, helps you find the best mortgage rates, and guides you through the entire home buying process with expert support.