AloraFinancial.com

Residential Mortgages
Looking for a house come to us we will help you get the best rate on the terms that meet your needs.

Pre-Approval Mortgages
Thinking of buying a home come to us and let us help you calculate how much mortgage you will be eligible for and get you a pre-approval from a bank.This will help you narrow down what you are scearching for and plus save you a lot of time when it comes to looking for that dream home.

First Time Buyer
Are you a first-time buyer? Well we know what you are going through right now , this is probably the largest purchase, and biggest investment decision you have made . And we are here to help you with the different options and various documentations you are dealing with and help you all the way through this process.

Debt Consolidation
Financial insecurity tends to make your dreams seem a little harder to accomplish. You pinch another penny hen you can invest. You pay interests on credit cards, lines of credit, loans at high rates when you can consolidate your loans and pay much less. If this is you situation then perhaps it’s time to review your debt situation and consolidate your high interest debt into one low manageable monthly payment. Stop losing sleep, call or apply online now.

Equity Take-Out
Are you an owner of a home ? Have you owned a home for more that 3 years? Do you need money to renovate that basement ? Buy that boat ? Pay for your childs college ? Then come and talk to us, togeather we can find a solution on how to make best use to your equity call or apply online now.

Mortgage Renewal
Is your mortgage up for renewal? Do you want to be sure you are getting the the rate you deserve? Call or apply line and we will get the best the market has to offer.

Conventional Mortgage
You have 25% or more to put down as your downpayment the your mortgage will be considered a Conventional mortgage. A conventional mortgage does not normally require mortgage loan insurance.

High-Ratio Mortgage
If you do not have the 25% as downpayment then it is a High-ratio mortgage. The minimum down payment required is 5% of the property value. High-ratio mortgages must be insured through Canada Mortgage and Housing Corporation (CMHC) or GE Mortgage Insurance Canada (GE).The insurance premium on high-ratio mortgages is charged only once per mortgage, when the mortgage funds are advanced. The premium can be paid up front or it can be added to the mortgage amount. Insurance premiums are calculated based on the loan to lending value ratio of the mortgage and are higher when there is more than one advance.

Open Mortgage
An Open mortgage allows the mortgagor to prepay all or part of the principle amount at any time with or without notice or onus.Open mortgages usually have short terms of six months to one year. Interest rates on open mortgages are higher than on closed mortgages with similar terms.

Closed Mortgage
Closed mortgages are mortgagees that do not allow any prepayment or early repayment except on the sale of the property, with a closed mortgage a fixed rate of interest is always advisable.

Fixed Rate Mortgage
The interest rate is determined and locked in for the term of the mortgage. Lenders often offer different prepayment options allowing for quicker repayment of the mortgage and for partial or full repayment of the mortgage. However when you have a fixed rate of interest lenders charge penalties for early repayment.

Variable Rate Mortgage (VRM) / Adjustable Rate Mortgage (ARM)
The Variable Rate Mortgage is the opposite of a Fixed Rate Mortgage. Here the rate of interest changes as and when the prime rate changes.The loan is reviewed at specified intervals and if the market interest rate has changed, changing either the size of the payment or the length of the amortization period (or a combination of both). This alters the mortgage repayment plan . Many lenders follow the capped rate variable mortgages are variable rate mortgages on which the lending institution has set a ‘capped’ limit. This means that the interest rate of the mortgage will fluctuate as the prime fluctuates but the lender has a set rate and guarantees that the borrower will not have to pay interest at a rate higher than that limit.

Convertible Rate Mortgage
Convertible rate mortgages are usually short-term mortgages (6months to one year), that allow the borrower to lock into a longer term at any time without penalty. When fixed rates are on the way down, a convertible rate mortgage offers a short-term commitment at fixed payment, with the added advantage that while within the term the mortgage can be converted to a longer term. If the mortgage is not converted, at the end of the term it becomes fully open and can be renewed with the existing lender or transferred to another lender. Convertible Rate Mortgages differ between financial institutions. Term should always be compared.

Cash Back Mortgages
Lenders also other innovative options to borrowers, such as ‘CASH BACK’ mortgages. This option gives you cash back in the amount of a certain % of the mortgage principle. Cash Back mortgages usually apply to fixed rate mortgages. There are numerous other offerings available and borrowers must calculate in the benefit.

100% Financing
As it says lenders will go upto 100% of the purchase price , the insurance premium will be higher that when 5% downpayment is put.

Second Mortgages
When you have a first mortgage that you cannot break becasuse of heavy penalties then you go for a second mortgage. This can be through a private lender or an institute and is always registered behind the first. The money from the second mortgage can be used for anything -- paying out your debt , renovating your house , or just need the additionl CASH.

Refinancing Your Mortgage
When your mortgage is up for renewal and you need additional money then Refinancing is an option. When you refinance your mortgage you get a new mortgage with new terms and conditions, it can be either with the sam bank or another bank.

Mortgages for the Self Employed
Being Self Emplyed is not easy in itself , Lenders know that what is declared in the NOA's is not exactly wha the borrower earns, We deal with lenders who will accept self-declared letters from the borrower and give them a mortgage based on that. Confused ?? Call us and let us explain.

Establish Credit with a Home Trust Secured Visa Card
You have equity in your home but you don’t wan to take all the equity out at one time , that’s when the Home Trust Secured Visa Card come in. here you can get a secured Line of Credit giving you the option to borrow only how much you need so you pay an interest only on what you have taked out.

Commercial Mortgages
Looking to buy a commercial property and do not know where to go form here call us we can help . We have specialist who deal only with commercial mortgages and will give you a 100% attention and help you though the whole process.