Frequently Asked Questions
We can tell you everything about mortgages
Peace of mind mortgage advice
here's some helpful things to know
About Cascade Mortgage Capital
Cascade Mortgage Capital is designed to offer the client simplicity and transparency and a stress free mortgage process. We use technology and other factors to actively provide the standard of service to our clients.
Yes! There are real human begins behind the scenes that are working very hard for you and us as a company. Our leaders are seasoned former bankers that understand the qualification process and the frustration it causes the clients. We have a team of mortgage professional that are trained and licensed to provide you with credible, tailored advise just for you.
We use the leverage of our consortium volume business that provides billions of dollars in mortgage business to leaders on an annual basis.
Well simply put, absolutely nothing!
We are compensated by our lending parters when we close a mortgage with them. This means, you pay nothing and we can shop the market for the best rate for your mortgage application since we are not tied to just one lender.
We will consider all kinds of properties:
Residential Property
- Single Family up to 4 units
- Rental Properties
- Condo & Townhomes
Commercial Properties
- Mixed Use
- Multi-family
- Industrial
- Retail
- Land
- Construction
- and more
About the mortgage application
- You can reach out directly to us by calling (647)-812-7099 and one of our brokers will assist you directly.
- While not a requirement, it is very helpful for us if you fill out the form related to your needs (new mortgage, renewal/refinance). Once that’s done one of Cascade’s brokers will contact you. The benefit of the form is that when you speak to a broker, they are already informed about the basics of your situation and provide faster and more targeted guidance based on your requirements.
- You can also contact us directly by calling (647) 812-7099
Your credit score is impacted by “hard pulls”. The application itself is not a credit check. It is a preliminary form providing Cascade’s brokers with the information we need to provide you with advice to get started. If we know we are going forward, we will need to do a “hard pull” of your credit report in order to ensure you qualify with our lenders.
There can be fees associated by switching/transfers, it depends on a series of factors which we would be happy to help you with. However, in some cases, this is covered by the lender. The main exception is collateral charges, an example of this would be a mortgage and a home equity line of credit (HELOC) on the same mortgage charge.
About our lending partners
We work with a variety of lenders, including TD Bank, ScotiaBank, Equitable Bank, Merix Financial, MCAP Financial etc. We also deal with lenders that you may not have heard off to provide our clients the maximum flexibility with the best rates to match their lifestyle needs.
There are many lenders that the average person has never heard of. These are financial institutions that only work on financing mortgages, many of them are owned by the big Canadian banks, others may be Mortgage Investment Corporations or Private Lenders.
Banks have to put a lot of infrastructure in place in order to make sure a borrower qualifies for a mortgage, it’s easier for them to outsource the effort to brokers instead of doing all of it themselves all the time. It also becomes a drawn out effort for clients to find the right mortgage for their needs. Brokers speed things up by being able to provide you with an idea of what’s happening in the whole market, rather than what one lender has to offer.
General Questions
A mortgage is a loan that the borrower uses to purchase or maintain a home or other form of real estate and agrees to pay back over time, typically in a series of regular payments.
- This will depend on the purchase price.
- $500,000 or less, you are required to put at least 5% down*
- $500,000 to $1,000,000, you are required to put 5% of the first $500,000 and 10% of the rest of the principal down*
- On a purchase of $1,000,000 or greater, you are required to put down at least 20% of the purchase price
*these would be classified as high ratio mortgages
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards. A HELOC often has a lower interest rate than some other common types of loans. Contact us for more details.
- What you can afford for a mortgage is decided by a variety of factors. Such as your ability to meet lender financial ratios known as GDS/TDS, the down payment and whether or not your mortgage is insured all factor into what you can afford as a mortgage.
The two types of mortgages in general terms are the fixed rate and variable rate mortgage. A fixed rate mortgage is the most common in Canada. The rate is set at the start of the term and cannot be changed until the term ends and the mortgage is renewed. A variable rate mortgage fluctuates based on the market conditions, if market rates go down, so does yours, if market rates go up, so does yours.