Let us help you with your financing needs.
Jerry Fragomeni, Mortgage Agent Level 2 #M19000959
Every home purchase is unique and every financing situation is unique. We want to understand what is most important to you and your family while providing you with the best options to meet your needs. We want to get you from where you are, to where you want to be.
From pre-approvals, to first-time buyers, Self-employed mortgages to private lending, with Uniq Communities, we will work with you to find a solution that is best suited for your individual needs so that you can live better.
Frequently Asked Questions
What documentation do you require for a mortgage application?
The more documentation that you provide, the better terms your client will receive (and the turnaround will be faster as well). Providing income, an appraisal, and any legal documents will greatly streamline the process.
How long is the approval process?
With a complete broker submission package, we can have an approval and a commitment in your client's hands in as little as 2 hours.
Do you offer open terms?
Yes, we do offer open term mortgages. We can also offer a variation of a closed mortgage. For example, we can structure the deal with a 12-month term that’s open after 6 months.
Do you offer short-term mortgages?
Yes, we offer shorter term mortgages, from 5-days to 6-months. We can also customize the term to coincide with the maturity date of an existing first mortgage if required to allow for you to take possession of your new home before you move out of your existing home.
I’ve sold my home. Is my mortgage portable to a new property?
Our mortgages are portable, as long as your new home purchase closes within 90 days of the sale of your existing property and the new property location is eligible.
If your new mortgage is the same amount or more than your current mortgage, the full prepayment charge will be reimbursed to you after the new mortgage closes.
If the new balance is lower than your current mortgage balance, you will receive a partial prepayment reimbursement after the prepayment charge is recalculated, using the difference between your current mortgage balance and new mortgage balance. Subject to credit review and approval.
Fixed rate and variable rate
A fixed rate remains the same for the duration of the mortgage term. This means that your payments will stay the same too.
With a variable mortgage rate, the interest rate and payment amount can go up or down depending on market fluctuations.
When you take out a mortgage loan you can choose between a fixed rate, a variable rate or a combination of the two.
A home equity line of credit comes with a variable rate.
The made-to-measure mortgage has a variable rate for the line of credit portion, and for the loan portion you can choose between a fixed rate, a variable rate or a combination of the two.
Capped variable rate
By opting for a capped variable rate when you take out your mortgage, you can protect yourself against rate increases. The rate you pay will never exceed the capped rate. For example, if you choose to cap the rate at 5%, you can be sure that your rate will never be higher than this.
What’s the difference between a conventional loan and an insured loan?
A conventional loan is a mortgage with an initial down payment of at least 20%.
If the down payment is less than 20%, an insured loan is required. This means that the loan must be insured by one of the recognized mortgage loan insurers, such as the Canada Mortgage and Housing Corporation (CMHC).
What about self-employed workers?
If you’re self-employed or a small-business owner, you may not be able to meet the standard proof of income requirements. If you’ve been in business for at least two years and can provide evidence of sound financial and credit management, you can finance or refinance your home with our mortgage for the self‑employed.
How much can I borrow to buy a home?
Before you start looking at a new home, you’re going to need to work out how much you can borrow for your mortgage. In just a few clicks, our calculator below can help you get an idea of the amount you can afford.
How do I estimate my monthly mortgage payments?
t’s easy! Run your numbers through our calculator below and in just a few clicks you’ll have an idea of how much you'd be paying per month. This is only an estimate, speak to our mortgage specialist for a full breakdown of what would be suitable for you.
What is the difference between pre-approval and pre-qualification?
Pre-qualification allows you to make an approximate assessment of your borrowing capacity to purchase a property based on your income.
Pre-approval, on the other hand, establishes more precisely your borrowing capacity based on a number of factors including your credit score. It certifies that National Bank will lend you the money for the purchase, under certain conditions, and protects the loan rate against a rise for 90 days.
Free of charge and under no obligation to take out a loan afterwards, pre-approval shows sellers and your real estate broker you’re a serious buyer.
How can I pay off my mortgage faster?
Are you looking to pay off your closed mortgage more quickly? There are a few ways to do it: increase your payment frequency, make additional payments, or make an early payment.