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Mortgage Types

Find the Right Mortgage for You with The Mortgage Specialists

The Mortgage Specialists is committed to helping homebuyers secure the best conditions possible for their mortgage. To achieve that aim, we offer our clients the chance to compare different types of mortgages for commercial and residential real estate. With our team of experienced brokers at your disposal, you can trust we’ll find the right mortgage for you.

Read on to learn more about your options for different mortgages.

To discuss your options with a member of our team, don’t hesitate to call us at (208) 233-7678 today.

Learn more about The Mortgage Specialists

Mortgage Loans

Buying a new home is an exciting process, but it can also be a complicated one. Choosing the right house, financing it, and many other important factors will certainly occupy your mind. If you are in the market for a home mortgage but aren’t sure how to go about it, The Mortgage Specialists is here to help.

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Purchase-Plus-Improvements Mortgage

A purchase-plus-improvements mortgage is designed for consumers who want to start making improvements to their home immediately after buying it. Typically, these mortgages will include the costs of improvements into the agreement itself, giving the borrower a cash cushion for their renovations.

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Mortgage Refinancing

Refinancing involves taking out another loan based on the net worth of your home (i.e., your home’s current market value minus what you owe on your mortgage). By replacing your original loan with a new one, refinancing may seem like starting from scratch, but it can be useful to consolidate debt or to access the house’s equity as a source of capital.

To avoid unnecessary fees and penalties, it’s best to seek the advice of a broker from our team when refinancing.

More advice here.

Pre-Approved Mortgage

A pre-approved mortgage is a preliminary agreement in which the lender outlines the terms and conditions of a mortgage based your income and credit rating. The borrower can be pre-approved before choosing a property to buy, meaning you can find out approximately how much money you’ll have before entering negotiations with a seller.

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First-Time Homebuyer Mortgage

First-time homebuyers are at a considerable advantage in the real estate market. The Government of Idaho provides numerous financial incentives—including the First-Time Home Buyer Incentive and the First-Time Home Buyers’ Tax Credit housing rebates—to make it more affordable for Canadians to find their first home.

For a first-time mortgage, you will need:

  • 5% minimum down payment
  • Good credit rating
  • Proof of full-time employment or stable income

Our team is ready to demystify the homebuying process for you and ensure you get the best mortgage for your first home.

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Reverse Mortgage

A reverse mortgage allows homeowners age 55 and up to get money from their home equity without having to sell their property. If you qualify, a lender can grant you a loan in either one lump sum or in pre-arranged installments.

Learn more here.

Investment Property Mortgage

An investment property mortgage is designed for properties intended to generate an income. They can be vacation homes, secondary tenements, or similar types of lodging.

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Home Equity Line of Credit (HELOC)

A home equity line of credit (HELOC) is not a mortgage per se, but it can be used as an alternative. A HELOC is a line of credit, which allows you to withdraw money up to a maximum credit limit based on your home equity. You can withdraw from your line of credit, pay it off, and then take out more—so long as you don’t exceed your limit.

HELOCs can be combined with a mortgage to provide extra cash flow. However, they can also be their own standalone product.

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Need to Know More About Mortgage Conditions?

We’re happy to answer any questions you may have about mortgage types, conditions, and financing options.

To get started, be sure to contact us.