Navigating the mortgage landscape can be challenging. KSM Mortgages offers a comprehensive range of mortgage services designed to make the process as smooth as a new asphalt road.
Whether you are looking to unlock the equity in your home, secure a mortgage with bad credit, buy your first home, refinance your existing mortgage, fund a construction project, or secure a mortgage as a self-employed individual, KSM Mortgages is here to guide you every step of the way.
A mortgage is a type of loan specifically used to purchase real estate. Stemming from Old English and French, mortgage essentially means “death pledge”. The loan ‘dies’ when it is fully repaid.
In a mortgage agreement, the buyer borrows money from a lender (usually a bank or a mortgage company) to buy a home or a property. The property itself serves as collateral for the mortgage loan, meaning the lender can take possession of the property if the borrower fails to make the required payments.
There are various mortgage products available, each with its own terms and conditions. These may include the interest rate, the term of the loan, the payment schedule, and other important factors that can affect the cost and suitability of the mortgage for a particular borrower.
The amount of mortgage you can get depends on several factors, including your income, credit score, debt-to-income ratio, and the value of the property you are looking to purchase.
Lenders use these factors to determine your eligibility for a mortgage loan and the maximum amount they are willing to lend. It is essential to assess your financial situation carefully and consider all the costs associated with buying a home, including down payment, closing costs, and ongoing maintenance and property taxes.
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A reverse mortgage allows homeowners aged 62 and older to convert a portion of their home equity into tax-free cash without having to sell their home or make monthly mortgage payments. This mortgage product can be a valuable financial planning tool for seniors who want to supplement their income or cover unexpected expenses.
A construction mortgage is a type of loan used to finance the construction of a new home or a major renovation. It typically involves a series of advances as different stages of the construction are completed. We offer construction mortgage products with competitive terms and rates to help you build your dream home.
Being self-employed can make it more challenging to secure a mortgage, but it’s not impossible. We offer mortgage products specifically designed for self-employed individuals, taking into account the unique financial challenges they face. Our team will work with you to understand your situation and secure a mortgage that fits your needs.
If you are new to Canada and looking to buy a home, we can help. We offer mortgage products specifically designed for newcomers to Canada, taking into account the unique challenges they may face. Our team will guide you through the process, helping you understand your options and secure a mortgage that fits your needs.
