Purchasing Your Property

Sungold Capital Corporation provides a full range of mortgage options for many types of property purchases including single-family dwellings, condominiums, duplexes, triplexes, store and apartment and rental properties.

Depending on the mortgage product, your property type and your location, we lend up to 80% of the value of your property. For example, if your property is appraised at $300,000, your maximum mortgage amount would be $240,000 ($300,000 x 80%) less any existing secured debts and cost.

The term of your mortgage can be for few months to 5 years, with amortization periods up to 30 years or could be interest only. We also offer you flexible repayment options, including the option of paying down a lump sum of up to 20% of your principal each year on your anniversary, so you can be mortgage-free faster.

We’re committed to doing everything we can to make your mortgage experience as stress-free as possible. We evaluate every mortgage application individually to determine the appropriate pricing and we will always give the best possible rate.

Refinancing Your Property

There are many reasons you may want to consider refinancing your most important asset. It may be worthwhile to refinance your existing mortgage to either reduce your monthly payments, or to tap into your home equity to help with your short or long terms goals, including:

• Renovating your home to improve your property value
• Consolidating high interest loans and credit cards into one lower monthly payment
• Investing in your RRSP and using your tax refund to pay down your mortgage
• Paying for your child’s education
• Purchasing another property

If your mortgage is closed and you refinance before your renewal date, you may face a penalty. However, it may still be worthwhile to refinance. The key is to determine whether the potential interest-rate savings outweigh the penalty.

You can also add a second mortgage on your property if refinancing your mortgage is not worthwhile.

Renewing Your Mortgage

Sungold Capital Corporation offers flexible renewal options to our existing mortgage
customers, including:

• Hassle-free service with no need to re-qualify - a simple signature is all that’s required
• Get simple and affordable Mortgage Life Insurance to protect your home and your family
• Lower your monthly payments with longer amortization periods up to 30 years
• Manage your cash flow with convenient payment options: monthly or biweekly
• Refinance anytime
• Pay down up to 20% of your principal each year on your anniversary

Costs to Consider

When purchasing or refinancing a property, you may incur some or all of the following costs. These costs should be taken into account when assessing your budget and cash requirements:

Appraisal Fee

This fee covers the property valuation performed by a third party appraiser. The fee is approximately $350, depending on the value and type of your property. Sungold Capital Corporation partners with specific appraisers in each province.

Lawyer's Fee and Disbursements

Your legal fees should be negotiated up-front with your lawyer to avoid any misunderstanding later and allow you to better determine your cash requirements.

Fire Insurance

All mortgage lenders require that you have fire insurance coverage for the amount of the mortgage or the value of the building, whichever is less. The cost will vary depending on your property value, the insurance company and the municipality.

Land Survey

A survey of the property, by an accredited land surveyor, is also required. This will establish whether the building is located within the specified legal boundaries and complies with local building bylaws. The cost of a survey is usually around $500, but could be higher in complex cases. When purchasing an existing house, ask the present owner whether a survey is available or include this condition in your offer to purchase.

Closing Adjustments

You should also consider any necessary adjustments to be made between you and the seller for property taxes, insurance and heating costs. Your lawyer will help you with this calculation.

 

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