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Simplii Financial Mortgage of february 2023

Apply for Mortgage from Simplii Financial verified by our specialists. On 09.02.2023 you have access to 7 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 7

Updated
29.12.2022
00:58
Work Permit Program
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
New Canadian Program
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rural Lifestyle Program
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Resort Lending Program
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Medical Professional Program
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Variable rate mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

4.70%
Term
i

Loan term for the financial product

5 years
Fixed rate mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

6.25%
Term
i

Loan term for the financial product

10 years

Calculate the mortgage
Loan amount
i

Loan amount

CAD
CAD
USD
50000 C$
5000000 C$
Down payment
i

Specify the percentage of the down payment

%
C$
5
50
Your loan amount
C$
Loan term
i

Specify the loan term for the calculation

years
months
1
25
Interest rate
i

Choose the interest rate on the loan

4 %
6 %
Type of payments
i

Specify the type of payment for calculating

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
Online application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgage
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Simplii Financial Mortgage of february 2023

Types of mortgages 

Simplii offers fixed or variable mortgages and a Secured line of credit. If you have a home loan with Simplii you could apply for a line of credit with lower VIP rates. Minimum principal amount for a Simplii Financial mortgage is $35,000.

  • Fixed rate mortgages available for 2, 3, 4, 5, 7, 10 year terms with interest rates from 5.49% to 6.25%.
  • Variable rate mortgage is a 5 year mortgage with an interest rate of 4.70%.

You may find special rates starting from 4.35% for variable rate mortgages, which apply only to new mortgages of owner-occupied properties with an amortization of 25 years or less.

You could transfer your mortgage to Simplii with no appraisal and set-up fees, and no worries about paperwork — Simplii Financial will take it over, the rate may be locked for 45 days. 

With a special offer you may get up to $3,000 cash back to your new or moved mortgage. 

  • Medical Professional Program is designed to assist recent medical and dental graduates to purchase a home.
  • Resort Lending Program is made for Canadians who want to finance a residential resort community property.
  • Rural Lifestyle Program for clients who want to buy a large rural property.
  • New Canadian Program is intended to help clients who have lived in Canada for less than 5 years and generate Canadian income. It allows you to validate your credit history with alternative methods.
  • Work Permit Program is made to help foreign workers in purchasing a residential property in Canada.

How to apply?

To apply for pre-approval you may call at 1-888-236-6362. Or apply for a mortgage and a pre-approval online. You will need to provide your personal and employment information, and details about your assets and debts.

To apply for special programs contact one of the mortgage specialists by phone or choose «Request a call» under the eligible option.

Requirements

To qualify for a mortgage you should:

  • Be a Canadian citizen of age of majority in your state
  • Have a valid SIN
  • Provide documents that confirm your income and employment
  • Find an eligible property
  • Have enough income to make your regular mortgage payments
  • Put a minimum 5% down payment

For the Medical professional program you should provide:

  • Proof that you graduated from medical or dental school in the last 3 years
  • A copy of your licence to practise medicine or dentistry
  • Minimum deposit of 20% of purchase price

For all other programs you should provide Canadian income and employment verification and 20% deposit and closing costs. 

For the Resort Lending Program you are purchasing a property in a residential resort community. 

For the Rural Lifestyle Program you are expecting to buy a home on plot sizes between 1 and 200 acres. 

For the New to Canada program you should: 

  • have lived in Canada for less than 5 years
  • be a client of the Simplii Newcomer or International Student Banking Offer program
  • have one of the following: a permanent resident card, a confirmation of permanent resident letter, a verification of status document. 

For the Work Permit program you should have  a Canadian Work VISA and Temporary Residence Visa.

Pros and cons 

Pros

  • Special programs for newcomers and medical post graduate students, rural and resort property
  • Favorable conditions for mortgage transfers
  • Mortgage calculators and resources
  • Flexible payment terms

Cons

  • Not available in Quebec 
  • Prepayment penalty may be applied

How to make a payment?

You could make payments of up to 20% of your original mortgage amount annually with no prepayment charges. You should apply to fixed rate mortgages with at least a 2-year term or on variable rate mortgages. 

You may adjust your payment schedule from monthly to accelerated weekly or accelerated bi-weekly to make payments more frequently and increase the amount of payments to save on interest and become mortgage-free sooner.

If you prepay more than annual prepayment privilege, you will be charged a prepayment penalty. 

FAQ

How to transfer my mortgage to Simplii?

To move your mortgage to Simplii choose a needed offer and apply online or call at 1-888-236-6362. The bank will connect with your current mortgage provider and complete the paperwork for you. Sign  your new documents to switch your mortgage to Simplii without appraisal, legal and transfer fees. 

Can I renew my mortgage early? 

Yes, you can. Simplii provides a 150-day early renewal option that allows you to get the best possible rate. Lock in your rate and you could save money on interest in the long term. A mortgage specialist will contact you before your maturity date to answer your question, discuss your options. Call at 1-888-866-0866. 

How can prepayment charges be avoided?

If you break your mortgage, you have to pay prepayment charges. But:

  • if you're selling and buying a home, you could move your existing mortgage term, interest rate, and outstanding principal balance to a new property. 
  • if you're selling your property, the purchaser may have the opportunity of applying to assume your mortgage with the existing terms and conditions.