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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.
