About lender
THINK Financial is one of Canada's newer lenders approved by the Canada Mortgage and Housing Corporation. THINK Financial is licensed under True North Mortgage. They offer mortgages to Canadians who have a history of good financial behavior. The lender claims to be committed to providing all its customers with favorable rates, whether they are first-time home buyers or seasoned real estate professionals.
THINK Financial was established in 2016 and offers Canadians with excellent credit the opportunity to get house mortgages. The mortgage brokers that the firm works with are well-known for their ability to bring in customers who have excellent credit, and the Company only sells its wares through a minimal number of these brokers. THINK Financial is conceived that customers with good credit deserve better interest rates and more straightforward pricing without additional hidden expenses. And exactly that was what the corporation aimed to give its clients and consumers in the first place.
Pros and cons
THINK Financial has some advantages and disadvantages to offer. Find below an overview of its strong and weak sides.
Pros
Providing competitive mortgage terms in the market
High level of flexibility
Special offers
Willingness to adjust to the clients' needs
High level of service
Have the ability to pay the mortgage without penalties conveniently
Cons
Little information about the Company's loan products on the website
Loan terms are not suitable for everyone
Loan conditions
THINK Financial offers several products to its clients:
Standard Conventional Charge Mortgages. The main emphasis is made on the fact that it is registered for the original loan amount only, which allows the clients to attain a line of credit with another institution. Interest and fees are based only on the balance outstanding. The loan can be transferred “as is” to another lender at renewal time without incurring legal costs.
The term is up to five years. The prime rate is 3.70% plus a 1% administrative fee that does not apply to the No Commitment mortgage. It is a low-variable-rate mortgage that comes without penalties or restrictions. Depending on the qualifications, the variable rate ranges from 2.75%. At the same time, the 0.95% discount is locked in for the entire mortgage term. The product has been issued for five years. Provides for the possibility of refinancing in case it is necessary.
However, the lender notes that lending terms and conditions apply.
The Works. This is a standard mortgage product, which is highly flexible. Here the client has several options to choose from:
Fixed-rate mortgages
The greater of either:
Your Interest Rate Differential (this is the future interest on your current mortgage minus the interest on an equivalent mortgage if it were originated today).
Three months interest at the current mortgage rate, plus a pro-rated portion of your original rebate and penalty covered by us (if received).
Floating Rate Mortgage
Three months interest at the current mortgage rate, plus a pro-rated portion of your original rebate and penalty covered by us (if received).
Under the terms of this loan product, the customer will have the option to pay up to 20% of the maximum amount in a lump sum once a year on the regular payment date, which would allow, ideally, to pay off the mortgage in less than 5 years.
Here you can find a table with the company's rates:
2-Year Fixed: insured/insurable 4.79%, uninsurable 5.19%
3-Year Fixed: insured/insurable 4.79%, uninsurable 5.19%
5-Year Fixed: insured/insurable 4.69%, uninsurable 5.09%%
Funding a loan
Funding a loan in THINK Financial is not very fast because this lender only provides mortgage loans to customers with a good credit history, which requires checking all the essential points. But applying is easy - click on Apply on the website, fill out the application, and then click on Final Step: Review the Terms to see how quickly the application will be processed. THINK Financial states that the mortgage must fund within 40 days of the loan application date.
