Trillium Mortgage Est. 1989: Tried and Trusted for over 29 years


What is a mortgage?

A mortgage is a loan using a property as security. A mortgage is a specific term for a charge registered on title.

What is a charge on title?

A charge on title is a generic term for any item registered on title. A charge can be any of the following: a mortgage, a secured personal loan, a secured personal line of credit, a government lien, a construction lien etc.

What is a 1st mortgage?

Mortgages or charges are registered in time sequence. Whichever charge is registered 1st by time is called the 1st charge or 1st mortgage.

What is a 2nd mortgage?

A 2nd mortgage is registered after the 1st mortgage in terms of time of registration. Normally the 2nd mortgage is a smaller amount than the 1st mortgage, but not necessarily. The 1st and 2nd mortgages will have their own separate payments.

What is a 3rd mortgage?

Same logic as 2nd mortgage applies.

Am I able to buy a house with no down payment?

Yes you can buy a house with no down payment. This offer is available in specific locations and only to those with good credit.

Am I able to buy a house with 5% down payment?

Yes. However this option is only available to applicants with good credit and sufficient provable income to qualify. This type of financing is ONLY available with CMHC or Genworth insurance through banks, trusts or credit unions. Trillium Mortgage does not do this type of financing. We are private mortgage specialists.

Am I able to buy a house with 10% down payment?

Same as 5% down payment above. There is one exception to this only if all 3 of the following are true: Property must be in a larger urban centre. Income must be provable and sufficient. Credit must be reasonably good.

Am I able to buy or refinance a house with 15% down payment or equity?

Yes. In these cases, credit history does not need to be perfect, but we still need sufficient provable income. The amount of financing that can be had is location specific. Typically if the property is located in larger urban centres, there is a better chance that this can be done. Rural properties are more difficult to finance. This type of financing will be privately funded mortgages at elevated interest rates.

Am I able to refinance to 90% of property value.

Yes but only with privately funded mortgages. These are location and situation specific. In some select cases we my be able to refinance to 95% of property value.
Not as a new 1st mortgage with an institutional lender.
CMHC rules do not permit refinances to more than 80% of property value.

How are payments of the mortgage funds controlled?

Mortgage funds are paid by the lender, thorough their lawyer. The funds are sent to the borrower's lawyer. The mortgage funds do not ever go to the mortgage broker. This is done for protection of the borrower who never needs to worry that their interests are being ignored.

How long does it take to get a mortgage and obtain the funds.

If a borrower is compliant and furnishes all info and documentation required, it is possible to close in a few days. Normally the process takes about a week.