Pegasus Mortgage Lending
Menu
Pegasus has grown and established new, strong and lasting working relationships with our lending and business partners.
Before making a home-buying decision, calculate both the one-time and ongoing costs associated with buying and maintaining the home you want.
One-time costs may include:
Ongoing housing costs include:
Your lawyer and real estate agent can provide estimates of some of these costs and should consult with you before you sign any documents or make any commitments.
Conventional – ‘Low Ratio’ – The mortgage loan amount is equal or less than 80% of the market value of the home. In other words, you have a down payment of 20% or more.
Insured – ‘High Ratio’ – The mortgage loan amount is greater than 80% but less than 95% of the market value of the home. In other words, you have less than 20% of a down payment. High ratio mortgages can be insured by Genworth Financial Canada, a private insurer, or Canada Mortgage and Housing Corporation (CMHC), which operate under the National Housing Act (NHA).
You can use our Mortgage Calculator to determine approximate monthly payments.
Pegasus Quick Qualifier.
Based on your financial situation, we can provide you with a Pre-Approval Certificate that pre-qualifies you for a maximum amount of mortgage financing at a guaranteed interest rate for 120 days* from the certificate date.
*Subject to change.
Yes. When you wish to increase the amount of your mortgage to obtain additional funds or buy another property in Canada most lenders can provide you with a “blended fixed rate”. This rate is a blend of your existing mortgage rate and the fixed mortgage rate applicable to the additional funds requested. No interest penalty will be charged but the resulting term of the mortgage must be equal or greater than the remaining term on your existing mortgage. If you have a variable rate mortgage we can also provide additional funds; however, rate blending is not available and a modest interest penalty may apply.
Yes. Subject to credit approval, when you move from one home to another in Canada, you may be able to take your existing mortgage balance with you, at the same interest rate, for the remaining term. Alternatively, you may be able to combine your existing mortgage balance with additional financing at a blended rate to finance a new home (applicable to fixed rate mortgages only). No interest penalty is charged.
Yes, if you already have a residential first mortgage on your home in Canada with another approved lender, we can help you switch to one of our preferred lenders for the best possible interest rates. Certain conditions may apply and prepayment penalties or other costs may be charged by your current lender.
If the amount of the mortgage exceeds 80% of the lending value of the mortgaged property, the mortgage is considered “high ratio”. Accordingly, and as required by law, mortgage insurance must be purchased for the full amount of the mortgage. Mortgage insurance is available from CMHC, Genworth and Canada Guaranty. An application fee and an insurance premium (which can be added to the mortgage amount) are payable to the insurer.
A mortgage is a loan to buy property, typically a house, repaid over time. The borrower pledges the property as collateral, and the lender funds the purchase. Monthly payments include principal, interest, property taxes, and insurance.
Although each lending institution has its own list of requirements based on the borrower, most mortgage lenders will normally demand the following documents:
Down payment confirmation: To confirm your down payment status, you must state your source of funds and present any of the following documents to the lender. It can include a statement of savings or investments, a sale agreement of an existing property, RRSP withdrawals or a gift letter.
During a foreclosure, a lender takes possession of a borrower’s home from them after they’ve missed multiple mortgage payments. The lender then sells the property to recoup the debt.
A broker is an independent professional who works with all parties engaged in the lending process, helping clients save on various factors, such as finding the lowest rates in the market and guiding them to reduce different fees, including application fees, appraisal fees, and more. Additionally, brokers save their clients valuable time.
To find the lowest possible rates on mortgages, it is important to compare the rates across your region and choose a shorter duration for lesser interest rates. Pegasus can provide you with a quote from all lenders across your region in just two minutes. Click here to get your free quotation now.
When choosing a mortgage term, it is important to consider your expenses. The mortgage term is the duration your mortgage contract is in effect and includes everything outlined in your contract, including the interest rate. The mortgage term can range from a few months to 5 years or longer. Choose the ideal mortgage term that suits your expenses.
There are several strategies for paying your mortgage sooner., including increasing your monthly mortgage payments, making bi-weekly payments instead of monthly, making lump-sum payments, shortening your amortization period and opting for refinance. But speaking with your financial advisor or mortgage specialists like us is essential before deciding.
When choosing between Variable and Fixed rates for a mortgage, it’s essential to consider their differences. With a Variable rate, the interest can fluctuate with the prime rate during the mortgage term. A Fixed rate, on the other hand, maintains the interest rate for the whole mortgage term.
A mortgage advisor is a professional who checks your finances and builds positive relationships with the people of the industry to help you attain the best mortgage solutions according to your requirements.
When faced with separation or divorce, a few options for handling jointly-owned property are available. You can dispose of the property and divide the proceeds or do a mortgage transfer by buying out your spouse’s share if you want to keep the property. Both of these options will incur a mortgage termination fee. Alternatively, you can sign an assumption agreement where your spouse assigns their shares to you, making you solely responsible for the mortgage. This option avoids terminating the mortgage, but both spouses’ names will remain on it.
A secured personal loan uses an asset, such as your car, to guarantee your lender that you will repay the loan. You must understand that this asset is collateral, and if you don’t pay, the lender has the right to take the asset from you. On the contrary, an unsecured personal loan is a loan that doesn’t require collateral, but remember that if you don’t make your payments, the lender has the right to file a suit against you. Furthermore, they have other choices, such as the right of offsetting.
The amount of time you pledge to the mortgage rate, lender, and related loan terms and conditions is known as the mortgage term. The phrase functions as a reset switch for a mortgage. After the completion of each term, you must renew your mortgage at a new rate that will be in effect on the remaining principal. On the contrary, the span of time required for a borrower to pay down a loan’s whole principle, as well as the associated interest, is known as the amortization period. Longer amortization periods will help you in reducing your monthly payments. However, the overall interest over the life of your mortgage will also increase.
Whenever the borrower pays off the mortgage before the end of its term or transfers it to another lender, breaking the mortgage terms, the lender charges an additional fee termed a pre-payment penalty. A pre-payment penalty can amount to thousands of dollars, so it’s essential to know when they apply and how it is calculated.
You can always negotiate for better mortgage rates by asking for quotations from various lenders. Another bracket for negotiation becomes open when the mortgage is up for renewal. For you, we can make the procedure simpler by getting quotes from all the lenders available in your region. Click here for professional assistance.
HELOC is a secure revolving loan you can obtain, pay up and borrow again, and the lender uses your home as a guarantee. It is a credit line which you can draw when necessary. HELOCs have variable interest rates. Depending on the current rate of interest and the total amount you have borrowed at any given moment, your monthly payment will change over time.
Yes, there are a number of strategies for reducing the amount you pay on your mortgage each month, like extending your mortgage term, consolidating your debts, looking for lower home insurance rates, and downsizing to a less expensive property to lessen your overall liability. Additionally, mortgage brokerage firms like ours can significantly assist in evaluating these options to lower your monthly payments on your mortgage. We will be happy to help you choose the right course of action.
