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Find A LenderMortgage Maestro: Overview
If you’re looking for an online-only mortgage experience, you’ll find it with Mortgage Maestro.
Mortgage Maestro is a digital mortgage brokerage dedicated to simplifying the mortgage application and approval process by moving it entirely online. The company offers various mortgage products to homebuyers and homeowners and has a vast network of over 50 trusted lenders to help borrowers find the ideal mortgage solution.
What Mortgage Products Does Mortgage Maestro Offer?
Mortgage Maestro offers different financing options, including the following:
Mortgages
Whether you’re buying your first home or subsequent home, Maestro Mortgage offers regular mortgages to those with various financial and credit backgrounds. Depending on your financial situation they can offer you open or closed mortgages with fixed or variable rates.
Closed Mortgages
A closed mortgage usually has lower interest rates compared to open mortgages. They also have longer amortization periods, which gives you more time to repay the loan and keeps monthly payment amounts lower and more affordable.
Mortgage terms for closed mortgages range around 3-5 years and cannot be repaid earlier. Paying the mortgage off before the end of the term will come with early repayment penalty fees, which can add up to thousands of dollars.
Open Mortgages
An open mortgage, on the other hand, allows you to repay the loan in full at any time without penalty. The mortgage can also be renegotiated or refinanced before the end of the loan term with no penalty fees incurred.
Open mortgages have shorter loan terms than closed mortgages and higher interest rates than closed mortgages.
Fixed-Rate Mortgages
A fixed-rate mortgage means that the interest rate remains the same throughout the loan term. Even if the prime rate changes, the fixed rate on the mortgage will not change.
This is a popular option for many borrowers who appreciate the predictability of their mortgage payments. While the overall payment amount remains the same, an increasing amount of the payment will go toward the principal portion with every payment, and a smaller amount will go toward interest.
Variable-Rate Mortgage
Conversely, a variable-rate mortgage means that the interest rate will fluctuate throughout the loan term. The mortgage rate is based on the Bank of Canada’s prime rates. If the prime rate changes, so will the rate on a variable-rate mortgage.
Some borrowers prefer variable-rate mortgages if they believe rates will decrease soon. There is no requirement to lock in at a certain rate, which provides flexibility to take advantage of lower rates if they decrease. However, if the prime rate increases, so will the rate on a variable-rate mortgage.
Mortgage Renewals
If you already have a mortgage, you will either have to pay your loan off in full or renew it for another term once your loan term comes to an end. You can renew your mortgage with the same lender or switch to a new one. Ideally, if you choose to switch lenders, you can negotiate better terms and a lower rate when you renew your mortgage.
Mortgage Refinancing
If you already have a mortgage but are looking to refinance it as a way to secure a lower interest rate, shorten or lengthen the loan term, or switch from a fixed- to a variable-rate mortgage (or vice versa), you can do so with Mortgage Maestro.
You can take out a new mortgage with different terms and interest rates, and use the funds to pay off your existing mortgage. Once your old loan is repaid, you’ll start making payments toward your new mortgage. You may also choose a cash-out refinance, which allows you to tap into your equity. With this option, you would take out a mortgage with a higher loan amount, pay off the original loan balance, and access the difference from your equity.
HELOCs
A home equity line of credit (HELOC) is secured against your home. You can borrow from 65% to 80% of the property’s current appraised value, which becomes your credit limit.
You can tap into your home equity as often as you need, up to the credit limit, and will only have to pay interest on the withdrawn funds. Once you pay back what you took out, you can borrow from the HELOC over and over as needed.
It should be noted that HELOCs involve a draw period and repayment period. During the draw period, only the interest portion needs to be repaid. Payments toward repaying the full withdrawn amount are only required once the repayment period begins, which may last anywhere from 10 to 20 years.
Reverse Mortgages
A reverse mortgage allows you to borrow up to 55% of your home’s appraised value, less the remaining balance on your mortgage. You can then access the funds from your home’s equity in a lump sum amount or through regular installments. You must be at least 55 years old to qualify for a reverse mortgage.
What Rates Does Mortgage Maestro Offer?
Mortgage Maestro’s team of brokers works hard to find the lowest interest rates possible. The rate you can qualify for will be based on your financial and credit profile.
Right now, Mortgage Maestro offers the following rates based on different loan terms and mortgage types:
| Mortgage Type | Loan Term | Rate |
| Fixed-Rate | 1 year | 6.94% |
| Fixed-Rate | 2 years | 6.24% |
| Fixed-Rate | 3 years | 6.14% |
| Fixed-Rate | 4 years | 5.74% |
| Fixed-Rate | 5 years | 5.34% |
| Variable-Rate | 5 years | 6.10% |
| Variable-Rate | HELOC | 7.70% |
Application Process
How To Apply For Mortgage Products With Mortgage Maestro
Advantages Of Mortgage Maestro
There are several reasons why you should consider making Mortgage Maestro your mortgage broker:
- Customized mortgage products. Mortgage Maestro will work with your financial situation and credit rating to find a lender who will provide the right mortgage product for you.
- Assistance from mortgage experts. The team of mortgage brokers will guide you every step of the way and ensure you fully understand each phase of the process.
- Competitive interest rates. With dozens of lenders on their roster, Mortgage Maestro will compare what each has to offer to find the lowest mortgage interest rate available.
- Years of experience in the mortgage market. The team of lenders with Mortgage Maestro has helped millions of Canadians get the mortgage products needed to finance their transactions.
- Unbiased assistance. Mortgage Maestros’s team of brokers works for you, not the lender. As such, they’ll ensure that your best interests always come first and focus on providing you with the best financing solution.
- Mortgage calculator. Mortgage Maestro’s handy online mortgage calculator can help you quickly determine how much you can afford and what your anticipated mortgage payments will be before you apply.
Final Thoughts
Mortgage Maestro makes the mortgage application and approval process easy. You can get started online and allow the team of brokers to do all the necessary legwork to find the perfect lender for you that will offer the lowest rate and best terms. Plus, you’ll get unbiased advice, so you can rest assured knowing that your best interests will always be looked after first.
