Red Deer Lowest Mortgage Rates RFA Mortgages
Red Deer RFA Mortgages Red Deer


Red Deer Best Rate Mortgages From RFA Mortgages


A Red Deer mortgage broker doesn’t issue loans themselves. Instead, they partner with mortgage lenders like RFA. There are a number of reasons we work with RFA on a large enough scale to receive special discounts we share with our customers in the form of even more competitive interest rates or special loan terms.

RFA Mortgages is notable for its affordable purchase plus improvement loans. These are the loans you take out to buy a dream home that isn’t quite there yet; you’ll receive the mortgage to buy it and funds to renovate it or repair it. The improvement loan has a maximum of $40,000 or 20% of the value of the home once it is improved. These loans essentially let you take out a home equity loan for repairs based on the future, greater value of the home once fixed up

RFA Mortgages is almost unique in their “new to Canada” mortgages, extending home loans to those relocating to the country. Contact us to learn more about the qualifications for this program.

RFA Mortgages offers the full range of GICs and conventional mortgages. You could finance your small business’ commercial mortgage as well as your home with them. RFA Mortgages has several loans perfect for the small business owner or self-employed individual. For example, their stated income programs let you use personal income tax returns and business financial statements to get a low interest home loan. You could borrow up to 90% of the property’s value with as little as 5% down, and they’ll let you put down up to 5% of its value as a gift from a family member. These terms on contingent on having a good income, good credit and being self-employed for at least two years.

If you don’t have these reports or don’t meet these terms, then you’re still eligible for a mortgage for up to 65% of the value of the property uninsured. In this case, you can’t use gifts or secondary loans to meet the 35% down payment requirement. To qualify for the uninsured option, you’ll also have to demonstrate that you’ve saved up six months of interest, principle and tax payments. If this sounds harsh, note that many other mortgage lenders wouldn’t deal with the self-employed in these cases at all.

RFA Mortgages offers flex-down loans where you can borrow the 5% down payment needed to buy a home, you are required to have your own line of credit or credit card where you can access these funds.

RFA Mortgages offers a simple online portal for managing every aspect of your mortgage. From their website, you can check your loan balance, make a payment, change prepayment frequencies or schedule an increased payment.

RFA Mortgages has a number of other benefits. A few of them are:

  • The option to pay at least 20% of the original mortgage balance annually on any regular payment date
  • An annual 20% payment increase with the increased payment applied directly to the principal
  • Rates held for 120 days whether buying a home or refinancing – whereas most lenders will hold it for a maximum of 90 days

RFA Mortgages offers competitive interest rates, but their flexible terms and willingness to take on higher-risk loans means they don’t post their rates publicly. Give us a call to find out what they can offer to you. Our volume of business with them means we can get a better deal for you, and we aid our clients in getting all of the paperwork necessary to secure a mortgage for the self-employed. Call our team today your top Mortgage Brokers in Red Deer today 587-315-3525 or apply today