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An experienced mortgage broker is an all-encompassing mortgage service provider who has many sources available to meet the needs of all applicants. Centum Mavin Lending is just that.

What DOES Mavin Lending do?  What services are offered?  Please see this summary list for quick reference:

  • •    Prime First Mortgages with many of Canada's largest banks. Our services are free to the applicant, the banks pay the brokerage fee. We shop for the lowest rates available in Canada.
  • •    Sub-Prime Mortgages that utilize the secure services of Canadian Trust Companies, Credit Unions and Mortgage Investment Corporations. These lenders are not necessarily governed by the same guidelines banks have to use. Some fees may apply. Nothing is paid up front and as such applicants can explore this option if they are facing turndowns by the banks to determine if there is a product that is good for them.
  • •    Private Mortgages. Centum Mavin Lending has a network of people who prefer investing in mortgages rather than other investment options such as stocks and mutual funds. When a client comes to us looking for a second mortgage, or a first mortgage, and banks do not seem interested, these lenders offer an alternative option.
  • •    Equity Line VISA. Centum Mavin Lending offers Equity Line VISAs that provide a low interest credit card with no annual fees; An excellent solution when looking for a revolving credit source. The equity line may be as high as 80% of the value of the property. 

 When and why would an applicant use one product over another?

  • •    Having all your business with just one bank sooner or later may let you down. Why allow one bank and their management only analyze you and your credit worthiness. Buying property is an investment. You would want to diversify your investments so why not diversify those financial institutions that know about them.  In that way banks and other mortgage lending institutions will compete for your business.
  • •    If you are self employed and do not claim all the income you generate and thereby save money on the amount of income taxes you pay, then you may not qualify for a Prime Bank Mortgage. So this is where a Subprime mortgage bank, trust company or credit union may be the perfect solution. You may pay a bit more in interest but that may make sense given the amount of savings you have each year by utilizing or maximizing your Income Tax Deductions.
  • •    If you have damaged or bruised credit, alternative lending sources are a short-term solution until your situation has improved and you qualify for Prime Mortgage Financing.
  • •    Private Lenders invest in "equity mortgages". When an applicant wants to keep their mortgage outside of the banks, a private lender may be the key.  Private lenders may require a lot less documentation and depend primarily upon the amount of equity in the property as security. As such, the applicant's income comes from may not be as much of a concern as it is with the banks. Private Lenders also come in useful when someone is looking to consolidate unexpected debt that has caused household challenges.
  • •    Equity Line VISA through Mavin Lending is a fantastic product those individuals who may no longer have a mortgage but want easy access to the equity in the home, or a low rate VISA. Travelers who pay off the VISA upon returning home after vacation, self employed individuals who purchase business product and pay it off within 30 to 60 days, family maintained student debt, or the applicant simply wants a low interest credit card. The ELV is a great option.
  • •    Combination mortgages consisting partly of a fixed rate term and part variable rate.  In such instances, these mortgages allow the borrower to chose where his payments are allocated to and perhaps expedite the pay down of the mortgage while taking advantage of the lowest possible interest rates.
When shopping for a new mortgage, whether you can walk into any bank and get approved or your application is a bit more unique than the average, call on Centum Mavin Lending Ltd., Leslie Fallaise, and expect a fast, professional and experienced personal mortgage advisor you can rely on.

Leslie Fallaise is a licensed mortgage broker in Ontario servicing all of Ontario and in the case of Prime Bank Mortgages, all of Canada. Call her for a no obligation discussion about your mortgage options.  (705) 878-2774
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