Mortgage Resources | My Phoenix Group

Your Easy Mortgage Resources

We want to make it as easy as possible for you to access the mortgage information you need. Whether you are just starting your home search, ready to make an offer or want to begin the pre-approval process, this information will help answer your questions. You can get the best advice on how to select the right mortgage with information on home affordability and financing options. We’ve got you covered every step of the way, including how to find the right home and what to do before you sign an offer.

You aren’t alone in the home buying process. Whether you’re a first-time buyer, are looking to refinance, or are hoping to sell and move on, we provide the expertise you need in easy to understand terms. Let our team be your mortgage experts.

For more information, speak to our helpful mortgage brokers.

FAQ

Can I buy with no money down?

With good credit, job stability and proof of income, you can arrange for a mortgage with no money down up to 95% of the property value or new purchase amount (subject to availability).

I have bad credit, can I still get a mortgage?

As long as you have equity in your property, we may be able to get you approved for mortgage financing with bad credit.

Can we switch from a variable to a fixed rate?

Depending on the terms of your mortgage, you can switch to a fixed rate term from a variable rate mortgage at anytime.

Glossary

Weekly Accelerated Payments

Same as bi-weekly accelerated. Your payments will be one quarter of your normal monthly payment. More aggressive than simple weekly payments as sometimes there are 5 weeks in the month and you will have 5 payments in that month.

Vendor-Take-Back

When the vendor (seller) of a property provides some or all of the mortgage financing in order to sell the property.

Vendor Financing (Balance of Sale)

The seller sometimes takes the mortgage at a rate lower than market rates. Most of these arrangements are not renewable nor transferable to the next owner.