Hamilton Mortgage Brokers

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Hamilton’s Go-To Professional Mortgage Brokers

At Clover Mortgage, our team of professionals brings a wealth of experience to Hamilton's mortgage industry, ensuring our clients receive exceptional service and competitive rates.

We take great pride in our unwavering dedication to exceeding your expectations by delivering unparalleled service. Setting ourselves apart from traditional online brokers, loan firms, or banks, we provide a refreshing approach by customizing our services to cater to your individual requirements.

Hassle-Free Application

We place great importance on delivering outstanding customer service, going the extra mile to ensure that your mortgage journey is smooth and stress-free. Our streamlined online application process allows you to apply for a mortgage conveniently from the comfort of your own home. With our user-friendly platform, the entire process becomes effortless, saving you valuable time and energy.

Embark on the journey towards acquiring your dream home or investment property by reaching out to us today, or submitting a no-obligation application. Our team of dedicated Hamilton mortgage experts is committed to providing you with personalized service, regardless of your credit report or financial situation.

Don't let financing become an obstacle on your path to success. Place your trust in Clover Mortgage for a seamless mortgage experience tailored to your needs.

Why Choose Clover Mortgage?

Complete, Full-Serviced Mortgage Brokerage Service

As a leading mortgage brokerage, we boast an extensive network of over 70 diverse lenders spanning the Canadian landscape. This unparalleled access empowers us to deliver a customized solution that ensures you receive the most advantageous offer available.

Better Refinancing Rates

At Clover Mortgage, we take pride in presenting Canadian homeowners with the opportunity to optimize your mortgage through refinancing. By harnessing our extensive network of premier lenders in the industry, Clover Mortgage guarantees unparalleled coverage that caters to your every requirement. *

Faster Turnaround Time

We hold the utmost regard for your time, prioritizing it by delivering expedient and reliable service that you can always count on.

Bad Credit? No Problem!

Any past credit challenges you may have encountered will not impede your application process. Our unwavering commitment lies in overcoming obstacles and securing your approval, even in the event of a bank rejection. We go the extra mile to ensure your financial needs are met and strive to provide you with a successful outcome.

Simple Application

Experience the convenience of receiving a personalized mortgage quote in just minutes, accompanied by a complimentary phone consultation with one of our trusted experts - no obligations attached.

Professional Support

Gain access to an all-inclusive and complimentary mortgage analysis, coupled with expert guidance, courtesy of our licensed mortgage brokers - no obligations or prerequisites involved.

Typically, our most competitive annual interest rates are offered through a 5-year fixed rate or variable rate mortgage refinance. It's important to note that qualifying criteria and approval are necessary to secure these rates. Please be aware that rates are subject to change at any time, and additional terms and conditions may apply.

As a dynamic city nestled within the Greater Toronto Area, Hamilton is celebrated for its vibrant atmosphere and diverse cultural tapestry. Embracing a flourishing community, Hamilton offers its residents access to exceptional educational institutions, a thriving economy, and an array of stunning parks, recreational amenities, and a bustling downtown core.

Built upon the extensive expertise of our Co-Founders who have amassed over 20 years of leadership in Canada's mortgage industry, Clover Mortgage boasts deep-rooted connections with more than 70 esteemed financial institutions and lenders. This network enables us to offer our valued Hamilton customers a diverse portfolio of over 300 tailor-made mortgage solutions, and our utmost pride stems from providing significant volume discounts, along with highly competitive rates and terms exclusively catered to the needs of our Hamilton clientele. Above all, our unwavering commitment lies in delivering exceptional service and honest guidance, facilitated by our dedicated team of Mortgage Agents and Brokers, ensuring that our valued clients receive unparalleled benefits in today's market.

Residential Mortgage

What is a Residential Mortgage?

A residential mortgage serves as a financial arrangement offered by reputable institutions, commonly banks or mortgage lenders, to individuals or families seeking to acquire a residential property. This loan arrangement entails a legal agreement in which the purchased property serves as collateral for the loan.

By spreading out the property's cost over an extended timeframe typically ranging from 25 to 30 years (and up to 40 years in specific scenarios), residential mortgages provide an avenue for individuals to fulfill their dream of homeownership.

Fixed-rate Mortgages

This particular mortgage option ensures your interest rates remain steadfast throughout the entirety of your loan term, guaranteeing a consistent monthly payment value that remains unchanged. Fixed-rate mortgages are highly favoured by individuals seeking stability in their budgeting, providing reassurance against potential fluctuations in interest rates. This offers valuable protection and peace of mind for those who wish to safeguard themselves against possible increases in interest rates.

Variable-rate Mortgages

Variable-rate mortgages present interest rates that have the capacity to vary over time, influenced by market fluctuations. Typically, their initial interest rates are lower compared to fixed-rate mortgages, rendering them an appealing choice for borrowers seeking potential cost savings. Additionally, variable-rate mortgages often feature adjustment periods, during which interest rate payments remain fixed for a specific duration before undergoing adjustments. This flexibility allows borrowers to navigate changes in the market with a degree of stability and adaptability.

Understanding Your Residential Mortgage

A residential mortgage involves a contractual arrangement between the borrower and the lender, wherein the lender extends the necessary funds for purchasing a residential property. In return, the borrower commits to repaying the loan, along with accrued interest, over a designated period. Lenders evaluate several factors, including the borrower's creditworthiness, income, employment history, and down payment amount, to assess mortgage eligibility and establish favourable terms.

In order to safeguard their interests, lenders typically maintain a security interest until the mortgage is fully repaid. In the event of missed or delayed mortgage payments, the lender retains the right to initiate foreclosure proceedings and sell the property to recover their outstanding balance.

How Clover Mortgage is Here to Help

As a reputable mortgage broker serving Hamilton, Clover Mortgage takes great pride in assisting our valued clients with their residential mortgage requirements. Acting as a vital link between borrowers and lenders, we harness our extensive expertise and industry relationships to identify the most suitable mortgage options for Hamilton residents. Our dedicated team is committed to guiding you effortlessly through the intricacies of mortgage products, interest rates, and lender prerequisites.

Recognizing the distinct needs of each client, Clover Mortgage strives to secure competitive rates and favourable terms. We provide personalized advice and ensure a seamless application process, offering unwavering support until the completion of your mortgage journey.

Commercial Mortgages

Understanding Commercial Mortgages

Tailored to cater to the unique needs of businesses and investors, commercial mortgages serve as specialized loans intended for the acquisition or refinancing of commercial properties. These properties encompass a diverse range, including office buildings, retail spaces, industrial facilities, and multi-unit residential complexes. By providing essential financing, commercial mortgages facilitate the acquisition and development of income-generating properties, bolstering entrepreneurial ventures.

The approval process for commercial mortgages diverges from that of residential mortgages, as lenders primarily evaluate the income potential and cash flow generated by the property rather than focusing solely on the borrower's personal financial situation. Due to the increased level of risk associated with commercial ventures, commercial mortgages typically feature higher interest rates and necessitate a larger down payment compared to residential mortgages.

Getting Approved for a Commercial Mortgage

In order to secure approval for your commercial mortgage, it’s essential to provide a range of information and documentation tailored specifically to your business needs. Here are the key aspects that lenders typically consider:

  • Financial Information: Lenders will meticulously review your financial records, including income statements, balance sheets, tax returns, bank statements, and business plans. This evaluation aims to assess the financial stability and potential profitability of your business, ensuring your capacity to repay the loan.
  • Property Evaluation: Lenders undertake a thorough assessment of the commercial property, taking into account factors such as location, condition, potential rental income, and market trends. This evaluation helps determine the property's value and income-generating capabilities, playing a vital role in the loan approval process.
  • Down Payment and Equity: Commercial mortgages typically require a significant down payment, often ranging from 20% to 30% of the property's purchase price. Lenders generally prefer borrowers to have substantial equity in the property, as it helps mitigate risk and demonstrates a strong commitment to the investment.

  • Loan Terms and Payment Options: Commercial mortgages offer a range of terms and payment options. Loan terms can vary from five to 25 years, with the choice of fixed or variable interest rates. Payment options may include monthly, quarterly, or annual payments, depending on your specific needs and preferences.
  • Risks Associated with Commercial Mortgages: It is important to be aware of the inherent risks associated with commercial mortgages - these risks may include fluctuations in property values, changes in market conditions, and the potential for vacancy or default by tenants. Being prepared for these risks and having contingency plans in place is crucial for successful commercial mortgage management.

Clover Mortgage: Your Trusted Mortgage Broker

As a trusted mortgage broker serving Hamilton, Clover Mortgage is dedicated to supporting our local clients in their pursuit of commercial financing. We have established a vast network of commercial lenders, encompassing banks, credit unions, and private lenders, providing a wide array of options with competitive rates and favourable terms.

Our team of seasoned professionals stands ready to offer personalized guidance to our Hamilton clients at every stage of the process. We will assist you in navigating the intricacies of commercial financing, assessing risk factors, and identifying suitable loan options tailored to your specific goals and financial circumstances.

At Clover Mortgage, we prioritize a streamlined experience for our Hamilton clients. We will aid you in gathering the necessary documentation, preparing comprehensive loan applications, and ensuring all requirements are met, increasing the efficiency of the application process and enhancing your chances of approval.

By working closely with our Hamilton clients, we aim to gain a deep understanding of your risk tolerance and financial objectives. This enables us to provide customized solutions that align with your needs, effectively mitigating risks while maximizing the benefits of your commercial financing endeavours.

Emergency Mortgages

Emergency Mortgages: Navigating Last-Minute Changes

In some unfortunate situations, your bank may cancel your mortgage last minute, leaving you in quite a challenging position.

Several factors can contribute to such cancellations, including:

Failed Property Appraisal

If your property's appraised value falls short of its loan amount, your bank may cancel your mortgage due to insufficient collateral.

Changes in Borrower's Financial Situation

Significant changes in your financial circumstances, such as job loss, reduced income, or increased debt, can lead to a mortgage cancellation.

Credit Issues

A decline in your credit score or a negative credit history, such as missed payments or high debt levels, may result in your bank cancelling your mortgage.

Legal or Title Issues

Discovering legal or title issues with your property, such as outstanding liens or disputes, can cause a bank to withdraw its mortgage approval.

Dealing with a Failed Mortgage

If your mortgage falls through, it's crucial to stay calm and take action. Communicate with your lender to understand the specific reasons for the cancellation. Review your financial situation and address any issues that contributed to the cancellation, and consider seeking advice from a mortgage professional to explore alternative options and strategies for securing financing.

Mortgage closing times can vary depending on factors such as the lender's process, the complexity of the transaction, and market conditions. On average, closing times range from 30 to 45 days. However, it's important to note that some lenders offer expedited processes that can significantly reduce the closing time.

Quick Mortgage Options

If you're aiming to secure a swift mortgage, follow these tailored steps:

  1. Streamline Documentation: Take proactive measures by organizing and collating all essential financial documents beforehand. These may include income verification, bank statements, and tax returns. This proactive approach will expedite the application process.
  2. Engage a Mortgage Specialist: Partnering with a dedicated mortgage specialist can prove invaluable, as their extensive network and expertise will allow them to connect you with lenders who prioritize quick turnaround times. They will guide you through the process, providing support in document preparation and ensuring a seamless experience.

How Clover Mortgage Can Help

At Clover Mortgage, we specialize in assisting Hamilton clients facing unique mortgage challenges, including sudden cancellations and urgent mortgage requirements. Here's how we can provide tailored support:

  • Extensive Network: With our extensive network of lenders throughout Hamilton, including traditional banks, credit unions, and private lenders, Clover Mortgage can access a diverse range of financing options. This enables us to find suitable alternatives for clients facing mortgage cancellations, or those in need of swift approvals.
  • Expert Advice: Our team of seasoned mortgage professionals offers personalized advice to all Hamilton clients, identifying the root causes of mortgage cancellations and providing effective solutions. We leverage our expertise to guide you through the process, ensuring a comprehensive understanding of available options.
  • Streamlined Application Process: Clover Mortgage streamlines the mortgage application process, assisting with document preparation, information gathering, and presenting a comprehensive application to potential lenders. By presenting a complete and compelling application, we increase the likelihood of quick approvals.
  • Alternative Financing Options: In situations where traditional mortgages may not be feasible, we explore alternative financing options for our Hamilton clients. This may include private mortgages or creative lending solutions tailored to your specific needs and circumstances.

At Clover Mortgage, we are dedicated to helping Hamilton clients overcome mortgage challenges, providing personalized solutions and exceptional service throughout the process.

Second and Third Mortgages

Second and Third Mortgages: Understanding the Basics

Second and third mortgages involve securing additional loans against properties that already have existing primary mortgages. These options enable homeowners to tap into their property's equity for a range of purposes, including home improvements, debt consolidation, or investment endeavours.

Typically, a second mortgage is obtained following your primary mortgage, while a third mortgage is acquired after both the first and second mortgages are in place. It's important to note that these mortgages hold a subordinate position to the primary mortgage. In the event of foreclosure, the primary mortgage holder receives priority in receiving proceeds from the property's sale.

Qualifying for Second and Third Mortgages

In order to determine your eligibility for a second or third mortgage, lenders carefully evaluate various factors, including your income, creditworthiness, and financial stability. This assessment encompasses considerations such as employment history, income level, credit score, and debt-to-income ratio, ensuring a comprehensive evaluation.

Lenders also assess your loan-to-value (LTV) ratio, which compares your total outstanding mortgage debt against the appraised value of the property. Higher LTV ratios may result in more stringent lending requirements or potentially higher interest rates. To determine the current market value of your property, lenders generally require a professional appraisal.

Furthermore, homeowners seeking a second or third mortgage must have sufficient equity in their existing property. Equity is calculated by taking the difference between the appraised value of your property and your outstanding mortgage balances.

Borrowing Limits in Ontario

In Ontario, the maximum borrowing amount for second and third mortgages typically adheres to a specific percentage of the appraised value of your property. As a general guideline, lenders may offer loan amounts of up to 80% of the appraised value, although this can vary depending on the lender and the borrower's financial situation.

Second mortgages, often known as home equity loans, allow homeowners to leverage the equity they have accumulated in their property. These loans provide borrowers with the flexibility to access funds for various purposes, offering a valuable financial resource.

When considering a second or third mortgage, it's important to factor in associated closing costs: these costs may include appraisal fees, legal fees, and lender fees, among others. Being mindful of these expenses will help you evaluate the overall affordability of the mortgage and make informed decisions.

Why Work with Clover Mortgage

At Clover Mortgage, our extensive network of lenders in Hamilton, including traditional banks, credit unions, and private lenders, grants us access to a wide range of mortgage options tailored specifically to our valued clients' needs.

Our team of experienced mortgage professionals specializes in providing expert advice to Hamilton residents, helping you navigate the intricacies of second and third mortgages. We are dedicated to ensuring that our clients fully comprehend their eligibility requirements, borrowing limits, and potential risks associated with these types of mortgages.

Guiding our Hamilton clients through the application process is our priority. We meticulously assist you in preparing and submitting all necessary documentation, streamlining the entire process. We recognize that each client's financial situation is unique, and as such, we provide customized solutions that align with individual needs. Our goal is to present Hamilton residents with a range of options that cater to their specific goals and circumstances.

Self-Employed Mortgages

Self-Employed Mortgages: Navigating the Process

Those who are self-employed or have their own businesses with unique payment structures can explore specialized self-employed mortgages. Traditional mortgage applications typically emphasize stable employment and regular pay stubs, which can pose challenges for self-employed individuals with fluctuating income or unconventional documentation.

When contemplating a self-employed mortgage, it’s crucial to grasp the qualification criteria and requirements.

Income Calculation

To determine the income of self-employed individuals, lenders employ diverse methods. These approaches encompass analyzing business financial statements, tax returns (typically from the past two years), profit and loss statements, bank statements, and contracts or invoices that illustrate a consistent income stream.

Lenders may choose to average their income over the past two years, or consider the most recent year's income as a basis for their assessment.

Creditworthiness

Just like with traditional mortgages, your creditworthiness holds considerable importance when seeking qualification for a self-employed mortgage.

Lenders thoroughly evaluate factors such as your credit score, payment history, and overall credit health to assess your projected eligibility and determine suitable interest rates.

Documentation

Self-employed individuals seeking a mortgage must provide comprehensive documentation to substantiate their income claims. This entails providing tax returns, business financial statements, bank statements, and any additional supporting evidence that demonstrates a consistent income stream.

Down Payment

In order to enhance their chances of mortgage approval, self-employed borrowers typically need to provide a larger down payment compared to traditionally employed individuals. This larger down payment serves to mitigate the lender's risk and reflects the borrower's commitment to the investment. By providing a substantial down payment, self-employed individuals can demonstrate their financial stability and improve their overall mortgage prospects.

Debt-to-Income Ratio

Throughout the mortgage application process, lenders evaluate your debt-to-income ratio by examining your monthly debt obligations in relation to your income. Maintaining low levels of debt and showcasing a healthy income-to-debt ratio can significantly enhance your chances of securing mortgage approval. By demonstrating a responsible approach to managing your debts and illustrating a strong income-to-debt balance, you present yourself as a favourable candidate to lenders, increasing the likelihood of a successful mortgage application.

The Pros and Cons of Self-Employed Mortgages

Self-employed mortgages offer borrowers a range of benefits, but they also come with unique challenges.

Pros

  • Flexibility: Self-employed mortgages provide flexibility in income verification, enabling borrowers with non-traditional income sources to qualify for a mortgage. This accommodates individuals with variable or unconventional income streams.
  • Tax Deductions: Self-employed borrowers often benefit from greater tax deductions, reducing their taxable income. This can potentially improve mortgage affordability and financial stability.
  • Investment Opportunities: Owning a property grants self-employed individuals an additional investment asset. Real estate ownership can offer long-term financial growth and diversification.

Cons

  • Documentation Challenges: Self-employed borrowers may encounter more extensive documentation requirements. Lenders aim to assess the stability and reliability of self-employed income, necessitating additional paperwork and documentation.
  • Higher Interest Rates: Self-employed mortgages may entail slightly higher interest rates compared to traditional mortgages. Lenders often perceive self-employed borrowers as higher risk due to the variability of their income sources and stability.

How Clover Mortgage Can Help

At Clover Mortgage, we understand the distinct challenges encountered by Hamilton entrepreneurs and our valued self-employed clients. Fortunately, our extensive network of lenders, including those specializing in self-employed mortgages, empowers us to offer competitive rates and favourable terms with utmost convenience.

Our commitment to our self-employed clients extends throughout the entire mortgage application process. We diligently assist in preparing and submitting all necessary documentation, ensuring accuracy and efficiency. Clover Mortgage goes the extra mile to provide a diverse range of mortgage options specifically tailored to meet the needs of our self-employed clients in Hamilton. We carefully consider your unique financial situation, income structure, and long-term goals, ensuring that our mortgage solutions align seamlessly with your aspirations.

Bad Credit Mortgages

Bad Credit Mortgages: Overcoming Financial Challenges

Individuals with a low credit score or a history of credit challenges can explore specialized bad credit mortgages. These mortgage options are specifically designed to provide financing opportunities for those with less-than-ideal credit, enabling them to purchase a home or refinance an existing property.

The primary goal of bad credit mortgages is to assist borrowers in rebuilding their credit and achieving homeownership, even in the face of past financial setbacks. By offering these mortgage options, lenders aim to support individuals on their journey toward improving their creditworthiness and regaining financial stability.

When considering a bad credit mortgage, it is crucial to avoid actions that could further negatively impact your credit - this includes making late payments, accumulating more debt, or applying for multiple credit products simultaneously. Demonstrating financial discipline and making consistent payments towards existing debts can gradually improve your creditworthiness over time.

Qualifying for Bad Credit Mortgages

When seeking qualification for a bad credit mortgage, it’s vital to familiarize yourself with the specific requirements established by lenders.

Credit Score Requirements

While conventional mortgages generally necessitate a credit score of 620 or above, bad credit mortgages offer opportunities to individuals with credit scores as low as 500. It is important to note, however, that lower credit scores typically result in higher interest rates and a more restricted selection of mortgage options.

Income and Employment Stability

In evaluating your eligibility for a bad credit mortgage, lenders thoroughly assess your income and employment stability to ensure that you have the necessary financial means to meet your mortgage payments. Demonstrating a consistent and reliable income stream, along with a strong employment history, can significantly enhance your eligibility for a bad credit mortgage.

Down Payment

When it comes to bad credit mortgages, a larger down payment is frequently required compared to traditional mortgages. This is because a substantial down payment helps to mitigate the lender's perceived risk and can enhance your prospects of mortgage approval.

Documentation

When applying for a specialized bad credit mortgage, it’s vital to provide comprehensive documentation of your income, assets, and liabilities. Lenders place great importance on these documents to assess your financial standing and ability to manage debt effectively. Lenders may also require additional paperwork to gain a comprehensive understanding of your financial situation, ensuring that you can meet your mortgage obligations in a timely manner.

Why Work with Clover Mortgage

At Clover Mortgage, our dedicated team is fully committed to assisting our valued clients in Hamilton at every stage of their mortgage journey.

  • Extensive Lender Network: With established connections to lenders throughout Hamilton specializing in bad credit mortgages, Clover Mortgage can leverage this network to find suitable lenders and loan products that cater to the specific needs and circumstances of our clients.
  • Application Support: At Clover Mortgage, we provide comprehensive assistance throughout the entire mortgage application process. Our team is here to guide you, ensuring that all necessary documentation is gathered and that your application is prepared meticulously. By streamlining the process, we enhance your chances of securing mortgage approval.
  • Credit Rebuilding Strategies: Clover Mortgage is dedicated to providing guidance on credit rebuilding strategies to our Hamilton clients. We offer valuable advice on improving creditworthiness and establishing positive financial habits. Our ultimate goal is not only to help you secure a mortgage, but also to set the foundation for a healthier credit future.
Mortgage Refinancing

Mortgage Refinancing: Unlocking Opportunities with Clover Mortgage

Mortgage refinancing is a dynamic process that involves replacing an existing mortgage with a new one, offering homeowners the opportunity to modify their mortgage terms and conditions to potentially reap various benefits.

By refinancing, homeowners can explore options such as obtaining lower interest rates, improving loan terms, and accessing equity. Refinancing can be done with your current lender, or by switching to a new lender in Hamilton.

Refinancing your mortgage may be particularly advantageous in the following scenarios:

  • Interest Rate Reduction: A primary motivation for homeowners to consider refinancing is to capitalize on lower interest rates. If market interest rates have significantly decreased since you obtained your current mortgage, refinancing can help you reduce both your monthly payments and overall interest costs.
  • Changes in Loan Terms: Refinancing empowers homeowners to modify the length of their loan term. Shortening your term enables faster mortgage repayment, while lengthening your term can lead to more manageable monthly payments.
  • Accessing Equity: Refinancing allows homeowners to tap into the equity accumulated in their property. This equity can be utilized for various purposes, such as making home improvements, consolidating debts, or funding significant life events.

Pros and Cons of Mortgage Refinancing

When contemplating mortgage refinancing, it’s crucial to grasp the distinct advantages and challenges associated with this option. Understanding these factors enables you to make an informed decision regarding your mortgage.

Pros of Mortgage Refinancing

  • Lower Interest Rates: Refinancing to a lower interest rate can lead to substantial savings throughout the duration of your loan.
  • Improved Loan Terms: Refinancing empowers borrowers to negotiate better loan terms, such as opting for shorter-term or fixed-rate mortgages that align with your financial goals.
  • Access to Equity: Refinancing presents an opportunity for homeowners to access the equity built up in their property, allowing them to address other financial needs.
  • Debt Consolidation: Through refinancing, borrowers can consolidate high-interest debts into a single, more manageable payment, potentially reducing overall interest costs.

Cons of Mortgage Refinancing

  • Closing Costs: Refinancing incurs closing costs, including appraisal fees, legal fees, and lender fees. It is crucial to consider these expenses and assess whether the potential benefits outweigh the associated costs.
  • Extended Loan Term: If your primary objective of refinancing is to lower monthly payments, extending your loan term may result in paying more interest over the long run. Careful evaluation is necessary to determine the optimal trade-off between lower payments and increased interest payments.

How Clover Mortgage Can Help

At Clover Mortgage, our team of experienced professionals in Hamilton is dedicated to providing expert advice on mortgage refinancing to our valued clients. We understand the importance of assessing your financial goals and determining if refinancing is the right option for you.

With access to a vast network of Hamilton lenders, including traditional banks, credit unions, and private lenders, we are able to present you with a range of refinancing options. Our aim is to secure competitive rates and favourable terms that align with your specific needs and circumstances.

Throughout the entire refinancing process, Clover Mortgage guides you every step of the way. We assist you in gathering all necessary documentation, preparing comprehensive loan applications, and ensuring a smooth and efficient application process.

Our team carefully analyzes your potential savings and benefits from refinancing, taking into account factors such as interest rates, loan terms, and closing costs. This enables us to provide you with well-informed guidance based on your unique financial situation.

Our Best Mortgage Rates

TERMS FIXED VARIABLE PRIVATE 1ST MORTGAGE PRIVATE 2ND MORTGAGE
5 Year 4.49% 5.90%
4 Year 4.74
3 Year 4.69 6.00%
2 Year 5.49% 8.99% 10.99%
1 Year 6.39% 8.49% 10.99%
7 Year 4.89%
10 Year 6.10%

Mortgage Affordability Calculator

Our Clover Mortgage Affordability Calculator can help you determine how much of a mortgage and property you can afford.
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You potentially qualify for a maximum mortgage of up to $0,00 or a maximum monthly mortgage payment of up to $0,00*

*This is not a pre-approval and not an approved mortgage quote. This is merely an estimated calculation based on a 39% maximum TDS and the maximum mortgage amount and maximum monthly mortgage payment that you might qualify for may vary depending on a variety of factors including, but not limited to, the loan to value, the credit scores and credit histories of all applicants, the income reported on official government filed tax documents, the location and condition of the property, and more. For a more precise quote, please contact Clover Mortgage by phone 416-674-6222 or by email at info@clovermortgage.ca

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Our Reviews

My husband and I have dealt with Mortgage companies before - but Clover Mortgage just took our expectations ans blew them through the roof. They were always a phone call or text away, even when Steven was on vacation with his family, he made sure to stay in touch.
We had some insurance issues and he was on it sending us names of insurance brokers and giving us guidance.
When I say that their service was above and beyond, I really truly mean it. We will definitely be back in the future when we are ready to sell our home and purchase a new one. Thank you Steven and Rushi (who is on his team as well, and gave top notch service as well)
If you haven't called or applied, don't Wait. They will find you help!


Stephanie Dvernichuk, Hamilton

TYLER SALMON - A NAME YOU CAN TRUST FOR ALL YOUR MORTGAGE NEEDS..
Honestly , we are lucky to have Tyler as our mortgage agent. He is very friendly, Knowledgeable , polite & response very quickly for all your enquires even during off work hours.He will explain everything in detail step by step . No other mortgage agent will do the same
I contacted Tyler for our 3rd mortgage . Even though the appraisal value was lower than the purchase price, he contacted with other 2-3 apprisers & received the value what we want. If it’s other agent for sure they won’t do this help and also he negotiated with a lender and we got a good rate.


Delwin Davis, Hamilton

I've had the pleasure of working with Steven Crowe for several years, including prior to his time at Clover Mortgage.  Steven is incredibly creative, responsive and very knowledgeable. His ability to sit and listen to a situation and then develop solutions is second to none. Since he has come to work at Clover, his ability to service clients has even improved! He has tools and resources at his disposal that augment his exceptional service. I would highly recommend Steven as a mortgage broker in virtually any situation but particularly if you are looking for someone who will go the extra mile!  5 Stars x 1000!


Michele Rebiere, Hamilton

I've had the pleasure of working with Steven Crowe for several years, including prior to his time at Clover Mortgage.  Steven is incredibly creative, responsive and very knowledgeable. His ability to sit and listen to a situation and then develop solutions is second to none. Since he has come to work at Clover, his ability to service clients has even improved! He has tools and resources at his disposal that augment his exceptional service. I would highly recommend Steven as a mortgage broker in virtually any situation but particularly if you are looking for someone who will go the extra mile!  5 Stars x 1000!


Michele Rebiere, Hamilton

My mortgage broker Tyler Salmon was incredible. Was able to get me placed with a very reasonable interest rate despite the turmoil with rates in the market place. He is knowledgeable, accommodating, empathetic and customer service skills are the best I have ever seen. He walked us through every step until I was able to successfully purchase my first home. He works harder than anyone I have seen and I would highly recommend Tyler and the team here at Clover to anyone looking to purchase a home. Going forward my friends and family  will all be using Tyler and Clover for all our home purchases!


Andrew Boateng, Hamilton

Understanding Your Mortgage

A mortgage serves as a vital financial tool that allows individuals or businesses to secure a loan for the acquisition of a property, with the property itself acting as collateral. This legal agreement, established between a borrower and a lender, outlines the terms and conditions of the loan.

Designed for long-term financing, mortgage loans empower borrowers to afford properties that may be beyond their immediate financial reach. This enables individuals or businesses to embark on homeownership or property investment journeys that would otherwise be challenging to achieve outright.

Mortgage brokers play a crucial role as intermediaries between borrowers and lenders. These professionals possess the expertise to navigate the complex mortgage market, carefully assess the financial circumstances of borrowers, and connect them with suitable lenders. By working with a mortgage broker, borrowers gain access to a wide range of loan options, personalized guidance, and valuable support throughout the mortgage application process.

Mortgage Amortization Vs Mortgage Term: What's the Difference?

Within the realm of mortgage financing, two essential concepts are mortgage amortization and mortgage terms - these concepts each have distinct roles in shaping the dynamics of a mortgage.

Mortgage Amortization

In the realm of mortgage financing, mortgage amortization plays a vital role in outlining the process of gradually repaying a mortgage loan. Through regular payments comprised of both principal and interest, borrowers steadily reduce their outstanding loan balance over time. The concept of mortgage amortization governs your repayment schedule and determines the duration required to fully repay the loan.

Mortgage Term

On the flip side, your mortgage term refers to the predetermined duration during which you are obligated to adhere to the specific terms, interest rates, and conditions outlined in your mortgage agreement. Distinct from the mortgage amortization period, your mortgage term is generally shorter and can span anywhere from a few years to multiple decades.

What is a Mortgage Broker?

Mortgage brokers play an integral role in facilitating the mortgage acquisition process by acting as intermediaries between borrowers and lenders. With their extensive knowledge of the mortgage market, brokers provide valuable assistance in assessing your financial situation and identifying suitable loan options. By doing so, they save you time and effort by conducting thorough research on your behalf, comparing mortgage rates, terms, and conditions from multiple lenders.

Traditional brokers can either work independently or as part of a brokerage firm. They have access to a wide range of mortgage products from various lenders, allowing them to offer personalized advice based on your unique needs and financial profile.

In contrast, online brokers operate through digital platforms, utilizing technology to streamline the mortgage application process. Through their partnerships with multiple lenders, online brokers provide convenient access to a diverse range of mortgage options.

Moreover, there are specialized mortgage brokers who focus on specific types of mortgages, catering to the needs of first-time homebuyers, self-employed individuals, or those with poor credit. These specialized brokers possess in-depth knowledge of the unique requirements and available options within their respective target markets.

Types of Mortgages

When it comes to your mortgage options, you have the choice between fixed-rate and variable-rate mortgages, each offering unique benefits and considerations.

Fixed-rate mortgages prioritize stability, as they maintain a consistent interest rate throughout their entire loan term. With fixed-rate mortgages, borrowers enjoy predictable payments, making budgeting more straightforward. Additionally, these mortgages provide protection against potential interest rate increases. However, it's important to note that fixed-rate mortgages may have higher initial interest rates, and borrowers may miss out on potential savings if market interest rates decrease over time.

On the other hand, variable-rate mortgages introduce flexibility by having interest rates that can fluctuate in response to market conditions. These mortgages typically offer lower initial interest rates, potentially resulting in savings for borrowers. However, the unpredictability of variable rates means that they can rise, leading to higher monthly payments. This may require borrowers to adjust their budgeting accordingly.

Types of Mortgage Payments

Your choice of payment option has a substantial impact on both your total interest paid throughout your loan's lifespan and your repayment timeline.

Monthly Payments

The monthly payment option is widely recognized as the most common method among borrowers. With this approach, borrowers make a single payment per month, offering a straightforward and convenient way to manage their budget.

Weekly Payments

The weekly payment option offers borrowers the flexibility to make mortgage payments on a weekly basis. This payment frequency can be particularly advantageous for individuals who receive weekly paychecks, as it aligns with their income schedule.

Accelerated Weekly Payments

Distinguished by slightly higher payment amounts, this payment option shares similarities with weekly payments. By making a total of 52 payments in a year, borrowers effectively contribute an additional monthly payment annually. This accelerated payment schedule can lead to significant benefits, including a reduction in overall interest paid and a shortened loan term.

Biweekly Payments

The biweekly payment option involves making payments every two weeks, resulting in a total of 26 payments per year. This payment frequency is advantageous for borrowers whose pay schedules align with a biweekly frequency, and can potentially expedite the repayment timeline of their mortgage.

Accelerated Biweekly Payments

The accelerated biweekly payment option, featuring 26 payments per year, empowers borrowers to make additional progress towards interest savings and a shorter loan term compared to the standard monthly payment schedule.