Hypothèques Firstline Montréal (Company Overview) - Canadian Mortgage Lenders
Hypothèques Firstline Montréal, often referred to as Firstline, is Canada’s leading mortgage-only lender, and operates without retail branches, so it can offer cheaper non-retail rates. Firstline operates through specialized brokers that work only with mortgages. Customer service is done entirely online or over the phone.
Fixed Rate Mortgages
Firstline offers a range of fixed rate mortgages, ranging from 2 to 25 years. Each payment can be increased by 25% annually without penalty. Customers have the option of prepaying up to 20% annually of the original mortgage amount without penalty. Rates are guaranteed for 90 days, and range from 3.95% to 6.78%. Customers can take out a mortgage against 80% of their home equity.
Auto Plus Mortgages
Auto 6/12 Plus mortgages allow customers to change their rates to a lower rate within 6 or 12 months- depending on what length they pick, if one becomes available within the specified time frame. Loans repayments can be increased by 15% annually with Auto 6 Plus, or 25% annually with Auto 12 Plus. Prepayment options for Auto 6 Plus allow the customer to prepay up to 10% of the original loan and 20% of the original loan for Auto 12 Plus customers.
Loan Closer
Loan Closer pays 1.5% of the customers’ mortgage to their lawyer at the time of closing. If a customer chooses Loan Closer when they renew their mortgage, they can get 3% cash back for home repairs or other needs. Repayment can be prepaid up to 20% of the original mortgage. Increased payments can be made at up to 25% annually.
Access Mortgages
Access Mortgages are tailored for the self-employed, or customers with no Canadian credit, though at a higher interest rate, starting at 5.19%.
Home Owner’s Advantage
Home Owner’s Advantage comes with most mortgages and covers up to $10,000 of free home repair. A $50 consultation fee is charged per incident, and after a first free year, a $15.95 per month fee is charged for the protection.
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