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WHAT IS A SKYCAP MORTGAGE?

A Skycap Financial Mortgage is a loan option for homeowners in Ontario. It offers both 1st and 2nd mortgages up to 90% of your home's value (LTV). Designed for flexibility, these mortgages can be used for home renovations, buying another property, consolidating debt, or as emergency loans. Skycap has been helping Canadians with alternative lending solutions for over 10 years.

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Some Benefits to a SKYCAP Mortgage

Thinking about a Skycap mortgage? Here are six good things about getting one:

Reputable Lender

Skycap Financial has a strong reputation with over 10 years in business, high ratings on Google and Birdeye, and an A+ rating from the Better Business Bureau. 

Tackle Debt

Consolidate your payments into one easy to manage payment. This makes budgeting much easier.

High Loan to Value

Up to 90% LTV, allowing homeowners to borrow a significant portion of their home's value. This can be particularly beneficial for those needing more than the other lenders are offering

Flexible Terms

Choose from 1 to 5-year terms, with options to match your first mortgage term to avoid penalties when refinancing.

How you want it

Use the money for many purposes, like home improvements, debt consolidation, or as a down payment for another property.

Tax Benefits

If you use proceeds to invest, like buying another property,  you might get to deduct the interest you pay on your taxes. Please confirm with your accountant

We believe everyone deserves a chance to improve their financial situation. That's why we work with a range of lenders, from well-known banks to near-prime lenders who offer solutions regardless of your credit score. Your financial past shouldn't dictate your future, and we're here to ensure it doesn't.

START YOUR FINANCIAL JOURNEY TODAY!

With a few quick questions we can have you well on your way to securing a comfortable future

COMPLETE OUR QUESTIONNAIRE
HOW DOES IT WORK?

COMPLETE APP

With our questionnaire complete we will send you a list of documents required.

SUBMIT FOR APPROVAL

With all paperwork in hand we can secure you an approval from the lender.

SIGN PAPERWORK

You will sign the approval paperwork with us and the lawyer representing you.

GET MONEY

At closing the lawyer will disburse the funds where necessary.

OUR MOST FREQUENTLY ASKED QUESTIONS
How is a Skycap Mortgage different from a regular mortgage?

How is a Skycap Mortgage different from a regular mortgage?

Skycap main difference is that it will go up to a much higher loan to value (90%) than most lenders. This does mean interest rates will be higher due to the risk and fees may be charged.

What do I need to qualify for a Skycap Mortgage?

What do I need to qualify for a Skycap Mortgage?

You need to own a home and have some equity in it. Skycap likes to see a credit score of at least 550 with TransUnion. They are not too concerned with income but have a maximum total debt ratio (TDS) of 75%

Are there limits to how much I can borrow?

Are there limits to how much I can borrow?

Because no payments are required Fraction does limit how much they will lend to 44% of the appraised value.

What properties are eligible for Skycap Mortgages?

What properties are eligible for Skycap Mortgages?

Only owner-occupied properties in Ontario are eligible, not rental properties.

Are there any upfront costs for a Skycap Mortgage?

Are there any upfront costs for a Skycap Mortgage?

The only upfront cost you should expect with a Skycap Mortgage is an appraisal fee, generally around $500. All other potential fees or closing costs will be paid from proceeds of the refinance at closing time. We'll discuss all potential costs upfront, so there are no surprises.

What are the loan amounts and terms?

What are the loan amounts and terms?

You can borrow between $30,000 and $100,000 with up to a 20-year amortization. They will do this over a 1 year to 5 year term. This gives us the option to line the mortgage up with the renewal of your first mortgage.

What if the homeowner has an existing mortgage?

What if the homeowner has an existing mortgage?

Many home owners do have a first or second mortgage. We can use the proceeds of the Skycap mortgage to payout the other mortgages.

STILL NOT SURE IF IT IS RIGHT FOR YOU?

Click below to book a phone call or video chat with one of our experts

BOOK A MEETING

Don't just take our word for it. Our Google Reviews showcase stories from countless satisfied clients who've transformed their financial lives through refinancing. Plus, our accolades, including being in the top 50 for mortgages funded monthly nationwide and in the top 3% of Dominion Lending Centres, are a testament to our commitment to excellence.

Your journey to a more secure financial future is just a click away. Whether you're consolidating debt, planning renovations, or pursuing new investments, we're here to make refinancing straightforward and stress-free.

HOURS OF OPERATION

Monday to Friday - 9 am to 5 pm

Saturday and Sunday - CLOSED

ADDRESS

157 Bridge Street

Carleton Place, ON K7C 2V6

CONTACT INFORMATION

Office: 613.714.9499 |  Toll Free: 1.877.230.8872

Fax: 613.714.9488

team@bradplummer.ca 

Dominion Lending Centres The Mortgage Source is independently owned and operated. #FSRA 10145. Brad Plummer is an independent mortgage broker that places business with various mortgage providers. DLC is compensated for placing your business with a particular lender or will have to charge a fee for their services which will be disclosed well in advance. Not all products or services are shown on this page. If you would like to find a better suited solution it is best to speak to Brad Plummer about your unique situation and secure the best suited product for you. You can book a meeting HERE
Mortgage amounts and rates to be determined based on clients application, credit score, equity in the property and the location of the property. Rates are subject to change without notice. Other monthly fees and costs may apply depending on the lender. All costs will be disclosed once the application is approved and the client has an opportunity to decline the offer. Brad Plummer only handles the application process.
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