Home Mortgage Specialist
Mortgage Calculator: Your Path to Financial Planning
Wondering about your future mortgage payments? Our intuitive calculator helps you explore various scenarios by simply entering your mortgage amount, down payment, and preferred term.
Comprehensive Results at Your Fingertips
Through our advanced calculator, you’ll gain
valuable insights into:
• Flexible payment options (monthly or bi-weekly)
• The significant impact of various down payment amounts
• Detailed breakdown of principal versus interest
• Multiple amortization period scenarios
Regional Coverage and Accessibility
Whether you’re searching for properties in Ontario, Manitoba, or Alberta, our sophisticated tool provides quick estimates to support your decision-making process. However, keep in mind that these calculations serve as preliminary figures to guide your planning.
Specialized Solutions for Self-Employed Professionals
Although our calculator offers basic estimates, self-employed individuals often face unique mortgage considerations. Therefore, we strongly recommend connecting with our licensed agents who can provide tailored guidance for your specific circumstances.
Comprehensive Mortgage Services
We proudly offer a diverse range of solutions, including:
• Customized residential mortgages
• Strategic commercial mortgages
• Flexible private lending options
• Innovative refinancing solutions
Moving Forward
Once you’ve explored the calculations, consider taking the next step toward your mortgage goals. Subsequently, you can schedule a personalized consultation with our experienced mortgage professionals who will thoroughly analyze your situation and present current market options.
Important Disclosure
Please note: While this calculator provides valuable estimates, final mortgage approval and terms ultimately depend on comprehensive lender assessment of your application. Furthermore, actual rates and conditions may vary based on individual circumstances.
Owner Occupied
Mixed-Use Properties Finance your retail-residential combinations with mortgages up to $5,000,000. Perfect for buildings with ground-floor commercial and upper-floor residential units. Competitive rates starting at Prime +2.0% with flexible terms designed for income-generating properties.
Rental Property
Whether it's a single-tenant professional building or a multi-tenant office complex, we provide financing from $500,000 to $5,000,000. Ideal for medical offices, professional services, and corporate headquarters with up to 75% loan-to-value ratio.
Second Home
Path to a Second Paradise Understanding Vacation Home Mortgages: Down Payment Requirements: • Typically requires 20% or more down payment • Higher than primary residence requirements • Flexible options available for qualified borrowers
Property Types
We provide mortgage solutions for a wide range of residential properties across Alberta, Ontario, and Manitoba. Whether you’re buying your first home, upgrading to a luxury property, or investing in rental units, we have the expertise and lending solutions to match your needs.
Single-Family Homes
• Detached Houses
• Semi-Detached Homes
• Townhouses
• Row Houses
• New Construction Homes
• Custom-Built Homes
• Luxury Residences
• Vacation Properties
Multi-Family Properties
• Duplex Units
• Triplex Properties
• Fourplex Buildings
• Small Apartment Buildings (up to 4 units)
• Secondary Suite Homes
• Income Properties
• Student Housing Units
Specialized Residential Properties
• Cottage & Recreational Properties
• Waterfront Homes
• Rural Properties
• Farm Residences
• Estate Properties
• Eco-Friendly Homes
• Heritage Homes
• Infill Properties
Investment Properties
• Rental Homes
• Vacation Rentals
• Fix-and-Flip Properties
• Pre-Construction Investments
• Assignment Sales
• Income-Generating Properties
Financing Features:
✓ Purchase Mortgages from 5% Down
✓ Refinancing Options Available
✓ Private Lending Solutions
✓ Short-Term Mortgages (3-12 months)
✓ Conventional & High-Ratio Mortgages
✓ Construction Financing
✓ Bridge Loans Available
Special Considerations:
• Flexible Solutions for Self-Employed Borrowers
• Bad Credit Mortgage Options
• New to Canada Programs
• First-Time Home Buyer Incentives
• Investment Property Specialized Programs
• Renovation Financing Available
First-Time Home Buyer Programs
Conventional Mortgages Features: • 20% or more down payment • Best interest rates available • Flexible terms (1-30 years) • No mortgage insurance required • More negotiating power • Lower monthly payments Down Payment Requirements: • $500,000 or less: 5% minimum • $500,000 to $999,999: 5% on first $500,000 10% on remaining portion • $1,000,000+: 20% minimum
Self-Employed Mortgages
• Stated income programs • Business for self solutions • Alternative income verification • Flexible qualification criteria
New to Canada
• Programs for permanent residents • Solutions for work permit holders • International credit consideration • Flexible down payment sources • Specialized qualification criteria
Rental Property Mortgages
Investment Property Mortgages • Up to 80% financing • Rental income consideration • Multiple property solutions • CMHC-insured options available • Competitive investor rates
Purchase
Ready to expand your commercial real estate portfolio? Our commercial purchase mortgages are designed for investors and business owners looking to acquire income-generating properties. From small retail spaces to large industrial complexes, we provide competitive financing solutions tailored to your investment goals.
1st Mortgage
A first mortgage is the primary loan registered against a property, taking precedence over any subsequent mortgages. As the first lien holder, this mortgage has priority claim on the property and typically offers the most favorable terms.
2nd Mortage
A second mortgage is an additional loan taken while your first mortgage is still in place, using your home's available equity. Key Features of Our Second Mortgages: Loan Details: • Amounts from $500,000 to $5,000,000 • Up to 70% of property's appraised value • Fast approval process • Construction and renovation financing available Ideal Uses for Second Mortgages: Home renovations or improvements Debt consolidation Investment opportunities Business expansion Construction projects Emergency expenses Benefits of Second Mortgages: • Access to substantial funding • Lower interest rates than unsecured loans • Tax-deductible interest (for investment purposes) • No need to refinance your first mortgage • Keep your favorable first mortgage rate
HELOC
What is a HELOC? A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home's equity. Think of it as a flexible financial tool that turns your home's value into accessible funds when you need them. Key Features of HELOCs through LeSolace: Credit Limit & Equity: • Borrow up to 65-80% of your home's value • Minimum credit limits starting at $10,000 • Maximum based on home equity • Combined with first mortgage cannot exceed 80% of home value Interest Rates & Terms: • Variable rates starting at Prime + 0.50% • Interest-only payment options • Revolving credit - borrow and repay as needed • No prepayment penalties Flexible Usage: ✅ Home renovations ✅ Debt consolidation ✅ Investment opportunities ✅ Education expenses ✅ Emergency funds ✅ Business expansion ✅ Major purchases Unique HELOC Benefits: Pay interest only on what you use Reuse available credit as you repay Lower interest rates than credit cards Interest may be tax-deductible for investments No reapplication needed for future borrowing
Refinance
What is Mortgage Refinancing? Refinancing replaces your existing mortgage with a new one, often with better terms or to access equity. At LeSolace, we help you leverage your property’s value to achieve your financial goals.
Key Advantages of Refinancing:
Lower Interest Rates • Reduce monthly payments • Save thousands in interest over the term • Lock in favourable rates for longer terms • Convert from variable to fixed rates or vice versa
Debt Consolidation • Combine high-interest debts into one lower-rate mortgage • Reduce monthly payments by up to 40% • Simplify financial management • Improve credit score potential • Lower overall interest costs
Access Home Equity • Borrow up to 80% of your home’s value • Fund home renovations • Finance investments • Support business ventures • Pay for education • Cover major expenses
Better Mortgage Terms • Adjust amortization periods • Change payment frequency • Switch to a more suitable lender • Add prepayment privileges • Remove/add co-borrowers
Financial Benefits: • Potential tax advantages • Improved cash flow • Lower monthly obligations • Better debt management • Investment opportunities
Progress Draw Construction Mortgage
Features: • Funds released in stages as construction progresses • Interest paid only on drawn portions • 15-35% down payment required • Converts to traditional mortgage upon completion Draw Schedule: Foundation Stage: 15-20% Lock-Up Stage: 30-35% Drywall Stage: 20-25% Interior Finishing: 15-20% Completion: 10%
Completion Construction Mortgage
Ideal for New Build Purchases Features: • Full funds released upon construction completion • Lower interest rates than progress draw mortgages • Requires builder to finance construction • Typically 5-20% deposit to builder • Suitable for pre-built home purchases Benefits: Single closing costs Simpler process Lower legal fees Guaranteed completion value
Self-Build Construction Mortgage
For Owner-Builders Features: • Specialized program for DIY builders • Higher down payment required (30-40%) • More stringent approval criteria • Flexible draw schedule • Must demonstrate building expertise Requirements: Detailed construction plans Budget breakdown Timeline projections Proof of expertise Contingency fund
Renovation Construction Mortgage
For Major Home Improvements Features: • Finances major renovations and additions • Can be combined with existing mortgage • Flexible payment options • Value based on post-renovation appraisal Project Types: Home additions Complete remodels Secondary suite additions Major structural changes Basement developments
Eco-Build Construction Mortgage
For Green Home Construction Features: • Special rates for energy-efficient builds • Additional funding for green technologies • LEED certification support • Higher LTV ratios available • Energy efficiency rebates Green Features Covered: Solar panel installation Geothermal systems High-efficiency HVAC Smart home technology Sustainable materials
Bridge Construction Mortgage
For Transition Periods Features: • Short-term financing • Covers gap between construction and permanent mortgage • Quick approval process • Flexible terms • Higher interest rates Financing Terms: • Duration: 3-12 months • Interest rates: Starting at Prime + 3% • Lender's fee: From 1.5% Required Documentation for All Types: ✓ Building permits ✓ Construction plans ✓ Cost breakdown ✓ Land ownership proof ✓ Contractor agreements ✓ Insurance coverage ✓ Environmental assessments ✓ Appraisal reports Why Choose LeSolace for Construction Financing: Expert Guidance • Dedicated construction mortgage specialists • Step-by-step process support • Regular project monitoring • Draw management assistance Flexible Solutions • Customizable draw schedules • Multiple financing options • Competitive rates • Adjustable terms Streamlined Process • Fast approvals • Efficient draw releases • Regular site inspections • Smooth conversion to permanent mortgage
Construction
We understand that building your dream home requires specialized financing. Our construction mortgage solutions help you turn your architectural plans into reality with flexible, stage-based financing options.
What is a Construction Mortgage?
A construction mortgage is a specialized loan that provides financing for building a new home from the ground up. Unlike traditional mortgages, funds are released in stages (draws) as construction milestones are reached, ensuring proper cash flow throughout your build.
Key Features of Our Construction Mortgages:
✓ Financing up to 80% of land value and construction costs
✓ Interest-only payments during construction
✓ Flexible draw schedules aligned with construction phases
✓ Conversion to traditional mortgage upon completion
✓ Competitive interest rates starting at prime + 2%
✓ Terms from 6-18 months for construction period
Construction Draw Schedule:
1. Foundation Completion (15-20%)
2. Lock-Up Stage (Ready for Windows/Doors) (30-35%)
3. Drywall Installation (20-25%)
4. Interior Finishing (15-20%)
5. Final Completion (10%)
Requirements for Approval:
• Detailed Construction Plans
• Building Permits
• Construction Budget
• Timeline for Completion
• Contractor Agreements
• Land Ownership Documentation
• Down Payment (Minimum 20-35%)
• Strong Credit History
What We Finance:
• Custom Home Construction
• Major Renovations
• Tear Down and Rebuild Projects
• Eco-Friendly Home Construction
• Prefabricated Home Assembly
• Secondary Suite Addition
• Multi-Unit Construction Projects
Benefits of Our Construction Mortgages:
• Single Application Process
• Progress Inspections Included
• Flexible Payment Options
• Expert Guidance Throughout
• Conversion to Traditional Mortgage
• Protection Against Cost Overruns
Construction Mortgage Process:
1. Initial Consultation & Pre-Approval
2. Document Collection & Review
3. Construction Plan Assessment
4. Appraisal of Completed Value
5. Approval & Documentation
6. Draw Schedule Implementation
7. Construction Monitoring
8. Final Inspection & Mortgage Conversion
Risk Management Features:
• Builder’s Risk Insurance Required
• Progress Inspections at Each Draw
• Cost Overrun Protection
• Contractor Verification
• Title Insurance
• New Home Warranty Program
Expert Tips:
• Include a 10-15% contingency fund
• Secure contractor quotes in writing
• Understand permit requirements
• Plan for seasonal construction delays
• Consider temporary housing needs
• Review insurance requirements
• Plan for utility installations
