Mortgage Solutions

Residential Mortgage

Residential Mortgage

Purpose:

  • Purchasing a home
  • Refinancing the existing residential mortgage
  • Renovate the existing residential property

Residential type : House, town house, condominium, etc

Mortgage limit : Up to 80% of appraised value or purchase value
Whichever lower(Mortgages rate can varies depending on your credit score, property type, location, terms and amortization)

Interest Rate: Up to 30 years Detail info. Of amortization

Mortgage types

OPEN Mortgage

- Advantage: Prepayment is permitted without  penalty
- Feature: Relatively higher interest rate compared to CLOSED Mortgage.Better for short term period

CLOSED Mortgage

- Advantage: Relatively lower interest rate compared to OPEN Mortgage.
Better for long term period- Feature:  There is penalty when prepayment is occurred before the contracted term ends. Same term and loan conditions will be applied when renew the Mortgage after the contracted term ends
(*Contact branch if you want to change any loan condition)

※ For more detailed information please click top right inquiry button or visit one of our branches.

Useful Information

If you want to prepare down payment for your residential property, Remember RRSP Home Buyers Plan

Use our free online Banking for your easy access on Loan Inquiry and Repayment

Apply for a Mortgage

Required Documents

Personal Identification

  • Driver’s Licence
  • Passport or SIN Card

Income Verification

  • For business owners
    - Business Registration, etc.
    - Documentary Evidence of Income (T4 Slip, Notice of Assessment, Income Tax Return or Financial Statements)
  • For Earned Income Customers
    - Employment letter, Notice of Assessment, Most recent Pay Stub, etc.

Required Documents for Loan Process

  • Sales Contract Documents
  • Documentary Evidence of Down Payments

* Required documents shall be different depending on the products you are applying for, so please contact our branch for detail information.

Loan Process (Analysis of repayment capability and appraisal value)

Personal Credit Rating

Appraisal of Collateral

Loan Execution

Loan Approval

Funds disbursed to your lawyer

Select repayment frequency and amount

Refinance

Apply for an additional loan using equity in an existing property!

Requirement

You need remaining equity in your existing property to apply for an additional loan.

 

Your property’s remaining equity value can be calculated using the following example:

 

If 80% of your house value can be put towards a loan and you have an existing loan for 60% of the house value, you can use the remaining 20% (80% – 60% = 20%) towards an additional loan. In addition, any principal paid off in existing loans can also be put towards an additional loan.

Purpose

  • Renovate your home
  • Buy an additional property
  • Buy a car
  • Consolidate debt such as higher interest credit card balance and loans

* For more detailed information please click top right inquiry button or visit one of our branch.

Switching Mortgage

Switch your mortgage to Shinhan Bank Canada and find a mortgage solution that suits your needs.

Mortgage Transferring Process

1. Mortgage consultation and application
2. Property appraisal and Mortgage review
3. Mortgage approval
4. Registration of mortgagee and request of payout statement from current financial institution by lawyer
5. Mortgage execution

When you transfer your mortgage, you can also apply for an additional loan depending on your financial status and the purpose of your loan.  Appraisal fees and legal fees apply when transferring.

* For more detailed information please click top right inquiry button or visit one of our branches.

Mortgage Prepayments

Lighten your mortgage through additional prepayment

Loan repayment

Frequency : Bi-weekly or monthly

Repayment method 

  • Auto transfer from Shinhan Bank accounts

- Chequing/ Savings Account

  • Pre-authorized auto payment from other banks

- Provide the your bank’s VOID CHEQUE or account information with pre-authorized application form
(Bank name, account holder’s name, branch number, institution number, account number)

Prepayment Option (Additional prepayment: Advance payment)

Prepayment is permitted up to 10% of outstanding principal balance of the loan , once in each year at any time during such year without penalty

Amortization
General Amortization: 25~30 years (Mortgage products), 5~10 years (Loan Products)

Amortization

Shorter

Longer

Monthly repayment amount

Higher

Lower

※ For Residential Mortgage product, amortization of longer than 25 years requires more than 20% of purchase value as a mortgage down payment

Prepayment penalty

For CLOSED residential mortgage, your prepayment penalty will be calculated
depending on the remained contract period

※ For more detailed information please click top right inquiry button or visit one of our branches.