Lisa Belanger, B.A.
Finding the right mortgage solution to suit your needs can be a daunting task at best. As a Mortgage Broker I have the expertise and resources to provide you with the most comprehensive mortgage solution.
With over 34 years of experience in the financial services industry (16 of those with one of Canada’s major banks), I know what customer service is all about, and I strive to ensure that each of my clients’ mortgage plans meets their personal and financial goals.
It is this commitment to my clients that lead me to move from that major bank to Mortgage Brokers Ottawa – Canada’s Elite Mortgage Team. With access to most major Banks, as well as Trust companies and private mortgage lenders, I can ensure that my clients get the best, unbiased mortgage plan each and every time.
My team and I specialize in home purchase and refinance mortgage planning, so let our experience and expertise work for you.
Mortgage Agent Level 2
As Lisa Belanger’s Client Care Manager and a Mortgage Agent Level 2, I have the expertise and knowledge to assist you in finding the best mortgage plan to suit your needs. With over 37 years of experience in the financial services industry, I know what customer service is all about, and I strive to ensure that our clients get service that is second to none. I have the experience to guide you through the mortgage process – from pre-approval to final approval.
With access to over 40 lenders, Lisa and I work together to ensure our clients have all of the best features a personalized mortgage plan has to offer. Whether you are looking to buy your first home, move up or down size, or simply want to refinance and increase your cashflow by consolidating unsecured debt into your mortgage, let our experience and expertise work for you.
Discover a wide range of services tailored to meet your unique needs. We are committed to providing exceptional support and personalized solutions. Explore our comprehensive services below to find the perfect fit for you.
Low Ratio Mortgage
A Low-Ratio Mortgage is one where the down payment is equal to 20% or more of the property’s value/purchase price. A low-ratio mortgage does not normally require mortgage loan insurance.
High Ratio Mortgage
A High-Ratio Mortgage is one where the borrower is contributing less than 20% of the value/purchase price of the property as the down payment. High-Ratio Mortgages must be insured through Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial, the two mortgage insurance companies in Canada.
An Open Mortgage allows the mortgagor to prepay all or part of the principle amount at any time without penalty. Open Mortgages usually have shorter terms of six months or one year, but can include some variable rate/longer terms as well. Interest rates on Open Mortgages are typically higher than on Closed Mortgages with similar terms.
Closed Mortgages do not provide for payout before maturity. A lender may permit a payout under certain circumstances but will levy a penalty for doing so. Most lenders allow a Closed Mortgage to be Pre-Paid up to a set maximum per year without penalty.
Variable Mortgage Rate (VRM) / Adjustable Rate Mortgage (ARM)
These types of mortgages differ from a fixed rate mortgage in that the interest rate charged on the mortgage can change during the term of the mortgage. If the Bank of Canada makes a change to the overnight rate, which in turn changes the Prime rate lenders charge borrowers, then the interest rate on a Variable Rate Mortgage or Adjustable Rate Mortgage will also change.
With a Variable Rate Mortgage, the mortgage payment will remain static while the interest rate goes up or down with the changing of the Prime Rate. This type of mortgage could see the Amortization extend beyond the original contract amount if payments aren't increased to accommodate any increases in the interest rate.
An Adjustable Rate Mortgage will see the payment change as the Prime Rate changes - and this will keep the original Amortization schedule on track (vs seeing it get longer, as can happen with a Variable Rate).
Fixed Rate Mortgage
The interest rate is determined and locked in for the term of the mortgage. Lenders often offer different prepayment options allowing for quicker repayment of the mortgage and for partial or full repayment of the mortgage.
Refinancing your mortgage and rolling in other debt could save you thousands on your interest costs AND significantly increase your monthly cash flow. This strategy involves replacing your existing mortgage with a new, larger mortgage, and using the additional funds to pay off other high-interest debts such as credit cards, personal loans, or car loans.
Mortgages typically have lower interest rates compared to other types of consumer debt, meaning that by consolidating, you're effectively reducing the overall interest you'll pay over time. This reduction in interest can result in substantial savings.
Another key advantage is the simplification of your monthly payments. Instead of juggling multiple bills with different interest rates and due dates, you'll have just one mortgage payment. This not only makes managing your finances easier but also reduces the likelihood of missed payments, which can negatively impact your credit score.
The benefits are immediate and long lasting. Fewer payments mean a tidier financial situation, while better cash flow is achieved by lowering your overall monthly debt payment. This improved cash flow can be significant, providing more breathing room in your budget and allowing for savings or investment in other areas.
The illustration below shows how it can be very financially rewarding to roll this debt into your mortgage.