By : Radu Arvatescu
Despite being based on many of the same principles, lawyer’s office mortgages in Ontario have some important differences to their residential counterparts. If you are looking to start a law firm, relocate, or expand on your property, you’ll need to find the best mortgage rates and lenders.
Various institutions offer commercial mortgages in Canada, and each has unique advantages. See your options and determine the best way to shop for a mortgage this year.
Three Common Lenders Offering Lawyers Office Mortgages in Ontario
Most lenders in Canada can be divided into three categories. There are the ‘A’ lenders, comprised of the big banks. The ‘B’ lenders are smaller but still reputable credit lending companies. Then there are the private lenders, which don’t face the same regulation as banks.
A Lenders: The lenders in this category include the major banks like TD, RBC, Scotiabank, and BMO. These are the lenders that favour strong credit scores backed by solid income statements and assets. If you have the capital and a good financial history, this type of lender would be a reasonable place to start shopping for lawyers’ office mortgages in Ontario. Banks and credit unions in this category are highly regulated and are considered the most transparent when detailing mortgage rates and terms.
B Lenders: In this category, you will find banks and lending institutions that have lower barriers of entry, even for some commercial mortgages. If you don’t have the best credit score or some minor blemishes on your report, then you may have more success shopping for lawyers’ office mortgages in Ontario at one of these lenders.
Private Lenders: Finally, we come to the private lenders. There are some concerns that borrowers have when dealing with private lenders. Because these lenders are unregulated, they have more relaxed lending criteria compared to the previous two categories. They are also less likely to be completely forthcoming with loan terms, rates, and hidden costs. Don’t confuse private lenders as scammers, because they aren’t. However, you’ll need to perform more due diligence if you are offered a commercial mortgage from a lender in this category.
How Can You Compare Lawyers Office Mortgages in Ontario?
Even knowing the different types of lenders, there’s still the issue of comparing loan packages that are available. Some businesses will go direct to the market and contact various lenders. This is obviously time-consuming and it requires a lot of patience. You could quite literally spend days dealing with a lender only to come out at the end of the process without a mortgage approval.
When you are looking to expand a law firm or get one off the ground, time wasted is money lost.
This is why many commercial clients prefer to go through a qualified mortgage broker.
How Can a Mortgage Broker Make the Process Easier?
When you work with a broker, you will have less concern about the specific type of lender, because the broker will do the research for you. Brokers derive their revenue from fees that are only awarded when a mortgage is closed. They are independent of lenders but work closely with them. The best brokers maintain vast contact networks so that they can quickly shop for mortgages that are suited to your unique business.
In addition to simplifying the process, a broker will get better rates. They can also provide ongoing consulting services so that you can get help with requirements and documentation. You only need to submit an application once when you work with a broker. They’ll take care of the rest and present the best options for you.
As a professional who specializes in law, you can appreciate how complex the dealings are in the finance industry. Shopping for lawyers’ office mortgages in Ontario isn’t complicated when you have professional representation on your side.
If you want the best mortgage for real estate purchasing, improvements, or refinancing, a broker will be your partner who works for the best possible outcome.
To book an appointment to discuss your needs and learn more about how Mortgage Capital Investment can help you, call +1 289-800-4840 or email info@mcinvest.ca.
Lowest Residential Mortgage Rates in Canada*
| Term | OUR RATE | Bank Rate |
| 3 Year Fixed/ 25 yrs | 5.04% | 5.39% |
| 3 Year Variable/ 25 yrs | 5.60% Promo | 5.95% |
| 4 Year Fixed/25 yrs | 4.89% Promo | 5.04 |
| 5 Year Fixed/ 25 yrs | 4.69% Promo | 5.04% |
| 5 Year Variable/ 25 yrs | 5.70% Promo | 6.45% |
| 5 Year Fixed/ 30 yrs | 4.60% Promo | 5.14% |
| 5 Year Variable/30 yr | 6.20% | 6.55% |
| 4 Year Fixed/30yr | 4.64% Promo | 5.14% |
| 3 Year Fixed/30yr | 4.80% Promo | 5.24% |
| **NEW RENTAL 5 Year Fixed /30yr | 4.75% Promo | 5.19% |
| ** NEW RENTAL 3 Year Fixed /30yr | 4.90% Promo | 5.29% |
Updated: May 26 , 2023
* Current promotion rates may provide an additional 0.05% discount or may be anytime discontinued at the Lender discretion . Rates may vary between geographic regions and the posted rates on this website may not be available in your area. Please contact our MCI office for more details and current promotions.
LOWEST REGULAR RATES IN CANADA* * Current promotion rates may provide an additional 0.10% discount. Rates may vary between geographic regions and the posted rates on this website may not be available in your area. Please contact our MCI office for more details and current promotions.