Mortgage Services

Buying or Refinancing a Home? Our mortgage services can assist

If you’re looking to buy a home or property, chances are you’ll need a mortgage. A mortgage is a loan that allows an individual to purchase a property. Most people require a mortgage because few have the cash on hand to buy a home outright. As with all loans,
you must repay the amount borrowed, plus interest.


When shopping for a property, ensuring that you understand your mortgage options will allow for a more stress-free experience. When you know exactly where you stand in terms of financing, you will be able to remain very competitive with your property offers.

Getting a pre-approval will help you determine how much you can afford to spend on a home and lock in a mortgage rate. Once you’ve been pre-approved, you can make an offer on a home. Without being pre-approved, it’s quite possible that you won’t actually be able to get the mortgage needed to make the purchase.

Purchase Financing

When purchasing a property with mortgage financing, here are a few things to be aware of:

Down Payment: When you buy a home, you can’t borrow the entire amount to make the purchase. You have to make a down payment of at least 5% of the purchase price in order to get a mortgage.

Mortgage Term: The mortgage term is the period of time you agree to the interest rate and conditions with a particular lender. Once the term is up, you must agree to a new rate.

Mortgage Amortization Period: After taking out a mortgage, you have to pay back the loan over a specified period of time. This is known as the amortization period. The longer the period, the less you pay each month.

Fixed vs Variable Rates: When you get a mortgage, you have to decide whether to go with a fixed or variable interest rate. A fixed rate stays constant for the whole term of the loan, whereas a variable one fluctuates based on changes in what’s called the prime rate.

Contact us today for more information on purchase financing.


If you have an existing mortgage, you may at some point consider refinancing it. In practice, this means replacing your current loan with a new one at different interest rate. Homeowners choose to refinance their mortgage for a few reasons, including:

- Taking advantage of a lower interest rate
- Tapping the equity in their home to access up to 80% of the home’s value
- To consolidate their debts at a more favourable interest rate

Mortgage Renewal

There are a number of things to know about the mortgage renewal process and questions to ask yourself before you go ahead with your renewal.

A few months before your current mortgage is up for renewal, your existing lender will send you a renewal form. They will allow you to renew early without incurring a prepayment penalty.

Lenders send these renewal forms hoping that existing clients renew with them without considering all of their mortgage options. By allowing clients to renew early, they try to lock you in before you have a chance to shop around to find the best rate and lender.

Whether or not you should go with your current lender's offer will depend on your financial situation, your goals, and whether you've found a better offer from another lender. As always, the more research and comparison you do, the better off you'll be.

NZRE’s mortgage services can help you assess your current situation and find the best rates that meet your needs. Your agent can provide you with different options and give you recommendations based on your goals.

Other mortgage services provided by NZRE include:

- First Time Home Buyer financing
- Home Equity Line of Credits
- Divorce
- Purchase Plus Improvement financing
- Investment Property financing
- Vacation and Second Home financing
- New to Canada mortgages
- Mortgages for Self-Employed Individuals
- Financing options for individuals with bad credit

If you have any questions about mortgage services, contact us today.