Effort Trust Company
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Effort Trust Company: Mortgage Lending with Confidence and Flexibility
History as a Mortgage Lender in Canada
Founded in 1988, Effort Trust Company has more than three decades of experience as a mortgage lender in Canada. Based in Hamilton, Ontario, Effort Trust started as a small, community-focused financial institution and has grown into a respected mortgage provider. Effort Trust has worked diligently to build a strong reputation in the industry by offering personalized service, low-interest rates, and a range of mortgage products suited to residential and commercial customers.
As a partner of RateShop Mortgages, Effort Trust continues to expand its footprint across Ontario, helping more Canadians achieve their homeownership goals while providing value with competitive rates and reliable mortgage services.
Types of Mortgage Products & Programs
Effort Trust offers an extensive range of mortgage products to suit various financial needs:
Fixed-Rate Mortgages: For those who prefer consistent monthly payments and predictability, Effort Trust provides fixed-rate mortgages with terms ranging from 1 to 5 years. These mortgages offer security against interest rate fluctuations, making them ideal for homeowners who want peace of mind.
Variable-Rate Mortgages: Effort Trust's variable-rate mortgages provide flexibility, with an interest rate that adjusts according to market conditions. This option is well-suited for borrowers who can manage potential rate fluctuations for the opportunity to benefit from lower initial rates.
First-Time Homebuyer Mortgages: Effort Trust offers tailored solutions for first-time homebuyers, including low down payments and access to government programs such as the First-Time Home Buyers' Incentive (FTHBI), which can reduce the cost of purchasing a home.
Commercial Mortgages: Effort Trust also provides commercial mortgage solutions for small businesses and property investors. Whether you’re purchasing or refinancing commercial real estate, Effort Trust has products to fit your needs.
Refinancing Options: Homeowners looking to refinance their existing mortgage can find competitive rates and flexible terms with Effort Trust. This option helps borrowers access equity in their homes or adjust loan terms to better suit their financial goals.
Minimum Credit & Income Requirements
Effort Trust works with a broad spectrum of clients, including those with non-traditional financial profiles, while maintaining reasonable credit and income requirements:
First-Time Homebuyers: Typically, first-time homebuyers with a good credit score (above 600) can qualify for Effort Trust’s mortgage programs with a minimum down payment of 5-10%. They may also be eligible for additional government support programs like the First-Time Home Buyer Incentive.
Salaried Employees: Salaried employees with stable income typically qualify for competitive rates, with Effort Trust assessing income stability and credit history.
Self-Employed & Contract Employees: Effort Trust offers flexible mortgage options for self-employed individuals or contract workers. However, these applicants may need to provide more detailed financial documentation, including tax returns and proof of business income.
Stated Income Programs: Effort Trust recognizes that some borrowers may have unique financial circumstances, such as variable incomes or those in non-traditional professions. They offer stated income programs, where applicants can provide their income estimates for approval based on other supporting financial documentation.
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Mortgage Underwriting Criteria for Approval
Effort Trust’s mortgage underwriting process evaluates several factors, including:
Credit Score: Effort Trust looks for a minimum credit score of around 600-650 for most mortgage applications, though higher scores improve approval chances and lead to better interest rates.
Income Verification: Proof of income is necessary to determine the borrower's ability to repay the loan. Effort Trust may require recent pay stubs, tax returns, or business financial statements (for self-employed applicants).
Down Payment: Effort Trust generally requires a minimum down payment of 5%, although the percentage may vary depending on the type of mortgage and applicant profile.
Debt-to-Income Ratio: The ratio of a borrower's monthly debt payments to their monthly income plays a significant role in the approval process. Effort Trust typically looks for a debt-to-income ratio under 44%.
Locations Serviced and Branch Presence in Canada
Effort Trust operates in Ontario, with several branches primarily located in the Hamilton and Greater Toronto Area. While the company is focused on the Ontario market, Effort Trust also offers online mortgage services, allowing Canadians outside the province to access its mortgage products and rates. Effort Trust continues to expand its reach and provide personalized service to homeowners throughout the region.
Mortgage Application Checklist
Before applying for a mortgage with Effort Trust, ensure you have the following documentation prepared:
Proof of income (pay stubs, tax returns, or business income statements)
Government-issued ID (driver’s license or passport)
Credit report (Effort Trust will often pull this, but it's good to know your score)
Proof of down payment (bank statements, investment statements)
List of debts (existing loans or credit card balances)
Employment verification (for salaried employees)
Property information (if refinancing or buying a home)
How to Start a Mortgage Pre-Approval
Starting a mortgage pre-approval with Effort Trust is easy and can be done online or in-person at one of their branches. You will need to provide some basic financial information, such as your income, credit score, and debt obligations. Once submitted, Effort Trust will assess your eligibility for a mortgage and provide a pre-approval letter, which is essential when house hunting.
How to Get Mortgage Rates
To get the best mortgage rates with Effort Trust, you can contact them directly through their website or by calling their mortgage department. You can also compare rates online through RateShop Mortgages, which will connect you to the latest offers from Effort Trust and other mortgage lenders in Canada.
Mortgage Pre-Payment Options
Effort Trust offers several pre-payment options to help homeowners pay off their mortgage faster, including:
Extra Payments: Effort Trust allows borrowers to make lump sum payments towards the principal, helping reduce the overall mortgage balance.
Increased Monthly Payments: Borrowers can increase their monthly mortgage payments to accelerate repayment and save on interest.
Annual Payment Increase: Effort Trust may allow borrowers to increase their regular payments by up to 10% annually, providing more flexibility to pay off the mortgage quicker.
Effort Trust’s long-standing reputation, flexible mortgage products, and commitment to customer service make it an excellent choice for Canadian homeowners looking for the best mortgage rates. With personalized guidance, competitive rates, and an easy application process, Effort Trust continues to be a reliable partner for both residential and commercial borrowers across Ontario.
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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