RFA Mortgages
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
RFA Mortgages:
A Trusted Partner for Your Home Financing Needs
History as a Mortgage Lender in Canada
RFA Mortgages (Real Estate Financial Group) has established itself as a trusted name in the Canadian mortgage industry for over 20 years. Known for its innovative approach to lending, RFA specializes in offering tailored mortgage solutions to both residential and commercial clients across the country. Since its inception, RFA has consistently expanded its presence, becoming a significant player in the Canadian financial landscape by focusing on flexible terms and customer service.
Types of Mortgage Products & Programs
RFA Mortgages provides a broad array of mortgage products, catering to both residential and commercial clients:
Residential Mortgages:
Fixed and Variable Rate Mortgages
High-Ratio Mortgages
Conventional Mortgages
First-Time Homebuyer Programs
Refinancing Options
Home Equity Lines of Credit (HELOC)
Commercial Mortgages:
Multi-Unit Residential Financing
Commercial Property Financing
Land Development Mortgages
Small Business Mortgages
RFA’s diverse product offering ensures that borrowers, from first-time homebuyers to seasoned investors, can find a mortgage product that suits their needs.
Minimum Credit & Income Requirements
RFA Mortgages works with borrowers across various financial backgrounds, including first-time homebuyers, salaried employees, self-employed individuals, and contract workers. While the specific requirements can vary based on the product, general guidelines include:
Credit Score: Minimum credit scores typically range from 600 to 650 for conventional mortgages, though higher scores may be required for premium products or more favorable rates.
Income Requirements: RFA considers both salaried and self-employed borrowers. For salaried employees, proof of stable employment is required, while self-employed applicants need to show a consistent income history (usually for at least 2 years). RFA also offers programs for contract employees, with income verification based on contract terms.
First-time homebuyers may qualify for specialized programs with lower income thresholds or less stringent credit score requirements.
Mortgage Underwriting Criteria for Approval
RFA uses a comprehensive underwriting process to ensure mortgage applications are properly assessed. This includes reviewing:
Creditworthiness: Lenders will analyze your credit score and credit history to assess risk.
Income Verification: Proof of income and employment status is critical. Self-employed individuals may need to provide additional documentation, such as tax returns or business financials.
Debt-to-Income Ratio (DTI): Lenders assess your ability to repay the mortgage by looking at your existing debt relative to your income.
Property Appraisal: A professional appraisal is often required to confirm the value of the property you wish to purchase or refinance.
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It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Locations Serviced and Branch Presence in Canada
RFA Mortgages operates across Canada, providing services in major cities such as Toronto, Vancouver, Calgary, Montreal, and Ottawa. While the company does not maintain a traditional branch presence, its brokers and agents are available nationwide to assist clients. RFA also partners with a network of mortgage professionals who provide localized support and service.
Mortgage Application Checklist
Before applying for a mortgage with RFA, ensure you have the following documents ready:
Proof of Identity: Valid government-issued ID.
Proof of Income: Pay stubs, tax returns (for self-employed applicants).
Credit Report: A recent credit score and history.
Down Payment Information: Documentation on the source of funds for your down payment.
Employment Verification: Letter from your employer or contract details for self-employed individuals.
Property Information: Purchase agreement or property details for refinancing.
How to Start a Mortgage Pre-Approval
Starting your mortgage pre-approval with RFA is simple. Here are the steps:
Contact an RFA Broker: Reach out to a RateShop mortgage broker who works with RFA.
Provide Financial Information: Submit details about your income, assets, and debts.
Review Pre-Approval Options: Your broker will present various mortgage solutions based on your financial situation.
Submit Documents: Once you’ve selected a product, provide all necessary documentation for verification.
Receive Pre-Approval: If everything checks out, you will receive a mortgage pre-approval, which can be used when making an offer on a home.
How to Get Mortgage Rates
To get the best mortgage rates with RFA Mortgages, follow these tips:
Speak with an RFA Broker: Brokers can help you access the most competitive rates available.
Consider Your Credit Score: A higher credit score can help secure better rates.
Select the Right Term: Fixed or variable rates come with different benefits—choose the option that best fits your financial situation.
Compare Offers: Work with brokers who can shop multiple lenders to find the most attractive rates.
Mortgage Pre-Payment Options
RFA Mortgages offers flexible pre-payment options for borrowers. These include:
Pre-payment Privileges: Depending on your mortgage, you may be able to pay off extra amounts toward your principal without penalty (e.g., 10-20% of your loan balance annually).
Accelerated Payments: Opting for bi-weekly or weekly payments can reduce the term of your mortgage and save on interest.
Extra Payments: Make lump-sum payments to reduce your mortgage principal and pay off your loan faster.
These options help borrowers manage their mortgage more effectively, reducing the total interest paid over the life of the loan.
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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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