People Trust Company
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
People Trust Company: Partnering with RateShop Mortgages for Competitive Mortgage Solutions
History as a Mortgage Lender in Canada
Founded in 1968, People Trust Company is a leading Canadian financial institution specializing in residential and commercial mortgage lending. Known for its innovative approach, People Trust has helped thousands of Canadians secure financing solutions tailored to their unique needs. The company operates as a federally regulated trust company under the Office of the Superintendent of Financial Institutions (OSFI).
Types of Mortgage Products & Programs
People Trust offers a diverse range of mortgage solutions:
Residential Mortgages:
Fixed-Rate Mortgages: Terms ranging from 1 to 5 years for predictable payments.
Variable-Rate Mortgages: Competitive variable rates tied to the prime rate.
High-Ratio Mortgages: For down payments less than 20%, requiring mortgage insurance.
Alternative Lending Solutions: Designed for borrowers with non-traditional income or credit challenges.
Commercial Mortgages:
Financing for various property types, including multi-family, office, and retail.
Construction and Development Loans: Tailored for new construction projects.
Minimum Credit & Income Requirements
People Trust offers flexible qualification standards:
Credit Score: Minimum 600 for alternative lending; higher scores for conventional mortgages.
Income Verification:
Salaried Employees: Pay stubs, T4s, and employment letters.
Contract Employees: Proof of contract renewals or consistent history.
Self-Employed: Business financial statements or stated income programs.
First-Time Home Buyers: Down payment of 5% with mortgage insurance.
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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.
Minimum Credit & Income Requirements
Key underwriting considerations include:
Debt-to-Income Ratio (DTI): Typically up to 44%.
Loan-to-Value (LTV): Up to 80% for conventional mortgages; higher with insurance.
Income Stability: Assessment of consistent income over a 2-year period.
Property Appraisal: Required to determine the market value and condition of the property.
Locations Serviced and Branch Presence in Canada
People Trust serves clients across Canada, with offices in major cities like Toronto, Vancouver, and Calgary. While they focus on digital services, their network of mortgage brokers, including RateShop, ensures personalized support nationwide.
Mortgage Application Checklist
To apply for a People Trust mortgage, gather:
Government-issued ID
Proof of Income: Pay stubs, T4s, or business financials
Credit Report: Provided or obtained during the application process
Property Information: Purchase agreement and appraisal report
Down Payment Confirmation: Bank statements or investment proof
How to Start a Mortgage Pre-Approval
To apply for a People Trust mortgage, gather:
Consult a RateShop Broker: Access exclusive rates and personalized guidance.
Submit Documentation: Provide income, credit, and property details.
Receive Pre-Approval: Lock in rates and terms for up to 120 days.
How to Get Mortgage Rates
Online: Visit RateShop’s website for real-time People Trust mortgage rates.
Broker Consultation: RateShop brokers negotiate the best terms based on your profile.
Direct Contact: Speak with a People Trust mortgage specialist for detailed options.
Mortgage Pre-Payment Options
People Trust offers flexible pre-payment options:
Lump-Sum Payments: Up to 15% of the original mortgage amount annually.
Payment Increases: Increase regular payments by up to 15% per year.
Double-Up Payments: Make additional payments equal to your regular installment.
With RateShop Mortgages and People Trust Company, you gain access to competitive mortgage solutions designed to meet diverse financial needs. Their alternative lending programs and flexible criteria make homeownership achievable for a wide range of borrowers. 🏠
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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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