We offer competitive mortgage interest rates, and a wide variety of terms and flexible payment options.
At Marathon, we deal in mortgages, and only mortgages. As a result, we are solely focused on giving our valued brokers and borrowers the most competitive rates and a variety of options that work best.
While those of us in the lending world call our mortgage options "products", you can just think of them as financial solutions.
Overview of products & lending guidelines.
Check out our Marathon Mortgage products and connect with us today to learn how we can help.
Adjustable rate mortgage (ARM)
Adjustable-rate mortgages (ARM) apply an interest rate on the outstanding balance which varies throughout the life of the loan. It can be less stable than a fixed rate mortgage because an adjustable-rate mortgage applies an initial interest rate that is fixed for a period of time.
Refinancing provides clients with an option to utilize equity from their home to a maximum of 80% of the value. Refinances are not available in all markets. Therefore, refinance options are dependent on location. A full application must be completed to qualify the borrower(s) and documents will be required prior to advance of any monies i.e., Income Confirmation Documents, Appraisal, and all other documents deemed necessary by Marathon Mortgage Corp. The borrower(s) also require a solicitor to complete and register new mortgage terms. All costs associated are the borrower(s) responsibility. A few questions often asked are: 1) “Do I have to reapply and requalify when refinancing my mortgage?” The answer is YES. 2) Will I incur a Penalty to complete a refinance? As you are breaking the original terms of the mortgage penalties may apply and would be deducted from the advance of new monies.
It pays to transfer your mortgage to us! We will pay FCT (legal) fees and up to $300 reimbursement of appraisal fees. We can also capitalize up to $3000 for penalties and discharge fees.
Pay down your mortgage principal sooner by enjoying our prepayment options such as yearly lump sum payments.
Choose between monthly, weekly, bi-weekly, accelerated weekly & accelerated bi-weekly.
How long will you have your mortgage? Choose between 18-25 years for amortization periods.
All existing Marathon clients have the option to take their existing mortgage to another property. The original loan can be ported to a location anywhere in Canada where Marathon is licensed to lend. What does it mean to have a Portable Mortgage? Portability or “porting your mortgage” simply means you can take with you (if you will) your current mortgage to another home. If your mortgage is Mortgage insured, it too can be “ported” or transferred to your new home. The advantage of portability most often is that it allows you to preserve your current mortgage rate while avoiding penalties if you are not adding more money to the current balance. Do I have to reapply and requalify when “porting” my mortgage? YES. A full application must be completed to requalify the borrower(s). Hence these applications are subject to approval.
Residential, single family dwellings, multi-unit (up to 4 units). Owner-occupied only. Interested in a rental unit that you live in? We have a mortgage for that!
Assuming a mortgage allows a home buyer to take over a loan from the home seller. This includes the existing mortgage balance, term, rate, etc. This requires the buyer to complete an application and is subject to lender approval. It is very important for sellers to understand that this does not relinquish the seller of any legal obligations should the loan go into default even though the buyers are assuming the mortgage. Sellers should give careful consideration to transactions of this nature.
Release of Covenant
A Release of Covenant allows the borrower(s) to be removed from the mortgage and title of the home. For this to be permitted the other existing borrower(s) must qualify (be approved). This requires the remaining borrower(s) to complete an application and is subject to lender approval because the existing borrower(s) will now take on the full responsibility of the existing mortgage balance, term, rate, etc. Legal costs to remove any borrower(s) from title are the soul responsibility of the borrower(s) and are to be completed only upon the approval of Marathon Mortgage Corp.