WHAT IS A FRACTION MORTGAGE?

A Fraction Mortgage is a special kind of loan that lets homeowners use the value they've built up in their home to get cash, without needing to make monthly payments. It's different from regular mortgages because you only pay back when you sell your home or after a set period, like 5 years. This makes it a smart choice for people who need money now but don't want the burden of monthly payments.

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Some Benefits to a Fraction Mortgage

Thinking about a Fraction mortgage? Here are six good things about getting one:

No Payments

 Enjoy the cash from your home's value without worrying about monthly payments.

Tackle Debt

Cut your debt repayment costs by up to 50% by getting rid of monthly payments.

Flexible Repayment

You only need to pay back the loan when you sell your home or after the loan term ends. You do not pay any interest penalties.

Clear Terms

Fraction Mortgages have straightforward terms, with no hidden fees or complicated jargon. Same fixed rate for 5 years.

How you want it

Use the money for many purposes, like home improvements, debt consolidation, or as a down payment for another property.

Tax Benefits

If you use proceeds to invest, like buying another property,  you might get to deduct the interest you pay on your taxes. Please confirm with your accountant

We believe everyone deserves a chance to improve their financial situation. That's why we work with a range of lenders, from well-known banks to near-prime lenders who offer solutions regardless of your credit score. Your financial past shouldn't dictate your future, and we're here to ensure it doesn't.

START YOUR FINANCIAL JOURNEY TODAY!

With a few quick questions we can have you well on your way to securing a comfortable future

COMPLETE OUR QUESTIONNAIRE
HOW DOES IT WORK?

COMPLETE APP

With our questionnaire complete we will send you a list of documents required.

CHOOSE LENDER

With all paperwork in hand we can provide you lender options for you to choose from.

SIGN PAPERWORK

You will sign the approval paperwork with us and the lawyer representing you.

GET MONEY

At closing the lawyer will disburse the funds where necessary.

OUR MOST FREQUENTLY ASKED QUESTIONS
How is a Fraction Mortgage different from a regular mortgage?

How is a Fraction Mortgage different from a regular mortgage?

Fraction Mortgages don’t require monthly payments, and you pay back the loan when selling your home or at the end of the term.

What do I need to qualify for a Fraction Mortgage?

What do I need to qualify for a Fraction Mortgage?

You need to own a home and have some equity in it. Fraction likes to see a credit score of at least 640 with TransUnion or Equifax. They are not too concerned with income seen as payments are not required.

Are there limits to how much I can borrow?

Are there limits to how much I can borrow?

Because no payments are required Fraction does limit how much they will lend to 44% of the appraised value.

Can I use a Fraction Mortgage to buy a home?

How do I pay back a HELOC?

Yes, if you have a significant down payment, like 60%, you can use a Fraction Mortgage to buy a home without monthly payments.

Are there any upfront costs for a Fraction Mortgage?

Are there any upfront costs for a Fraction Mortgage?

The only upfront cost you should expect with a HELOC is an appraisal fee, generally around $500. All other potential fees or closing costs will be paid from proceeds of the refinance at closing time. We'll discuss all potential costs upfront, so there are no surprises.

What happens at the end of the Fraction Mortgage term?

What happens at the end of the Fraction Mortgage term?

At the end of the term, typically 5 years, you can either pay back the loan, refinance it, or sell your home to cover the amount.

What if the homeowner has an existing mortgage?

What if the homeowner has an existing mortgage?

Many home owners do have a first mortgage. We can either draw down the line of credit to pay off the first mortgage. Or look at a combination product to have a mortgage and line of credit.
Is there a catch with Fraction Mortgages?

Is there a catch with Fraction Mortgages?

There's no catch, but it’s important to understand that your loan amount grows over time, and you’ll owe more at the end of the term than you borrowed.
Can I use the funds from a Fraction Mortgage for anything?

Can I use the funds from a Fraction Mortgage for anything?

Yes, the funds from a Fraction Mortgage can be used for debt consolidation, home improvements, investments, or other personal uses.

STILL NOT SURE IF IT IS RIGHT FOR YOU?

Click below to book a phone call or video chat with one of our experts

BOOK A MEETING

Don't just take our word for it. Our Google Reviews showcase stories from countless satisfied clients who've transformed their financial lives through refinancing. Plus, our accolades, including being in the top 50 for mortgages funded monthly nationwide and in the top 3% of Dominion Lending Centres, are a testament to our commitment to excellence.

Your journey to a more secure financial future is just a click away. Whether you're consolidating debt, planning renovations, or pursuing new investments, we're here to make refinancing straightforward and stress-free.

HOURS OF OPERATION

Monday to Friday - 9 am to 5 pm

Saturday and Sunday - CLOSED

ADDRESS

157 Bridge Street

Carleton Place, ON K7C 2V6

CONTACT INFORMATION

Office: 613.714.9499 |  Toll Free: 1.877.230.8872

Fax: 613.714.9488

team@bradplummer.ca 

Dominion Lending Centres The Mortgage Source is independently owned and operated. #FSRA 10145. Brad Plummer is an independent mortgage broker that places business with various mortgage providers. DLC is compensated for placing your business with a particular lender or will have to charge a fee for their services which will be disclosed well in advance. Not all products or services are shown on this page. If you would like to find a better suited solution it is best to speak to Brad Plummer about your unique situation and secure the best suited product for you. You can book a meeting HERE
Mortgage amounts and rates to be determined based on clients application, credit score, equity in the property and the location of the property. Rates are subject to change without notice. Other monthly fees and costs may apply depending on the lender. All costs will be disclosed once the application is approved and the client has an opportunity to decline the offer. Brad Plummer only handles the application process.
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613.714.9499

team@bradplummer.ca

157 Bridge Street
​Carleton Place, ON K7C 2V6

Monday to Friday | 9 am to 5 pm
​Saturday and Sunday | CLOSED

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