Fast Home Finance Compared to Other Loan Options
The “Monthly Loan Payments on $35,000” chart is for illustration purposes only. It shows sample monthly payments across various lending products for comparison and discussion. Fast Home Finance does not offer credit cards or online loans, and the chart does not reflect actual offers. Final rates and payments depend on individual borrower circumstances and may change without notice.
Bank Loans
$35,000 interest-only loan at prime (2.95%) + 3%, 2-year term, full principal due at end. Additional fees (legal, appraisal) may apply.
Fast Home Finance 1st Mortgage
$38,000 (net $35,000) interest-only loan at 9%, one-year term, full principal due at end. Includes closing costs (legal, appraisal, brokerage).
Fast Home Finance 2nd Mortgage
$38,000 (net $35,000) interest-only loan at 12% one-year term, full principal due at end. Includes closing costs (legal, appraisal, brokerage)
Credit Cards
$35,000 balance over 5 years at 19.99% interest, with annual fees ($99 + $30 = $129).
Online Loans
$35,000 loan repaid over 46 months or 4 years with bi-weekly payments, interest rates between 26.90% and higher, based on publicly available lender data. Additional fees may apply.
Loan Examples
First mortgage
| Loan Amount | Monthly Payment | Interest Rate | Real Estate Required? | Term | APR |
|---|---|---|---|---|---|
| $100,000 | $530.00 | 9.00% | Yes | 1 Year | 15.50% |
Second mortgage
| Loan Amount | Monthly Payment | Interest Rate | Real Estate Required? | Term | APR |
|---|---|---|---|---|---|
| $25,000 | $250.00 | 12.00% | Yes | 1 Year | 24.00% |
| $50,000 | $500.00 | 12.00% | Yes | 1 Year | 22.00% |
How much can I borrow?
| Property Value | Outstanding Mortgage Amount | Amount Eligible for Borrowing, Including Fees |
|---|---|---|
| $50,000 | $25,000 | $7,500* |
| $100,000 | $50,000 | $15,000* |
| $250,000 | $125,000 | $37,500* |
| $500,000 | $250,000 | $75,000* |
| $750,000 | $375,000 | $112,500* |
| $1,000,000 | $500,000 | $150,000* |
| $2,500,000 | $1,250,000 | $375,000* |
| $5,000,000 | $2,250,000 | $1,000,000* |
| $7,500,000 | $3,750,000 | $1,125,000* |
| $10,000,000 | $5,000,000 | $1,500,000* |
*Eligible Loan amount includes administrative fees, actual final disbursement is less those fees.
Financial Guidance and Consumer Resources
We encourage all homeowners to make informed financial decisions. Visit the Government of Canada’s Financial Consumer Agency (FCAC) for helpful tools and resources: Financial Consumer Agency of Canada – Canada.ca
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