Street Capital

Street Capital Financial Corporation was founded in 2007 as a mortgage lender and operated under this jurisdiction for the following 10 years. In 2017, they received approval to be registered as a Schedule 1 Bank and have since officially operated under the name Street Capital Bank. They are one of Canada’s largest originators of residential mortgages that are sourced through brokerage channels. They are currently in administration of over $25 billion in mortgages and have originated over $40 billion worth in mortgages since inception.

They are based in Toronto, Ontario but also have offices in Calgary and Vancouver.

As they are solely focused on mortgage and mortgage-related products, Street Capital generally provide very competitive interest rates. You can find updated tables of their current rates on the Street Capital website. For most products, rates can be held for up to 120 days.

Street Capital provide straightforward mortgage solutions that are comfortable and accessible for as wide an audience as possible. These mortgage products can be for the purpose of purchasing a home, refinancing an existing mortgage, renewing a mortgage or transferring a mortgage.

The terms of your specific mortgage product will determine the mortgage options and privileges that are available to you.

• Closed Fixed Rate Mortgages: This type of mortgage is for the borrower who puts security and accurate financial planning above all else.
• Closed Variable Rate Mortgages: For borrowers who are not adverse on risk when it also comes with the possibility of saving money in the long run.
• Stated Income or Self-Employed: Self-employed borrowers have unique considerations and circumstances that this type of mortgage is sensitive to.
• Temporarily employed or living in Canada: Mortgage products for people new to Canada and who want to get into the housing market.
• Promotional Mortgages: From time to time, Street Capital run mortgage promotions that may come with special rates or privileges.
• Equity Mortgage: A mortgage solution that is predominantly targeted at self-employed, commissioned or salaried borrowers.

• Prepayment privileges: Street Capital have generous prepayment privileges. You can pay off 20% of your loan per year or increase payments by 20% once a year without facing a penalty.
• Flexible payment frequency: You can choose from semi-monthly, monthly, bi-weekly, and weekly payment schedules.
• Amortization periods: Range from 25 years for insured loans to 30 years for uninsured loans.
• Terms: 1, 2, 3, 4, and 5-year fixed term mortgages. 5-year variable term mortgages.
• Mortgage amount: Max LTV of 80% for conventional loans and 95% for insured loans. Max 65% for equity mortgage or self-employed mortgage.

Street Capital operated as mortgage broker before being registered as a Schedule 1 bank in February 2017. As such, they still offer brokerage services. You an contact Street Capital for more information.

You can pre-apply for Street Capital mortgage products directly from them by either applying online on the Street Capital website or contacting a mortgage professional by phone or be email. Street Capital also works through brokers which will have their own pre-approval process.

You will need to provide the following basic information:

• Personal and contact details.
• Purpose of mortgage.

You will then be contacted in regards to starting the pre-apply process as well as application for a mortgage.

You can apply for a mortgage directly from the Street Capital website. The process is straightforward and relatively quick. To do this you will need to provide the following pertinent information:

• Mortgage amount
• Purchase price
• Property type
• Builder (if applicable)
• Annual property taxes

• Purpose (e.g. purchase, refinance, transfer)
• Down payment
• Dwelling style
• Property address

Find out more Canadian mortgage lenders: B2B Bank, Laurentian Bank, Tangerine, Street Capital, Scotiabank and others.