Every renter and homeowner should get to know the leading mortgage providers that serve provinces in Canada. In this Radius Financial mortgage review, we discuss the history, focus, track record, and advantages (and some disadvantages) so prospective homebuyers can choose the ideal financial partner as they start on the path to home ownership.
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What Is Radius Financial?
Radius Financial began in 2001 as the brainchild of Alex Haditaghi. The company entered the mortgage business as an online mortgage firm, ahead of the curve compared to many other mortgage companies.
Canada Mortgage Professional (CMP) magazine awarded Radius a gold medal nine times out of the past ten years for its mortgage services. CMP featured the CEO of Radius Financial, Ron Swift, in its 2021 Hall of Fame.
Radius Financial has rapidly expanded over the last 20 years, funding over $7 billion in mortgages to hundreds of thousands of borrowers in provinces across Canada. Radius Financial brings an old-fashioned work ethic and modern digital technology to its customers, giving you flexibility and choices as you start (or renegotiate) a mortgage agreement on solid financial ground.
The Radius Financial Mission Statement
Radius Financial values inclusivity and accessibility, making it a great fit for homebuyers in cosmopolitan Canadian cities, including Toronto, where the company has its headquarters.
Radius Financial stands by its goal of making homeownership a right every Canadian can achieve, and the Canadian government has approved Radius as a trustworthy lender.
Radius Financial exemplifies the principle of Decentralized Finance. Its online platform and commitment to transparency make it easier than ever for people to get access to capital when they need it. Whether you are starting a business, buying a family home, or investing in Canadian properties, you can find a dedicated and knowledgeable partner in Radius Financial.
Resources for Borrowers
Radius Financial makes it easy for you to view your mortgage details and calculate your payments online through MyRadius. With detailed information about alternative and conventional mortgage products, such as the Home Buyer 95 Programme, Family Plan Programme, and second mortgages, Radius gives you the flexibility to change your mortgage term as your financial situation changes.
Radius has a strong relationship with Canada's two top mortgage insurance companies, CMHC and Sagen, so it's easy to secure your investment.
Who Should Consider Radius Financial?
Radius Financial has many ways to help Canadian families and individuals afford the properties they are looking for, even in today's competitive real estate market. In this Radius Financial mortgage review, we would like to highlight the company's mortgage products tailored to:
- Immigrants to Canada who might benefit from their "New to Canada" Program
- New homebuyers who need assistance navigating the mortgage application and home buying processes
- Entrepreneurs who are taking their first steps into the world of real estate investment
New to Canada Program - By Radius Financial
Radius Financial's "New to Canada" program allows new immigrants the opportunity to secure a mortgage with a down payment of as little as 5%. With escalating housing costs, and the many other financial responsibilities that come along with relocating to a new country, this is a great reason to consult with Radius Financial. In order to become eligible for for the New to Canada program, applicants must be posses a valid work, permit or have permanent residency, as well as being able to prove 3 consecutive months of employment. The only exception to providing 3 months of employment would be for those who have been transferred to Canada under a corporate relocation program.
First-Time Home Owners
The first-time home buyers program from Radius Financial is another that allows buyers to secure a home with a 5% down payment. This is an attractive offer as it is becoming more and more difficult to save money for a home. This program is available for 1-2 unit properties, with 5% down and for a maximum amount of $500,000, up to 90% LTV and for 3 & 4 units. Also, this program is available for new construction and existing homes.
Radius Financial stresses its focus on the unique qualities of the individual home buyer rather than selling "one-size-fits-all" policies. If you face challenges because your financial situation, home ownership goals, or credit history aren't exactly like everyone else's, Radius Financial might be just the mortgage company you need.
Investment Property Program
For those who are interested in creative a passive income flow, real estate investment is a wise choice. While the Radius Financial website states that more information on this subject is coming soon, it is clear in stating that purchasers can invest in anywhere from 2-4 units with a minimum down payment of 20% down. Also, both new construction and existing homes can be purchased.
What About Borrowers Who Work with a Mortgage Broker?
This Radius Financial mortgage review has information for borrowers who contact mortgage providers directly and buyers who engage the services of a mortgage broker. Many homebuyers use a mortgage broker to find the best rates in the marketplace. Radius Financial works with many corporate partners and mortgage brokers. You will likely have no trouble getting a competitive rate from Radius Financial through your mortgage broker.
Pros and Cons for Radius Financial
As with any company, especially in the financial sector, pros and cons go with the territory. Here's what we found when digging into the some of the experiences folks have when dealing with Radius Financial based on customer reviews and company achievements. Please note that these reviews do not express the opinion of Insurdinary or its employees. This information is based on online research only.
Pros for Radius Financial include:
- Winner of 9 gold medals from Canadian Mortgage Professional Magazine for Overall Top Lender in Canada
- 36, 5-star reviews on Google (out of 55) with comments showing positive mentions for:
- Great rates
- Excellent customer service
- Notable financing terms
Cons for Radius Financial include:
19, 1 star reviews on Google (out of 55) with comment showing negative mentions for:
- Not a good option for variable rates
- Rates change even though the Bank of Canada has not changed their rates
- Customer service lacks transparency
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Home mortgages can be confusing and overwhelming for first-time homebuyers. Insurdinary can provide you with the resources you need to embark on the home buying process with confidence.
Through Insurdinary, you can compare rates from Canada's top mortgage companies, learn more about mortgage insurance, and use our affordability calculator to determine what you can afford. We provide mortgage rates from our partner Homewise, a Canadian mortgage broker that sources competitive rates from mortgage companies, including Radius Financial.