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Fraction must be the first lien or charge on your property at the time of origination and until your term ends. This means that you cannot have other liens on the property at the time of signing with Fraction.
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Currently, Fraction lends in British Columbia and Ontario (Canada). In Ontario, if you don't have an existing mortgage broker, Fraction will refer your inquiry to a registered third-party mortgage brokerage during the process. We lend in Washington state in the United States.
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Fraction uses third-party appraisers and inspectors and these costs are borne by you. In addition, we require you to get independent legal advice and there are conveyancing and title insurance costs. Fraction charges a fee of 2.5% of the initial loan amount.
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Yes you can - Fraction can lend up to $2M to a single person, with a maximum of $1.5M per property.
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Once all documents are signed and the charge is put on title, Fraction puts the money right into your bank account.
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No. You are free to spend your tax-free cash as you please.
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With Fraction, you’re protected against market slumps. The interest rate with Fraction will drop to a bare minimum, and since there are no payments, you are safe from income-related issues that might occur during a recession. You are also protected against interest rates rising, since your Fraction interest rate is based on your home, not a Prime Rate.
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Yes, if you have 60% down on a home, you can work with Fraction to purchase the home with no monthly payments
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You can buy out Fraction at any time you want.
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You decide. Fraction will receive payment when you sell the home or choose to payout Fraction.
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If you are a couple and your spouse passes away, Fraction will work with you to ensure you can stay in your home.
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It depends. If you have an existing mortgage, you must have enough built up equity in your home to qualify for Fraction. We do require that you pay off your existing mortgage to work with us (you can use Fraction to pay off your existing mortgage). Luckily, seeing if you qualify is easy by applying for Fraction.
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You can sell whenever you want. You would simply pay the remaining balance with Fraction after the sale, like any other mortgage or HELOC.
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You do. You retain ownership with Fraction, just like a regular mortgage or HELOC.
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Yes you can - Fraction can lend up to $2M to a single person, with a maximum of $1.5M per property.
