we are committed MORTGAGE BROKERS

At CMB, our mission is to ensure that our clients get the best mortgage rates based on your income and needs. We can proudly boast that we offer the best customer service and rates if you choose to work with us. Our services include commercial and residential mortgages as well as mortgage refinancing second, and private mortgages. Certified Mortgage Broker in Edmonton is the best brokerage among all.

We are committed to ensuring that our clients get honest and unbiased advice about the mortgages that they are looking for. We have relationships with lenders, credit agencies, A lenders such as banks and real estate lawyers to help facilitate the process of getting a mortgage. We pride ourselves on being an independent brokerage with branches all over the country.

We offer our recommendations and options with your interest in mind. Whether it is a guaranteed fixed rate you are looking for, or a short term mortgage, we are at your service.

We understand that taking the first steps towards being a property owner can be intimidating. This is why we are here to help. As experienced professionals, we will take care of the hard part of getting a mortgage, negotiating with the lender, to get the best interest rates and conditions.

Mortgage Basics

For the benefit of our clients, we have compiled some basic facts that you need to know about mortgages.

What is a Down Payment?

This is the percentage of the mortgage that you will have to pay up front in order to secure it. For instance, if you get a mortgage worth $300,000 and the minimum down payment is 5%, then you will have to pay $15,000. You can choose to make down payments that are higher than the minimum in order to reduce the interest you will pay later on. If you choose to make a down payment that 20% or more of the price, you won’t have to shoulder mortgage default insurance, which can be a significant expense in addition to debt payments.

What is a Mortgage?

A mortgage is a long-term loan that you take out when you buy property. You pay off the loan in regular increments over a certain period of time, which is known as the amortization term. An amortization term can be as long as twenty-five to thirty years.

What is a Mortgage Term?

This is the term of your mortgage agreement and is also how long your interest rate will remain in effect. Since you will likely not have paid off the full amount at the end of the mortgage term, you will have to renegotiate with your lender for a new agreement or look for another lender who will renew the mortgage. You can take this opportunity to look for a mortgage with better terms, i.e. lower interest rates.

The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.

You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.

A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.

But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.