we are committed MORTGAGE BROKERS

Obtaining your first-time mortgage is an important step while buying your dream home. With the myriad of financing options available, it is common for first-time borrowers to feel overwhelmed. Working with Certified Mortgage Brokers could save you a lot of time. You don’t have to spend all your time researching the basics of property financing. While choosing the ideal mortgage, you have to decide between a fixed and floating rate, the repayment period, and the amount of the applicable down payment. A certified mortgage broker will:

• Guide you through the mortgage application process from the start to the end
• Help you determine the adequate mortgage amount and the instalments you can afford to pay
• Ensure that you get the best mortgage deal in Georgetown
• Help you access a pre-approved mortgage, which will give you an advantage over other investors interested in the same property
• Guide you on how you can access the Home Buyer’s Plan, which allows you to draw amounts of up to $25,000 from your Registered Retirement Savings Plan
• Help you take advantage of available incentives like First Time Home Buyer’s Tax Credit and Land Transfer Tax
• Guide you through different mortgage terms and conditions, enabling you to choose the ideal mortgage
• Ensure that you understand all the costs involved

When applying for a home mortgage the first time, you might find it challenging to sort through all the available options. With the help of a mortgage broker, you should take time to determine how much you can afford and then choose suitable financing. If you can afford to make a substantial down payment, you can access the mortgage at a lower rate.

You must have heard about mortgage refinancing at some point. Perhaps your friend or your neighbour has told you about the great deal they got after loan refinancing. You might be wondering whether you should follow suit. Many homeowners rush to refinance their mortgages when interest rates drop. However, a drop in interest rate is not the only reason to refinance your loan. Other reasons to refinance your mortgage include switching to a fixed-rate mortgage from an adjustable-rate mortgage. You can also refinance your mortgage to take out some cash from your home.

Our certified broker will tell you that when shopping for a new mortgage, you should not just focus on the interest rates. You should also consider good faith estimates, closing costs, and the break-even point. Mortgage refinancing is a smart move if you want to consolidate expensive unsecured debts and service a loan with lower interest rates. After a mortgage refinancing, you are free to use the money for any purpose. You need to consider several factors when considering a mortgage refinance:

• The prevailing interest rate on your existing mortgage
• Whether there are applicable fines for an early exit
• If the mortgage refinance will help you make savings
• The terms and conditions of the new mortgage

You are free to choose a new lender during a mortgage refinance if you aren’t happy with your current lender. Different lenders will have different rates and fees depending on factors like your employment status, credit score, and LTV ratio. The only real way to ensure that you are getting the best deal is to compare the deals from different providers. Our mortgage brokers are in touch with many mortgage lenders in Georgetown.

When you first get your mortgage approved, you aren’t likely to think about the mortgage renewal process. After going through the involving mortgage application and approval process, the last thing on your mind will be mortgage renewal.  However, when your mortgage term is up, you have to deal with renewing your mortgage. When the current term of your mortgage is over, you must sign on for a new term or payoff the mortgage.

A mortgage renewal represents a perfect opportunity for you to renegotiate the terms of your mortgage, including amendment of the interest rates or even changing your lender. This means that you change your mortgage to align it with your needs. When your mortgage term is almost over, you should keep an eye on your email inbox or mailbox. The renewal statement will come through the mail or email and will include information about your mortgage, including the payment amount, current balance, and payment frequency. You will also receive the renewal form to sign and send back. You shouldn’t make the mistake of signing the renewal form without considering your options.

Take time to consider your current mortgage, including the interest rates. Consider whether the mortgage is in line with your lifestyle. Many mortgage holders do not take time to negotiate for better mortgage terms but simply sign the mortgage. You should negotiate with a mortgage broker before signing the renewal form. When you sign for a new mortgage term, you will essentially be signing a new mortgage contract. Since many borrowers do not negotiate the mortgage terms during a renewal, many lenders aren’t overly generous with their terms because they don’t have to be. A mortgage broker will negotiate for better terms that will fit your financial goals.

When applying for a mortgage, you are not limited to traditional mortgage lenders. You can obtain a private mortgage, which is a loan financed through private sources of funds like family, friends, business, and private lenders. If you struggle to get a mortgage the typical way, you could benefit greatly from a private mortgage. A borrower might not qualify for a loan from a traditional lender. Many banks require a lot of documentation, and at times, your finances might not appear enough to indicate that you can repay the loan. If you are in self-employment, you might not have a steady work history or a W-2 form that lenders demand. Young adults with short credit histories might not have good credit scores to qualify for mortgage loans.

A private mortgage would be a good option if:

• You are in self-employment, and you can’t prove your income
• You have a high debt to income ratio
• You intend to invest in unconventional property
• You seek a second mortgage to consolidate your debts or renovate your home
• You have a poor credit score
• You require money fast to take advantage of an investment opportunity

Private lending accounts for a significant percentage of Canada’s overall mortgage market. Most private mortgages are short-term solutions, usually between one and three years. A private mortgage can give you an opportunity to achieve your goals while you improve your credit. Most private mortgage lenders require less documentation during the mortgage approval process.

Obtaining a mortgage is a more personal experience than applying for a conventional mortgage. A private mortgage lender will tailor the loan to suit your unique financial and personal needs. If you need a private mortgage in Georgetown, contact a private lender today.

You can borrow a second mortgage against the value of your home. A home is an asset that gains value over time. A second mortgage is a way to use your home for other goals and projects without having to sell your home. Similar to the first mortgage, a second mortgage will use your home as collateral. In case your home goes into foreclosure, the first mortgage will be repaid first before the second. In a case where you can no longer repay your mortgage and the lender disposes of your home, your first mortgage will be cleared first.

You can use money obtained through a second mortgage to consolidate other expensive debts, make investments, or renovate your home. It is important to ensure that you have an accurate value of your home while considering a second mortgage. You should get a market valuation of your home; you should get more than one valuation to ensure you get an unbiased value.

Our certified broker will help you to calculate the loan-to-value ratio, commonly abbreviated as LTV. The loan-to-value ratio will help you determine the mortgage size for which you can qualify. You have a higher chance of getting the mortgage you require if you have a low LTV value.

Most second mortgage lenders will be willing to give you up to 90% of your home’s equity. However, the lender will require your home appraisal, which means you have to pay the appraisal fees. Usually, the second mortgage has a shorter term than the second mortgage. Second mortgages are interest-only loans.

In most cases, second mortgages are arranged with private lenders. You need a competent mortgage broker to negotiate the best rate for you.

It can be challenging to access a mortgage when you are self-employed. Some lenders might assume that you won’t earn a steady income to meet the monthly repayments. Some lenders do not like to deal with the extra paperwork involved when lending to a self-employed person. Businesses are often unpredictable, often going through peak and off-peak seasons. Most mortgage lenders prefer borrowers with a steady source of income. When most mortgage lenders see self-employed people, they consider them high-risk borrowers. However, you should not worry if you are in self-employment and require a mortgage. Our experienced mortgage brokers will help you get the best mortgage deal.

Self-employed people can increase their prospects of getting a mortgage by offering a larger down payment, increasing their credit score, and paying down debt, among other strategies. Most self-employed people run into problems while applying for a mortgage because they use business expenses to reduce their taxable income.

While applying for a mortgage, some lenders will require you to present your business registration documentation. Other lenders will require you to present your tax returns for the last two years. Your application can be treated in the same way as that of an employed person if you are able to provide all the documentation that the lender requests. Most lenders will calculate the debt to income ratio to determine how much you can afford to repay, which will determine the mortgage amount you can get.

Private mortgage lenders are often the ideal option for self-employed people. Unlike conventional lenders, private lenders are not under strict banking rules. A private lender is more interested in your home’s value than the borrower’s attributes. Our mortgage broker has a vast portfolio of lenders; they will help you choose the best.

Not everyone likes buying an already constructed home. You may prefer to apply for a construction mortgage or construction financing and build a home that suits your preferences. You could also buy a home that a construction company is building as part of new development. Construction mortgages fall under two main categories: completion mortgage and progress draw mortgage. You can apply for a completion mortgage to acquire a newly constructed house. The bank will remit the payment to the construction company while you take ownership of the house.

In the case of a progress draw mortgage, the bank makes incremental payments as you or the contractor reaches pre-determined milestones. The lender assesses the progress of the project by sending an inspector to the construction site regularly. The inspector submits regular reports to the bank, and the bank makes a payment after the achievement of a milestone.

Applying for construction financing is more complex than applying for a residential mortgage. The lender will request your bill of costs, contract, and timetable of completion. You will also have to make a larger down payment. You have to submit plans and blueprints before you get approval. Applying for construction financing also involves making a larger down payment than when applying for a residential mortgage.

Because construction projects are intricate, construction financing is riskier. Things do not always go as planned, and delays might occur. It’s advisable to have at least 15% of the construction project’s expected cost to cover any unexpected occurrences along the way. You should not apply for construction financing without the help of a mortgage broker, given the complexity and risk involved.

A home equity line of credit, abbreviated as HELOC, allows you to draw funds as you need them and then repay the money with variable interest. Just like in the case of a credit card, the funds replenish every time you repay the outstanding balance. Our certified mortgage brokers can help you identify the best HELOC lenders who offer lines of credit at competitive interest rates, an easy application process, and low fees. The applicable interest rates for HELOC vary depending on several factors, including the borrower’s creditworthiness. You are likely to access the best rates if you have a low debt-to-income ratio, a high credit score, and tappable equity in your home.

A HELOC is a good option if you need to access funds over several years and if you are comfortable with using your home as collateral. If you have a series of home improvement projects, a HELOC is good because it allows you to draw money over time. HELOCs are secured facilities, and for this reason, they often have lower interest rates than other types of credit. You can obtain a HELOC and use it to consolidate your other expensive personal loans and credit cards.

The interest rates for HELOC are variable, usually calculated on a daily basis. This means that HELOC facilities are not susceptible to changes in interest rates. Even when the interest rates go up, you will not be financially vulnerable.

A HELOC facility allows you to access up to 65% of your home’s equity. You will have an easy way to access funds whenever you need them. It is advisable to shop around and seek the counsel of a mortgage broker when looking for a HELOC.