we are committed MORTGAGE BROKER NEWMARKET

As a young person, you may think about saving up the rent money and getting your own home. However, all the financial commitments and challenges associated with such a venture may be hindering you from taking the first step. Our brokers are here to take away the fear. We will explain to you all the possible options you can explore to ease the financial burden that comes with the large purchase price of a home. We believe that making an informed decision is the only way to avoid regrets. That is why we explain every aspect of a first-time home acquisition mortgage. Some of the benefits of working with our brokers include:

• Getting a thorough explanation about how the mortgage application and approval processes work.
• Identification of a suitable mortgage size to make approval easy.
• Access to the best mortgage lenders.
• Pre-approvals to get the upper hand over other borrowers that want the same type of mortgage.
• Accessibility to Home Buyer’s Plan that allows you to get up to $25000 from your Registered Retirement Savings Plan.
• Availability of incentives such as Buyer’s Tax Credits and Land Transfer Tax to first-time buyers.
• An explanation of the conditions surrounding the mortgage to ensure you get the most suitable option for your lifestyle and financial goals.

Our experienced brokers will also make sure you understand all the mortgage technical terms and help you understand additional fees. By understanding the closing costs, you will plan efficiently and set aside enough money for the mortgage processing. We believe that the more information you have about the process, the easier it will be to accomplish. With us, you will purchase your first home without a lot of obstacles.

Mortgage refinancing can be a good idea for several reasons. For one, it can be a good idea if the home equity will be enough to get you the funds you need to complete the project you have pending, whether it is a renovation or education. Another good reason is low-interest rates that could help you save a lot of money in the future.

Despite all the many potential benefits of refinancing your mortgage, you could also get penalties that can be off-putting. However, there’s a chance that even with the penalties, the new mortgage will still be cheaper to pay off. Some of the factors you should consider before making a decision are:

• The interest rates you are paying and if they will reduce with your new mortgage.
• The terms of the new mortgage
• Penalties you may have to pay if you switch lenders

You should analyze your mortgage every year to determine the potential savings you could have with refinancing. Compare the costs and penalties included in the new mortgage with the one you’re currently paying and choose the cheapest one.

Under the right circumstances, mortgage refinancing can allow you to use your home equity to finance other investments while allowing you to save a lot of money through tax savings on interest rates. Since you can get up to 90% of the equity, it offers you a great option to consolidate your debts and save more money. The trick in enjoying mortgage refinancing is in finding the balance between the potential disadvantages and advantages. We understand that it can be difficult, and that is why we offer our expertise. We will make sure you understand the details before you sign the contract.

A mortgage renewal contract comes with two main options. One, you can pay off the mortgage, or two, accept a new contract in its place. If you accept a renewal, check the conditions of the new mortgage before signing the contract to ensure you don’t pass on any money-saving chance. Avoid making the mistake that most people make and take advantage of the benefits the new contract could offer. One of those benefits is determining whether the new contract is more suitable for your lifestyle. Check if the interest types and rates, the amortization, and the lender is still suitable for your needs or if you want to change them.

Make sure you do research before signing off on any changes. You have the power to renegotiate and get better deals when presented with a mortgage renewal. A mortgage broker can help you with the research in good time, which is at least three months before the renewal is due. They will have enough time to negotiate on your behalf and get you terms that befit your future financial goals. Prior research also ensures that by the time the renewal contract arrives, you will know the right choice to make for your plans.

When you have the best negotiators working for you, you will be able to reduce interest rates and use the money to pay off the principal easily. You will also get a mortgage that realigns your debts with your lifestyle and the housing market trends. Our mortgage brokers will go through your new contract to ensure there isn’t any loophole that could affect you negatively. We will also make sure the clauses in the renewal contract benefit you and that the new mortgage doesn’t end up overburdening you.

Mortgage regulations have become more stringent recently, which has driven most Canadians to give up on their home-ownership dreams. The changes have also resulted in more banks turning away borrowers. However, you can still get a mortgage from private lenders even if the banks have turned you down.

Private mortgages are a solution for people who are turned down by banks. The loans are usually given by private lenders that don’t have to follow the same regulations given to traditional lenders. Private lenders are individuals and institutions with enough money that they don’t mind sharing with those who need it in exchange for interests.

Since they don’t follow the same regulations as banks, private lenders tend to focus on collateral instead of credit ratings. They want to know that the property you give as security has enough value to recover their funds. One of the benefits of getting a private mortgage is customized services. The lenders will give you terms that are suitable for your lifestyle. Another benefit is a quick application process. You won’t have to wait too long before getting a response about your application status.

Private mortgages are perfect for specific groups of people. It includes:

• The self-employed group that can’t predict the next salary.
• People with an interest in unconventional investments.
• Those who want second mortgages to take care of renovations or debt consolidations.
• People with bad credit ratings.
• Those who need funds urgently.

It’s important to remember that private mortgages are short-term. You have to budget appropriately to ensure you can keep up with the payments. In most cases, you will get up to three years to pay back the loan. Always ask a broker to draw up an exit plan for you before you get the mortgage.

A second mortgage is a great way of utilizing your accumulated home equity and letting a new mortgage contract overshadow your earlier mortgage. This mortgage allows you to take a large amount of money against the property value, even if you already have a mortgage you’re paying back.

Like other mortgages, a second mortgage has some risks and extra costs attached to it. You have to understand all of them before accepting the mortgage. One of the risks is increased mortgage expenses. The second mortgage is usually riskier than the first, which is why it is more expensive. Since the first mortgage must be paid off before the second, any money the lender makes from the collateral when you default will go towards settling the first mortgage first. That means the lender may not get back all the money they spend on the second mortgage.

Even though they always have additional costs, second mortgages are still better off than any unsecured loan. They are a great solution if you need a lot of cash urgently or if you want to consolidate some of your debts to make payment easier. You can also use this loan for personal reasons, such as upgrading your home or handling other personal emergencies.

Make sure your house has good value before applying for a second mortgage. You can have appraisals done beforehand. That will show you whether getting the mortgage is a good idea or not. You should also make sure the loan fits your financial plan and shop around for an ideal lender. A mortgage broker can help you determine the right mortgage amount for your needs. We will make sure your second mortgage doesn’t interfere too much with your lifestyle and other debt payment.

Self-employment is on the rise in many parts of the world, Canada included. While this may be a good move, one of the main challenges it comes with is mortgage acquisition. If you fall in this job category, it may be harder for you to get a loan than it is for your friends and family with regular employment. Mortgage lenders always want reassurance that they will get their money back after the stipulated timeline. When you don’t have a formal job, you won’t have a regular salary to help you with the monthly payments. That is why lenders will view the self-employed mortgage as a high risk.

You will need your tax returns for the past two years before any lender considers giving you this mortgage. The returns serve as proof of income, but you should use them with other documents to convince the lender. Make sure you disclose all your income sources to the lender to increase the mortgage amount you get.

Enlist the services of a mortgage broker to help you plan adequately. The brokers will tell you about the mandatory documents and help you prepare them in an orderly manner. We will also help you explore all the possibilities that can help you maximize the benefits.

One of the best ways to reduce self-employed mortgage rates is by putting down a large down payment. You will reduce the risk levels for the lender and get lower monthly payments. The other option is to have a renowned mortgage broker to help you with the documentation and the search for a good lender. Looking for lenders in the private mortgage sector instead of the traditional sector can also narrow down your choices and help you save time. You won’t waste time on uninterested lenders.

Building your own home instead of buying a ready-built one has many advantages, but getting the funds for it can be challenging. Being able to customize the house and add all the features you want, exactly how you want them, is the main merit. Another advantage is participating in the building process and adding personal touches to the new house. When looking for funding for such an endeavour, you have to approach construction mortgage lenders only.

Construction financing isn’t very easy to come by. The down payment required for this mortgage is also higher than the other types of mortgage. Typically, borrowers will pay between 25% and 35% down payment.

To get this financing, you will need relevant documents such as the construction contract and plans. The lender might also ask for proof of approval from the local government entity, the title deed of the lot you’re building on, and an estimate of costs. They may also need an estimated timeline.

Choose a construction company carefully to limit the chances of errors that could delay the project and result in the need for extra cash. Make sure the company can help you maintain the timeframe you discussed with the lender and minimize problems that could delay the completion of the project. You should also prepare for possible delays by having extra funds in addition to what the construction mortgage covers. In most cases, 15% of the total cost is enough.

Getting construction financing is a risky move, but it is also rewarding. Having the funds you need to build your house from scratch and installing all the finishes you like is fulfilling. With proper planning and professional help from brokers, you can eliminate the chances of errors and lessen the risks.

Most mortgage borrowers in Canada are familiar with the concept of Home Equity Line of Credit, which is also commonly known as HELOC. This mortgage offers the highest level of flexibility. When you qualify for HELOC, you can get up to 65% of the home equity, and that money will be made available to you immediately after approval. You will be allowed to start paying back the interest only as you continue to use the funds and start paying the principle when your financial situation improves. That is why sometimes HELOCs are known as interest-only mortgages. The moment you finish paying off the principal amount, you will be allowed to borrow it again and repeat the same process while paying it back.

The interest rates on this mortgage are usually calculated daily, depending on your withdrawals and deposits. The rates also tend to be lower than what you can get with unsecured mortgages. This, together with the payment flexibility, makes this loan a good idea.

Certified Mortgage Brokers in Newmarket can help you plan properly to ensure you don’t fall into the financial trap that HELOCs can become. We can help you enjoy the accessibility of the funds from your home equity without being reckless and overspending before paying back the whole amount.