we are committed MORTGAGE BROKER IN WINDSOR

Getting a mortgage is a big step in anyone’s life. For many it is the biggest financial commitment that they will ever make. Before you find yourself signing on the bottom line, a skilled and professionally trained mortgage broker can help you to tailor your mortgage agreement to your lifestyle requirements and long-term financial strategy.

Mortgages come in all shapes and sizes. At Certified Mortgage Broker our licenced mortgage brokers are trained to help you to understand the terms and conditions, so that you can make all the right choices. When it comes to your mortgage agreement, making the correct choices up front could save you thousands of dollars over the term of the mortgage.

Our aim is to make it easier for you to get the right property finance quickly, easily and at the best price. To that end, our brokers will take the time to get to know you before they match you with a lender.

We’ll ensure that you have all the required documents, saving you unnecessary delays and ensuring that your mortgage is approved in good time.

We’ll complete the paperwork and do the necessary credit checks.

We’ll help you to calculate how much you can afford in repayments and how much you can buy for. With decades of accumulated knowledge in the Canadian mortgage environment, we can uncover all the hidden costs for you.

Tailor making your mortgage agreement requires an understanding of the terms and conditions and how they fit with your lifestyle requirements and long-term financial strategy.

We can take you through the interest rate options and help you to understand how they will affect your repayments. We can also ensure that you make the best choice when it comes to flexibility versus cost when making the choice between a closed payment and open payment mortgage. The right choice up front can save you loads in penalties.

The term of the mortgage and the amortization period are also important decisions that in the end can save or cost you a fortune.

Whatever your mortgage requirement we can tailor a solution to your needs. From commercial to residential properties, first time home owner loans to reverse mortgages, refinancing or second mortgages our brokers will match you with the lender that understands your needs.Don’t be discouraged if you have been turned down by a prime lender, we can also help you access alternative lenders who specialise in helping people with less than perfect credit records or who have difficulty in proving their income.Certified Mortgage Brokers have been offering borrowers valuable advice for years. Your broker can save you thousands and the advice will cost you nothing.

This choice comes down to flexibility versus cost. Your choice should take account of your future plans. Poor selection criteria could end up costing you a significant amount of money. Your Certified Mortgage Broker Windsor can help you to make the correct choice. So, here are the differences:

• Closed payment mortgage – The conditions on a closed payment mortgage will include limitations on the amount that you may pay back every year. Anything over the limitation will attract penalties which can amount to a considerable sum of money. The advantage of the closed payment mortgage is that the interest rate that applies is lower, meaning that you pay less over the term of the mortgage.
• An open payment mortgage – an open payment mortgage is a lot more flexible. With this type of contract, you can make lump sum payments whenever you have additional money available. The interest rates are higher, but if you can pay your mortgage off quickly, the end result may be a reduced overall interest payment.

In Canada you can choose either a fixed or variable mortgage. Which is best for you depends entirely on your personal financial circumstances and your appetite for risk. We explain the differences below:

• Variable interest rates – a mortgage with a variable interest rate will cost you less over the long term. Variable interest rates are determined by the prime interest rates. The interest rates and repayments are, therefore, subject to rapid change. Variable interest rates may be too risky for the borrower with a tight monthly budget.
• Fixed interest rates – Most Canadian borrowers prefer the certainty that fixed interest rates offer them. If you have a fixed rate mortgage, the interest rate and your repayments will remain unchanged for the term of the mortgage. The disadvantage of fixed term rates is slightly elevated cost over the long-term.

There are several benefits to obtaining pre-approval on your mortgage:

• When you receive pre-approval, you know exactly how much you can buy for. It also makes budgeting easier because you’ll know exactly how much your repayment will be.
• Knowing how much you can buy for saves time and effort because you can target the properties in your price range.
• You can lock the interest in for up to 120 days.
• You have more negotiating power because the seller knows that your mortgage has been approved.

If you want to avoid mortgage default insurance, you’ll need a down payment of at least 20% of the value of the mortgage. If your down payment is less than 20% you have high ratio mortgage.

If you have opted for a high ratio mortgage your minimum down payment will depend on the property price.

If the property is under $500,000, you’ll need at least 5% down payment.

If your property is between $500,000 and $999,000, you’ll need 5% for the first $500,000 and 10% for anything over. You’ll have to pay 20% on a mortgage of over $1,000,000.