When You Close a Mortgage With Us
When You Close a Mortgage With Us
If you own a house in Aurora and you would like to borrow some money against your equity, CMB is only a phone call away. We offer quick mortgage refinancing services in Aurora. We will guide you through the paperwork. You don’t have to endure the long application process and processing on your own. With our certified mortgage brokers, the refinancing process is easy and straightforward. We will save you all the hassles of refinancing and negotiate good rates. You will have the refinance done fast and at an affordable rate.
If you dream of owning a house in Aurora, you should contact us about the various residential mortgage options available. We promise to get you the most competitive mortgage rates in Ajax. We also promise fast and hassle-free mortgage processing. We can guarantee competitive mortgage rates given our vast network of mortgage lenders in Aurora. We can negotiate for lower rates than even the advertised rates. We will save you the hassle of moving from one lender to the other as you compare mortgage rates. We will get you the best rates hassle-free.
A private mortgage might be the ideal option for you if you can’t qualify for a mortgage from conventional lenders despite having property to use as collateral. Private mortgage lenders will overlook your poor credit history and mainly focus on the collateral. They will give you the opportunity that private lenders denied you. You should opt for a private mortgage if you want to invest in an unconventional property that traditional lenders may not support. The best thing is that we will get you the private mortgage within the shortest time possible. Our team of mortgage brokers will get you a fast yet affordable deal.
...pick the one thats right for you.
|HELOC||4.2% (prime + 0.25%)|
First National Financial
Street Capital Bank
|5 year variable||1.15% (prime - 1.3%)|
|3 year variable||1.45% (prime - 1%)|
|Line of Credit||Starting at 3.00%|
|Equity Loans||Starting at 5.99%|
|Private Mortgages||Starting at 5.99%|
For a first-timer, buying a home is exciting but can also be challenging. You might be scared about making an expensive mistake given the many steps, requirements, and tasks involved. First-time homebuyers can enjoy the special incentives created to encourage new entrants into Canada’s real estate market. Without the help of a qualified mortgage broker, you may not even know that certain incentives exist. A mortgage broker will demystify the home buying process and ensure that you get the best mortgage deal. You need to consider the type of residence that you can afford and that will serve all your unique needs. You also need to determine how much mortgage you can qualify for to avoid disappointments. Our certified mortgage brokers will:
You will have several options when buying your first home. You can choose from a conventional single-family home, a townhouse, a condo, a multi-family building, or a duplex. Every option has its pros and cons, and that’s why you need a mortgage broker to guide you. A mortgage broker will help you get a pre-approved mortgage. A pre-approved loan gives you an advantage over other buyers who may be interested in the same property as you. Some sellers do not even entertain an offer that isn’t accompanied by approval. Getting a pre-approval involves applying for a mortgage in advance and completing all the paperwork. The lender then tells you the amount you can qualify for. A pre-approved mortgage saves you time and money because you will only focus on the houses you can afford.
Refinancing your mortgage can offer you a wide range of benefits depending on what you want to achieve with the refinance. Some of the primary reasons why people choose to refinance a mortgage are:
Accessing better interest rates is the most common reason for mortgage refinancing. If you took your mortgage when the rates were slightly higher, you could refinance to access better rates. Refinancing your mortgage at the current lower rates can help you save thousands of dollars over the mortgage term. You may also refinance your mortgage if your credit situation has improved since you took your last loan. If your credit situation has improved, it would mean that you qualify for lower mortgage rates. With lower interest rates, you can repay lower monthly installments. You can also lower your monthly repayments by extending the mortgage term to a longer term than the current one.
You can refinance your mortgage to choose a fixed-rate mortgage if you currently have an adjustable-rate mortgage commonly abbreviated as an ARM. A fixed-rate mortgage allows you to lock the interest rate for the remaining term of the mortgage. With a fixed-rate mortgage, you don’t have to worry about increasing interest rates that might increase your monthly repayments.
Mortgage refinancing can help you shorten your mortgage term. You might have started with a 30-year mortgage. You can refinance the mortgage to a 15-year mortgage after paying for several years. This will allow you to repay the mortgage faster and make significant interest savings. Short-term mortgages often have lower interest rates than long-term mortgages. Therefore, shortening the mortgage term can help you repay the loan faster without increasing the monthly installments.
A mortgage refinance allows you to borrow against your home equity. You can use the funds for any purpose, including investment and home renovation. A refinance is a great way to borrow and consolidate your expensive debts because mortgage rates tend to be lower than other debt types.
Most mortgages are renewed at least once before you eventually pay them off. If you aren’t able to pay off the mortgage in the first term, you must renew it at the end of the term. Renewal involves taking the outstanding balance of your mortgage and renewing it for another term. You will know that it’s time to renew your mortgage when the lender sends you renewal documents in the mail. The documents include the new mortgage offer and terms. If you are comfortable with the mortgage renewal terms, you can simply sign the mortgage documents and send them back. Below are the important factors that you should consider when preparing to renew your mortgage:
Before you sign and send back the mortgage renewal documents, you should first consider your current financial goals. You want to ensure that the mortgage suits your financial needs. Understanding your financial goals will help you know which lender and product to choose.
Your lender will probably send you the renewal documents three weeks or a month before the renewal date. However, you should start shopping around much earlier than this. You can start negotiating three months before the mortgage renewal date. You should consider switching lenders if you can’t negotiate for a good deal with the current lender. You should consult your mortgage broker to give them ample time to advise you and find you the best mortgage product. You will also have enough time to get all your paperwork ready instead of scrambling at the last minute.
During a renewal, it’s the perfect time to seek a better mortgage rate. Instead of moving from lender to lender, you should have your mortgage broker advise you on the lenders you can work with and the rates they charge. Mortgage brokers have a large network of lenders; they will help you complete the process in a short period.
Private mortgage lenders are institutions or individuals who help you qualify for a mortgage when conventional lenders do not approve your application. These lenders provide short-term asset-backed mortgages to help you acquire property. Many businesses and individuals in Canada obtain mortgages from private lenders. Unlike conventional mortgages, private mortgages are easy to qualify for. They provide a great alternative to traditional financing options. A private mortgage might be the ideal option for you when:
Private mortgage lenders usually consist of organizations or individuals who have surplus cash to invest in private mortgage loans. They lend the money as short-term loans secured by collateral. Different private mortgage lenders have different philosophies. For instance, some lenders may choose to finance residential mortgages while others prefer commercial properties. A knowledgeable and well-connected mortgage broker can help you reach out to the best private mortgage lenders in Aurora. Private mortgage lenders look beyond your negative credit history. They assess every borrower individually and consider the property the borrower is willing to provide as collateral. Even if the private mortgage lenders charge a higher interest rate, getting a loan from them is faster and easier.
A second mortgage is a loan that you take against your home equity. Usually, you can get up to 80% of your home’s appraised value less the balance of the first mortgage. This loan is secured against your home equity. The second mortgage is riskier than the first mortgage. If you default your mortgage and lose your home, the home is sold, and the first mortgage is paid off first. Therefore, the second mortgage lender might not recover their money. For you to cover this risk, second mortgages usually have a higher interest rate than the first mortgage. When obtaining a second mortgage, you may have to pay administrative costs like:
When you obtain a second mortgage, you must continue making payments on your primary mortgage in addition to making payments on the second mortgage. The loan is called a second mortgage because the first loan takes precedence in case of a foreclosure. Before you qualify for a second mortgage, lenders may focus on:
Income verification aims to ensure that you will afford to make the payments. If you have a dependable source of income, there is a higher chance that you will qualify for a second mortgage. The lender will also renew your credit score when lending a second mortgage. Your credit score will also determine the applicable interest rate. The lender will also consider the listing of your equity. If you have significant equity, you are more likely to qualify for a second mortgage. The property’s value also matters because the lender must ensure the property has a high value worth the mortgage amount you claim. A mortgage broker will increase your chances of qualifying for a second mortgage.
A self-employed mortgage is a residential or commercial mortgage applied by a person who is self-employed or owns his or her own business or corporation. People in self-employment have a different way of declaring their earnings than people in employment. Sometimes, the net income declared by people in self-employment is not adequate to enable them to qualify for a conventional mortgage. Many people are leaving their 9-5 jobs to break loose from the corporate handcuffs. Multiple rewards exist when you work for yourself, which explains why many people prefer self-employment to formal jobs. Despite the numerous benefits of being self-employed, there’s one pitfall: self-employed people have difficulty accessing a mortgage. Mortgage financing for a self-employed Canadian can be extremely frustrating, especially if they apply for a mortgage from the bank.
Experienced mortgage brokers can help you when seeking a self-employed mortgage. Many lenders, especially private lenders, do not follow the strict rules as banks do. At CMB, we have access to numerous local lenders, including banks, alternative mortgage lenders and private lenders. Accessing a mortgage doesn’t have to be hectic, even if you are self-employed. Most lenders will consider the average of your business income, usually for the last two years. To increase your chances of qualifying, you should pay off most of your outstanding debts. While you are in self-employment, it is common to write off some of your expenses. The downside of writing off these expenses is that they can limit the mortgage you qualify for. Some lenders are kind enough; they will write back these expenses while determining the loan amount you qualify for.
You don’t have to buy a ready house. You can choose to apply for a construction mortgage and build a home that meets your preference. Construction financing might be the best financial vehicle to help you build a dream home for you and your family. However, getting a construction financing loan is not always simple. Lenders could take weeks or even months before they decide whether your construction project is viable. They might even take longer to decide if you are viable for construction financing. That’s where certified mortgage brokers come in. A mortgage broker understands all the challenges involved in accessing construction financing. They will do everything possible to help you succeed. We will help you access the money you need to complete the construction project on time.
A construction financing loan may not meet the entire cost of a building. However, it serves as temporary financing to bridge the cost of the project. A construction financing loan’s interest rate may be higher than that of a traditional mortgage because lenders often consider construction projects risky than buying a ready house. Construction financing loans often have strict terms that you must adhere to, including completing certain project phases within pre-set timelines. Your mortgage broker will ensure you get the best possible construction financing deal.
HELOC stands for Home Equity Line of Credit, which is a secured form of credit. A lender will use your home to guarantee that you will pay back the loan amount you borrow. HELOCs are revolving credits meaning that you can borrow money, pay back, and borrow again up to your credit limit. There are two main types of HELOCs. The first is the home equity line of credit combined with a mortgage, sometimes known as a re-advanceable mortgage. This HELOC combines a revolving home equity line of credit with a fixed-term mortgage. You will only pay interest on the money you use, and you will not have fixed repayment amounts on your HELOC. The credit limit for a HELOC combined with a mortgage is 65% of your home’s market value. As you continue paying your mortgage, the credit available in your home equity line of credit will go up. In some instances, you can choose to finance your home purchase with a HELOC and part of it with a fixed-term mortgage. You can choose how to use the two sources of funding to finance your home purchase.
HELOCs provide an easy way to access money. However, financial discipline is paramount because you will have access to large amounts of money, and you might end up misusing this money. Certified Mortgage Brokers will guide you on how to access the best HELOC deal in Aurora.
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
There are a lot of mortgage brokers in toronto to choose from, I was a bit intimidated by that. Don't regret I picked CMB, they took the lead and made sure to cover all the bases
I was renting an apartment for a long time and finally decided to take a big step - get a mortgage instead. Team at certified Mortgage Brokers laid out various options for me. The actual process went smooth and quick, happy with my new home.
My wife and I decided to refinance our mortgage and started looking for a mortgage broker in Toronto. There were so many options, so you can imagine how overwhelmed we got! After talking to Leon we decided to proceed with Certified, didn't regret that decision once. They always gave useful recommendations, were attentive, and constantly in touch. And most importantly (for us) they helped us to save some money!!
Vita was great. Helped my son with all the paperwork and got him very good interest rate. On the closing date called to follow up if everything went fine. Quite a pleasant experience. I would recommend this firm for anyone who is looking a mortgage broker.
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