MORTGAGE BROKERS IN AURORA

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• What Is A Mortgage?

A mortgage is a loan used to purchase a property. The mortgage borrower and the mortgage provider enter a contract that outlines all the mortgage terms and conditions. The mortgage agreement outlines the loan amount, the applicable interest rate and the term of the loan. The property purchased by the borrower serves as the loan collateral.

The lender has the right to foreclose or dispose of the property if the borrower fails to pay as agreed. The borrower repays the loan through monthly installments. A portion of the loan installment offsets the principal while the other offsets the interest.

Mortgage Brokers Aurora Are Here To Save You Time And Money

Our mortgage specialists at Aurora are the best home mortgage brokers throughout Canada. We provide professional and reliable services to ensure you get the best mortgage deal. We believe in providing unmatched customer service, constantly giving our clients the most competitive mortgage rates that they won’t find elsewhere. Irrespective of your mortgage needs, our experts will get you the best deal. We start by analyzing your financial situation to determine the best mortgage. We’ve got you covered regardless of whether you want a first mortgage, second mortgage or a FAQ mortgage refinance.

Types Of Mortgage Which We Offer

Mortgage Refinancing

If you own a house in Aurora and you would like to borrow some money against your equity, Turkin Mortgage 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.

Residential Mortgage

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.

Private Mortgage

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.

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• What Mortgage Repayment Choices Do I Have?

You can choose from two mortgage repayment options:

Open Mortgage Repayment Plan

Under this repayment plan, you can pay off the loan at any time during the loan term without incurring a penalty. An open mortgage has a shorter repayment period ranging between six months and one year of fixed rates and 3 to 5 years of variable rates. The open mortgage is more flexible but attracts higher interest rates.

A closed mortgage plan

Under the closed mortgage, you have no freedom to repay the loan as you please. Some closed mortgages may allow you to make lump-sum payments. However, a full loan repayment before the term will lead to penalties. Compared to an open mortgage, a closed mortgage has lower interest rates but lower flexibility.

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• What are the Benefits of a Prepared Mortgage?

Having your mortgage pre-approved is a simple and straightforward process that only takes several days. During the pre-approval, you present your financial information to the lender who will evaluate it, consider your credit rating and determine how much you qualify. You will also get a schedule of how you can repay the loan.

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• Should I Choose Fixed Or Variable Interest Rates?

Whether you go for a fixed or variable interest rate will depend on your appetite for risk and your preference.

Fixed Interest Rates

Most people in Canada prefer the fixed interest rate mortgages. The interest rate remains constant throughout the mortgage term. Fixed-rate mortgages have a higher interest rate than variable-rate mortgages. However, a buyer has the assurance that the rate won’t change, enabling them to budget effectively.

Variable Interest Rates

Variable rates fluctuate based on the prime rate. When measured over time, variable rates are affordable than fixed rates. However, they may not be an ideal option if you don’t like uncertainty.

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• How Much Do I Need For The Down Payments?

A down payment is a sum of money that you contribute upfront before obtaining a mortgage. The minimum down payment in Canada is 5%, but this will vary depending on the property’s price. You must purchase mortgage defaults insurance if your down payment is less than 20%. You can pay the insurance, known as CMHC, in lump sum or installments. This insurance shields the lender in case you default on the loan.

The amount you place as a down payment is deducted from your home’s price. The mortgage caters to the remaining price. The higher the down payment you place, the lower the monthly installments. You could save thousands of dollars in interest by making a larger down payment.

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• What Are Closing Costs?

You have to pay several costs while acquiring a property. You should between 2% to 4% of the property’s purchase price as the down payment. The typical closing costs are:

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• What Documents Will I Need?

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• Terms That You Should Know When Closing A Mortgage

Amortization: the number of years it takes for you to pay off your mortgage loan in full.

Appraised Value: an approximate value of the property presented as security for the loan.

Assumption of Mortgage: the transfer of outstanding mortgage from the present owner to a buyer.

Blended payments: a repayment scheme where the amount of the principal and interest stays invariable.

Closed Mortgage: a type of mortgage where you cannot prepay, refinance, or renegotiate without paying prepayment penalty.

Completion Date: the date wherein all documentation is completed and payments made making the sale and purchase of a property final.

Compound Interest: interest charged on the principal as well as on the accrued interest.

Conventional Mortgage: is a loan that does not go beyond 80% of either the purchase price or the appraised value of the property.

Conveyance: refers to transferring the property title from the seller’s name to the buyer’s name.

Default: the inability to pay the installments specified by the terms of a mortgage.

Leasehold Mortgage: refers to mortgage that is secured on a property lease instead of on property ownership.

Mortgagee: refers to the person or institution lending the money.

Mortgagor: refers to the person or institution borrowing the money.

Offer to Purchase: refers to the legal document formalizing the offer of an explicit price for a particular real property.

Open Mortgage: a type of mortgage that allows prepayment in part or in full of the principal balance without exacting penalties.

Prepayment Option: refers to the opportunity to prepay specific sums of the principal balance. Penalty interest may or may not be charged.

Principal: refers to the balance of your mortgage that is still outstanding.

Term: refers to the period of time in which the mortgage agreement has legal effect. When the term expires, you may renew the contract for another term and renegotiate the rate.

Underwriting Fees: the payments that lenders collect to compensate for the expenses sustained in the lending transaction.