Residential Mortgages


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Your Barrie home – the biggest investment you’re likely to make

Buying a home is one of the most important decisions that you will make. It is also one fraught with difficulties and usually some tension since it involves large amounts of money and a long personal commitment to make monthly payments.

Buying a home is the biggest investment most people will ever make, so making the right choices is important. Over the last few years, property prices have sky-rocketed and most people will need financial assistance to purchase a home.
A residential mortgage is designed for just this purpose. It is a large sum of money that is loaned to an individual. The property is used as collateral on the loan. You make a down payment, the bigger the better, since interest rates are based on risk, and a large down payment mitigates the risk. You will then make monthly payments on the mortgage until such time as you own your Barrie property.
Unless you can make at least a 20% down payment, you will have to take out expensive mortgage insurance.
When you decide to purchase your home there will be a number of decisions that you will be required to make when it comes to the mortgage terms and conditions. Some of them are discussed below.

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Fixed or Variable Interest Rates

Over time variable rates are lower than fixed rates. They follow the prime interest rate and will fluctuate over the term of the mortgage, affecting either the repayments or the amortization period of the loan. If you are unable to take the risk of variable rates, you, like the majority of other Canadians, will probably settle for a fixed term.
If you settle for a fixed term, you will agree on a set monthly payment at an agreed interest rate that will not change over the term of the mortgage, at the end of which, you will negotiate another mortgage. Terms can run from six months to decades, but the most common term is five years.

Open or Closed Mortgages

Closed mortgages are less expensive than open mortgages. If you have a closed mortgage, you will be restricted on how much of the principal you will be allowed to pay off, and you will pay penalties if you break the contract part way through the term. Penalties can be substantial as they are calculated at the higher of three months interest or the Interest differential.
If you have an open mortgage you can make prepayments on your mortgage at any time, and you can leave part way through the term.
The professional staff at Turkin Mortgage can help you make these crucial decisions when negotiating your residential mortgage.


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Henry Wright

Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.

Gina Carroll

Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.

Wilton Marble

A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.

Afton Jaskolski

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Wendy Langdon

Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.

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