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Residential Mortgages Barrie

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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 Certified Mortgages in Barrie can help you make these crucial decisions when negotiating your residential mortgage.


Certified Mortgage Brokers
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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!

Davin Mills

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

Tracy Wilhoite

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.

Ryder Turcotte

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!!

Lucy Zimmerman

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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