we are committed MORTGAGE BROKER IN BRAMPTON

The thought of applying for a mortgage to buy your first home can be intimidating, yet the idea of not paying rent makes it more exciting. Without proper guidance, the application process can wear you down. It may even create more financial problems for you.
Our insightful brokers can help you gauge whether the mortgage is a good idea by assessing the potential repercussions it might have. We have dealt with countless first-time buyers successfully. That shows that our systematic approach and innovative methods work. We can also help you calculate the loan to value ratio, another crucial component in first-time mortgages. It keeps you from taking a loan you cannot afford by keeping all the costs within your income range.
As a rule, you should never use 40% of your salary or more to pay back the mortgage. In addition, all your monthly expenditures, including taxes, repair charges, and other maintenance costs, should never be more than 32%. We will compute all these for you.
We understand that seeking a mortgage can be challenging, but we also know its advantages. For instance, as a mortgage seeker, you get the luxury of paying a down payment that goes as low as 5%. Such an amount will require the use of CMHC coverage, but it eases some of the financial pressure when you are trying to progress from paying rent to owning your home. Our brokers can reduce the challenges further. We will interpret the conditions of the loan correctly to ensure you understand the deal before accepting it. We can also help you determine various ways of reducing the loan weight by being objective. We can also get pre-approvals where necessary.

Refinancing a mortgage is different from taking a second mortgage. The rates can be higher than first mortgages if you take the loan for the wrong reasons but lower than unsecured loans. When you refinance, you can get lower interest rates, a longer loan term, more favourable conditions, or a realistic chance to settle some of your most expensive debts. Your reason for refinancing determines whether you get to experience any of these benefits. Therefore, only consider mortgage refinancing if:

• You need money to pay for tangible projects like renovations
• You want to use your home equity to consolidate some of your debts
• You need funds to use as a down payment to purchase another property
• You want to increase your cash flow flexibility

Taking the loan for the wrong reasons comes with higher costs. For example, if you break the mortgage, there will be penalties to increase the repayment substantially.

For most people, the chance to start over with a new loan overrides all the refinancing risks. You can use the occasion to create a budget that suits your lifestyle. First, however, consider all the potential drawbacks that changing interest rates can cause, if the new mortgage terms will make your life easier or burdensome, and how the penalties will affect the repayment plan.

If you need help choosing the refinancing option that works for you, our mortgage agents are here to help. We will either compare the Home Equity Line of Credit, add the new mortgage to the old one and pay twice as much interest, or break the mortgage to find the most appropriate solution to your situation. We can also help you work around the penalties to ensure you enjoy all the benefits of mortgage refinancing.

Mortgage renewals have advantages and disadvantages. The disadvantages include:

• Higher payments every month
• A change in interest rates
• Pre-payment charges and other costs

The benefits include an opportunity to readjust the mortgage terms to blend them with your current financial capacity and a chance to save a lot of money in the process. Typically, the lender sends the notice to renew three weeks before, giving you enough time to compare the pros and cons of the mortgage renewal. During that period, you can consider using the loan to realign your debts to make them fit your lifestyle. That will allow you to unleash ways of saving money with the loan and accept the best terms available.

It is also important to remember that renewal takes over the old mortgage. Therefore, the money you get will first pay for the old loan balance. That means you will be left to deal with a single debt only, easing your financial burden significantly. That arrangement also increases your chances of getting a better deal with the new loan. You can negotiate to improve the terms you had initially or make other changes that work in your favour, including changing lenders.

Mortgage renewal is a great way to start over, especially if you are strategic about it. Think about all the factors likely to influence your monthly payments and discuss your preferences with our mortgage brokers. We know the mortgage renewal lenders to approach if you wish to switch and the costs of such decisions. We are also conversant with the best ways to get the deals and lower rates. Our expertise and skills will help to ensure you reduce your debt burden.

Private mortgages are the perfect solution for debtors with poor credit scores or debt histories. They will give you a chance if you do not get a loan from traditional lenders or are not formally employed. They can also be a good source of funds if you want to explore a different investment opportunity, especially unorthodox investments.

Private lenders operate differently from banks. They rarely reject applications regardless of the borrower’s circumstances. They do not follow corporate policies, which is why they can take a risk and give you a loan even when your credit history is unimpressive. However, they still take necessary measures to protect their money. That is why they charge higher interest rates and ask for valuable property as security. If the asset is enough to compensate their money if you default, they can give you up to 90% of its equity.

The higher rates and shorter mortgage terms can result in the loss of your property if you do not have effective repayment measures before getting the loan. Those are the main demerits of private mortgages. However, you can overcome them by working with brokers that can help you craft an unbeatable exit plan that keeps you from losing money.

At Certified Mortgage Brokers, our loyalty is to our clients. We care about helping Brampton residents get a loan, especially those who do not stand a chance in banks. We use our extensive knowledge to get you tailored solutions for your needs. We understand that the private sector can be confusing with the numerous options available. Our mortgage brokers in Brampton will ensure you get your loan quickly from the right creditor and at the best possible rates.

If you have not cleared your first mortgage but need money to pay for some unsecured loans or make any other investment, a second mortgage can provide the funds you need. However, you must understand the level of risk it involves for the lender too before sending out the application. The first mortgage is always a priority. That means if you cannot pay back the second loan, the creditor will use the property proceeds to cover the first loan before the second. Therefore, to reduce the risk, they will give a shorter term and ask for higher rates for the subsequent loan. Since such mortgages are available from private lenders, taking such measures is understandable.

The cons should not hinder you from applying because you can get 90% of the property equity from a reputable lender. Just ensure you assess the property value before discussions with the lender. Be ready to pay for an extra evaluation because the creditor will ask for one by an appraiser of their choice. You can reduce the evaluation costs by asking a real estate agent to conduct one since most do not charge for such services.

Multiple appraisals are profitable to you too. To figure out the amount you can get, calculate the remaining mortgage against the figures given by evaluators. You can then budget accordingly to keep the debts from overwhelming you.

Despite the higher rates, second mortgages are better than unsecured loans. They also have the advantage of faster approvals usually associated with private lenders. Mortgage brokers can increase your chances of accessing the loans without experiencing too much pressure. Since we are the best in the business, you can trust us to help you during the procurement and repayment of the second mortgage.

Knowing the correct lenders to approach to get the self-employed loan makes a big difference. Even though only private lenders deal with such loans, you should invest time to compare a few to ensure you end up with the one that can give the mortgage affordably. You should also expect different rules from those that traditional lenders adhere to, such as higher interests.

Calculating the debt-to-income ratio beforehand is also essential. It remains a critical component that lenders use to decide on the amount to give you. That is why full disclosure of your sources of income is crucial. The lender uses all the information, including weekend jobs or other side hassles, to figure out your ability to pay back the loan.

To save time and speed up the approval process for the self-employment mortgage, prepare all the necessary documents earlier. They include your tax returns for the previous two consecutive years, verification documents for business ownership, and evidence of income potential. Our mortgage brokers can help you gather those documents and find the ideal lender.

You can enjoy self-employment benefits like setting your working hours and experience the tax advantages that business owners enjoy without worrying about getting a mortgage. Our mortgage brokers will ensure you do not waste your time approaching traditional lenders. We will give you a portfolio of private lenders that can match your unique needs. Our expertise overrides all the challenges you might face in your loan acquisition process. We will help you get a loan that complements your income.

If you need a loan to build a new house, you must prepare the title deed for that piece of land, get building plans, organize a bill of costs, and sign an agreement with a contractor. Those are some factors construction financing lenders look for before giving you the money. However, the actual money exchange is between them and the constructor – they do not transfer it to your account.

Getting a mortgage does not completely free you from the financial burden. You must still provide the down payment in addition to a 15% amount that pays for delays and other mishaps that might occur while the construction is ongoing.

That shows that the risk level you are taking matches the lender’s. You can lose a lot of money if anything happens to delay the work, mainly because of circumstances beyond your control.

The agreement between the contractor and the lender involves the following two options:

1. The constructor consents to receive payment when they finish a single project phase. The lender will have an inspector confirm the progress before sending the money.
2. They wait until the project’s finalization before the lender sends the agreed-upon amount in a lump sum.

Natural complexities associated with new constructions mean you should not underestimate the risks that come with such a loan. At the same time, this type of mortgage can help you get your dream home without going through the hassle of many time-consuming and costly renovations. Hiring a mortgage broker increases your chances of navigating the changing processes profitably. We can be your consultants to help you reach a suitable lender or get the loan swiftly. We can also help you save money in the process.

Advantages of a home equity line of credit include:

• Flexible withdrawals and repayments
• Getting up to 65% of the property equity
• Interest-only payments until debtors can afford the principal

Even with that equity cap, the amount you can get from a valuable property can be enough to help you start over. HELOC creates a practical way to settle all your bad debts, especially unsecured loans or others with high-interest rates like credit card loans.

The trick with such a mortgage is to manage the funds efficiently. You should only withdraw the amount you need when you need it. Taking repayment seriously and paying off the principal amount as soon as possible is also a good way of reducing your debt burden. It helps you reduce the chances of losing the property used as collateral.

Expect varying rates when you get HELOC. Daily computation driven by the market variations determines the amount you end up paying. That may inconvenience you, but it does not eliminate all the positive attributes of the mortgage.

HELOC approvals are generally quicker. However, you can still use mortgage brokers to shop around and weigh several options, even if your bank is willing to give you the mortgage. We can use our know-how to help you save more money and take care of your immediate financial needs. A sizeable amount of down payment can also help with the faster approval of your application. That is why our experts recommend a minimum of 20%. Our brokers can help you plan to ensure you enjoy all the flexibility of the mortgage without misusing the funds.