we are committed MORTGAGE BROKER IN BRANTFORD

Owning a home relieves you from regular rent payment, but it is one of the most challenging accomplishments to achieve. You need a significant amount of money to pay for the property and might spend more on renovations to make it your own. For most people, saving for such a venture takes years, making mortgage acquisition the only option. However, getting such loans is not easy for first-time home buyers. The uncertainty of how the mortgage will influence your future financial plans and the difficulty in navigating the application process make mortgage brokers valuable partners. Those are some of the factors you must contemplate carefully to ensure you do not end up with more financial stress.
At Certified Mortgage Brokers, we know the differences between mortgages for first-time buyers and the others. We can connect you with suitable lenders and use procedures that make the process seamless. We work closely with our clients and consider all the critical elements like the loan to value ratio when figuring out an affordable loan amount. We recommend that the house bills, including taxes and monthly maintenance fees, be less than 32% of the salary. The loan repayment amount should not exceed 40% of the income, especially if you want an affordable loan management alternative.
Hiring our brokers brings many advantages. For instance, you get numerous mortgage products, unmatched professionalism, and related tax benefits. We consider your income capacity when recommending loans and properties to ensure you do not get overwhelmed with repayment. Our services can make your life easier. If you prefer to get pre-approved mortgages, our brokers will do all the work to find suitable lenders and ensure you get the right property faster.

Refinancing your mortgage is a good way of raising funds for larger projects like renovations or other investments. However, before getting into mortgage refinancing, establish whether it will come at a reduced interest or better terms. You should also define your objectives beforehand to guarantee you get the loan for the right reasons. One of the goals must be reducing the repayment costs. Otherwise, the negative impact of refinancing could outweigh the positive.
Another potential advantage of mortgage refinancing is debt clearance. Since it can grant you up to 80% of the home equity, it can give you the funds to clear other loans, especially the unsecured debt. You can also take advantage of the opportunity to start afresh with new mortgage terms that promote progress in your financial plans.
Penalties, mortgage terms, and interest rates are essential factors to scrutinize. Some of the questions to ask include will the new mortgage terms simplify your life? Will the interest rates affect your finances negatively if they change? What are the penalties attached to the new mortgage, and how will they add to the overall cost?
Refinancing also gives borrowers several options. You can choose to break the mortgage, use the home equity line of credit, or combine the loans and manage twice as much interest rates.
Penalties can be scary, but they should not keep you from enjoying the benefits of mortgage refinancing. You can juggle them and still experience relief from regrettable debt when you work with brokers who have a background in the mortgage sector. We can help you select an ideal option from the existing alternatives. We thoroughly assess all the mortgage offers to keep you from paying very high interest or other additional costs.

Contrary to what most people believe, mortgage renewal offers more than just a way of extending the loan term. It is a way of improving your circumstances by ensuring the loan matches your lifestyle. To take advantage of all the positive features of the loan, observe the opportunity critically and involve mortgage brokers in your decision-making processes. You can use the loan to budget properly and achieve self-economic sustainability quickly.

If the conditions in your old contract were not satisfactory, changing them would not be a problem during the renewal. You get a new contract which enables you to make all the modifications you want, particularly the interest rates and terms. You also get enough time to decide on the best action to take because the previous lender will notify you about the upcoming opportunity three weeks before the due date of the old mortgage. They always propose renewed terms that you can renegotiate on. You can also decline them all together and choose a new lender if you think you can get a better deal. Our highly-trained team will be available to help you out.

Always keep in mind the potential downsides you might experience, such as:

• Interest rates
• Prepayment penalties
• More payments
• Additional costs

If any of these factors are in your new contract clause, your debt burden may become unbearable. They also influence the portability of the mortgage and the mortgage term. Therefore, evaluate them objectively to ascertain their impact on your situation.

Our team in Brantford can help you switch lenders easily without incurring too high penalties. We work with multiple lenders and will get you the cheapest rates in the region. 

Most borrowers prefer to approach their banks and other traditional lenders first when seeking a loan. That preference is understandable given the many rules such creditors must follow and the benefits debtors experience as a result. However, the same regulations prevent most borrowers from getting mortgages because they stipulate eligibility criteria that are impossible to meet. For instance, the lenders cannot give loans to people who do not meet higher credit score standards or have regular jobs. They also prefer to deal with well-known investment options only.
Private lenders fill the gaps left by those strict conditions. They do not care about borrowers’ previous debt handling capabilities and mainly focus on the available security. You must put up your property as collateral, and the creditor will use its value to establish the amount you get. Some may give you as high as 90%of the equity. That is why you should evaluate your property before finding a mortgage.
Unlike traditional lenders, private lenders also take a shorter time to process mortgage applications. They may not put you through the same tedious verification process, meaning you get financial assistance sooner.
On the downside, using the private lending sector means having a shorter time to repay the loan and enduring higher interest rates. You cannot avoid those disadvantages, but you can have contingency plans that help you deal with them effectively. Develop an exit plan before signing the contract. Our mortgage brokers in Brantford can help if you need assistance with that.
We have encountered different scenarios with private mortgages and lenders. We have also helped borrowers with varying unique needs and circumstances. We are well-equipped to handle your needs no matter how unique they may be.

Second mortgages are mainly available from private lenders. They come with higher interest rates, and you will have to finish the repayment faster. If you don’t, you can lose your property to the lender. On the other hand, you can get it without refinancing your first mortgage, and there is also the likelihood of getting 90% of the property equity. You may have to pay penalties, but that depends on the loan terms, which tend to be a little rigid despite the collateral.
Qualifying for the second mortgage is not as challenging as with other loans. It is more effortless when you use a private lender. The property value is the main determining factor with this type of mortgage. Applicants’ credit scores, income limitations, or credit history do not matter. That is why you should undertake property valuation before giving it away as security. Property evaluation is also a mandatory requirement for lenders, and they may choose an appraiser to do it at your expense. The more appraisals you can get, the better, and if cost is an issue, use real estate agents to do it for free.
The appraisal result can show you the mortgage amount you are likely to get when you calculate the product of the first mortgage against it. Remember, the marketability of the collateral is the most important feature to most lenders.
A mortgage broker can provide a professional perspective and will calculate the loan to value ratio, closing costs, penalties, and other hidden charges that may come with the loan. We can help you deal with the most urgent expenses and save more from your second mortgage. Whatever benefits you want to exploit from the mortgage, we will be with you all the way.

As an entrepreneur or self-employed person, you can enjoy many benefits such as tax exemptions and lower yearly tax payments, but getting a mortgage is an uphill task. The high and low seasons of businesses and the inconsistent income they represent tend to make lenders in the traditional sector uncomfortable. They would rather decline the application than take such a high risk.
Private lenders are the alternative, and they will require you to declare your income before you get the loan. Tax returns for the last two years and your business licenses can show the earnings and proof of ownership. Many lenders only give priority after seeing such documents. They will also factor in other businesses or part-time employment you do not include in the tax returns. The contracts for those additional income sources and bank statements can verify your income capacity for the lender. Such declarations can help with your debt-to-income ratio to help you get the loan you want.
The number of private lenders willing to give the self-employment mortgage serves as an advantage. It means you can get competitive interest rates, both variable and fixed. On the other hand, banks will only take you through an excruciatingly long process and reject the application in the end. That shows the importance of having a mortgage broker who introduces you to reliable private lenders.
CMB mortgage brokers have access to many local and national lenders in every mortgage category. Finding one to accept your income status and potential should not be difficult. We can get you some great term options and will try to reduce the interest rate offers regardless of the factors surrounding your situation.

The application process for construction mortgages is usually different from other loans or mortgages – it is longer and more complex. The mortgage is majorly known for its high-interest rates and short terms, but it is handy when you need help with a building project. Apart from ensuring you do not worry about funding the project, the mortgage also helps with quality service delivery. Constructors have to maintain high standards because of the inspections required by the lender before sending payment.
The first payment option involves complete payment once the contractor finishes and you can access the house. You take possession first, then make all the necessary payments. The second option involves making payments in bits. The lender gives the money when a specific portion of the job is done and withholds final payment until after the last phase is over. With this payment alternative, the interest starts accumulating from the first payment, and you cannot change the loan term after the first transfer.
Even with the construction financing, you will still spend a lot of money on the project. Apart from the large down payment, setting aside an extra 15% to pay for delays and unexpected issues that might come up during the project is necessary. Failure to come up with the funds after the job starts can put you in a more dangerous financial position. Therefore, do not take the mortgage without enough money to pay for your part.
Whatever building you want to work on, a team of construction mortgage brokers backing you up will be a bonus. We will not just help you get started, but we will stay with you until you get your new house, residential apartment, or commercial property.

A home equity line of credit may give debtors many advantages, but it also has its share of demerits. An example is a lengthier application process with more stringent requirements from traditional lenders. Private lenders tend to have faster approvals, but they charge higher interest rates for the mortgage and may include additional fees. On the upside, you get to withdraw what you need only, meaning you can use as little or as much as you prefer from the mortgage. Monthly payments can also be minimum – equivalent to the interest of the remaining loan balance. The rates are also lower than other loans such as credit cards and other personal debts, making it a good consolidation solution.
There are no limitations of what you can do with the money you get from a HELOC. The 65% equity that you can get can be used for tuition fees or to boost your cash flow issues. Be prepared to deal with varying interest rates, with the calculations done daily according to the alterations in the market. Most lenders also focus on property value and the potential to cover the down payment when reviewing the application. An amount exceeding 20% as a down payment can help you get the funds quickly.
Even though HELOC is a revolving type of mortgage, you should still try to minimize its use and live a debt-free lifestyle. Proper management of the mortgage proceeds is a significant factor in paying it back quickly and attaining financial freedom.
Our brokers will not steer you wrong. We can contact the lenders on your behalf and provide detailed information regarding home equity loans to keep you from making regrettable decisions. We are the best at what we do, something you can use to your advantage.