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What is a Mortgage ?

Toronto Mortgage Brokerage is one of the most successful brokerages in the Greater Toronto Area and it’s no coincidence. High-quality services are provided by our hard-working and professional mortgage agents in Toronto. Being our customer means that you will be able to get what you need and want, unlike at otherbrokerages that stop when they struggle to find a solution for your situation.

  • Historical financial position (including, revenue cycle and profit history)
  • Future profit potential
  • Condition of the business and assets
  • Tax consequences
  • Buying another property – buying to rent is often a good investment since you can use the rental to help pay off the mortgage.

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Renewal is the perfect time to consider whether the mortgage still fits in with your financial and lifestyle requirements. This is when you need to consider the term of your mortgage, the interest rate you should be paying and whether you want to continue with the same lender or find a new one.

In signing off the renewal notice without doing your research or negotiating better rates you could be leaving thousands of dollars on the table. Up to 50% of mortgage holders fail to renegotiate at renewal time.

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More than 15% of Canadian residents are now self-employed. If you’re one of them, qualifying for a mortgage may be more difficult and more expensive than it is for your formally employed neighbour.

Many mortgage providers consider the self-employed a higher risk. They typically ask for at least two years proof of income before they will even consider a mortgage.

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Terms that you should know when closing a mortgage

There are many reasons that property owners obtain a second mortgage. We’ve listed a few below

  • Historical financial position (including, revenue cycle and profit
  • Future profit potential
  • Condition of the business and assets
  • Tax consequences
  • Buying another property – buying to rent is often a good investment since you can use the rental to help pay off the mortgage.
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Terms that you should know when closing a mortgage

There are many reasons that property owners obtain a second mortgage. We’ve listed a few below

  • Historical financial position (including, revenue cycle and profit
  • Future profit potential
  • Condition of the business and assets
  • Tax consequences
  • Buying another property – buying to rent is often a good investment since you can use the rental to help pay off the mortgage.

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All you need to know about mortgages in Toronto and North York

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How much will we need for the down payment?

To secure a mortgage you will have to make a down payment. The size of the down payment that you can put down will have a major effect on the size of your mortgage and the repayments that will have to make. The more you have to put down the better.

If you can make a down payment of 20% or more, you will have a conventional mortgage. If you can’t afford a 20% payment, you may have to settle for a high ratio mortgage. A high ratio mortgage attracts mortgage default insurance. You can pay this in a lump sum or in monthly instalments. The insurance covers the lender in

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Should we seek pre-approval?

Pre-approval is a great option, as you can go property shopping in the certainty of receiving a mortgage that will cover the cost.

Pre-approval can save you time and effort as you know ahead of the house-hunt exactly what property you can afford.

It puts you in a strong negotiating position as the seller knows that you already have the funds available.With a pre-approval, you’ll also know what interest rates you can expect and what your monthly payments will be so it makes it easier for you to budget.

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What are my choices when it comes to repayment plans?

There are two types of repayment plan

  • An Open Mortgage Repayment Plan – If you have an open mortgage plan you can pay off your mortgage at any time without incurring penalties. You can also make large repayments whenever you want. These mortgages are usually short term, typically six to twelve months and the interest rates
  • CA Closed Mortgage Repayment Plan – The term of a closed mortgage is longer, running for periods of six months to ten years. Closed mortgages limit your options when it comes to making repayments. You will incur penalties if you decide to pay early, renegotiate or refinance your mortgage. The bank lender will also limit the lump sum payments that
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What is the difference between fixed and variable rates?

There are several differences between fixed and variable rate mortgages. The correct one for you will depend on your risk appetite and view of the future direction that interest rates will take.

  • Fixed Mortgage Rate – If you opt for a fixed rate mortgage the interest rate that you negotiate will remain fixed for the full term of the mortgage. This type of mortgage is popular as it is a low-risk choice. On the downside, you are likely to pay more interest over the longer term.
  • Variable Mortgage Rate – The variable mortgage rate is connected to prime. In fact, your mortgage rate is quoted as prime less a percentage. As prime moves, so does the rate of interest on your mortgage. Many property owners are not prepared to take this financial risk even though, over time, the variable rate is lower than the fixed rate.

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Certified Mortgage Brokers
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Afton Jaskolski
2020-12-30

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
2020-12-26

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
2020-11-21

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
2020-11-16

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
2020-11-11

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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