we are committed MORTGAGE BROKER IN GUELPH

Rent payment is an inevitable responsibility for most people, and it usually enhances the desire to own a home. The homeownership dream tends to become more intense as you get older, and in some cases, it comes true. Most people face the challenge of meeting the financial requirements necessary for such purchases. Many aspiring homeowners end up giving up on their vision because they lack the sizeable funds for such investments. That is why mortgages for first-time buyers are essential.
Although it is possible to access such loans, the acquisition process is not straightforward. A good mortgage broker can help you find a lender willing to give you a chance, but you must also weigh other considerations like how repayments will affect your future financial plans. You must also select a broker cautiously to ensure you find one that cares about you and genuinely wants to assist rather than profit.
Another crucial factor to contemplate is the home-to-value ratio. Its accuracy is essential in determining the affordability of the mortgage. It is never advisable to go for a loan that takes up to 40% of your monthly salary, and the household bills should never exceed 32% of the income. Calculating such costs can be challenging to an untrained eye, another reason why working with a mortgage broker is crucial.
With Certified Mortgage Brokers, you will have accurate calculations. We include all unclear charges like taxes or maintenance fees. We also know the difficulties first-time buyers experience and how to simplify them. We will give you all the benefits of professional mortgage brokers, including access to multiple lending options and First Time Home Buyers Tax Credit. Our insightful team focuses on the clients’ needs and can even get you pre-approval to ease the process further.

If you get a chance to negotiate for better terms and lower interest rates, take it. Those are the main factors that make mortgage refinancing a good option. It entails using the equity in your home to get a loan that eases some of your immediate financial burdens, enables investment into major projects, or saves money.
Refinancing a mortgage also comes with other responsibilities in terms of expensive penalties that can end up worsening your situation. That is why you should only take it under the right circumstances, which a mortgage broker can help you determine if you are unsure. They can remain objective as you figure out whether the benefits of the new loan are more than the demerits.
A successful refinancing application can get you up to 80% of the home value. Such an amount can be perfect for consolidating other bad debts you may have, so you can start working on clearing the new loan. However, the mortgage is only beneficial if you can pay lower interest rates and how they are likely to fluctuate. Other elements that can influence your capacity to handle the loan include penalties and terms. Only accept a new deal if all the factors are favourable and suit your needs.
Some of the options to consider with the refinancing include:
Breaking the current mortgage.
Using a home equity line of credit.
Adding a new loan to the old one and paying twice as much in interest.
Whatever you prefer, our mortgage brokers are here to help. We can provide a professional perspective to ensure you choose the best option. Our objective is to keep you from getting in more financial trouble. We focus on reducing your repayments by getting you lower rates.

If your debts are no longer suitable for your lifestyle, mortgage renewal may be the solution you need. It provides the perfect opportunity to make changes that can improve your finances rather than a means of servicing your mortgage for longer. Working with a renowned mortgage broker may be the best way of taking advantage of all the perks of renewals, especially those associated with term renegotiations and interest rate reduction.
Renewal mortgages always replace the existing ones. The new contract comes with a different set of conditions. For instance, part of the proceeds from the new mortgages must pay off the old mortgage first. That means you get to repay a single loan in better conditions if you negotiate suitably.
Lenders always send the notice to renew at least three weeks before the old loan term is due. In most cases, they attach better terms to the new mortgage offer, but you can still broker a deal to change the new loan term, pay lower rates, or borrow from another lender.
It is important to note that if you do not approach mortgage renewal strategically, you might end up with higher repayments, prepayment penalties, higher interests, and other costs. Evaluate these factors and confirm that they will not add to your financial problems. Determining the level of flexibility that you want with the new loan is also crucial.
A mortgage broker can provide the expertise you lack to ensure all the renewal elements work to your advantage. Since we are the best in the industry, working with us is your best option. We can help you get the best rates in the region or change your lenders as per your desire. We will also help you calculate the costs to ensure you get the best.

Private mortgages are not always the first choice for many debtors, but they serve a crucial role in the industry. They fill the gap left by traditional lenders who do not always approve all applications. Borrowers with lower credit scores tend to get a rejection by bank lenders. The same applies to those interested in unorthodox investment chances and the self-employed category. Since private lenders do not have to adhere to the same regulations as traditional creditors, they give such people a real chance at getting the financial reprieve they need.
Private mortgage acquisition is also painless. The lenders do not always reject debtors and take a shorter time to process applications. However, before choosing a private creditor, ensure you can handle the higher interests and have valuable property to put up as collateral. The lenders do not care about credit history, but they use available assets as security for their money and higher rates to make profits. Most of them can give up to 90% of the home equity. Those are some of their disadvantages.
Many private lenders exist in the region, but the only way to have a good experience with them is by working with reliable mortgage brokers in Guelph. Brokers know how to avoid the demerits of such loans and can help you draft an efficient exit plan that ensures you keep up with repayments without overburdening yourself. They also know the correct features to look for in a mortgage product to ensure you find one that suits your unique needs.
We have the most reliable brokers at Certified Mortgage Brokers. We are passionate about helping our clients and always put their needs first. Our background in the industry puts us in a unique position to help you gain financial freedom.

Second mortgages rely on the available property equity and grant you up to 90% of the value. The creditor takes possession of the house, and you get to add that second loan to the first mortgage. That means the risk level increases for the lender, which is why they ask for higher interest rates and give shorter terms. The first mortgage takes precedence over the second one. If you default, the money the lender receives from selling the house clears the first debt, and whatever remains settles the second mortgage. The nature of second mortgages makes them less ideal for most lenders. To find one, you need the experience and portfolio of seasoned brokers.
The property value is a major determining factor when you want a second mortgage. Therefore, conducting evaluations is mandatory. You can have multiple appraisals to enhance accuracy regardless of whether the lender requests you to use a specific company or not. Some real estate agents can do it for free.
Early evaluations can also help you calculate the mortgage amount you can get. Figure out the amount you still owe from the first mortgage and weigh it against the house value. The product will show you the loan amount you are likely to get.
Despite the risks, second mortgages tend to have lower interest rates. That makes them better than unsecured loans. You can use them to consolidate some of your bad debts or invest in any other unconventional business. Getting them is a little easier than traditional loans because they are mainly available from private lenders – it does not take a lot of time to get approved. Nevertheless, you can work with a mortgage broker to get the best deals in the region.

Business owners are usually allowed to pay fewer taxes per year. They also enjoy other benefits that make their lives less complicated than the formally employed people. For instance, running a business comes with more efficient time management and better control of when or where to work. However, formal employment has an advantage when it comes to seeking loans. The stable salaries reduce the risk of default, which helps with mortgage accession. That is why most lenders in the traditional sectors deny the self-employed category mortgages, leaving private lenders as the only option.
Even then, the key to finding such loans hassle-free is in approaching the correct lenders. It also helps to have all the documents showing your income potential. You can give tax returns dating two years back and all the papers proving you are the rightful business owner. Most lenders will not have a problem giving you the mortgage once they prove your authenticity through the relevant documents.
The amount of money you get depends on the loan to value ratio. As such, disclosing all your income avenues, no matter how insignificant it may seem, works in your best interest. The higher your income potential, the more mortgage you can get.
Trying to acquire a self-employed mortgage from a bank is a futile move. Private lenders are are your best alternative because the same rules do not bind them as traditional lenders. The interest rates will differ according to your lender and income potential.
Our mortgage brokers have the knowledge you need to reach the best lenders in the industry. Our vast lender options will work in your favour, and we can ensure you get the best deals in the industry.

Building a new property can be exciting. You get to try out new design ideas as you modify the house to suit your needs. By making the house reflect your vision, you avoid costly renovations and repairs. The only problem with new constructions is the funds needed for the job, which you can solve by taking an appropriate loan.
Since private and traditional lenders offer construction mortgages, finding one should not be too difficult. It gets better if you have all the documents a lender will need, such as:
The title deed for the lot
Floor plans for the building
The contract with the builder
Bill of costs
Project schedule, though some lenders may not need one
Once you accept the deal with the lender, they will strike a different one with the builder regarding payment. They will either pay the whole amount once the contractor finishes the new building and gives you ownership or pay in phases. If it is the latter, the lender works with an evaluator who assesses the progress and reports back before the money is transferred to the contractor.
Having all the necessities of such a mortgage does not diminish the intricacies of construction projects. The risk level of the loan remains the same, and the application process is more challenging than other mortgages. Anything can occur while the project is underway, causing delays and subsequent loss of money. Such a venture also remains expensive even with the mortgage. You will put up a larger down payment and must have at least 15% of the construction sum to pay for the unplanned occurrences. Involving a mortgage broker ensures you get the advice to succeed as you navigate the application procedures.

Home Equity Lines of Credit are revolving loans that can help you get out of an unpleasant financial position. A HELOC can give you up to 65% of the home value, and you do not have to use your primary residence only. A vacation home or any other property you own can do. When calculating the amount to give, lenders consider the value, condition, and the remaining unencumbered equity percentage.
HELOC mortgages are perfect for paying tuition fees, tax arrears, other loans, or easing a strenuous cash flow. The withdrawal and payment options that come with this type of loan make it very accommodating. If your situation is dire and you cannot pay all the monthly repayment rates, you can start with interest-only and pay the principal when your circumstances improve. You never have to take all the money at once either – withdraw the amount you need only to cater to the pending needs.
The main drawback of HELOC is the variable interest rates. Changes in the market trends influence the rates, meaning you are likely to pay higher amounts in some months. Nevertheless, you can still manage the funds appropriately to ensure you do not fall into more financial trouble. You can also compare several lenders to ensure you get the best offer.
The mortgage is available from traditional lenders, but that does not mean you cannot get a better deal from private lenders. You should consider both and prepare a substantial down payment of not less than 20%. CMB brokers can help you get quick approval, minimize the risk factors, and have the highest appraisal value from the best lenders.