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The Absolute Best Mortgage Brokers in Halifax!!

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Turkin Mortgage Halifax – Where Best Rates Meet Customer Service!

Halifax is Eastern Canada’s busiest economic and urban area. The city’s economy is vibrant with its government offices and private companies. It is home to a growing, diverse population which with increasing home buying power. If you’re concerned about taking out a pricey mortgage in this highly urbanized area, there is nothing to worry about. Our brokers in Halifax are dedicated to ensuring you, whether residential or commercial get the best deals. We have mortgage agents who can guide you through every step of your home buying process in relation to finances in Halifax.

Bringing Quality Services to the Table

Taking out a mortgage can be a tough decision to make. We’re here to help lighten your burden and confidently take out the most efficient mortgage for your needs.

We’ve partnered with several reputable lenders who can provide competitive rates for your next mortgage loan. Whether you have a good credit rating and debt serviceability or a mediocre one, we can find financing for you.

Trustworthy and Respected Mortgage Brokers in Halifax

Our company is a major player in the residential and commercial mortgage field in Halifax, as well as in other cities in Canada. We offer various mortgage services to cater to your specific needs. Whether you’re in the market for a new home, a new investment building, or to consolidate previous debts through refinancing, we’ve got you covered.

We have served several satisfied clients over the past ten years and will continue to do so for years to come. Our decade-long experience makes us one of the most experienced mortgage brokers in Halifax.

Your Mortgage Is Our Responsibility

Our job is to inform you as a customer regarding possible options, conditions, pros and cons of each mortgage product. We ensure that we do unbiased transactions with these lenders in order to give you quality services all throughout the mortgage process. Not only do we find you the best rates in Halifax, we also guide you throughout the entire process of home buying or investment buying. We advise you on property appraisals, lenders, amortization schedules, cheaper rates, savings, and other aspects of the mortgage process.

We provide services for residential mortgages, commercial mortgages, debt consolidation, private mortgage, second mortgages, any many more.

Types of Mortgages We Offer

Refinancing Mortgage

Refinancing your mortgage is a popular option if you’re looking to pay off your current mortgage and/or other debts against your property and assets. The procedure can be complicated, as you’ll need to move money and debts around, rework loan terms, and more. It’s not for everyone, so it’s best to consult with us first. Our mortgage broker Toronto can guide you through the complex process of refinancing and ensure the best outcome for you. We have helped many clients refinance their mortgages over the years by offering personalized advice and access to a wide range of lenders.

Residential Mortgage

When people think of mortgages, they generally associate it with buying a house. Unless you can afford to pay for the property in full, you’ll need to take out a residential mortgage. Due to the various factors that come into play, such as the cost of the house, your financial situation, and market conditions, no two cases are ever the same.

That’s why our team of experts is on hand to help you assess all of these variables so that we can provide you with the best possible solution tailored to your needs. We’ll evaluate your credit score, financial history, and current market trends in order to give you a mortgage plan suited perfectly for you.

Commercial Mortgage

Are you looking to start a new business or expand an existing one? If you need extra space for this, then you’re likely going to need a commercial or industrial mortgage. There are many businesses that require market space, and it’s imperative to think about the loan that would be most suitable for your business.

At our company — Turkin Mortgage, we understand the needs of businesses. That said, we’ve been providing businesses with the best commercial mortgage deals depending on their unique situations. Let us help you get the perfect loan that fits your business’s needs and demands.

Hassle Free Closing

Are you looking for a loan to help with your financial needs? Turkin Mortgage brokers can assist you. We offer a range of loan services and the best mortgage deals to help you. Whether you’re a family moving into a new home, a business seeking to grow, or needing to consolidate debt, our agents can help. Don’t hesitate – to contact us today, and let us take care of your situation. Our highly-skilled and professional team will review your case and advise you accordingly.

Our Team of Halifax Mortgage Brokers Offers the Next Services

First Time Buyers
First Time Buyers
Mortgage Refinancing
Mortgage Renewals
Private Mortgage
Second Mortgage
Self Employed (Mortgages)
Construction Financing
HELOC

Our Team of Mortgage Brokers Based in Halifax Will Assist You Throughout the Entire Process

Many young people yearn to own their own homes but may have apprehensions about taking on such a big financial commitment. At Turkin Mortgage Halifax, we’ve been helping first-time homebuyers make the right decisions for years.

There are many things to consider before buying a property, such as whether you can afford to service the mortgage and more. Home expenses like property taxes, repairs, and utilities can add up; you want to make sure you have enough resources to cover them.

Additionally, you should also look at your debt-to-income ratio – aim for a total debt of 40% of your income and housing expenses of no more than 32%. Our mortgage broker is here to assist you with the terms and conditions of mortgages, as well as figure out what kind of loan works best for you and the associated payments.

Turkin Mortgage is a highly sought-after mortgage services provider in Canada. This is due to our commitment to delivering exceptional customer service, expert advice, and a wide range of mortgage products to suit individual needs.

With a team of highly qualified mortgage brokers, we have established a reputation for providing clients with competitive rates and personalized mortgage solutions. Additionally, we maintain a strong network of lenders, ensuring that clients have access to a diverse range of mortgage options.

Through our dedication to transparency and integrity, we’ve become a trusted name in the industry, consistently delivering exceptional results for our clients.

We could even get you pre-approved so that your interest rates are held while hunting for the perfect home.

Call us: +1 866 921 8890

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FAQs About Your Halifax Mortgage

What is a Mortgage?

A mortgage is a legal agreement between a lender and a borrower in which the borrower obtains funds to buy a property, most commonly a home. Borrowers must repay the borrowed funds plus interest over a specified time period, which is usually 15 to 30 years. Because the property serves as collateral for the loan, if the borrower fails to make the required payments, the lender can seize the property through the foreclosure process.

A mortgage includes terms like the principal amount, interest rate, length, and type of mortgage. The principal amount is the borrowed money, and the interest rate is the percentage cost of borrowing the funds. The term of a mortgage refers to how long the borrower has to repay the loan, whereas the type of mortgage refers to the specific mortgage plan — a fixed-rate or adjustable-rate mortgage.

What Mortgage Repayment Choices Do I Have?

There are two options available for mortgage repayment plans: open and closed repayment plans.

Open Repayment Plan

An open repayment plan permits repayments to be made at any time without incurring penalties. The payment durations are typically shorter, meaning the interest rate is likely to be higher.

Closed Mortgage

Closed mortgages may not provide the same flexibility. While lump sum payments are sometimes permitted, Full prepayments are frowned upon and hence, incur penalties.

Our dedicated team at Turkin Mortgage evaluates our clients’ needs and recommends the optimal option for each unique case. Specifically, we assist our clients to select an appropriate mortgage repayment plan by analyzing their financial circumstances, comparing mortgage possibilities from other lenders, and negotiating better terms on their behalves.

In addition, we provide helpful advice on interest rates, payment schedules, and payment options, ensuring that you select a mortgage plan that meets your goals and budget.

What Are the Benefits of a Pre-Approved Mortgage?

The process of getting a mortgage pre-approval is quick and easy, and it shouldn’t take many days. You will, however, be unable to go further until you furnish your lender with the essential financial information. They will examine and review everything, including your creditworthiness, to determine your eligibility.

Based on the information or details provided, you’ll get a pre-approval for the amount of money you qualify for, along with the repayment terms and conditions.

The following is a list of the advantages of pre-approved mortgages:

  • Borrowers might save time by limiting their property search to homes within their budgets.
  • The down payment, as well as the monthly repayments, are disclosed to borrowers in advance.
  • An increased likelihood that the seller will accept your offer if you can demonstrate that you have the financial resources necessary to successfully purchase the desired property.

Pre-approval for your mortgage should be typically obtained from your lender in less than 120 days.

Which is the Better Option: Fixed or Variable Interest Rates?

It entirely depends on an individual when it comes to the choice of interest rates. However, in many circumstances, the borrower’s risk appetite primarily influences this decision. Borrowers who are risk-averse often choose fixed interest rates, whereas non-risk-averse borrowers prefer variable interest rates.

Fixed interest rates are the most popular in Canada. They’re slightly higher than variable rates, but they’re more secure because the borrower is aware of their monthly payments. Consequently, they’re especially appealing to folks with limited financial resources.

Variable interest rates, on the other hand, are linked to the prime interest rate and rise and fall in tandem with this rate. In the long run, they are less expensive than fixed interest rates. Overall, if the uncertainty of this option doesn’t appeal to you, fixed interest rates will be your best bet.

How Much Do I Need for the Down Payment?

When buying a home in Canada, the amount of your down payment for a mortgage depends on the purchase price of the property and the type of mortgage you’re applying for. Generally, the minimum down payment required is as follows:

  • 5% of the purchase price up to $500,000
  • 10% of the portion beyond $500,000 up to $1 million
  • 20% for properties priced over $1 million

You may also need to get mortgage default insurance if your down payment is less than 20%. Having a larger down payment than the minimum can be beneficial as it often comes with a lower interest rate, lower mortgage payments, and reduced interest paid over the loan term. It’s best to speak with a mortgage professional or financial advisor to work out what’s best for you.

What Are Closing Costs?

Closing fees are the costs that must be paid by borrowers or buyers to finalize a property purchase transaction when purchasing or selling a home. Borrowers are typically required by lenders to set aside 2-4% of the property’s worth to meet these charges. The common closing costs include:

  • Property Appraisal – to assess its value
  • Home Inspection – to verify no significant repairs are needed
  • Land transfer tax
  • Property insurance
  • Tax payments
  • Legal fees, and
  • Adjustment costs, such as utility bills or taxes that the seller may have already paid.

These costs should be considered when developing the overall budget.

What Documents Will I need to Finalize My Mortgage?

  • Net assets and liabilities statement

Identity documents, such as a government-issued identification card, passport, and others

  • Your bank account statement

A construction plan (if you’re building)

  • Profit and loss statements
  • Information about your legal team
  • A purchase contract
  • MLS entry
  • Evidence that you’ve made a down payment

Important Terms to Know When Closing a Mortgage

Amortization – The time taken by the borrower to pay off the mortgage in full.

Appraisal – A professional’s determination of the worth of a property.

Deposit – An initial payment made by the borrower to secure a property.

Down Payment – The initial mandatory amount the buyer or borrower pays out of their own cash for a property.

House Inspection Fee – The buyer is responsible for the expense of inspecting the property’s structural integrity.

Loan to Value Ratio — The size of the mortgage in relation to the value of the property.

Prepayment Option — Options on closed mortgages that allow borrowers to repay principal installments early. Some pre-payment options attract penalties, and others do not.

Property Transfer Tax – Incurred when a property is transferred from one owner to another.

Mortgage Loan Insurance — Insurance paid by buyers if their down payment is below 20%.

Term — The duration of your mortgage contract. After the mortgage’s term expires, you must either renew it or find a new lender.

OUR CUSTOMERS LOVE US

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Henry Wright

Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.

Gina Carroll

Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.

Wilton Marble

A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.

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!

Wendy Langdon

Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.

Halifax Mortgage Frequently Asked Questions!

What is a Mortgage Term?

The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.

You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.

What is a Down Payment?

A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.

But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.

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