COMMITED MORTGAGE Brokers in Halifax

Many young people yearn to own their own homes but may have apprehensions about taking on such a big financial commitment. At Certified Mortgage Brokers 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.

Certified Mortgage Brokers 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.

While property owners refinance their mortgages for several reasons, taking advantage of lower interest rates and reducing expenses are the main reasons. This typically results from an overall decline in rates or an improved credit score of borrowers.

By obtaining a lower interest rate, homeowners can potentially save thousands of dollars throughout the loan’s term. Moreover, refinancing provides an opportunity to obtain funds for various purposes, including home renovations, education, or investments. Refinancing can also provide access to up to 80% of the home’s equity.

To refinance a mortgage, the current loan must be paid off, along with any relevant fees, before agreeing to the new terms and conditions. It also allows individuals to align their mortgage with their current financial situation and lifestyle. Although fees may discourage homeowners from refinancing, it may still be a financially sound decision.

There are three options for refinancing, which include breaking the mortgage, obtaining a Home Equity Line of Credit (HELOC), or blending/extending by combining an additional mortgage and interest rates. Homeowners can discuss the advantages and disadvantages of each option with their broker.

CMB can assist by providing expert advice on the process and finding the best mortgage product for your needs. We have access to multiple lenders and can negotiate on your behalf to secure the most favourable terms and rates.

By working with Certified Mortgage Brokers, you can save time and money. We’ll help you avoid the often complicated and time-consuming process of shopping around for the best mortgage deal. Our reliable team can also help you navigate the various fees and charges associated with refinancing.

We ensure our clients have a clear understanding of the costs involved. Thanks to our expertise, experience, and resources, we have helped many clients achieve their financial goals.

Mortgages can be renewed, and this is a great opportunity for homeowners to benefit from better terms, conditions, and interest rates. Sadly, many Canadians don’t take advantage of this and just submit their renewal forms without exploring potential savings options.

Ideally, you should start researching options four months prior to the due date to modify your mortgage to suit your needs and financial standing. Beforehand, consider the loan term length, amortization, fixed or variable interest rates, refinancing possibilities, and prepayment penalties.

Working with a mortgage broker is recommended as they have access to several lenders and can help negotiate better terms on your behalf; even a little cut in your interest rate can make a difference in the long run. Certified Mortgage Brokers offer competitive mortgages that are tailored to fit our clients’ individual needs while providing flexible financing solutions. This offers the chance for homeowners to make alterations that could save them thousands of dollars in the future.

As a reputable financial organization, we provide personalized services by taking the time to understand each client’s unique financial situation and needs. We work closely with clients to evaluate their credit scores, debt-to-income ratio, and other financial factors to determine the most suitable mortgage options.

Our firm offers a variety of mortgage products from multiple lenders, which allows us to provide tailored solutions that meet each client’s needs. CMB’s dedication to delivering personalized services ensures that each client receives individual attention and a mortgage solution that best fits their financial situation.

If you have been turned down for a mortgage by a typical bank or need cash urgently, one viable alternative is to obtain a private mortgage from a private lender rather than a traditional bank. Your credit score is less relevant to private lenders than the value of the property you are using as collateral because private lenders are not subject to the same stringent restrictions as the Big Six.

A private mortgage typically has a higher interest rate but short-term payments that range from six months to three years. With that in mind, you should have an exit strategy in place. With a private mortgage, you can access up to 90 percent of the equity in your home. Those with bad credit scores, people who are self-employed, and owners of atypical properties that banks won’t fund may be eligible for one of these loans.

Private mortgages are more personal than their equivalents offered by banks and can be customized to meet the borrower’s specific personal and financial requirements. Contact a broker, as they should have access to a large number of private lenders if you are interested in applying for this form of loan.

The process is simple at Certified Mortgage Brokers. Essentially, it involves connecting borrowers with private lenders who offer alternative financing solutions outside of traditional banks. This process enables borrowers to access customized loan options with flexible repayment terms and faster approval times. We work closely with clients to assess their financial situation and identify the best private mortgage lending option for their unique needs.

A second mortgage is also referred to as a home equity loan and is an additional lien on a property that has already been secured by a first mortgage. The interest rates are normally higher than those of first mortgages, but this type of loan can be worthwhile for its various uses, such as debt consolidation, home renovations, or investments.

Before applying for this type of loan, it is key to get your home appraised by a real estate agent. This way, you can receive an accurate estimate of your home’s value and secure the required amount from the lender. You can determine the Loan-to-Value ratio (LTV) needed for your application by dividing the amount you owe on your property by its estimated value.

Although many lenders provide up to 90% of the equity in the house, they typically conduct an inspection before the loan is approved. Second mortgages have shorter terms than first mortgages. Also, you will only pay interest payments and closing fees if you can’t pay the principal right away.

Despite their popularity, there are risks that come with getting a second mortgage. For instance, they are subordinate to first mortgages, meaning that in case of default, they will be repaid last. That said, it’s imperative to shop for a second mortgage that fits your needs and budget before taking action. If you need help with negotiating private mortgages, Certified Mortgage Brokers (CMB) can help you. Our experienced team has assisted thousands of clients in obtaining second mortgages at pocket-friendly rates for decades.

At CMB, we provide tailored and unbiased mortgage services for our customers. We have access to numerous lenders and mortgage products so that we can secure our clients with the best rates and terms available on the market.

With us assisting you in navigating through the complicated world of mortgages, you’ll be equipped with all the necessary knowledge to make educated decisions regarding your financial future.

While being self-employed has many advantages, trying to secure a mortgage can be frustrating. Self-employed income is often sporadic and hard to prove to loan lenders. Companies can experience months of success followed by patches of low sales. Lenders typically prefer businesses with stable profits. That said, fluctuating income can attract higher rates if you don’t meet your lender’s standards.

When applying for a mortgage loan, you’ll need to submit two years’ worth of tax returns to the lender. Many lenders also demand evidence of business registration. As a self-employed person, it’s tricky to prove your earnings. Also, furnishing your lender with a pay slip means you’ll be assessed as regular employees.

Mortgage companies typically utilize Debt-to-Income ratios to ascertain how much credit they’ll give you and how much you can realistically repay. This could be an issue since many self-employed individuals tend to claim “allowable expenses” while submitting taxes, inflating their income.

Private mortgage lenders could be a good solution since they’re less limited by typical banking regulations. Also, they focus more on the worth of your property rather than the applicant’s traits. At CMB, we have a network of reliable mortgage brokers who will scour their portfolio for the best creditor that fits your requirements at competitive rates.

Get in touch with us now to get started. Our team of skilled and experienced professionals has helped many self-employed clients acquire suitable mortgages for their financial needs. We’ll assess your case and help you get a good deal.

Are you looking to build or purchase a house through a construction firm? You may need to obtain a construction mortgage or finance, and there are two types of mortgages available: progress draw or completion. With the completion mortgage, you will receive the building funds once you take ownership, while progress draw loans involve payments being made after inspection of the site’s progress.

It is important to have construction financing in order to cover the cost of the materials, labour, and additional expenses involved in building new structures. Without it, these projects may never take off and could be stopped midway due to a lack of funds. This kind of financing also reduces risks for developers and lenders as it makes sure that the project is financially viable and on track for completion.

The application process for a construction mortgage is more complicated than for residential loans. It requires documents such as blueprints, contracts, bills of costs, procedure schedules, and more. As well, you may need to put down a larger deposit than usual.

Besides a complex process, there are greater risks involved when it comes to construction financing. For instance, complex projects can lead to delays which may be costly in the long run. That said, it’s advisable to set aside at least 15% extra of the total cost on hand.

For the best outcome, potential clients should consult with a mortgage broker before applying for this type of financing. At CMB, we know how tough it can be to find suitable construction mortgages. This is why we have partnered with many customers over the years to provide them with loans suitable for their needs.

A Home Equity Line of Credit (HELOC) is a type of loan that’s secured by the value of your home. It provides borrowers with a flexible and simple means to access cash on an as-needed basis. However, you can only utilize a predetermined limit with interest-only payments until the loan is settled.

As they are secured, HELOCs often provide lower interest rates than other forms of credit. This plays a significant role in minimizing costs when merging unsecured loans with high-interest rates, such as personal loans and credit cards. Interest rates can fluctuate anytime. Thus, it is crucial to be aware that you can be left financially vulnerable if the rates change.

HELOCs allow borrowers to access a maximum of 65% of their home equity. For the best results, you should contact Certified Mortgage Brokers immediately if you’re seeking a cheap rate on a HELOC. Having an extensive network of lenders and bargaining strength, mortgage brokers are capable of negotiating competitive interest rates on their clients’ behalves.

Our team at Certified Mortgage Brokers can help you obtain a Home Equity Line of Credit (HELOC) with reasonable interest rates. We have access to a large network of lenders and financial institutions, which we can utilize to find our clients the best mortgage rates.

As a reputable brand, we offer guidance and advice throughout the application process. This helps our clients avoid a lot of paperwork and comprehend the terms and conditions easier. We assist borrowers in obtaining a HELOC that satisfies their financial requirements while saving them time and money due to our expertise and industry understanding.