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Your Trusted Mortgage Broker in Kingston

Certified Mortgage Broker in Kingston

Working with professionals is a crucial part of the property ownership journey. Professionals usually have expert knowledge and experience that they use to identify forthcoming challenges and protect you. For instance, mortgage brokers have the contacts you’ll need to get the best mortgage lenders with the best deals and terms. Certified Mortgage Brokers provide multiple services that can benefit you greatly. Some of the reasons why we are worth choosing include:

The most stress-free closing

Our mortgage brokers are always ready to help our clients to get the best solutions regardless of the type of need. We are conversant with the various types of mortgages that are suitable for different situations and will easily help you choose the best one for your situation. Just contact us, and we will make sure you get the financial help you need for your investment.

We will give you access to the best mortgage rates out there

Working with us means overcoming challenges that may hinder you from achieving your property ownership dreams. We will make sure you understand the complicated processes of mortgage acquisition, and overcome the stringent conditions that may be included in some. We will also grant you access to our contacts that include private lenders that come in handy when you can’t get a loan from a bank.

Kingston’s mortgage refinancing experts

Refinancing your mortgage means using your property as collateral to get a new mortgage to settle your current debts. With this mortgage, you can get a new loan that pays off all the existing loans, making it easier for you to focus on the new payments. The process can be complicated, but with our experts, you will complete them successfully and easily. We will help you get new loan terms, transfer the funds to cover your other debts and determine whether this mortgage is the best option for you. Even though refinancing can help you negotiate new terms and make repayment easier, it isn’t always a good option for everyone.

Customized mortgage services

Every property owner has different needs that should be treated uniquely. This understanding puts us in a better position to handle your needs as they arise. We start by understanding your objectives and your aspirations before we start looking for possible lenders. We will then match you with several lenders that are best suited to help you achieve the financial goals you have. Whatever your needs are, you can be sure that we will help you sort them out.

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Cost-effectiveness and time saving

Finding the best mortgage lender for your needs is a time-consuming process when you don’t have the right connections. Our mortgage brokers can get you the connections that will allow you to find a suitable match within the shortest time possible. We have built long-lasting relationships with lenders over the years, which means that you’ll quickly get the right mortgage partner for the type of mortgage you’re looking for. We don’t just give you the best lenders; we also help you compare the mortgage terms they offer to ensure you get the absolute best.

Contact our Kingston offices if you need any of the following services.

First-time property mortgages

As a first-time homebuyer, you may face some trepidation that may be impossible to overcome without help. You need to understand the implications a mortgage will have on your financial situation and how your long-term financial goals will be affected. With the guidance offered by Certified Mortgage Brokers in Kingston, you’ll make the right decision for your immediate and future needs. We will help you choose a mortgage that you can afford by figuring out your debt to income ratio. With us, you’ll understand all the expenses associated with your mortgage and your new property, so the debt doesn’t end up changing your lifestyle or causing you stress.

Mortgage refinancing services

Refinancing your mortgage can give you access to approximately 80% of your home equity when you need cash to offset some of your debt or invest in a new opportunity. This mortgage option comes with new terms and conditions, as well as penalties that may be too costly for you. Therefore, you should consider your requirements and the expenses that the new loan will bring before signing your new contract with the refinancing lender. Make sure the option you select works for your lifestyle and income capacity. Avoid getting mortgage refinancing unless your debts are accumulating, and you need funds to clear them, or you want money for other larger projects.

Renewing mortgages

Most people usually ignore the chance to get better deals even when presented with the opportunity to do so through mortgage renewal. Ignoring such a chance results in loss of money. If you intend to renew your mortgage, you should start preparing at least three months before your renewal date. Through this, you’ll be able to assess your lenders and financial needs to ensure you end up with the best mortgage deals and terms.

Our team will be there to help you make the right choices depending on the kind of services you want and the renewal terms you’re looking for. We believe that the slightest drop in interest rates and mortgage terms can help you save large amounts in the long-term, and such opportunities should not be passed up. Feel free to contact us to determine whether a mortgage renewal is a good idea.

Self-employed (mortgages)

It’s natural for any type of business to have peak seasons and low seasons, which means that the income they generate is unpredictable. The unpredictability doesn’t always work for mortgage lenders and may make it impossible for you to get funding from traditional banks. The few mortgage providers that are willing to take a chance and give you the loan may still consider the self-employed status as high risk and will mostly charge exorbitant interests. You need private mortgage lenders that are willing to treat you like every other permanently employed person, and Certified Mortgage Brokers Kingston can connect you with some. You’ll have to give the lender your tax returns for at least the past two years and your business registration documents to serve as proof that you have income that can pay back the loan.

Affordable second mortgages

Second mortgages typically have higher interests than first mortgages, but you can still get affordable rates, especially when you have experienced mortgage brokers like the ones Certified Mortgage Brokers Kingston has. Our team can help you enjoy the benefits of second mortgages, but you must do your part by having a property valuation done and getting funds for an appraisal, together with closing fees. Your second mortgage will be connected to your first mortgage, which makes it riskier. We can organize the loan with a private lender to ensure you end up with the best deals.

Competitive private lending rates

Private mortgages are provided by individual lenders and are not bound by the same rules that govern bank mortgages. Because of this, these loans are easier to get, and they take a shorter time to process. The potential lender will often look at your collateral instead of your credit score that traditional lenders focus on. If you have high valued property, you will get a private mortgage quickly. However, these mortgages also present more risks to the lender and as such, come at higher interests. Their shorter terms may also mean larger monthly payments.

Construction financing

When it comes to construction financing, you can choose to get a mortgage that pays for a newly-built property, or you can pay your construction company as the process continues. Either way, you’ll be taking a considerable risk, just like your lender.

Most construction projects never go smoothly and may experience delays or hindrances that you can’t control. Weather changes may slow down the progress, or the contractor may not have all the materials they need to complete the building on time. You will need contingency funds of at least 15% of the total construction cost to cater to such delays or problems.

The application process for a construction mortgage is also a complicated one, compared to other mortgages. The lender will need a blueprint of the building as well as the building plans, contract, time plan, and bill of costs. Our company can help you overcome the risks and put an application successfully.

Home Equity Line of Credit

HELOC is a secured type of loan, which means it has lower interests than other mortgages. As such, they are a good option if you’re looking for a practical way of reducing your accrued debts. With this mortgage, you can have up to 65% of the home equity, and you won’t have to pay the principal until you can. You can pay the interest as you get your finances in order, and you’ll also be allowed to borrow the capital once you pay it back. The main disadvantage of HELOC is that interest rates sometimes fluctuate, which means you may end up paying more when they increase. Comparing a few lenders and having our brokers negotiate better interest rates for you will help you reduce financial vulnerability.

Google Reviews

Certified Mortgage Brokers
5
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Sean Hammond
2019-08-29

I had to port a mortgage to a new condo, Leon had excellent knowledge to get me through the approval process. When the bank made an error, Leon was quick to contact them to make sure everything was done right and on time. He is very professional and courteous and I recommend his service to anyone who wishes to apply for a mortgage.

Ronald McDonald
2019-08-27

Giving them 5/5 stars. Massoud helped me with my mortgage and he never missed a beat. He made the process very straightforward as a first time home buyer. Shopped around for other mortgages but he was always the first to get things for me. Highly recommend him

Shannon Jones
2019-08-23

I was looking to renew my mortgage and my previous lender was less than willing to do anything to keep my business. So I started to look for another brokerage to do business with and Certified Mortgage Broker stood out purely based on my interactions with Massoud. Massoud was professional and clearly had a keen sense of customer service; which I make a high priority when doing business with anyone since I'm in the customer service business myself. Peter rolled out the red carpet for me, walked me through my options, inquired about my plans with my current property, give me opinions and facts about rentals in the area, sales/purchases. In some respects he gave me more information about real estate than my real estate agent has!

Glen Plummer
2019-08-20

Selling and buying a home is a stressful experience and Leon with CMB in North York took all of the stress out of arranging the financing. He was very professional and clear about what I needed to provide to him. He used this information to arrange the best mortgage option on our new home, arranged the bridge loan to cover the closing period differential, and arranged closing out the mortgage with the previous lender.. Our experience with Leon is far better than the local in-person brokers that we contacted previously and Leon has helped us with a mortgage renewal in the past with the same excellent experience.

Colleen Power
2019-07-31

Leon returned my called from a missed call within 15 minutes of my call and I left no message. Leon and his team were fantastic. Even with the money issues we had Leon made me feel important and valued as a person.

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Commonly asked questions about mortgages in Kingston

What is a mortgage?

A mortgage is a type of loan you take to acquire a piece of land or property. Your house or current property serves as collateral until you pay off the loan. The agreement between the lender and the seller is bound by a contract that contains all the loan details such as the amount given, payment plan, and interest to be paid. The principal amount reduces gradually as you continue to make payments, but if you default, the lender takes possession of the property you used as collateral.

What mortgage payment choices do I have?

Payment choices are two. You can choose the open plan, which allows you to pay any amount within the mortgage duration without being penalized, or the closed plan that requires you to pay specific amounts at specific times. The open plan usually has a shorter term and higher rates that can be hectic if you have other financial commitments. You can still make large payments with the closed plan but you can’t complete the loan before your term. Early completion results in penalization.

What are the benefits of a pre-approved mortgage?

  • Pre-approved mortgage helps you save time by removing properties you can’t afford from your list.
  • It allows you to compare your income vs. the monthly payments you’ll be making on the mortgage and the down payment. You’ll plan your finances more efficiently.
  • The lender checks your financial information beforehand, and that increases your chances of getting the loan.
  • Pre-approved mortgages take a shorter approval duration of utmost 120 days, and they don’t carry any costs.

Fixed vs. variable rates, which is better?

Both fixed interest rates and variable rates have advantages and disadvantages that you can consider depending on your situation. Fixed rates never change during the payment term, but they are higher. Your monthly payments will remain the same, but you’ll end up spending more in the end. Variable rates fluctuate during the loan term, and that makes it harder to predict what your next payment will be. You won’t be able to budget properly, especially if you have a tight budget.

How much do I need for the down payment?

The down payment varies depending on the value of your property, but in most cases, it ranges between 5% to 20%. The more you pay, the less your mortgage will be because it is deducted from the property cost. Having less than a 20% down payment can also lead to other complications as your lender may ask for mortgage default insurance. Terms you should know when closing a mortgage

  • The duration you take to finish paying off the mortgage is known as amortization
  • An appraisal is an evaluation that is done to determine the value of the property
  • You pay a deposit to secure the property
  • A down payment is part of the property price you pay from your pocket before the mortgage covers the remaining amount
  • A home inspection fee is the money you pay to have a professional check the integrity of the property before you buy it
  • The property value that is comparable to the mortgage is called the loan to value ratio
  • Pre-payment options apply when you choose a closed mortgage plan. They allow you to pay specified amounts and may come with penalties or not
  • When a property owner transfers the property to you, you will pay the property transfer tax
  • If you have less than 20% of the down payment, you’ll be asked to purchase a mortgage loan insurance. Insurance costs depend on the mortgage amount
  • A mortgage term is the time you take to pay off the loan. It is renewable

Certified Mortgage Brokers in Kingston will take care of you to ensure you only get the best lenders in the private and traditional sectors. We have more connections that ensure both the lender and the borrower benefit from the deal. We are here to answer all your questions. Call us today.

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