we are committed MORTGAGE BROKER IN MILTON

Nobody plans on renting the rest of their lives. Every person plans on owning a home. The drawback is owning a home requires a substantial amount of money. For that reason, the dream seems unachievable. On the other hand, mortgages make owning a home a possibility.

All in all, securing a mortgage as a first-time buyer is not that easy. Prior to submitting an application, you must think about the repercussions the venture will have on your future finances. Working with a mortgage broker will help avoid regrets.

Our team is made up of experienced mortgage brokers who are passionate about helping first-time homebuyers get the best mortgage deal and terms. We are happy to explain the available options based on your unique situation. Our broker will also help calculate the home-to-value ratio since this is the most important factor when purchasing a home. We highly recommend that you never take a mortgage that will take up over 40% of your income. Housing bills should be below 32% of your monthly income. As you calculate the costs, include charges like maintenance costs and taxes.

We are here to ensure you enjoy all the advantages that come with getting expert mortgage services. You will enjoy First Time Home Buyer’s Tax Credit as well as several mortgage options. Our certified brokers further help you select a home based on your income and total cost. We ensure that you buy a home that you can afford. We will also interpret mortgage conditions for you and help you understand how they will affect your future financial plans. We also help with pre-approval to give you an advantage while looking for the right house.

There are many factors that make mortgage refinancing a great idea. The possibility of getting lower interest rates and the ability to get more funds for a major project are just some of those factors. Refinancing allows you to use your home equity to get money from lenders. When you get mortgage refinancing for the right reasons, you will end up saving a significant amount of money. However, if it is not done the right way, refinancing might attract hefty penalties, which may cause the costs to add up. Weighing your options keenly is the first thing you must do prior to considering mortgage refinancing.

Mortgage refinancing can help you get 80% of the available home equity. The option gives you a chance to clear debts and get a mortgage with better rates and terms. Refinancing, therefore, gives you a chance to get a mortgage with better benefits. To get the best mortgage when refinancing, you must think about the interest rates and the new terms. Will the terms make your life simpler? Will refinancing now attract penalties, and are those penalties worth it?

You will have two main options when considering mortgage refinancing. The first is the Home Equity Line of Credit. This enables you to get more funds based on your home’s equity. This helps add a new mortgage to the existing one. The second option is to break the old mortgage. This is ideal if the old mortgage has high-interest rates or unfair terms.

Never let penalties or the confusing process dissuade you from considering mortgage refinancing. Our mortgage brokers can help you avoid the penalties and enjoy financial relief. We will always help you find the best option.

Do you need a way to adjust your mortgage debt situation and make it more friendly to your lifestyle? If yes, what you need is a mortgage renewal. Towards the end of your mortgage term, you will get a renewal notice, typically in the mail. This happens about three weeks before the term of the old mortgage is due. When this happens, don’t simply sign and resubmit the renewal form. You need to take the opportunity to renegotiate the terms with your mortgage provider. Doing so can save you money.

Mortgage renewals mean replacing the current mortgage with a new one. You will sign a new contract with new terms. The money you get with the new contract will be used to pay off the old mortgage. You will then start servicing the new mortgage using the new terms. In most cases, the new deal will be more favourable.

In some cases, when the renewal form arrives, the lender may try to entice you with new and slightly better terms. You must always negotiate better terms and interest rates before signing. If the lender refuses to negotiate, you can work with a mortgage broker to find you a new mortgage provider.

Possible disadvantages of mortgage renewal include:

Increased payments
Pre-payment penalties as well as additional costs
Varying interest rates

Evaluating the above disadvantages is something you must do to avoid ending up with a bigger debt burden. Think about how portable you need the mortgage to be and if you want to reduce or increase the term.

Our mortgage brokers in Milton will help you get the best deal in mortgage renewals. Get in touch to find out more.

Traditional lenders are the first lenders that applicants reach out to. The problem is most of these lenders fail to approve applications for all manner of reasons. For example, banks may reject your application if your credit score is poor, if you are in informal employment or if you need money for an unconventional investment. Private lenders are there to step into the breach. They do not follow the same rules as traditional lenders.

It is much easier to qualify for a private mortgage. The application process of private lenders is also shorter, and in many cases, the chances of your application being rejected are slim to zero. While they are usually secured, private mortgages attract a higher interest rate. You must remember that private lenders are not interested in your credit history but rather the property that you put up as collateral. Provided the property has enough value to help the lender recover money given to you, they will provide you with a loan. You will be able to get up to 90% of the value of your home equity.

Although private mortgages might be your only way forward, you must be aware of the drawbacks. The main disadvantages are shorter payment terms and the higher interest rates. Having an exit plan in place is something you must do before accepting private mortgages.

If you have no idea how to create a foolproof exit plan, a mortgage broker can help. Our team will help draft an efficient exit plan and tailored to your situation. We will also help you get the best mortgage that is perfect for you. We are happy to help you explore your options with both private and traditional lenders.

When applying for a second mortgage, you will be using your property as collateral. It is possible to use your home’s equity as collateral and get a loan that is worth up to 90% of the home equity. However, lenders are riskier because a second mortgage is an additional debt. As a result, the interest rates are much higher, and you get a shorter term. If you end up defaulting on payment, money recovered from the property you put up as collateral will first pay the first mortgage prior to addressing the second one. Most lenders are uncomfortable with this level of risk. You will only get a second mortgage through a private lender in most cases.

You need to evaluate your property carefully before applying for a second mortgage. Realtors can offer this service for free. Alternatively, you can get your property evaluated by an independent evaluator. It is not uncommon for lenders to request that you work with an appraiser of their choosing, but you still pay the appraiser. For unprejudiced results, use several evaluations.

A property appraisal will benefit the lender and help you estimate the amount of mortgage you can get. A rough estimate is determined by calculating the product of money you owe against the property’s estimated value. The lower the final figure is, the higher your chances of getting a loan.

Bearing in mind second mortgages are secured, they attract lower rates than unsecured loans. You can, thus, use a second mortgage to clear unsecured debts or invest in something else. You will need a mortgage broker to help you get the best terms. Talk to our brokers for help.

The best thing about self-employment is the freedom to choose when and where to work. This leads to better time and money management. You also take advantage of tax exemptions available to businesses and end up paying fewer taxes at the end of every year. While these benefits are irresistible, being self-employed will make it harder for you to get a loan. This is because most lenders, especially those in the traditional sector, prefer working with people earning consistent income. That kind of income is available to people in formal employment. The low and high seasons experienced by self-employed individuals make you a high-risk client if you are in informal employment.

However, this does not mean that you cannot get a mortgage if you are in informal employment. You will require 2-year tax returns and other supporting documents that demonstrate your earning capacity. You also need proof of business ownership. If you can provide these documents, lenders will give you the same priority as applicants’ informal employment.

To determine the amount of loan you qualify for, lenders usually calculate your debt-to-income ratio. The more income you earn, the more the amount of mortgage you will qualify for. Therefore, if you have multiple sources of income, you need to include all of them. This includes earnings from a part-time job you do over the weekends.

It is close to impossible to get a self-employed mortgage from traditional lenders. So you have to be prepared to deal with private lenders. Our mortgage brokers in Milton can help assess your situation, prepare necessary documents and help you find the best lender from our portfolio.

There are many advantages that come with owning a home. Building a home from scratch, on the other hand, enhances the benefits of owning a home. This is because a new construction enables you to add all the features you desire in a dream home, thus helping you avoid costly renovations in the near future. If you need money to help with the construction of your dream home, you can apply for a construction mortgage. With this mortgage, it is possible to get it paid directly to your construction company as the construction work is being done. In this case, the construction company strikes a deal with the lender to pay in phases or at the end of the construction work. During this time, the lender sends an inspector to make sure the construction work is progressing properly before disbursing payment. In the second option, the lender pays the construction company once the house is ready for you to take ownership.

Construction financing can be acquired from a private or traditional lender. To qualify, you must provide the lender with your building plans, contract with the construction firm, title deed for the lot where you plan on building the house and bill of costs. A project schedule may also be requested.

Keeping in mind construction projects have many risks, you may have to pay a larger down payment. The loan will also include a 15% extra for unforeseen expenses.

Construction mortgages carry huge risks to the lender and borrower. As a result, the application process is not easy. To get a better deal, you should work with a mortgage broker in Milton to help navigate the process and advice throughout the process.

When you have a good value on your property, one of the things you can do is get funds to help consolidate some of your debts or invest in studies. HELOC offers up to 60% on your home equity. The best thing about this financing option is that you don’t start paying the principal mortgage until you are ready. You can pay the interest alone and only withdraw the amount you need, not the whole amount.

The flexible payment and the flexible withdrawal make HELOC the most attractive mortgage for settling unsecured loans. If you are feeling overwhelmed by your credit card debts or any other unsecured personal loan, getting a home equity line of credit may give you the relief you desire.

HELOC does not have fixed interest rates. The interest is calculated daily based on the market trends. As a result of this, you may pay extremely high-interest rates at some point.

When you need a HELOC, it pays to consider the offerings of multiple lenders. That way, you will be able to find the lender that offers the most favourable interest rates and the best terms. Consider both private and traditional lenders. You should also plan to put down a sizeable down payment of not less than 20% to increase your chance of getting quick approval. You also need to be careful how you handle the money you get. Your home is the collateral, so if you misuse the money, you might end up losing your home.

Working with a mortgage broker will help you understand your options better, help find the best lender and negotiate the best terms. Our brokers are here for you.