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One of the most common needs is mortgage refinancing deals with paying your current mortgage and/or other debts against the property and assets you currently have. You then will have created a new loan which consolidates your previous debts.
The process can be complicated. During it you would have to transfer money and debts, renew terms of loans, and many more things to take care of. It is not right for everyone, however, and we can help you decide whether this process is suitable for you. Our expertise can guide you through all confusing steps.
When people think of mortgages, they typically think of buying a house. Unless you have all of the money upfront, in order to purchase your own home, you are going to need to use a residential mortgage to pay for it. Each case is going to be different, depending on the house, your financial status, and the market as a whole.
Because each situation will be different, we are experts at knowing what the right paths and options are for each case. Our professional can balance out the cost of your property, other expenses, your credit, and the market in order to provide you with the right solution for you.
Commercial or industrial mortgages are also common and well-known to people. For those who are looking to start a new or expand an existing business, and need extra space, you are going to need a one.
Many kinds and types of businesses require a market space. As such, it is important to think of what loan will be right for your business. We have a great understanding of what business need, and how to give it to them. We can give you the right contract for you, and the needs and demands of your business.
No matter what your needs are, the agents at Certified Mortgage Brokers can help you. We offer our expertise in all types of loans, and can give you the best deals and options.
Whether you are a family moving into a new home, a business trying to expand, or simply trying to consolidate all of your debts, we are here to serve you. Give us a call today, and let us resolve your situation.
We offer a personalized service. When you ask us to act on your behalf, we will analyze and discuss your financial goals, so that we understand the type of mortgage that will suit your needs. We will shop around so that you get the best combination of rates, fees and terms and conditions. We give you a set of mortgage options and you choose the best, which will be suitable for your needs. Mortgage brokers have a duty of care when they consult you on loans and mortgages. They are licensed and trained to give you the best advice possible. Interest rates are not the only expense to consider when negotiating your mortgage. Your mortgage broker can help you to navigate the terms and conditions. For example, if you take a five-year fixed term with a great rate you could end up paying penalties of thousands of dollars if you need to break the contract. These penalties could far outweigh the interest savings.
Certified Mortgage Brokers Mississauga will find you the best deal for your personal circumstances. This is the benefit of using a broker that has connections with a wide variety of lenders. The options are varied and a broker can find you the best fit. They can also help you to get a pre-approved mortgage. Certified Mortgage Brokers Mississauga will find you the best deal for your personal circumstances. This is the benefit of using a broker that has connections with a wide variety of lenders. The options are varied and a broker can find you the best fit. They can also help you to get a pre-approved mortgage. Changes in legislation in recent years has made it more difficult for borrowers to negotiate better rates with their banks. Our brokers use their knowledge and contacts to structure a loan to your requirements. This is especially helpful if you have previously been denied a loan. Brokers make application to various lenders to find you the best-structured mortgage available.
Most young people dream of owning their own home. Many also face the prospect with some trepidation. Your first-time home buyer mortgage is, after all, one of the biggest financial commitments you are ever likely to make. The decisions that you make now can have far-reaching implications for a very long time. The licensed mortgage brokers at Certified Mortgage Brokers Mississauga have been helping young people to make these decisions for years.
Before you buy, there are a number of questions that you should answer.
What can you afford? Buying a home comes with many hidden costs not least of all property taxes, maintenance and utilities. You need to make sure that you have the funds to cover these. The joy of owning your own home can be quickly undone under the burden of growing expenses.
What is your debt to income ratio? In total your debts should not make up more than 40% of your income and housing no more than 32%. This will put limits on the property that you can afford to buy.
Your mortgage broker is trained to help you to navigate the various terms and conditions that pertain specifically to mortgages. Understanding these and applying them to your current and future financial plans and lifestyle choices could save you loads of money in the future.
He can work out for you exactly the mortgage for which you will qualify and the resultant repayments. He could even get you pre-approved to give you certainty and to hold the interest rates while you go house hunting.
...pick the one thats right for you.
starting from
6.45%Term | Rate |
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HELOC | 6.70% (Prime rate) |
Lender | Rate | Term |
---|---|---|
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4.74% | 5 year |
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4.79% | 4 year |
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4.89% | 3 year |
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5.44% | 2 year |
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5.74% | 1 year |
Term | Rate |
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5 year variable | 5.55% (Prime - 1.15%) |
3 year variable | 5.6% (Prime - 1.1%) |
Term | Rate |
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Line of Credit | Starting at 3.00% |
Equity Loans | Starting at 5.99% |
Private Mortgages | Starting at 4.99% |
Frequently Asked Questions About Your Mississauga Mortgage
A mortgage is a property loan between a borrower and a mortgage provider. The mortgage agreement will contain all the terms and conditions of the mortgage including the principal amount, the interest payable and the repayment plan.
The lender holds the property as collateral against the loan. This means that should the borrower default and fail to make repayments, the lender has the right to foreclose on the property and sell it to recover the loan and any accrued interest.
The principal on the mortgage is the amount borrowed. It reduces over time as a portion of the repayments cover the interest and the rest is allocated to the principal.
There are two main types of mortgage repayment plans from which you can choose:
Pre-approval is a quick and easy process that takes just a few days. During the process, you supply your lender with your financial information. The lender will verify the information and check your credit rating. Based on this he will supply you with the pre-approval for the amount that you can borrow. You will also receive a schedule of repayments.
The benefits:
The choice of fixed or variable rates is a personal one. Which you choose should depend on your appetite for risk. Here’s why;
The down payment is the amount of money that you must make up front to get a mortgage. In Canada, depending on the price of the property, the minimum down payment is 5%.
Bear in mind that if your down payment is less than 20% you will have to purchase mortgage default insurance also known as CMHC. You can pay this as a lump sum or on monthly instalment. The insurance covers the lender in case of a payment default.
The down payment is deducted from the price of the home. The mortgage will cover the remainder of the price. The bigger the down payment that you make the less your repayments. A larger down payment can save you thousands of dollars in interest.
Closing costs are the final costs that the buyer incurs to purchase the property. Most lenders will expect the buyer to budget between 2% and 4% of the purchase price for the closing costs. Typically, these costs include
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