When You Close a Mortgage With Us
When You Close a Mortgage With Us
Refinancing your mortgage in Bradford is simple. We are trying to come up with a new adjective for easy. Our team works with the same speed and diligence as that of when starting new mortgages.
We promise to get you the lowest rates possible, and most of the time, they are lower than the rates advertised by lenders.
Sure, it takes a little bit of convincing, but our relationship with local lenders is good enough that we can easily get your situation resolved quickly.
Unless you just aren’t ready, you don’t have to wait to move into your home. It shouldn’t take you forever to get a residential mortgage in Bradford. We will handle all the paperwork on your behalf, which means that your family will not be in limbo until the paperwork is done.
Our mortgage brokers have everything it takes to get your mortgage completed correctly, rapidly, and cheaply. We offer the best mortgage rates that you won’t find anywhere else. We guarantee the best mortgage rates for our clients in the entire Toronto.
If you are interested in starting up a business here, you will need a loan for your office and warehouse space. Getting a commercial mortgage here in Bradford is much faster with us than it will be with any other broker. We move to get your process completed fast. You need your business space as of yesterday, and we are here to help make that happen for you.
You should be focusing on getting your staff together and all the other things you need to start making money, not waiting on your paperwork to go through. When you get us on the case, the headaches aren’t just over; they never start.
...pick the one thats right for you.
|HELOC||6.70% (Prime rate)|
First National Financial
Street Capital Bank
|5 year variable||5.55% (Prime - 1.15%)|
|3 year variable||5.6% (Prime - 1.1%)|
|Line of Credit||Starting at 3.00%|
|Equity Loans||Starting at 5.99%|
|Private Mortgages||Starting at 4.99%|
It’s normal to feel excited and over the moon when you are about to buy your first home. Your first home is a major investment, and you can’t help but be happy knowing that you will no longer rent. However, acquiring your first-time mortgage is not always easy. Many people fear obtaining a first mortgage, while others are unfamiliar with the process. At Certified Mortgage Brokers, we make the process of obtaining a mortgage simple and straightforward. We guide first-time mortgage applicants through the various mortgage options available.
A certified mortgage broker will:
The process of acquiring your first home doesn’t have to be stressful. With our guidance, you will make a smart decision.
A mortgage refinance entails renegotiating the existing mortgage loan agreement. Through a mortgage refinance, you can access the equity in your home. A mortgage refinances could also help you take advantage of lower interest rates. It can help you consolidate your debts, especially expensive debts like credit cards and personal loans. During a refinance, you will have an opportunity to apply for new mortgage terms. You can avoid paying prepayment charges if you refinance your mortgage at the end of the repayment term. However, even if you refinance your mortgage before its term expires, the prepayment costs you incur will be lower than the great interest savings you will make from the refinance.
Is refinancing right for you? If you’re considering a mortgage refinance, below are some of the factors that you should consider:
To avoid paying unnecessarily high interest that could amount to thousands of dollars over the mortgage term, you should evaluate your mortgage every year. You might realize it’s more profitable to clear your existing mortgage and all the charges involved and apply for a new mortgage.
When you refinance your mortgage, you can access up to 90% of your home’s equity. You could make significant savings whether you are refinancing your mortgage to take advantage of lower interest rates or to consolidate your debts.
With the guidance of a professional mortgage broker, refinancing can help you reduce the monthly repayments and give you a chance to use your home equity on other investments.
A mortgage renewal entails signing a new mortgage term when the current term comes to an end. While renewing your mortgage, you have a perfect opportunity to renegotiate the terms of your mortgage contract. You can negotiate the interest rates, the term of your next mortgage, and even the lender. You don’t have to renew your mortgage with the current lender if you aren’t happy with their terms. You can change your mortgage’s terms to align it with your needs and lifestyle, which may have changed since you first obtained your mortgage or renewed it. Keep an eye on your email inbox or your mailbox when your mortgage is nearing its term.
Most lenders will provide you with the mortgage renewal statements several weeks before the end of the term of your mortgage. You will receive the documents in your mailbag, including the payment amount, current balance, and payment frequency. You will also receive a renewal form that you can sign and send back. The worst mistake you can make is signing the renewal forms without negotiating your mortgage terms.
You should make the most of the mortgage renewal by contacting your mortgage broker several months before the renewal. This will give the mortgage broker sufficient time to negotiate for a better mortgage deal for you. They will be able to get a mortgage deal that suits your current and future financial plans.
A private mortgage is financed through private sources of funds and not through conventional mortgage lenders like banks. If you struggle to get a mortgage the typical way, a private mortgage will come in handy for you. Some borrowers can’t qualify for a loan from conventional lenders. At times, the borrower’s finances might not appear adequate for the bank’s preference, and the borrower might not have the right documentation.
Mainstream lenders require you to verify that you can repay a loan. If you do not have the means to verify this, you may not qualify for lending. You may not have a steady work history or the W-2 forms that lenders require. If your credit history is short, especially for young lenders, you may not have the credit history that lenders require. Compared to a conventional loan, it is much easier to qualify for a private mortgage.
People who could greatly benefit from a second mortgage include:
Unlike traditional banks, private lenders are more approachable. They provide personalized services and will tailor your mortgage to suit your lifestyle. Applying for a private mortgage is easier and faster than that applying for a conventional mortgage.
Most private mortgages are short-term. They often last between one and three years. Most people often have an exit plan when applying for a private mortgage. A private mortgage is an interest-only loan. Our qualified mortgage brokers can help you apply for a private mortgage and prepare an exit plan.
If you want to secure a significant amount of money using your home, a second mortgage would be a good option. A second mortgage is also known as a home equity loan. A second mortgage is borrowed against the property that secures the first mortgage. A second mortgage is riskier than the first mortgage, and its interest rates tend to be higher. However, despite the second mortgage having higher rates, it is still more affordable than an unsecured loan. Therefore, you can obtain a second mortgage to consolidate your unsecured loans like personal loans and credit cards.
You should get the market value of your property if you plan to apply for a second mortgage. To ensure that you have an unbiased estimate of your property’s value, you should get more than one valuation. Most lenders will give you a second mortgage equivalent to 90% of your home’s equity. However, most homeowners will require you to appraise the property, which means that you will have to pay the appraisal and the closing costs. Second mortgages are interest-only mortgages and the term of a second mortgage is often shorter than that of the first.
Compared to the first mortgage, the second mortgage is subordinate. When you default your first loan in case of a foreclosure, priority is given to the first loan. The first loan will be paid off first before the second one. Therefore, the second mortgage lender will be at risk of not recovering all their money. Due to this risk, second mortgages have higher interest rates than the first mortgage. Our certified mortgage brokers can help you negotiate for a good second mortgage deal. Usually, second mortgages are offered by private lenders, not conventional mortgage lenders.
Despite the many advantages of being in self-employment, most self-employed people face challenges when applying for a mortgage. Being in self-employment doesn’t mean that you can’t apply for the same mortgages that people in formal employment can. However, you will have a much more difficult time proving your income to the lender. The tough part about applying for a mortgage revolves around documenting your income. It’s not always easy to document your income when you are a contractor, a business owner, or a freelancer. Self-employed people require more paperwork to prove their income than W-2 employees. As long as you can document steady and reliable income, being in self-employment should not stop you from obtaining a mortgage.
When determining the loan amount you can manage to pay, most lenders will calculate your debt-to-income ratio. Deducting allowable expenses from your taxable income could pose a challenge. However, some mortgage lenders are understanding and might be willing to add back the allowable expenses when determining your mortgage eligibility.
If you are in self-employment, a private mortgage lender might be your best option because they aren’t bound by the same strict rules that bind conventional mortgage lenders. You have a higher chance of having your mortgage approved if you are willing to make a down payment and if you have valuable collateral. Many private lenders are interested in the value of the property you intend to use as collateral for the loan.
Not every person wants to buy an existing home. Some people prefer to construct a new house instead. If you wonder whether you can access a mortgage to build your house, the answer is yes. A construction mortgage, also known as a builder’s mortgage, allows you to draw down on the mortgage amount at the predetermined home construction project stages. You will receive the amount you need to complete the house in stages. The first advance will be available as an equity takeout if you already own land. If you do not own land, the first advance will help you purchase a vacant plot.
While seeking construction financing, you will have to place a down payment of 25% to 35%. You have to make numerous decisions when constructing your home, including resource allocation and setting the timelines to complete different tasks.
When applying for construction financing, the lender will most likely request your contract with the construction company. The lender will also request your construction plans. You will need the municipal approvals and the deed of sale if you are building on vacant land. You will need to provide an estimate of all the costs involved.
It’s common for delays to occur in the course of construction. It is important to ensure that you have some funds that could shield you against these delays. You should set aside 15% of the total project cost to cater for miscellaneous expenses. Even if constructing a home is often risky for the borrower and the lender, you can build your dream with an experienced mortgage broker’s guidance.
The more equity on your home, the higher the HELOC loan you can qualify for. Usually, home equity increases with time as your home’s value increases and as you repay your mortgage loan. You can get a HELOC of up to 65% of your home’s value after a home appraisal. In some instances, you may obtain a higher percentage if the lender chooses to combine your HELOC with the balance outstanding on your mortgage. Some of the administrative HELOC fees that you might incur are:
After the approval of your HELOC, the full HELOC amount will be available to you, but you will only pay interest on the amount that you use. With HELOC loans, you can pay back the principal whenever you please. They are usually interest-only loans. Upon paying back the principal amount, the amount you pay will be available for you to borrow again.
HELOCs are a great way for homeowners to access funds at an interest lower than that of unsecured loans. You can choose to repay your HELOC loan whenever you please, and you won’t incur additional charges for repaying your loan early.
You must have the financial discipline to get the most out of your HELOC loan. You will have access to a large amount of money, and if you aren’t disciplined, you might end up misusing the money. HELOCs are an easy way of accessing money, but you have to use them with caution.
The terms below are arranged alphabetically.
Agreement of Purchase and Sale – This is the contract made between a seller and a purchaser. Make sure your realtor is knowledgeable and experienced and able to protect your interest.
Amortization Period – in Bradford this is the length of period a mortgage loan is expected to be paid in full.
Appraisal – is the method used to determine a property’s value.
Assets – properties owned by a person, taken to be having value and can be used to meet commitments, debts and legacies.
Assumption Agreement – when a mortgaged property is passed to another person, via an assumption agreement, the new owner will pay the mortgage and the old owner is assumed to have agreed to the assumption.
Blended Payment – is a method of loan repayment where payments are in equal installments. This includes payment of a fraction of the principal and interest on the borrowed money.
Canada Mortgage and Housing Corporation (CMHC) – this is the federal crown entity that implements the National Housing Act. One of the agency’s tasks is to ensure high-ratio mortgages obtain insurance.
Closed Mortgage – this is a type of a mortgage where the borrower is not allowed to make any changes in the contract. Prepayment and renegotiation are also prohibited.
Closing Date – the date when the borrower assumes ownership of a property.
Conventional Mortgage – a mortgage with loan amount equivalent to 75% or more of a property’s appraised value.
Collateral – a property or an asset that is offered by a borrower as a way to secure a loan.
Credit Scoring – a system that evaluates the credit worthiness of borrowers. The system assigns points/scores to borrowers.
Demand Loan – this is a type of loan where the creditor can demand payment of balance on the borrower.
Deposit – a deposit is another term for a down payment. The lender requires a borrower to put his own cash into the house before approving the rest as a loan.
Equity – this is the difference of a house’s fair market value and the outstanding balance of all of the property’s liens.
First Mortgage – the primary claim on a property taking precedence over other subsequent claims. The first mortgage in Bradford will be paid first in the event of a foreclosure sale.
Fixed-Rate Mortgage – a mortgage where the rate remains constant throughout the mortgage term.
Gross Debt Service (GDS.) Ratio – this is a debt service measure that creditors use to give an initial assessment to determine whether a borrower has too much debt. A ratio less than 30% implies that the borrower’s level of debt is good enough.
Guarantor – an individual who has a good credit rating and has sufficient income to pay the loan of a borrower if the borrower is unable to do so.
High-Ratio Mortgage – a mortgage exceeding 75% of the home’s appraised value. High-ratio mortgages are required to obtain insurance to protect the lender.
Home Equity Line of Credit – a type of loan where the lender agrees to extend a loan for a certain amount within a term. The collateral for this type of loans is the borrower’s equity in his house.
Interest Adjustment Date or IAD – this is the date from which the mortgage term starts. This usually falls on the first day of the month that follows the closing date.
Interest-Only Mortgage – this is a type of mortgage where only the interest is paid each month while the entire principal is left unpaid.
Open Mortgage – this is a type of mortgage that a borrower can pay in full anytime within a term with no penalties incurred. The interest rates for open mortgages are usually higher than those of closed mortgages by about 0.75 – 1.00%.
P.I.T. – represents the principal, the interest and the mortgage tax. If the down payment made by a borrower is greater than 25% of the home’s appraised value, the lender will allow him to make his tax payments.
Portable Mortgage – is a mortgage that allows the transfer of mortgage’s balance to another property with the same lender without incurring penalties.
Prime – rates that are very low and are offered only to a company’s excellent customers.
Prepayment Penalty – is an agreement between a lender and a borrower. It regulates the part of the loan that can be paid off and when. For most lending institutions, borrowers can pay off up to 20% of their balance each year.
Principal – original loan amount, before interest
Rate Commitment – this is the lender’s promise to hold a particular interest rate for borrowers for a given period of time and while the mortgage loan is still being processed. This period ranges from thirty to one hundred twenty days.
Renewal of mortgage – Upon the termination of a mortgage term, the mortgage can be renewed. During renewal, you may decide to prepay fully or partially.
Second Mortgage – a mortgage that is taken out on a property that has already been mortgaged.
Switch – transferring a mortgage from one institution to another institution.
Term – the length of time in which the parameters of a mortgage are legally recognized.
Total Debt Service (TDS) Ratio – The part of one’s income required to cover payments related with housing.
Variable-Rate Mortgage – a mortgage where the rate can change within the mortgage’s term.
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
There are a lot of mortgage brokers in toronto to choose from, I was a bit intimidated by that. Don't regret I picked CMB, they took the lead and made sure to cover all the bases
I was renting an apartment for a long time and finally decided to take a big step - get a mortgage instead. Team at certified Mortgage Brokers laid out various options for me. The actual process went smooth and quick, happy with my new home.
My wife and I decided to refinance our mortgage and started looking for a mortgage broker in Toronto. There were so many options, so you can imagine how overwhelmed we got! After talking to Leon we decided to proceed with Certified, didn't regret that decision once. They always gave useful recommendations, were attentive, and constantly in touch. And most importantly (for us) they helped us to save some money!!
Vita was great. Helped my son with all the paperwork and got him very good interest rate. On the closing date called to follow up if everything went fine. Quite a pleasant experience. I would recommend this firm for anyone who is looking a mortgage broker.
…by providing award winning customer service to each and every single client.
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