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Mortgage Broker in Richmond Hill

…a Richmond Hill based brokerage with a decade of experience under its belt.

Richmond Hill Mortgage Broker Who Has The Experience And Knowledge You Are Looking For

Richmond Hill is a beautiful, growing city, and we want to help you live in the home of your dreams. We offer some of the most effective mortgages in the city. We are not tied to any bank, so we can offer better services at competitive rates than any mortgage broker in Richmond Hill.

Providing Richmond Hill’s citizens with the best rates are simple. We are able to connect with many different financial institutions to find the best rate for you. Our certified employees are able to find you the best deals and give you exceptional service. Your future is our passion, so we want to make sure your mortgage suits you.

Commercial And Residential Mortgages In Richmond Hill

We take pride in our work. Our attentive and reliable agents and mortgage brokers in Richmond Hill will aid you with financing your home and business quickly.

We can give you the information that you need the day you need it. As we help you through the complex mess of red tape between you and your property, we can offer you the confidence you need. We will make the long, tedious piles of paperwork a breeze to sign.

Whether you are getting your first home or upgrading a business, we can find the rate and terms that will suit you. We can offer fixed and variable rates, second mortgages, and even lines of credit.

Our Richmond Hill Based Mortgage Brokers Offer the Following Services

First-time buyers
First-time buyers
Mortgage Refinancing
Mortgage Renewals
Private Mortgage
Second Mortgage
Self Employed (Mortgages)
Construction Financing
HELOC

Tailored Solutions for First-Time Homebuyers in Richmond Hill

For most people, living in a rental property is a temporary solution until they can afford to buy their own homes. However, the homeownership journey is usually a long and expensive one, causing many people to give up on those dreams.

The amount of funds needed is usually the main challenge – you must find a lender willing to give you the mortgage to invest. That may be easy with the help of a mortgage broker, but you must think about the possible consequences that loan acquisition will have on your finances in the future. If you hire the best broker, you can plan accordingly to prevent harsh financial repercussions.

Certified Mortgage Brokers can make your home purchase process painless regardless of whether you are a first-time buyer or not. We make it simpler for you by exploring all the appropriate options for your situation and helping you choose the best one. We also explain the entire process to ensure you make informed decisions. Our brokers will consider all the essential factors in buying a home. For instance, we will calculate the home-to-value ratio and related costs before recommending possible mortgage alternatives. The computation is crucial because the basic principle is that you should never accept a mortgage that you will pay back with more than 40% of your income. Another guideline states that your monthly utility charges should never exceed 32% of the salary. That percentage should include any maintenance fee and taxes as well.

We take pride in giving our clients the ultimate experience, such as numerous mortgage alternatives and First Time Home Buyer’s Tax Credit. The brokers will also take time to understand and interpret the mortgage conditions to ensure you understand the impact on your budgetary plans.

Your Trusted Mortgage Broker in Richmond Hill

Our Mission
Our Mission
Why Us
Specials
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The quality of our services is the most crucial element to us. We want to provide unbeatable customer services in the industry, which is why we only work with highly trained and experienced brokers in the region. We approach every case with a customer-oriented approach and provide customized solutions to ease your financial burden. We also charge the most affordable rates because we believe it contributes to your overall experience with us.
networkingWe strive to take a consultative role when you work with us, meaning we involve you in every step and share professional perceptions with you. We focus on the factors that make your circumstances distinctive before recommending any solution, and you get to make the final decision. We offer multiple options, so you can choose the one that makes you most comfortable. However unique your needs are, our team will help you solve them.
target(1)We desire to make the mortgage acquisition process easier for every Canadian who needs that type of financial assistance. We understand that comprehending the technical terms used in the industry can be difficult, just like navigating complex processes. Our brokers also care about reducing the time it takes to find a mortgage partner. We will share our network of lenders with you and avail all the information you need.
smartphoneWe want to make all our services revolve around our clients in a more advanced way than it is currently. That means your needs will always be first regardless of whether we are negotiating for the best loan conditions on your behalf or searching for suitable lenders for you. We will explore all the possible solutions in the traditional and private lending sectors to ensure you get the perfect match. We focus not just on your immediate reprieve; but also on long-term financial freedom.
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Certified Mortgage Broker Richmond Hill

Things to Know About Your Richmond Hill Mortgage

What Is A Mortgage?

A mortgage is an agreement between a creditor and a debtor. It involves the exchange of money and temporary possession of an asset until the full repayment of the loan. The borrower gives up their property to the lender as collateral and only gets it back after meeting the conditions stipulated in the contract. That means you can permanently lose your house or whichever assets you give to the lender if you do not pay back the principal mortgage amount and the interest.

The contract contains all the loan conditions, such as the mortgage term or the duration you should take to pay it back. If you have a house with a full or partially completed mortgage, you can use its equity to get the mortgage. Otherwise, you can use the loan to buy a new property. Regardless of what you do, you must pay back the amount with interest within the agreed-upon time.

Our Mortgage Agents Are Trained To Serve You

We make sure that all of our representatives are licensed by the Financial Services Commission of Ontario. This guarantees that the agents have the knowledge that they need to help you through any problem. We have regular meetings to make sure that our staff and our clients are on the same page. Our employees do not collect commission on their products, so they will never try to pressure you into a bad deal. Instead, they make sure your mortgage fits your terms. We give you service with a smile. Our service will make you want to come back the next time you need to buy a home or business.

Mortgage Brokers Richmond Hill Specialise In Mortgages Of Any Type

While we are the experts in the Richmond Hill area, each of our brokers has a different specialty. Some work on commercial mortgages for new businesses, while others are more focused on helping families find great homes in the suburbs. We do not waste time with extraneous services. These reasons make us the best mortgage broker in Richmond Hill. We would rather spend our time honing our ability to give you the best deal available. Once you tell us what you need, we will match you with the perfect agent for your unique situation. It does not matter if you are looking for a starter home, a condominium, a retail space, or an office. Certified Mortgage Broker in Richmond Hill is ready to serve you. Contact us today to get started and turn your dreams into reality.

What Mortgage Repayment Choices Do Borrowers Get?

Traditional and private lenders tend to give debtors two choices for repayment.

Closed plan – This repayment option is usually less flexible than the open-plan because it does not allow early payments. You wait for the mortgage term in the contract to elapse before you can pay back the principal amount. That means that if you choose to make large payments, you must be careful not to clear off the whole debt unless you do not mind settling penalties. However, you get to pay lower interests, which can help you save some money.

Open plan – The open plan allows you to clear your debt whenever you can, even before the term. It does not have any penalties, meaning you can prioritize the loan and pay it off at once whenever you get lumpsum funds. On the downside, the repayment term is usually shorter. You can choose a fixed interest rate, in which case you will get a one-year payment period or less, or a variable rate and get up to five years.

Do Pre-Approved Mortgages Have Any Benefits?

Pre-approved mortgages have several benefits. Examples include lesser time for approval, meaning you get the loan quickly, and access to the correct lenders. To apply, you must send your financial documents to the lender, who will use the information to determine the amount they think you can pay. They will also use the documents to check credit ratings and research your background. After that, they will inform you of the amount they can give together with a repayment plan you must follow. If you accept the conditions, some of the benefits you are likely to experience include:

  • Time savings since you will only search for properties you can afford.
  • Adequate time to create an ideal budget for your lifestyle. You will know the down payment early to facilitate planning before receiving the loan.
  • Dealing with lenders who already know your financial capabilities, meaning they already know you can pay them back.

Approval periods range from 60, 90, and 120 days – the shortest in the industry.

Should I Choose Fixed Or Variable Interest Rates?

Knowing the advantages and potential repercussions of fixed and variable rates is the best way to ensure you make the correct choice. You must also factor in your situation in the decision.

Fixed interest

Fixed interest rates are the most preferable in the region because of the stability they offer by remaining the same throughout the mortgage term. They allow borrowers to plan and budget properly to cater to the repayment and other financial responsibilities. Although they are higher than variable rates, you can easily set aside the same amount towards the loan payment. If your income remains consistent, you are less likely to experience more financial hardships or make your situation worse.

Variable rates

The interest rates change during the amortization, meaning you will pay more during some months and less in others. Generally, the rates are lower than fixed rates, but it can be difficult to budget with the rate fluctuations.

How Much Do I Need For The Down Payment?

The down payment is the money you pay out of your pocket to cover some of the purchase prices of the property you want. The mortgage pays the amount left over by the down payment.

The type of mortgage you want, your financial situation, and your lender are some factors that influence the down payment. However, the standard rate is 20% of the total amount you need for the property. Sometimes you can pay 5% of the value, but that means you will need a higher loan amount. The more down payment you can get, the less mortgage you will need. The higher the mortgage amount, the higher the interest and the repayment burden. If you cannot raise the 20%, consider getting CMHC insurance. It will reduce the risks for the lender and ease some of the pressure for you. That is why it is best to pay as much as possible.

What Are Closing Costs?

Closing fees are charges you must pay during the finalization of a property purchase or mortgage acquisition. Typically, the costs range between 2% and 4% of the loan. The money caters to several mandatory components such as:

  • Property appraisal
  • Inspections
  • Property and land transfer taxes
  • Attorney fees or legal charges
  • Adjustment costs
  • Property insurance covers

You can talk to your mortgage broker about the above terms and their meanings. For instance, appraisals mostly confirm the property value to the lender, whereas inspections usually prove that the property does not have hidden issues and that the structural integrity is intact. Adjustment costs pay for all the factors the lender fails to cater to, such as extra taxes and utility bills.

What Documents Must I Have To Get a Mortgage?

  • Proof of income and relevant information
  • All bank account information
  • A liability list
  • Proof of asset ownership – a list showing all your properties
  • Blueprints or floor plans for the building if you want to apply for a new construction mortgage
  • Lawyers’ contact details
  • MLS listing
  • Proof of down payment settlement
  • Contract showing the sale of the property between you and the previous owner

Terms That You Should Know When Closing a Mortgage

Amortization – This is the period the lender gives you to pay them back in full.

Appraisal – The appraisal is the process of assessing the property value before the issuance of the mortgage. The lender uses it as a guideline to determine the amount you should get.

Home inspection costs – The amount an inspector charges to determine whether the property has structural problems.

Deposit – The amount of money you give the property owner to show your interest. It serves as security.

LVT – Loan to value ratio refers to the mortgage amount you are applying for versus the property worth.

Down payment – Is a percentage of the purchase costs that you must cover before the mortgage caters to the balance.

Property transfer tax – The tax amount the borrower must pay after officially gaining ownership of the property. Do not pay before the asset is in your name.

Term – The time you take with the mortgage. It is often renewable.

The pre-payment option – Is the determinant factor when it comes to paying off the principal mortgage amount. In some cases, the pre-payment options have penalties, and other times, you can pay off early without accruing more charges.

Mortgage loan insurance – The insurance cover that is helpful when the down payment is too low. The mortgage size influences the insurance amount.

Google Reviews

Certified Mortgage Brokers
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Afton Jaskolski
2020-12-30

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Davin Mills
2020-12-26

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

Tracy Wilhoite
2020-11-21

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.

Ryder Turcotte
2020-11-16

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!!

Lucy Zimmerman
2020-11-11

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.

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