MORTGAGE BROKER IN OAKVILLE

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• What Is A Mortgage?

A mortgage loan is a property loan that a borrower obtains from a traditional or private lender to buy property. The terms and conditions of the loan are outlined in the mortgage agreement, including the loan amount and the interest rate. The property serves as the collateral for a loan until the borrower repays the loan in full.

Therefore, the lender can foreclose the property if the borrower fails to make payments as agreed. A portion of the loan instalment covers the principal amount, while the other portion covers the interest.

Oakville’s Top Mortgage Agents

Our agents are the best in the business, making it no surprise that everybody wants us desperately. Other brokers are actively trying to lure our agents away in hopes of gaining an edge on us. These other agents stay frustrated as they are not able to do what they set out to do.

If you’re looking for committed mortgage broker in Oakville who want to change the industry by providing the best rate, unparalleled service and the quickest turnaround time, you’ve landed on the right page.When you have the best people working for you, your mission is to do all you can to keep them. That’s what we do, and that’s why our highly experienced agents stay with us. Once you call our mortgage broker Oakville, you will find out everything we have told you is true. While some brokers may brag to get sales, we stay away from that. No, we do not brag; we merely state the facts as they are.

Mortgage Brokers Oakville Are Here To Save You Time And Money

Turkin Mortgage in Oakville will find you the best mortgage deal that matches your lifestyle and financial situation. Choosing to work with a mortgage broker with connections with other players in the mortgage industry is advantageous because you will have a variety of mortgage options. With so many mortgage options to choose from, it can be daunting to find the best fit. The good news is that with an experienced mortgage broker, finding the right mortgage doesn’t have to be difficult. Our mortgage brokers can help you get a pre-approved mortgage to give you a competitive edge over other applicants interested in the same property as you. It’s particularly important to contact a mortgage broker if you have applied for a loan before, but the lenders denied you.

For Your Home & Business

Fastest Residential Mortgages in Oakville

Moving into your new home takes a while, especially while the paperwork is still ongoing. When you hire our brokerage to handle your case, you do so knowing your process will move faster than normal. You also go into it knowing that you will get a lower rate than one offered by a lender directly or any other mortgage broker in Oakville.

The Commercial End

Running a business takes planning and resources. It also takes space. If you are in need of a commercial mortgage in Oakville, we can help you in that respect as well. Our staff is highly trained in all types of property loans, and a business is no different. Such specialization guarantees better service for our customers. Yes, we are that dedicated.

Mortgage Refinancing Experts At Your Service

Oakville Mortgage Brokers Guarantee Pain-Free Process

If you already have a home here in Oakville, it may be time to refinance your mortgage. In Oakville it is so much simpler now that we are here. You can stay in peace with the knowledge that everything will get done right and fast, leaving you free of all the stress.

Equity Takeout

Home equity is basically the difference between all existing mortgages and appraised value of the property. Hence, home equity takeout is the process of taking money out from your home in order to make it available for other uses. This can significantly help out with your financial goals.

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• What Mortgage Repayment Choices Do I Have?

Borrowers can choose from two mortgage repayment options:

Open mortgage repayment plan

With this plan, you can repay the loan at any time before the mortgage term expires, and the lender will not impose any penalties. Many open term mortgages have short terms ranging between six months and one year for fixed rates. Where variable rates apply, the loan term may extend to 3 to 5 years. Open mortgages have higher flexibility but also attract higher interest rates.

Closed mortgage plan

With a closed mortgage plan, you do not have the freedom to repay the loan as you please. Some closed mortgages allow some flexibility in making the payments, but the majority will charge a penalty when you make early payments. The main advantage of a closed repayment plan mortgage is its low-interest rate.

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• What Are The Benefits Of A Pre-Approved Mortgage?

The process of getting a pre-approved mortgage is simple and straightforward. You only need to supply the mortgage lender with your financial information. The lender will consider and verify the information and give you a pre-approval of the mortgage amount you can get. The advantages of a pre-approved mortgage are:

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• Should I Choose Fixed Or Variable Interest Rates?

Your risk tolerance will determine whether you choose a fixed interest rate mortgage or a variable interest rate mortgage.

Fixed interest rate

In Canada, most people choose the fixed interest rate mortgage. With this option, the interest rate remains constant throughout the mortgage term. Fixed rates help you determine the exact amount you will be paying every month. If you are working on a tight budget, a fixed interest rate is the best option. Compared to variable rates, fixed rates are slightly higher.

Variable interest rates

The variable interest rates will vary depending on the prime rates. While measured over time, variable rates are slightly lower than the fixed interest rates. However, they come with high uncertainty.

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• How Much Do I Need For The Down Payment?

The minimum down payment in Canada is 5%. Down payment is the money you have to pay upfront before you obtain a mortgage. You have to purchase default insurance, known as CMHC, if your down payment is less than 20%. This insurance protects the mortgage lender in case of default. You can pay the insurance in instalments or as a lump sum.

After the down payment is deducted from the property’s price and the mortgage covers the remaining amount. If you make a large down payment, the monthly repayments will be lower, and you could save money on interest.

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• What Are Closing Costs?

Closing costs refer to the final expenses that you will incur while buying a property. You should budget between 2% and 4% of the purchase price of a property. Closing costs include:

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• What Documents Will I Need To Finalize My Mortgage?

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• Terms That You Should Know When Closing A Mortgage

Amortization – the number of years it takes for you to pay off your mortgage loan in full.

Appraised Value – an approximate value of the property presented as security for the loan.

Assumption of Mortgage – the transfer of outstanding mortgage from the present owner to a buyer.

Blended payments – a repayment scheme where the amount of the principal and interest stays invariable.

Closed Mortgage – a type of mortgage where you cannot prepay, refinance, or renegotiate without paying prepayment penalty.

Completion Date – the date wherein all documentation is completed and payments made making the sale and purchase of a property final.

Compound Interest – interest charged on the principal as well as on the accrued interest.

Conventional Mortgage – is a loan that does not go beyond 80% of either the purchase price or the appraised value of the property.

Conveyance – refers to transferring the property title from the seller’s name to the buyer’s name.

Default – the inability to pay the installments specified by the terms of a mortgage.

Leasehold Mortgage — refers to mortgage that is secured on a property lease instead of on property ownership.

Mortgagee – refers to the person or institution lending the money.

Mortgagor – refers to the person or institution borrowing the money.

Offer to Purchase – refers to the legal document formalizing the offer of an explicit price for a particular real property.

Open Mortgage – a type of mortgage that allows prepayment in part or in full of the principal balance without exacting penalties.

Prepayment Option – refers to the opportunity to prepay specific sums of the principal balance. Penalty interest may or may not be charged.

Principal – refers to the balance of your mortgage that is still outstanding.

Term – refers to the period of time in which the mortgage agreement has legal effect. When the term expires, you may renew the contract for another term and renegotiate the rate.

Underwriting Fees – the payments that lenders collect to compensate for the expenses sustained in the lending transaction.