You just have to close a mortgage with us
When you close a mortgage with us
...pick the one thats right for you.
|HELOC||4.2% (prime + 0.25%)|
First National Financial
Street Capital Bank
|5 year variable||1.15% (prime - 1.3%)|
|3 year variable||1.45% (prime - 1%)|
|Line of Credit||Starting at 3.00%|
|Equity Loans||Starting at 5.99%|
|Private Mortgages||Starting at 5.99%|
After renting for so long, finally, a chance has come up for you to buy your own home. Purchasing your first-time home is probably one of the most significant decisions you will ever make in your life. Amidst the excitement of buying your own home, most buyers face one hurdle – obtaining a mortgage. Many first-time homebuyers have never applied for a big loan before and are often hesitant about applying for a mortgage. CMB will make the process of acquiring your first home simpler by guiding you through different mortgage options. We have an extensive network of real estate agents and lawyers across Toronto to help you get the best deals.
Our certified mortgage broker will:
The process of buying your first home doesn’t have to be stressful. With the help of a qualified mortgage broker, the mortgage application process will be much simpler.
There are several reasons why you may choose to refinance your mortgage. Many homeowners refinance their mortgages to access funds to invest in other properties or pay for home renovations. You could use the funds from the mortgage refinance to pay for your child’s education. If you want to consolidate expensive debts and benefit from lower interest rates, mortgage refinancing would be a great option.
Most people shy away from mortgage refinancing due to the penalty charges involved. You should not let the penalty discourage you. You might be surprised to learn that refinancing your mortgage and paying the penalties might even be cheaper. You need to consider several factors when considering a mortgage refinance:
You should not make the mistake of failing to evaluate your mortgage annually because it might cost you in the long-term. Continuing to pay your mortgage at consistently high rates might cost you thousands of dollars over the loan term. A better move would be to offset the current mortgage, including all the penalties involved and negotiating for a new mortgage with more favourable terms.
With the guidance of a mortgage broker, you can reduce the monthly repayments when you refinance your mortgage. After refinancing, you can access up to 90% of your home equity. You can save a significant amount of money whether you are refinancing your mortgage to consolidate debts or take advantage of lower rates.
Whenever you get a chance to renew your mortgage, you should pay off the existing mortgage and apply for a new one. Mortgage renewals give you a perfect opportunity to negotiate for better mortgage terms. However, many people aren’t aware of this; they simply sign the mortgage renewal forms and return them to the lender without negotiating for better terms.
Before you sign the mortgage renewal form, you should pause and consider whether your current mortgage still compliments your financial situation and lifestyle. You should consider the remaining terms of the mortgage, the interest rates you are paying, and whether you are comfortable with the current lender or you should seek an alternative lender.
You could be losing thousands of dollars by signing the mortgage renewal form without proper research or negotiating for a better mortgage rate. Studies reveal that 50% of mortgage holders sign the mortgage renewal without negotiating for better terms.
You shouldn’t wait until you receive the mortgage renewal forms in your mailbox for you to contact a mortgage broker. Instead, you should contact the mortgage broker around three months before the mortgage renewal. The mortgage broker will advise you, and by the time you receive the renewal forms, you will know what to do.
You shouldn’t miss this excellent opportunity to align your mortgage with your lifestyle. The interest rate savings realized through the renewal could help you finish paying the mortgage much earlier. When you renew your mortgage, you will be signing a new contract.
Numerous changes have occurred in the Canadian mortgage market, most of which have affected many people’s dream of owning a home. It’s not the end of the road for you when conventional lenders turn you down for failing to qualify for their mortgage products.
Many people who do not qualify for a mortgage from traditional lenders can access private lenders’ loans. Unlike traditional lenders, who are bound by stringent rules, private lenders tend to be more flexible. Most private lenders consist of entities with surplus money that they are willing to lend to mortgage borrowers to accrue interest.
When considering whether you qualify for a mortgage, a private lender will focus more on the value of the property you will use as collateral. They will rarely consider your credit history. Many people who can’t qualify for a mortgage from traditional lenders have a better chance with private lenders.
The people who benefit the most from private mortgage lenders include:
Most private lenders offer personalized services and are more accommodating than conventional lenders. Applying for a private mortgage is much simpler and faster than that of a conventional mortgage. Most private mortgage lenders will be willing to tailor their mortgages to suit your lifestyle and financial situation.
Unlike conventional mortgages, private mortgages are short-term and do not extend to more than three years. When most people seek loans from a private lender, they often have an exit plan. You can request your mortgage broker to help you create a viable exit plan.
If you have built considerable equity on your home, you can obtain a second mortgage, also known as a home equity loan. A second mortgage is a loan that you take against the property on which the first mortgage is attached. This mortgage can help you access a large amount of money based on the equity you have built on your home.
You should consult a mortgage broker to help you understand the costs and risks of applying for a second mortgage before you make a bold move. With the assistance of a competent mortgage broker, you will balance the costs and the risks of obtaining a second mortgage. Compared to the first mortgage, the second mortgage is always expensive because it is riskier than the first mortgage. In case of a foreclosure, the foreclosure proceeds will first cover the first mortgage before covering the second one. Therefore, the second mortgage lender has a risk of not recovering their money.
A second mortgage is an excellent option when you need emergency funds. Despite the additional costs of acquiring a second mortgage, secured loans are still cheaper than unsecured loans. Therefore, a second mortgage may be a good way to consolidate your expensive loans, including personal loans and credit card loans. You may consider a second mortgage if you seek funds for investment or to upgrade your home. With a second mortgage, you can access up to 90% of your home’s equity.
At CMB, we can help you find the best mortgage terms if you can afford a second mortgage. Contact us today if a second mortgage fits within your financial plans.
There is always joy and freedom in self-employment. However, self-employed people often have a hard time obtaining a mortgage. Many mortgage lenders, especially the traditional lenders, aren’t comfortable lending to self-employed people. People in self-employment end up paying higher interest rates than people who are in formal employment. Before many mortgage lenders even consider discussing a mortgage possibility with you, they will request a minimum of two years’ proof of income.
Most self-employed people often write-off some expenses to reduce their taxable income. Even if this strategy makes perfect sense and will help you make significant tax savings, it could impact the size of your mortgage negatively. When determining how much mortgage you qualify for, lenders will consider your debt to earnings ratio. However, some lenders are fair enough to write back your allowable expenses.
Planning is crucial if you are a self-employed person intending to apply for a mortgage. Before you apply for a mortgage, pay off most of your outstanding debts and improve your credit score. Ensure that you prepare all the necessary documentation in advance. Hold back on the large option purchases and maximize on the earnings. The outlined strategies will increase your chances of qualifying for a mortgage.
Many mortgage lenders will be willing to lend to you if you make a down payment. The higher the down payment, the higher the amount the mortgage lender may be willing to lend to you. The best way to increase your likelihood of qualifying for a mortgage is by seeking the help of a competent mortgage broker. A mortgage broker will help you prepare the necessary paperwork and connect you with a mortgage lender specializing in self-employed mortgages.
You may prefer to build your own home instead of buying an already constructed home. Construction financing gives you the freedom to build a home that suits your unique needs and preferences. However, you have to put in extra money and effort.
You have to make many important decisions when constructing your home. You also have to place a higher down payment of 25% to 35%. You must make crucial decisions, including where to construct the house, how to allocate the funds, and the construction company to work with.
The alternative name for construction financing is own build mortgage. Before you apply for this mortgage, you should prepare in advance. Ensure that you have a contract with the construction company accompanied by the construction plans. You will also need the necessary municipal approvals and deed of sale if you build on vacant land.
Most lenders will seek to understand the timeframe for your construction. Mishaps and delays are common during construction. You should ensure that you have the necessary funding to handle any shortages that might arise. You should have money equivalent to at least 15% of the project cost set aside to cover contingency requirements.
Despite the many risks and challenges that come with building your own home, you can mitigate the risks with a mortgage broker’s help. You will have the time of your life as you choose your desired furniture and finishes.
In the Canadian mortgage market, HELOC is a popular form of secured credit. The Home Equity Line of Credit (HELOC) is the definition of flexible financing. You can get up to 65% of your home’s equity when you apply for a HELOC loan. Upon applying for a HELOC, the entire loan amount will be available to you, but you will only pay interest on the loan amount that you use.
You can pay back the principal amount whenever you desire. The majority of HELOCs are interest-only loans. When you pay back the principal amount, the amount repaid will be available, and you can borrow again. Lenders calculate interest on HELOCs daily while considering your deposits and withdrawals.
The interest rate of HELOC loans is lower than the interest paid on unsecured loans. HELOCs are an excellent way for homeowners to access funds at an affordable rate. You can pay the loan whenever you like without incurring an additional penalty; however, if you are not disciplined, a HELOC loan could land you in trouble. You will have access to a large amount of money, and you might end up misusing the money. It is important to note that if you intend to move your mortgage loan, you must repay the HELOC in full.
Even if a HELOC loan gives you easy access to money, you must be cautious while using the money.
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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