MORTGAGE BROKERS IN OTTAWA

Turkin Mortgage Ottawa

Having a roof over one’s head is a basic necessity. You can choose to live in someone else’s home, rent one, or own one of your very own. The decision is yours and it is based on how much you can afford. It is no secret that there are relative costs when it comes to buying and renting your home. On top of that there are emotional and other factors that come along whether you buy or even rent your home. In this section we’ll answer some of the most basic question about mortgages and how a Mortgage Broker Ottawa can help you.

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• What Is A Mortgage?

A mortgage is the financial instrument used in the purchase of almost all properties. It is loan agreement which is secured by a property, that is the property serves as collateral against the loan until such time as the capital amount is fully paid up. Over the term of the mortgage the lender has the right to sell the property if the borrower fails to make the repayments as stipulated in terms of the mortgage. Every payment made by the borrower covers interest and a portion of the capital. This is how the capital amount reduces over time. As the principle comes down the home equity goes up. Essentially the borrower owns more and more of the property.

A mortgage is a loan that you can use to buy a home or some other kind of real estate property. This loan also allows your lender to seize the property you bought with your mortgage in case you fail to pay the loan on time. Simply put, the piece of real estate you purchased serves as the collateral on your loan.

Types Of Mortgages We Offer

Refinancing Mortgage

Refinancing your mortgage is a good option to consider if you want to pay off your existing mortgage or any other debts secured against your property and assets. The procedure is not as simple as it appears. You’ll need to organize your finances and debts, as well as renegotiate the terms of your mortgage.

Given that not everyone understands the process, it is in your best interest to consult with us first. You can get through this process with the help of our experienced professionals. Our mortgage broker Toronto have helped many clients refinance their mortgages by offering personalized advice and access to a diverse pool of lenders.

Residential Mortgage

When you think of mortgages, the first thing that probably comes to mind is the purchase of a home. Unless you have the financial means to pay for a desired property in full upfront, you will undoubtedly need a residential mortgage.

Given the numerous variables at play, such as the price of the house, your financial situation, and market conditions, no two cases are alike. Our knowledgeable professionals are ready to help you evaluate each of these factors and find the best residential mortgage plan for your specific needs. Contact us today for residential mortgages at pocket-friendly rates.

Commercial Mortgage

Are you interested in starting a new business or expanding an existing one? If you need more space for this, you will almost certainly need a commercial or industrial mortgage. Many businesses require a market space, so you should consider the type of loan that would be best for your company.

Turkin Mortgage is aware of the financial needs of many businesses. Having said that, we have been providing businesses with commercial mortgage options that are tailored specifically to their needs at competitive rates. Allow us to assist you in your search for a commercial mortgage that meets the needs of your business.

Hassle Free Closing

Do you want to get a loan to help you meet your financial obligations? Turkin Mortgage can help. We offer mortgage services at the most competitive rates in Canada. Our team will help you whether you’re moving into a new home, expanding your business, or if you need to consolidate your debts.

Don’t delay; contact us as soon as possible and let us handle the situation. Our team’s highly qualified and experienced members will assess your situation and make recommendations to resolve your concern.

What Is A Mortgage Term?

The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.

You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.

What Is A Down Payment?

A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.

But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.

Brokers Find The Best Mortgage Rates Ottawa

Ottawa’s Turkin Mortgage Brokers Negotiate the Best Interest Rates!

There is a significant difference in the mortgage rates Ottawa borrowers pay. The differences don’t necessarily reflect the risk inherent in the loan but the willingness of the borrower to aggressively negotiate the rates. A 2011 Bank of Canada report found that people who use mortgage brokers paid lower interest rates for their mortgages. According to the report shopping around and negotiating rates are an essential part of securing lower rates.

For the best mortgage rates, Turkin Mortgage brokers in Ottawa have the answer. We use multiple lenders to find you the product that suits your budget and your loan requirements. There is a wide range of mortgage options from which you can choose. Our trained and experienced brokers will ensure that you get the best combination of rates, fees and terms.

Your Property Your Biggest Investment

Buying a home is the biggest investment that most people will ever make. It is therefore essential that you make the right choices when closing your mortgage deal. Interest rates can change rapidly and if you are thinking of buying a home you should do your research. When you compare rates, make sure to do so on the same day, as they may change from day to day. A small difference in the rates can cost you thousands over the term of the loan.

Let us find you the best mortgage rates. Ottawa lenders are keen to negotiate. Do your homework before you speak to us. You can find the current mortgage rates on the Internet. There are several websites that carry information about mortgage rates offered by the big five banks and other lenders. The websites allow you to compare terms and rates. So, you can find the best mortgage rates Ottawa and in the rest of the country. You can also search by type or amortization period.

You must also decide whether you will opt for a fixed or variable interest rates. 56% of Canadians prefer the certainty of fixed rates, but research has proven that over time variable rates are lower than fixed rates.

Understand The Terms And Conditions

Once you’ve done your homework discuss your needs with us. Trained and experienced brokers can help you to navigate through the terms and conditions of the various mortgages. It is our job to find you the best rate available for your loan profile. Remember that costs include more than just mortgage rates. Ottawa lenders can include conditions in the mortgage that could cost thousands unless you understand them.

We’ll discuss your financial goals with you so that we can include your plans in our mortgage strategy. When we have finished our discussions, you’ll understand the ins and outs of prepayment conditions, early payment penalties and portability. Our brokers will combine their knowledge and contacts to match you with the lender and the mortgage option that best suits your needs. Before you make your final choice, you’ll know the size of the mortgage for which you qualify, the amortization period and the monthly repayments. We can even arrange for pre-approval if you would prefer.

A broker only receives payment after the deal is closed so seeking our assistance will cost you nothing.

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• What Mortgage Repayment Choices Do I Have?

There are two common mortgage repayment plans, namely open and closed repayment plans.

Closed Mortgage Repayment Plan

Closed mortgages may not provide as much freedom as open mortgages. For example, while lump sum payments are permitted, full prepayments are discouraged and will result in fines. Our team will assess your requirements and recommend the best mortgage repayment plan option. We assist our clients by reviewing their financial situations, comparing mortgage options from different lenders, and negotiating better terms on their behalves. We also provide helpful advice on interest rates, payment schedules, and payment options, ensuring that you select a mortgage plan that fits your goals and budget.

Open Mortgage Repayment Plan

Payments to an open repayment plan can be made at any time without penalty. Under this plan, payment terms are shorter, and hence, they attract higher interest rates.

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

Obtaining a mortgage pre-approval is a process that should take no more than a few days. You will, however, be unable to proceed unless you provide your lender with the necessary financial information. To determine your eligibility, your lender will examine what you provide, including your creditworthiness.

Based on the information or facts provided, you will receive a pre-approval for the amount of money you qualify for, as well as the repayment terms and conditions.

Here are the advantages of pre-approved mortgages:

Your lender should normally provide pre-approval for your mortgage in less than 120 days.

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• Which Is The Better Option: Fixed Or Variable Interest Rates?

Choosing an interest rate option typically varies by the borrower. However, risk appetite plays a significant role in influencing this decision. Borrowers who are risk-averse frequently choose fixed interest rates, whereas non-risk-averse borrowers prefer variable interest rates.

Fixed interest

Fixed interest rates are preferred over variable rates in Canada. Although they are typically slightly higher than variable rates, they are more secure because the borrower knows in advance what their monthly payments will be. As a result, they are especially appealing to those with limited financial resources.

Variable interest

Variable interest rates, on the other hand, are linked to the prime rate and rise and fall in lockstep with it. In the long run, they are less expensive than fixed interest rates. Fixed interest rates are your best bet if the uncertainty of this option does not appeal to you.

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• How Much Do I Need For The Down Payment?

To procure a mortgage in Canada, the initial payment is determined by the property’s cost and the type of mortgage chosen. The minimum down payment is calculated based on the property value:

– 5% due on the initial $5,000
– 10% on the balance between $500,000 and $1,000,000
– 20% reduction on properties exceeding $1,000,000

In situations where the down payment is less than 20%, mortgage default insurance may be necessary. Alternatively, a higher down payment than the required minimum can result in more favourable interest rates, lower monthly payments, and a shorter loan term. If confused or in doubt, the best way forward would be to consult a financial advisor. They can help you make informed decisions.

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• What Are Closing Costs?

Closing fees are the costs incurred by borrowers or buyers in order to complete a property acquisition transaction when purchasing a home. Borrowers are frequently required by lenders to set aside 2-4% of the property’s value to cover these fees. Closing costs typically are as follows:

The costs listed above should be highly considered when making a budget.

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• What Documents Will I Need To Finalize My Mortgage?

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• Important Terms To Know When Closing A Mortgage

Amortization – The amount of time it takes the borrower to completely pay off the mortgage.

Appraisal – A professional’s assessment of the value of a property.

Deposit – Payment made by a borrower to secure the purchase of a property.

Down Payment – The initial required amount paid for a property by the buyer or borrower out of their own funds.

House Inspection Fee – The buyer is responsible for the cost of inspecting the property’s structural soundness.

Loan-to-Value Ratio – The size of the mortgage in relation to the value of the property.

Prepayment Option – A mortgage option that allows borrowers to pay off their principal payments early. The mortgage prepayment options differ.

Property Transfer Tax – A tax imposed on the transfer of ownership of a property from one owner to another.

Mortgage Loan Insurance – Insurance purchased by buyers with less than a 20% down payment.

Term -The duration of your mortgage agreement. When the mortgage term expires, you must either renew it or find a new lender.