we are committed MORTGAGE BROKER IN PICKERING

A mortgage is probably the biggest financial commitment you will ever make, but the process of applying for one can be complicated. In addition, with so many options available, it can be daunting to choose the right product. The good news is that our dedicated brokers at Certified Mortgage Brokers in Pickering will be with you right from the beginning to the completion of your mortgage application. We strive to make the mortgage application process as quick and hassle-free as possible. Our brokers will help you get the ideal mortgage and smooth out the application process for you.

If you go directly to a lender when applying for a mortgage, you will be limited to the lender’s deals, which might not be the best for you. However, a mortgage broker takes time to search for the right mortgage that suits your unique circumstances. We will provide personalized and unbiased advice based on your financial needs; we are not tied to a certain provider.

Our mortgage brokers can access mortgage products that may not be available to you directly. Some lenders do not deal directly with the public but only avail their products through mortgage brokers. It is only through a broker that you can find certain products, yet they match your needs best.

Acquiring a mortgage and buying a home can be intricate, given the many forms to fill out and the parties to interact with. Working with a mortgage broker increases the likelihood of approval. Our mortgage brokers at Certified Mortgage Brokers will guide you through the entire process to ensure you get the best mortgage option.

Mortgage refinancing refers to the procedure of replacing a current mortgage with another one, usually with better terms or a lower interest rate. Refinancing can be beneficial for homeowners who want to reduce their monthly mortgage payments, shorten the length of their mortgage term, or take advantage of better interest rates.

The pros of mortgage refinancing include the following:

Decreased monthly payments: By refinancing your mortgage, you may secure a decreased interest rate, which could significantly reduce your monthly mortgage payments.

Briefer loan term: Refinancing your mortgage can also enable you to cut your loan term. This means you can clear your mortgage quickly and own your home outright in less time.

Improved interest rates: If market interest rates have fallen since you took out your mortgage, refinancing can allow you to take advantage of those lower rates.

Cash-out refinances: With a cash-out refinance, you can access some of the equity in your home to pay for home improvements, consolidate debt, or make other large purchases.

Opt for a fixed-rate mortgage: If you presently have a variable-rate mortgage, refinancing can enable you to switch to a fixed-rate mortgage. This can provide more stability and predictability in the mortgage payments you make every month.

Mortgage refinancing can help homeowners save money, pay off their mortgages faster, and achieve their financial goals. However, it is important to carefully consider the costs and potential risks associated with refinancing before making a decision. At Certified Mortgage Brokers, we will guide you through the different mortgage refinancing options, including:

• Breaking your mortgage
• Obtaining a Home Equity Line of Credit
• Blending and extending your existing mortgage by taking another mortgage

We will help you understand every option, including its pros and cons.

A mortgage renewal is a process by which a borrower and lender agree to extend or renew an existing mortgage for a new term. When a mortgage term expires, you can choose to either renew the mortgage or refinance it with a new lender. Renewing a mortgage can be beneficial if you want to continue with your current lender, avoid the costs associated with refinancing, and maintain your current mortgage terms.

The benefits of mortgage renewal include the following:

Avoiding penalties: Renewing a mortgage with the existing lender means you can avoid any prepayment penalties or fees associated with refinancing.

Lower fees and closing costs: Renewing a mortgage with the existing lender can also help you avoid some of the fees and closing costs associated with refinancing.

Maintaining current mortgage terms: If you are happy with your current mortgage terms, renewing the mortgage allows you to maintain those terms, such as the interest rate, payment amount, and payment schedule.

Simplifying the process: Renewing a mortgage with the existing lender can be a more straightforward process than refinancing with a new lender.

Mortgage renewal can be a convenient and cost-effective way for you to continue your current mortgage arrangement with your existing lender. However, it is important to review the terms of the renewal carefully and compare them to other mortgage options to ensure that it is the best choice for the borrower’s financial situation. Our mortgage brokers will help you make all the necessary comparisons when renewing your mortgage.

Private mortgages are loans provided by private entities or high-net-worth individuals rather than traditional lending institutions such as banks or credit unions. These loans are typically used for real estate investments or other types of secured loans where the borrower cannot obtain financing through traditional means.

Private mortgage lenders are usually individuals or companies that are looking to invest their money and earn a higher return than they would from traditional investments like stocks or bonds. They offer loans to borrowers who may not qualify for traditional bank loans due to factors like poor credit, short employment history, or other financial circumstances.

Private mortgages typically come with higher interest rates and fees than traditional mortgages, as they are considered riskier investments. However, they can also offer faster approval and funding times, which can be beneficial in certain circumstances.

Overall, private mortgages can be a valuable option for borrowers who are unable to obtain traditional financing. Still, it’s important to carefully evaluate the terms and fees of the loan before accepting it. It’s also important to work with a reputable private lender who can provide clear and transparent communication throughout the loan process.

Our experienced mortgage brokers at CMB Pickering understand everything about private mortgages and have a large network of private mortgage lenders. Given that private mortgages are risky, it is not good to go through the process alone. You need a certified mortgage broker to guide you through the process and ensure that you make the right decision and access the best rates in the market.

A second mortgage is a type of mortgage loan that you can take out using your home as collateral in addition to your primary mortgage. This means that if you default on your payments, the lender can foreclose on your home to recover their losses.

One of the main benefits of a second mortgage is that it allows you to access the equity in your home, which is the difference between the current market value of your home and the outstanding balance on your primary mortgage. This can be useful if you need to finance a major expense, such as home renovations, medical bills, or education costs.

Another benefit of a second mortgage is that the interest rate is typically lower than other types of loans, such as credit cards or personal loans. This is because the loan is secured by your home, which reduces the risk for the lender.

In addition, the interest you pay on a second mortgage may be tax-deductible, which can provide you with additional savings.

However, it is important to remember that taking out a second mortgage also comes with risks. If you are unable to make your payments, you could lose your home. Additionally, taking out a second mortgage will increase your overall debt load and could impact your credit score. It’s important to weigh the benefits and risks before deciding whether a second mortgage is a right choice for you.

Our certified mortgage brokers at CMB will help you determine whether a second mortgage is a right option for you. We will also help you to calculate the amount of the second mortgage you qualify for by determining the loan-to-value ratio, usually abbreviated as LTV. The lower the LTV, the higher the likelihood of qualifying for a second mortgage.

Self-employed individuals can face more challenges when it comes to accessing mortgages compared to those who are traditionally employed. This is because lenders typically assess mortgage applications subject to the borrower’s income and ability to make repayments.

For self-employed individuals, income can be less stable and harder to verify, which can make it more difficult to meet the lender’s criteria for approval. Additionally, self-employed individuals may not have access to the same benefits as traditionally employed individuals, such as employer-sponsored retirement plans and healthcare, which can affect their financial stability and ability to repay a mortgage.

You can take several steps to increase your chances of mortgage approval.

Keep detailed financial records: Lenders will typically want to see several years of tax returns, bank statements, and other financial documentation to verify income. Keeping detailed records of income and expenses can help self-employed individuals provide the necessary documentation to lenders.

Maintain a good credit score: A good credit score can help self-employed individuals qualify for a mortgage and secure better interest rates. Paying bills promptly, maintaining credit card balances low, and staying away from new credit applications can help improve credit scores.

Save for a larger down payment: Self-employed individuals may be required to provide a larger down payment to secure a mortgage, as this can help mitigate the risk for lenders.

Work with a mortgage broker: A mortgage broker can help self-employed individuals navigate the mortgage application process and find lenders who may be more willing to work with them.

Overall, while it can be more challenging for self-employed individuals to access mortgages, there are steps they can take to improve their chances of approval.

A construction mortgage in Canada is a type of loan that is used to finance the construction of a new home or the renovation of an existing home. This type of mortgage is different from a traditional mortgage in that the funds are released in stages as the construction progresses.

The construction mortgage typically works by releasing funds in increments, known as draws, at various stages of the construction process. The borrower will typically have to provide documentation to the lender, such as an inspection report or an invoice from a contractor, to demonstrate that the work has been completed satisfactorily before a draw is released.

In the construction stage, the borrower normally only pays interest on the amount of funds that have been drawn down rather than the entire loan amount. Once the construction is finalized, the mortgage will convert to a traditional mortgage, and the borrower will start making regular principal and interest payments.

It is worth noting that construction mortgages can be more complex than traditional mortgages, and lenders may have additional requirements, such as a higher down payment, detailed construction plans, and a firm timeline for completion. It is important to work closely with a mortgage broker or lender who is experienced in construction financing to ensure that you fully understand the terms and requirements of the loan.

Construction projects are complex because things do not always go as planned, and delays often occur. You should have some money set aside, preferably 15% of the project cost, to shield yourself with if things do not go as expected. When applying for construction financing, you need a mortgage broker to guide you through the application process.

A HELOC (Home Equity Line of Credit) is a type of revolving credit that lets homeowners borrow against the equity they have built up in their properties. It is a loan that is secured by a borrower’s home and can be used for various purposes, such as home renovations, debt consolidation, education expenses, or other major expenses.

With a HELOC, the lender establishes a credit limit for the borrower based on the value of their home and the amount of equity they have built up. The borrower can then draw on the line of credit as needed, up to the established credit limit, and only pay interest on the amount borrowed.

HELOCs typically have a variable interest rate, which means the rate can fluctuate over time. The interest rate is usually tied to the prime rate, which is the rate that banks charge their leading customers, plus a margin. The margin may be determined based on the borrower’s creditworthiness and other factors.

It’s important to note that a HELOC is a secured loan, which means that the borrower’s home is used as collateral. If the borrower is unable to make payments on the HELOC, the lender can foreclose on the home and sell it to recover the outstanding debt.

HELOCs can be a useful tool for homeowners who have built up equity in their homes and need access to additional funds. However, it’s important to use the funds responsibly and make sure you can afford the payments, as failure to repay the loan can result in the loss of your home. Our agents at Certified Mortgage Brokers in Pickering will guide you through the process of applying for a HELOC loan.