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Your Trusted Mortgage Broker in St. Catharines

Certified Mortgage Broker in St. Catharines

Mortgage brokers are professionals that can help you make the right decisions when you’re buying a house, but you should always look for reputable ones who will put your needs first. You need to know the qualities that make mortgage brokers great, such as knowledge in the field and customer prioritization. If you’re looking for such brokers in St. Catharines, then Certified Mortgage Brokers is the right place for you.

Brokers that make your closing hassle-free

Different types of mortgages are available for different needs, and our team can help you choose the best one. We have experience dealing with different kinds of loans and are best suited to help you explore your loan options. If you’re looking to expand your business by getting new offices, buy a new family home, or get a way of paying your previous loans easily, we are the best company to call.

We know the best mortgage rates out there

The availability of different types of mortgages makes it possible for you to find the most suitable loan option, but the terms used with the mortgages can be very confusing. You not only need to understand the mortgage terms used, but also the regulations around such loans and property ownership. Our company is here to ensure you navigate the processes properly. We will also use our contacts to help you get the best mortgage rates to suit your lifestyle and financial situation.

The best mortgage refinancing experts

Getting mortgage refinancing can give you relief if you have other debts but only if handled properly. Your new loan should match your asset value but still be enough to consolidate your existing debts. The refinancing process involves several factors that include getting new mortgage terms, money transfers, and debt transfers among others. With our experts, you have the right guidance to ensure you follow the due process that works best for your current and expected future circumstances.

We help you save time and money

Working with a team of professionals that already have expertise in the field is cost-effective and time-consuming. Searching for mortgage lenders on your own can take up a lot of your time and energy without guaranteeing you any results. On the other hand, working with us gives you access to multiple lenders, which makes your search easier. We will use our connections to get you the best deals, including in pre-approved mortgages. We consider your circumstances before linking you with various lenders to enable you to choose the one you think is best.

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We offer your personalized service

Whether you want to purchase a domestic or commercial property, you will need befitting financial assistance. Our mortgage brokers will meet with you to understand your expectations and goals before searching for the right lender for you. Understanding every clients’ needs allows us to deliver solutions that suit them exactly. We compare several lenders according to their fees, interest rates, and other conditions before recommending the best one for you. The wide range of services we provide residents of St. Catharines include:

Mortgages for first-time buyers

We understand the kind of commitment required in first-time investment and will be with you every step of the way. We are here to help you achieve your property-ownership dream, whether it is to own a home or commercial building. With us, you’ll overcome the various challenges first-time buyers experience, and you won’t have to worry about the financial implications the investment will have on you. Some of the factors we recommend you consider before the purchase include:

  • Your financial capacity: Consider all the costs associated with the property to determine whether you’ll be able to afford the payments. Property taxes, maintenance costs, and utility bills are some of the hidden costs included in property ownership. Make sure you can handle all these expenses, otherwise they’ll become a financial nightmare for you.
  • Debt to income ratio: Whether you’re self-employed or employed by someone else, your monthly expenses should never exceed 40% of what you earn. Your housing expenses should not be more than 32% of your income. With this, you can narrow down the properties you can afford and enjoy your property ownership journey.

Our mortgage brokers have the training and experience that will help you navigate the conditions included in the loan to ensure you save as much as possible. We look at your current status, but we also consider your future financial plans when helping you buy your first property.

Mortgage refinancing

Refinancing a mortgage is always a better way of settling the current mortgage and penalties, but only when done for the right reasons. Some of those reasons include:

  • Reduction in interest rates- The market rates are bound to change over time, and you can take advantage of a drop to save more money. You can also get mortgage refinancing if you have improved your credit score and lowered your interest rates as a result. Getting a loan with lower interest rates, no matter how little the reduction is, can help you save a lot of money in the long-term.
  • Funding big projects- You should also consider refinancing if you need money for projects such as renovations, investments, or education.

The current mortgage isn’t suitable for your situation- Financial situations change, and yours may no longer be suitable for your previous loan terms. You can get a new contract that suits the reality of your situation, despite the penalties that may be involved.

Some of the options you may get with mortgage refinancing include breaking the mortgage, getting a HELOC, or blending your old mortgage with your new one. Each of these options has its merits and demerits that our team will help you understand.

Mortgage renewals

Mortgage renewal is one of the overlooked mortgage options, but it is one of the best ways of saving money. When you renew your mortgage, your old loan is replaced with a new loan that comes with a new contract. You’ll get a notification to renew at least three weeks before, and you can renew your loan if you’re not happy with your current lender or if your lifestyle has changed.

When given such an opportunity, you should consider the terms of the mortgage, increasing or decreasing your payments, whether to use fixed or variable interest rates and the prepayment penalties you may have to pay. We are here to give you professional advice and suggestions regarding the best possible options. We can contact the lenders we know to negotiate the best deals in your place.

Second mortgage

Also known as a home equity loan, this type of mortgage allows you to consolidate a more expensive debt by cashing in on your home equity. You should expect to pay higher interest than your first loan, and you must estimate the value of the property as well. Most real estate agents do a valuation for free, but you should get multiple ones to ensure you get an accurate estimated property value. You can also calculate the amount you qualify for by getting the loan to value ratio.

Most second mortgage lenders are always willing to give up to 90% of the home equity, but you must do an appraisal first. You’ll also pay for the closing costs and get shorter payment terms than your first mortgage. If you take this mortgage, there is a possibility that you won’t recover all your money. The loan covers the previous mortgage, which makes it a high-risk type of loan. Our mortgage brokers can connect you with the ideal private lenders that will offer you the best deals.

Private mortgage

Private mortgages are secured loans that are usually given by private lenders and not traditional banks. If you need funds quickly, or if your bank has denied you a loan, you can turn to private lenders. The loan is also ideal if you have a bad credit score since the lenders tend to focus on your collateral rather than your credit history and score.

Private mortgage lenders can give you up to 90% of your home equity, but they also charge higher interests because of the risks they take. They are not bound by the same rules that govern the traditional banks and are, therefore, capable of giving you quick funding. You should consider getting a private mortgage if:

  • You have your own business/source of income
  • You don’t have a perfect credit score
  • You’re looking for funding that traditional lenders can’t give
  • You need a mortgage to consolidate your debts or to renovate your property

Self-employed (mortgages)

Being self-employed comes with a lot of advantages, but unfortunately, getting a mortgage isn’t one of them. Most lenders always want borrowers with consistent income, and that isn’t possible with self-employed people. Your business may do well in some seasons, thereby boosting your income, before declining again in other seasons. The inconsistency can make it harder for you to find a better lender, but with our mortgage brokers, you’ll get a loan with fair terms.

When you have tax returns for the previous two years and proof of income in the form of business registration documents, you can get a lender that treats your application like every other employed person. However, the lender will likely use the debt to income ratio to determine the amount you’ll be able to pay, and that can limit you.

You can opt to approach a private lender since they are not tied down by banking rules and they won’t focus on your financial capacity.

Private mortgage lenders can tailor their services to suit your exact needs, and we can help you choose the right one.

Construction financing

This type of mortgage comes in two types such as the progress draw mortgage and the completion mortgage. The former involves paying the construction company a specified amount of money after they make specified progress. The lender will have the site inspected to determine the milestone the contractor has covered before paying them. With the latter, the lender pays the construction company after they finish building a property, then you take ownership of that property.

To get a construction mortgage, you’ll have to give your lender the blueprint of the property, your ownership contract, your bills, and the estimated duration of the construction. Your down payment will also be higher than with other mortgages. Although the risks involved are higher for both you and the lender, our mortgage brokers will help you minimize them.

HELOC

An equity loan is a secured loan that you take against the equity of your home. It is a more flexible mortgage option in that it allows you to pay interest only until you can pay the principal amount. You are also allowed to borrow the capital after you pay it back. Home Equity Lines of Credit are susceptible to change depending on the market changes. As a result, you may end up paying more than you prepared for, and that can inconvenience you.

Working with our mortgage brokers to look for the best HELOC lender will increase your chances of getting the best deals. The large number of contacts we have puts us in a better place to negotiate on your behalf.

Google Reviews

Certified Mortgage Brokers
5
powered by
Sean Hammond
2019-08-29

I had to port a mortgage to a new condo, Leon had excellent knowledge to get me through the approval process. When the bank made an error, Leon was quick to contact them to make sure everything was done right and on time. He is very professional and courteous and I recommend his service to anyone who wishes to apply for a mortgage.

Ronald McDonald
2019-08-27

Giving them 5/5 stars. Massoud helped me with my mortgage and he never missed a beat. He made the process very straightforward as a first time home buyer. Shopped around for other mortgages but he was always the first to get things for me. Highly recommend him

Shannon Jones
2019-08-23

I was looking to renew my mortgage and my previous lender was less than willing to do anything to keep my business. So I started to look for another brokerage to do business with and Certified Mortgage Broker stood out purely based on my interactions with Massoud. Massoud was professional and clearly had a keen sense of customer service; which I make a high priority when doing business with anyone since I'm in the customer service business myself. Peter rolled out the red carpet for me, walked me through my options, inquired about my plans with my current property, give me opinions and facts about rentals in the area, sales/purchases. In some respects he gave me more information about real estate than my real estate agent has!

Glen Plummer
2019-08-20

Selling and buying a home is a stressful experience and Leon with CMB in North York took all of the stress out of arranging the financing. He was very professional and clear about what I needed to provide to him. He used this information to arrange the best mortgage option on our new home, arranged the bridge loan to cover the closing period differential, and arranged closing out the mortgage with the previous lender.. Our experience with Leon is far better than the local in-person brokers that we contacted previously and Leon has helped us with a mortgage renewal in the past with the same excellent experience.

Colleen Power
2019-07-31

Leon returned my called from a missed call within 15 minutes of my call and I left no message. Leon and his team were fantastic. Even with the money issues we had Leon made me feel important and valued as a person.

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Frequently Asked Questions About Your St. Catharines Mortgage

What is a mortgage?

A mortgage is a type of loan you can get to finance a property purchase. The property remains in the hands of the lender as collateral until you pay off your loan. You’ll be given a contract that outlines the mortgage terms as well as other conditions, such as the payment plan. If you fail to pay off the mortgage, the lender can sell your property to recover some or all the loans.

Available mortgage choices

You can always choose between a closed mortgage plan and an open mortgage plan. With the closed loan payment pan, you will get low interests and the chance to make lump sum payments occasionally. However, you can’t pay off the entire loan early without being penalized. The open plan is more flexible as it allows you to make payment at any time so long as it’s within the payment term.

Benefits of a pre-approved mortgage

Pre-approved mortgages allow you to determine the amount you qualify for beforehand. Some of the benefits include:

  • Time efficiency
  • Easier financial planning
  • No costs or obligations

Fixed vs. variable rates

Most borrowers in St. Catharines prefer fixed interest rates because they remain constant through the mortgage term. They may be higher, but they give you the solace of knowing what payments you should make. Variable interest rates change depending on the prime rate and make it impossible for you to make the same payments.

How much do I need for the down payment?

You’ll need between 5% to 20% of the property price as a down payment in St. Catharines. Since the down payment is deducted from the property price, the more you pay, the lower your mortgage will be. Mortgage terms you should familiarize yourself with during a closing include:

  • Amortization, which refers to how long you take to finish paying off your mortgage
  • Appraisal, which refers to the property evaluation
  • Deposit which is the amount you pay to secure the property
  • Down payment, which is a percentage of the total property cost that you pay from your pocket
  • Inspection fee, which is the amount you pay to have the structural integrity of the property checked
  • Loan to value ratio (LVT), which is the size of the mortgage you want against the value of your property
  • Mortgage loan insurance, which is the amount you pay when you have a down payment that is less than 20% of the price
  • Property transfer tax, which is the tax paid when a property changes ownership
  • Mortgage term, which is the period you should take to pay off the mortgage. You can renew your loan term when it elapses

Certified Mortgage Brokers are here to help you solve all your mortgage needs in St. Catharines. Call us today.

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