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Your Trusted Mortgage Broker in Thunder Bay

Investing in a domestic or commercial property always requires a lot of sacrifices for most people. Getting the funds together and spending time looking for the best fitting property isn’t an easy task. That's why you need professionals who will understand your sacrifices and protect them. Certified Mortgage Brokers understands what it takes for the residents of Thunder Bay to get the properties they want. We will help you make the right mortgage selections that will serve you for a very long time.

Why Work With Our Brokers in Thunder Bay

Knowledge and Expertise

Our understanding of different types of loans is one of the factors that will benefit you the most. When you work with us, you benefit from high skilled professionals that come in handy during closing. We help all our clients get the most beneficial loans as we focus on the short-term and long-term benefits.

The expertise also works for different types of needs. Whatever you need the money for, whether it is to start a business or to move into a family home, our experts will take good care of you.

Our Experience

We don’t take property investment lightly because we know the financial strength it takes to do it. Needing financial assistance to accomplish such dreams is nothing to be ashamed of. Our professionals can help you navigate through the laws to ensure you get the best loans available. We will also make sure you understand all the regulations tied to the loan so that you don’t make a decision you may regret later.

We Can Help You With Refinancing

One of the popular loan options, especially for subsequent property buyers, is refinancing. If you want a second loan to help you out with the first mortgage, we will help you. We are here to ensure you continue living the best lifestyle you can afford, and that may mean consolidating your existing loans. Be advised that you may end up spending more on the new loan.

You Won’t Waste Your Time Or Money

Trying to get a loan on your own is a very challenging task that will most likely fail. You may not know the right place to look, and you won’t have the right contacts. Our certified brokers can take over and give you results within a short time. We have the knowledge, experience, and we know where and how to get the best deals on the best loan terms. Call our team for fast assistance.

Both Domestic And Residential Mortgages

Certified Mortgage Brokers in Thunder Bay don’t just work with potential homeowners, but business owners as well. When you want to buy a house, we will help you get a suitable residential mortgage. Some of the factors we’ll have to consider include your financial ability, the real estate market at the time, and the type of house you want. Each of these factors can determine the kind of mortgage you end up getting. We will explain all the options and help you make a suitable choice.

When it comes to commercial mortgages, the kind of properties currently available will have a major influence on the mortgage you get. We can still help you get an ideal option for your needs, whether it is setting up a new business or an expansion. It’s important to note that the decision you make will affect the financial aspects of your business. We advise that you go through the conditions to understand them before taking the loan.

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Services Offered By Certified Mortgage Brokers In Thunder Bay

Other than our professionalism and expert knowledge, we also provide a wide range of services for Thunder Bay residents. We want to help you achieve your property ownership dreams by making different loan options available. Call us if:

You Want To Refinance Your Mortgage

Every person has a different reason for wanting another mortgage. It could be because you’re being overwhelmed by your debts, or you need money to pay for further studies. Other people also consider this type of mortgage because of better interest rates. Whatever your reasons are, you should consider your options carefully. One of the popular options is breaking the mortgage, but you may also be given the Home Equity Line of Credit option. Mortgage consolidation is also possible, but you have to be careful with this because it means paying higher interest rates. We will work with you regardless of your reasons for the refinancing and ensure you enjoy all the benefits that come with it.

You’re Thinking of Renewing Your Mortgage

For those who already have domestic properties, our mortgage renewal services will come in handy. We will help you discover all the ways you can take advantage of renewal instead of just signing and sending back the document. Since the notice to renew is often given at least three weeks prior, you will have enough time to find different ways you can take advantage of the new loan. Always check the new terms on the new loan, whether the new interest is fixed or variable, the prepayment penalties and how they’ll affect you, as well as whether the new loan requires you to increase or reduce payments. Our brokers know about all these and more. We can help you choose the best lenders and negotiate the best terms for the renewed loan.

You Want To Work With Private Lenders

We know private lenders that will give you a secured loan quickly, even if you have been turned down by traditional lending facilities. Since they don’t have to follow the same rules as the banks, private lenders will charge you higher interests. The loans are also given on a short-term basis, so be sure you can pay large sums within the stipulated period before accepting it. The best way to ensure this is by having a contingency plan in case your financial situation changes before you finish paying the loan. You can still find lenders that are willing to give you a personalized plan. We will connect you with some of the best ones that won’t charge exorbitant rates.

You Want To Take A Second Mortgage

This service is ideal for people that already have a mortgage. The second mortgage will come at higher rates, which is why you should only take it if there isn’t a better option. You should also check the value of your property and calculate the amount of loan you’ll qualify for by finding out your loan to value ratio. The lower that ratio is, the higher your chances of getting the loan. You may get up to 90% of the equity but a shorter time to repay the loan. You will also cater to the closing and appraisal costs. We can help you get the second mortgage from a private lender or a traditional institution. Whatever your choice is, we will work with you.

You Don’t Have A Traditional 9-5 Job

If you are in the self-employed category, you can still get a loan with the help of our brokers. Most banks and other financial institutions tend to shy away from self-employed people due to the uncertainties of paying the loan. It is also impossible to calculate the loan amount you can get because lenders can’t figure out your debt-to-income ratio. The requirements for these types of loans are more stringent, and you will be expected to bring several documents. As such, you will be better off approaching a private lender instead of their traditional counterparts. They may give the loan according to your property value and not your income.

You Are Having A New Property Built

Our construction financing services are perfect if you intend to build a new house in Thunder Bay. The loan also applies if you’re interested in a property that a construction company is already working on. Since new constructions tend to experience problems before completion, this type of loan is considered to be high risk. Your lender will have to see the building plans as well as your contract with the contractor. They will also need all your bills together with the construction duration. The mortgage will not cover any delays or mishaps during construction. You have to set aside some cash to cater to that. Certified Mortgage Brokers in Thunder Bay can introduce you to some reputable lenders and help you apply successfully.

You Want A Mortgage For The First Time

Our first-time mortgage services are ideal for those aspiring to own homes and business premises for the first time. Given the level of risk and commitment you’ll be taking, you’ll need to be sure about your choices. We advise that you consider the following:

  • Your Debt-To-Income Ratio: This is the amount of loan you can get compared to the amount of money you earn every month. Your income should be enough to cover the mortgage and leave an extra amount for your upkeep.
  • Utility Costs: Every home comes with utility bills that you will have to deal with after purchasing it. Don’t focus too much on the purchase price and ignore the utilities. Make sure you can afford to pay the monthly bills and the taxes on the property.
  • Your Broker: Thunder Bay has many mortgage brokers, but you need to make sure you end up with the right one. We will be with you throughout the process and will help you develop plans that work for your immediate financial goals as well as future ones. We can also help you with the payment terms to ensure they work in your favor.

You Want To Get Money From Your House

You can always take a loan against the equity of your house. The level of flexibility this loan offers and the low interests it comes with makes it one of the best loans to acquire. You can take the amount you need and pay only the interest until you can pay the capital, which you can borrow again if you need to. This makes it the best loan to consolidate other debts, especially if you have unsecured loans. We can help you sample a few HELOC lenders to ensure you negotiate better terms.

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Google Reviews

Certified Mortgage Brokers
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Afton Jaskolski
2020-12-30

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Davin Mills
2020-12-26

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

Tracy Wilhoite
2020-11-21

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.

Ryder Turcotte
2020-11-16

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!!

Lucy Zimmerman
2020-11-11

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.

Certified Mortgage Broker Thunder Bay

FAQs on Mortgages In Thunder Bay

What Is The Definition Of A Mortgage?

A mortgage is a type of loan that can be taken to buy properties, make other investments, or consolidate debts. The problem you have and your financial capacity determine the kind of mortgage you get. The mortgage lender will take your property and give it back after you finish paying. Some of the other terms and conditions are listed in the contract between the borrower and the lender.

Are There Different Payment Options?

Yes. You can choose between the two payment options namely, the closed payment plan and the open plan. Each of these come with different stipulations that you must consider before agreeing to it. Your mortgage broker can help you understand them better.

Do Pre-Approved Mortgages Have Any Advantages?

Yes. One of the advantages is the quick and simple approval process. Your lender will still verify all the information you provide, so it’s best to be honest. Other advantages include better financial budgeting, no expectations from the lender, and narrowed down property choices, which helps with time management.

What Is Better Between Fixed And Variable Rates?

Each of these has its merits and demerits. For instance, fixed interest rates have more stability, which is great for planning your finances. Varied rates are cheaper, which results in lower payments over time. On the other hand, fixed rates are higher, while variable rates frequently change, which makes it harder to plan. Compare your income to your monthly payments, then choose interest rates that work for you.

Is There A Specific Amount For A Down Payment?

No, but you should pay at least 20% of the amount. Some lenders will accept as low as 5%, but that means you’ll have to pay more. The down payment will be deducted from your mortgage. Depositing large amounts will result in paying less.

Will I Pay Closing Costs?

No, but you should pay at least 20% of the amount. Some lenders will accept as low as 5%, but that means you’ll have to pay more. The down payment will be deducted from your mortgage. Depositing large amounts will result in paying less.

Are There Specific Documents I Will Need To Get A Mortgage?

Proof of income, bank information, lawyer’s details, a list of assets and liabilities, as well as the purchase agreement are some of the documents that you must have. We can help you get all your papers ready before approaching a lender.

Certified Mortgage Brokers in Thunder Bay are available any time you need us. We will help you select the right mortgage for your needs and navigate the application processes easily. We will also help you understand all the terms such as appraisal, amortization, loan to value ratio, mortgage loan insurance, and property transfer tax, among many others. Call us today for more information.

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