When You Close a Mortgage With Us
When You Close a Mortgage With Us
Never let yourself get hassled and run around over trying to get your Vaughan home refinancing done. One phone call to us will ensure that you are not only getting the best rates but the same fast service as you would get from a new residential or business loan. We are the specialists in the Vaughan area, and we take pride in our work.
Having a business plan is essential to making your business successful. However, all that is useless without a location for your offices or storage. Finding a commercial place is where we come in. Our commercial mortgage experts will help you get your contract signed, and it will be just as quick and simple as that.
Since we are getting better rates from lenders than you dealing with a bank directly, the result is a lot more for your savings that you can use toward your other costs of getting your business up and running.
Buying a home in Vaughan will require a mortgage, and getting the lowest possible rates means giving us a call first. We have deep and significant relationships with lenders, so we can get you rates lower than you will find anywhere.
More often than not, we can get you rates lower than what lenders advertise. They will not do that for everyone, but fortunately for you, they do such favours for 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||0.99% (prime - 1.46%)|
|Line of Credit||Starting at 3.00%|
|Equity Loans||Starting at 5.99%|
|Private Mortgages||Starting at 4.99%|
Buying a home can be stressful, especially if you are doing it for the first time. When you have an expert to guide you, you can go through the home buying process more smoothly. With all the excitement of buying a new home, you will probably wake up thinking, “this could be the day when I get my ideal house!” However, many young people fear making this big investment because obtaining a mortgage is an equally significant and confusing step. The aim of Certified Mortgage Brokers is to make the process easier by helping you understand different mortgage options. We have a vast network of agents and real estate lawyers to help you get the best deals. The certified mortgage broker will:
With a certified mortgage broker, the process of buying your first home doesn’t have to be stressful.
Refinancing your mortgage loan involves taking out a new loan with different terms to pay off the initial loan. With a mortgage refinance, you are free to choose any type of mortgage loan. It is a complete overhaul; you don’t have to obtain a loan with similar terms as the original loan. There are several reasons why you may refinance your loan. Refinancing your mortgage can help you release some funds to invest in other property or pay for renovations. You may refinance your mortgage if you seek to consolidate expensive unsecured debts and obtain a loan with a lower interest rate. After a refinance, you can use the money to pay for your children’s education or other purposes.
A mortgage refinancing could be accompanied by penalty charges, but you should not let that discourage you. At times, it might be cheaper to refinance the mortgage and pay the penalties instead of continuing to repay an expensive mortgage. Some of the factors that you should consider when weighing your options include:
It’s advisable to ensure that you evaluate your mortgage annually to avoid paying unreasonably high-interest rates that could amount to thousands of dollars over the loan term. It might be cheaper to negotiate a new mortgage and pay the existing loan with all the accompanying costs and penalties.
With the right guidance, a mortgage refinance can help you reduce your loan repayments and use the extra equity to invest or improve other areas of your home.
A mortgage renewal involves paying off the new mortgage and signing a new contract. You should take advantage of the renewal period to negotiate more favourable mortgage terms. You would be making a great mistake if you just sign and return the renewal forms without negotiating better terms.
During a mortgage renewal, you should take some time to consider whether the mortgage is in line with your lifestyle and financial requirements. You should consider several factors, including your current mortgage’s interest rates. You should also decide whether you want to continue with your current mortgage lender or get an alternative one.
Up to 50% of mortgage holders do not negotiate for better terms during a mortgage renewal, and they end up leaving thousands of dollars on the table. You shouldn’t make the mistake of signing the renewal notice without first doing your research.
It’s wise to contact a certified mortgage broker three months prior to the mortgage renewal period. Contacting a mortgage broker early gives them ample time to negotiate the best mortgage terms for you. A mortgage broker will negotiate terms that will fit your current and future financial goals and plans. Next time you receive a mortgage renewal notice, you should contact a mortgage broker immediately.
The interest rate savings you make by negotiating for better terms during a mortgage renewal could help you clear your mortgage at an earlier date. A mortgage renewal gives you the opportunity to align the mortgage with your lifestyle and the current housing market’s realities. You should always remember that by signing a new term, you will be signing for a new mortgage contract.
Many Canadians gave up on the dream of owning their own homes due to the recent changes in the Canadian mortgage industry. The good news is that you do not have to be part of them. It’s not the end of the road for you just because conventional lenders have turned down your application for a traditional mortgage.
People who don’t qualify for conventional mortgages can still acquire financing from private mortgage lenders. Private mortgage lenders do not operate under strict rules like conventional banks. Private lenders are institutions or individuals with surplus money, which they intend to lend to investors to earn interest.
Private mortgage lenders are often more interested in the value of the property you will use as collateral instead of your credit score. They give a second chance to borrowers who have been turned away by traditional lenders. People who often benefit from private mortgage loans include:
Unlike traditional banks, private lenders are more approachable and welcoming. They will tailor the mortgage to suit your unique needs, and they offer a personalized service. Compared to the application process adopted by traditional banks, applying for a private mortgage is quicker and easier.
Most private mortgages are short-term and last between one and three years. Private mortgage loans are interest-only loans. Whenever you borrow a private mortgage, you should have an exit plan.
You can secure a significant amount of money using the equity built in your home by obtaining a second mortgage, also known as a home equity loan. A second mortgage is taken against a property that already has an existing mortgage.
You shouldn’t apply for a second mortgage before you understand all the risks involved. With the help of an experienced mortgage broker, you can balance the costs and benefits of obtaining a second mortgage. Usually, the second mortgage is more expensive than the first mortgage because it carries more risks. If a borrower defaults the loan, the foreclose proceeds to cover the first mortgage first and then the second. Therefore, in case of a default, the second mortgage holders might not recover their loan in full.
However, a second mortgage will come in handy when you need emergency funding. Even if a second mortgage is more costly than the first mortgage, it is less expensive than an unsecured loan. You could use a second mortgage to consolidate your expensive unsecured debts like personal loans and credit card debts. By obtaining a second mortgage, you can upgrade your home or invest in other ventures. With a second mortgage, you can borrow up to 90% of your home’s equity.
Your certified mortgage broker can guide you and help you apply for a second mortgage with the best terms and conditions from their great portfolio of lenders. You only need to be certain that you can afford the second mortgage and that it is in line with your financial plans and goals. You don’t have to hassle looking for the best second mortgage deal, yet a mortgage broker can make the process much easier.
Statistics reveal that in Canada, 15% of the residents are in self-employment. It is often more difficult and expensive for a self-employed person to access a mortgage loan. Many conventional lending institutions tend to favour people in formal employment over self-employed persons. Many mortgage lenders consider self-employed persons high-risk individuals. Before a lender even considers lending to you, they will request proof of income for the last two years.
It is common for self-employed people to write off allowable expenses in order to reduce the taxable income. However, even if this is a smart move, it could affect the size of the mortgage you qualify for. While calculating how much you can afford to pay, lenders will consider your debt to earnings ratio. The good news is that some lenders will write back some of your allowable expenses when considering how much you can qualify. However, the majority of lenders won’t do this, and that’s why you need an experienced mortgage broker to guide you.
Planning forward will do you a lot of good if you are a self-employed person planning to acquire a mortgage loan. You have to ensure that all your documentation is in order. Ensure that you pay off as many debts as possible before you apply for a mortgage loan so that you can improve your credit score. When it comes to allowable expenses, you should consider your options carefully. Ensure that you hold back on large optional purchases and maximize your earnings.
The lender will request a down payment. You should save for the down payment in advance. The higher the down payment, the lower the risk involved. A mortgage broker will help you gather the required paperwork and get a good lender.
Maybe you have always dreamt of constructing your own home instead of moving into an already constructed home. The benefit of constructing your own house is that you can build a home that suits your unique lifestyle. Construction financing is the right product for you if you have always desired to build your own home. It’s worth noting that with construction financing, you have to put in some effort and finance.
The applicable down payment in construction financing usually ranges between 25% and 35%. You have to make many crucial decisions when constructing your home. You must decide about the construction of the ideal company and your home’s location. Choosing the right construction company helps you ensure you spend your money well.
You should take ample time to prepare before you apply for a construction loan, also known as an own build mortgage. The lender may request your contract with the construction company alongside the construction plans. You will also need a sale and municipal approval of the planned construction if you are constructing a home on a vacant plot. The lender could also request an estimate of all the costs involved.
The lender may also require you to outline the timeline within which you intend to complete the construction. Delays and other hitches are common; you should ensure you have enough money to cover unexpected occurrences. You should have funds equivalent to 15% of the project cost to cover any unexpected occurrences.
Nothing beats the excitement of choosing your own fittings and finishes while constructing your house. However, building a home is risky for both the lender and the borrower. However, you can mitigate all the risks involved with the guidance of a certified mortgage broker and proper planning.
Usually abbreviated as HELOC, the home equity line of credit is a popular form of secured credit among Canadian residents. A HELOC loan can help you access up to 65% of your home equity. Upon applying for the facility, the full amount that you qualify for will be available to you, but you will only pay interest on the amount you use.
You can pay back the principal whenever you desire because most HELOC loans are interest-only loans. When you pay back the principal amount, the amount will be available for you to borrow when you need it next. Lenders calculate the interest for HELOC loans on a daily basis, taking into account both your deposits and withdrawals.
The loans allow homeowners to access funding at a rate that is more affordable than that of unsecured loans. You can clear the loan at any time you desire without incurring any penalty.
If you do not have a solid financial discipline, HELOC financing could get you into trouble. You will have access to large amounts of money that you might misuse. Because you do not have to pay back the principal, you might be tempted to continue paying only the interest, which might not be the best move. Remember that you have to pay the HELOC facility in full if you decide to move your mortgage loan. It’s no doubt that a HELOC loan provides homeowners with an easy way of accessing money. However, to get the best out of the loan and avoid regrets, you should use the loan with caution.
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.
You need to get a preapproval which states the amount of loan you can borrow. This is an opportunity for you to assess available homes and avoid looking at those that are out of your budget’s range.
Check for the mortgage term which is the period in which a lender can release funds to a borrower. Most mortgages have a term of 2 to 5 years.
When a term ends, it opens a new opportunity for you to renegotiate your mortgage. You can pay the balance in full or go for another mortgage term with a lower principal and a lower interest rate. You can repeat and repeat this again until the mortgage is fully paid.
Mortgages come in different types:
Other charges and fees will be imposed. The first is the deposit, a part of the down payment, which must be paid at the signing of the Agreement of Purchase of Sale. This document will show a summary of terms and costs.
A property tax payment will also be required. This tax payment is due to your owning a private property and will be paid on a monthly basis or semi-annually. You need to check the tax rate of your locality for this.
Key terms for mortgage transactions are:
Paying off your mortgage earlier than scheduled is tough, but if you’ve got a chance to do it and you have money to use to make that happen, go for a pay-off. Check below for the pay-off strategy that will suit you.
Make payments more frequent. This is done by paying more frequently than what is stated in the contract. Negotiate for weekly or biweekly payments.
Make prepayments (also called anniversary payments). Many mortgage deals allow the borrower to pay up to 20% of the mortgage balance every year. Many people use their yearly bonus or their tax refund for prepayments.
Lump sum payments. Lump sum payments can hugely pull down cost.
Down payment. You can double it and keep yourself from paying insurance for the mortgage.
A shorter amortization period. The rate will be low but payments will be higher compared to a mortgage with a longer amortization period.
After the end of the mortgage term, say five years, you will be allowed to negotiate for a lower rate for paying the rest of your mortgage payments. A longer amortization period may not be advisable since you will incur a higher interest rate for that. But some prefer a longer amortization period because monthly payments are lower compared to a shorter amortization period.
Mortgage companies categorize properties in Vaughan into the following types:
The following documents must be submitted to your mortgage institution:
This search for a mortgage deal should be guided by important questions and here are some of them:
Owning a home in Vaughan financed by a mortgage calls for responsible borrowing on the part of the borrower. Having a good sense of accountability over your loan gives you the opportunity to make the investment work well for your finances. Some people were successful in that regard, while others find themselves struggling to catch up.
The mortgage might put you deeper and deeper into debt if you are negligent. You might eventually sell the property- leaving you and your family without a roof over your heads. Once you find payments are getting tougher to make, call the attention of concerned institutions (or even your lender). There can be a quick way out of the problem which you are not just aware of.
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