- Ask about the role of the person who is helping you to search a house.
- Ask them about their different offerings.
- When they suggest a particular mortgage, ask them why this is being offered.
- Ask that individual how does he receive compensation.
...pick the one thats right for you.
|HELOC||4.2% (prime + 0.25%)|
First National Financial
Street Capital Bank
|5 year variable||1.7% (prime - 0.35%)|
|3 year variable||2.6% (prime + 0.15%)|
|Line of Credit||Starting at 3.00%|
|Equity Loans||Starting at 5.99%|
|Private Mortgages||Starting at 5.99%|
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.
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
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!
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.
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.
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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