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Get Financing For Your Dream Home or Property with Turkin Mortgage Brokers In Winnipeg

The Challenges of purchasing your first home can seem immense for the first time home buyer. With a number of questions and concerns that arise during the search for the right mortgage it is key to find the right advice.
Turkin Mortgage formed upon the realization that very few mortgage agents have the buyers interests in mind. Both the major banks and often independent mortgage brokers mislead and misrepresent potential buyers who tend to be vulnerable with upcoming closing date and the burden of a financial commitment.

At Turkin Mortgage it is our priority to educate potential clients and aid them in finding the best mortgage rates and terms for the upcoming mortgages.

We search through a number of Canadian lenders to provide the best mortgage solutions for our Winnipeg clients.

Experience, Professionalism, And Dedication Are The Values We Stand By

We are Turkin Mortgage, a mortgage brokerage company serving in Winnipeg and other Canadian areas. We specialize in providing ideal mortgage solutions to fit your individual needs. We’ve catered to numerous satisfied clients for the past ten years.

Our commitment to unbiased quality service is what keeps us going today and for the any years to come. We adhere to professionalism at all times, and we are here to serve you in all honesty and dedication. Helping you reach your dreams with our mortgage brokerage services is our foremost aim.

A decade of experience in the market, a high sense of professionalism, and dedication to quality customer service – these things made us stand out from other brokers. We are one of the most trustworthy mortgage brokers in Winnipeg and other Canadian cities.

Why Us
Why Us
Our Mission
Specials
Your Trusted Mortgage Broker

At Turkin Mortgage Winnipeg, we do everything in our power to make the mortgage application process easy and hassle-free for our clients.

There are numerous mortgage brokers in Winnipeg. However, we will get you better mortgage rates than any of these brokers can offer.

We truly value our clients and always put their needs above our own.

Whenever you call Turkin Mortgage brokers, we will answer the phone to address all your needs and answer all your questions.

We're Canada's #1 Broker Two Years in a Row - 2017 & 2018

Types of Mortgages We Offer

Refinancing Mortgage

Mortgage refinancing is a financial strategy whereby you break your current mortgage contract, secure another mortgage, and use it to clear your current mortgage in full. The new mortgage comes with distinct terms and conditions. For example, the new mortgage could have a different interest rate than that of the first mortgage. Depending on the equity you have built on your property, you might be able to increase your mortgage when you refinance. Mortgage refinancing is suitable compared to other types of loans because its interest rate is lower than that of other loan options. You can choose to refinance with your current lender or choose an alternative lender.

Residential Mortgage

A residential mortgage is used to secure a residential property in which you intend to live. You will provide a deposit for the property you intend to acquire, and the lender will cover the remaining balance. You will then pay back the lender over a defined period at an interest. Some borrowers accept mortgage applications from borrowers directly, meaning that you can just identify the mortgage that meets your needs and submit your application. However, other lenders advertise their mortgage products through mortgage brokers. A mortgage broker will evaluate your circumstances and advise you on the best mortgage option. Mortgage brokers have access to products and lenders that you can’t access directly.

Commercial Mortgage

A commercial mortgage is a loan taken out on a commercial property, with the property serving as mortgage collateral. For a commercial mortgage, the borrower is a business or company as opposed to an individual. The business involved could be a limited company, partnership, or incorporated. Due to the increased risks, the rates for commercial mortgages tend to be higher than those of residential mortgages. It can be difficult to compare rates for commercial mortgages because the lending criteria and terms and conditions could greatly differ. Our agents at Turkin Mortgage will guide you through the process of obtaining a commercial mortgage to ensure that you access the best deal in the market.

Hassle-Free Closing

The easiest way to acquire property is by paying cash to buy it right away. However, most people cannot afford to buy a property in cash, and this is why a residential mortgage is essential. Without residential mortgages, most people would not be homeowners today. By choosing our brokers at Turkin Mortgage in Winnipeg, the process of applying for a mortgage will be easy and straightforward. We understand all the aspects of a mortgage application, whether you are applying for a new mortgage, renewing the existing mortgage, or refinancing a mortgage.

Our Team of Winnipeg Mortgage Brokers Offers the Next Services

First Time Buyers
First Time Buyers
Mortgage Refinancing
Mortgage Renewals
Private Mortgage
Second Mortgage
Self-Employed (Mortgages)
Construction Financing
HELOC

Our Team of Mortgage Brokers Based in Winnipeg Will Assist You Throughout the Entire Process

Applying for your first mortgage can be a bit intimidating, but with the right preparation and knowledge, you can make the process smoother and increase your chances of getting approved. Whether or not to hire a mortgage broker when applying for a mortgage is a personal decision that depends on your individual needs and circumstances. A mortgage broker works with multiple lenders, giving you access to a wider range of mortgage products and interest rates.

Instead of shopping around and comparing mortgage options yourself, a broker can do the legwork for you, saving you time and effort. A mortgage broker can provide expert advice on the mortgage process and help you navigate any challenges that may arise.

Before applying for a mortgage, it’s important to determine how much you can afford to borrow. This will depend on your income, expenses, credit score, and other factors. Your credit score will play a big role in determining whether you are approved for a mortgage and what interest rate you will be offered. It’s best to check your credit score before applying for a mortgage and take steps to improve it if necessary. Shop around and compare mortgage lenders to find the best deal for you. Look at factors such as interest rates, fees, and customer service.

It can be confusing when applying for a first-time mortgage; however, with the help of our agents at Turkin Mortgage in Winnipeg, the mortgage application process doesn’t have to be confusing. We will walk with you from the application, and identification of the property, to the completion of the mortgage process.

Call us: +1 866 921 8890

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FAQs About Your Winnipeg Mortgage

What is a Mortgage?

A mortgage is a loan taken out from a bank or a lender in order to finance real estate properties. These properties could be a house, a building, or any other property meant to become an investment building. When you take out a mortgage, you agree to bind yourself to an amortization schedule with your lender. The amortization schedule lays out the plan for paying out the full amount of the mortgage. In case you have failed to pay your mortgage amortization, your lender could foreclose the property you’re buying and sell it to others. Your property serves as protection and collateral for the lender in case you cannot continue completing your amortization payments.

What Mortgage Repayment Choices Do I Have?

Fixed-rate mortgages and variable-rate mortgages are two of the most popular types of mortgages accessible by homebuyers.

A fixed-rate mortgage has an interest rate that remains unchanged throughout the loan’s term, which means that the borrower’s loan repayments will remain constant. Fixed-rate mortgages provide borrowers with monthly payment predictability and stability, which makes it simpler to budget and plan for the future. They may, however, have higher interest rates than variable-rate mortgages, and refinancing can be expensive.

A variable-rate mortgage also referred to as an adjustable-rate mortgage, has an interest rate that changes with market conditions over time. The borrower’s mortgage repayments may increase or decrease over the life of the loan, making budgeting and planning more difficult. Variable-rate mortgages frequently have lower initial interest rates and may be a great choice for borrowers who anticipate their income to rise in the future.

Finally, whether to go with a fixed or variable-rate mortgage is determined by the borrower’s financial circumstances, risk tolerance, and long-term goals. A mortgage professional can assist borrowers in weighing the advantages and disadvantages of each option and determining which is the best fit for their needs.

What Are the Benefits of a Preapproved Mortgage?

A preapproved mortgage is one in which a lender has already reviewed and verified a borrower’s financial details and preapproved them for a particular loan amount, interest rate, and term before they begin looking for a home. Obtaining a preapproved mortgage has several advantages, including the following:

Buyers have confidence when making an offer on a home because they know exactly how much they can afford, thanks to a preapproved mortgage.

Speed because the lender has already reviewed and verified the borrower’s financial information; hence preapproval expedites the home-buying process.

Preapproved buyers are perceived as more serious and committed, which can give them more bargaining power with sellers.

Since the borrower has demonstrated their creditworthiness, preapproved mortgages may have lower interest rates.

Preapproval helps buyers avoid the disappointment of falling in love with a home that they cannot afford.

Having a preapproved mortgage can help to simplify the home-buying process and give buyers more confidence and bargaining power.

Which is the Better Option: Fixed or Variable Interest Rates?

Fixed-rate mortgages provide the security and stability of a consistent interest rate, which means that monthly payments will not fluctuate throughout the loan’s term. This is a compelling option for those who want to budget and plan their finances with confidence and are concerned about potential interest rate increases. Fixed rates are especially popular during low-interest rate periods because they allow homeowners to lock in a favourable rate for the duration of the loan.

Variable-rate mortgages, on the other hand, typically have a lower initial interest rate than fixed-rate mortgages, resulting in lower monthly payments. Variable rates can fluctuate over the term of the loan, meaning that monthly payments may increase or decrease depending on market conditions. This is a riskier option, but it may be appropriate for those who are willing to take on more risk and have the financial flexibility to deal with changes in monthly payments.

Finally, the choice between a fixed and variable mortgage rate will be determined by the borrower’s personal circumstances and financial objectives. Before making a decision, it is critical to consult with a mortgage professional to understand the pros and cons of each option.

How Much Do I Need for the Down Payment?

A down payment refers to the money you pay for real estate property. This money is paid upfront, and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment. But what if the cost of the property is more than $500,000? If that is the case, then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.

What Are Closing Costs?

Closing costs are the various expenses that a homebuyer incurs when buying a house. These costs are separate from the home’s purchase price and can vary depending on a number of factors, including the property’s location, the type of mortgage, and the services required.

Closing expenses may include a lawyer or notary fees, land transfer taxes, appraisal fees, home inspection fees, title insurance, and mortgage application fees. In addition to these costs, homebuyers may be required to pay for property taxes, utility bills, and other expenses incurred during the moving process.

What Documents Will I need to Finalize My Mortgage?

When closing a mortgage, you will typically be required to provide several documents:

  • Government-issued photo ID (e.g., passport, driver’s license)
  • Proof of income, such as recent pay stubs or employment letter
  • T4s or tax returns to verify income for the past two years
  • Proof of assets, such as bank statements or investment account statements
  • Lawyers details
  • Proof of down payment and closing costs
  • Building details for a construction mortgage
  • Property appraisal report
  • Mortgage preapproval letter
  • Purchase and sale agreement
  • MLS listing

Important Terms to Know When Closing a Mortgage

The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest. You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.

Closing a mortgage can be a complicated process, and it’s critical to be familiar with the various terms and jargon used during this time. The amortization period, down payment, interest rate, closing costs, title insurance, prepayment penalty, mortgage term, mortgage payment, principal, and refinancing are some of the most important terms to understand when closing a mortgage in Canada.

Understanding these terms can help borrowers make more informed financial decisions and navigate the mortgage process with greater confidence. Knowing the difference between the amortization period and mortgage term, for example, can help borrowers determine how long it will take to pay off their mortgage, whereas understanding the prepayment penalty can help them avoid unexpected fees if they choose to pay off their mortgage early. Overall, knowing these key terms can make borrowers feel more prepared and confident when it comes to closing a mortgage.

Winnipeg Mortgage Frequently Asked Questions

What is a Mortgage Term?

The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.

You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.

What is a Down Payment?

A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.

But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.

Google Reviews

Turkin Mortgage
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Henry Wright

Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.

Gina Carroll

Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.

Wilton Marble

A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.

Afton Jaskolski

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

Wendy Langdon

Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.

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