Refinancing occurs when you pay off a current mortgage to replace it with a new one. Some of the more common reasons borrowers choose to refinance are: Obtaining a lower interest rate, tapping into home equity to finance a large purchase or home renovations, and using equity to consolidate debt.
Pre-approvals are a way to find out the maximum amount and best terms a lender is willing to offer you before you begin your home search. It allows you to be more confident when looking for a home in regards to financing the property, and may even give you an advantage when putting in an offer for a home. It is often more attractive to a seller knowing the buyer has their financing prepared.
If you have already purchased or put in an offer for a home, let us find you the perfect mortgage that fits all of your needs
A mortgage renewal is a new agreement to extend or renew mortgage terms with your current or a new lender. This is a great time to shop around and perhaps see what other lenders may have to offer you, as you may be in different financial circumstances than at the beginning of the term.
Rate-holds are a means of securing an interest rate without actually applying for a mortgage. Rate holds typically are for a period of 90 to 120 days, depending on the lender. If interest rates are to rise or lower over the period of the rate hold, you would receive the lower rate. Since your not actually applying for a mortgage in this case, attaining the rate is subject to being approved by the lender.
Thinking of purchasing a property at some point in the future but have no clue where to start? Whether you want to buy in 3 months or 3 years, we can put a plan together to get you into the home you want.
Home equity loans are another way of tapping into home equity to finance large expenses. Unlike refinancing, it is a separate mortgage (often referred to as a 2nd mortgage or an equitable mortgage). This could be done with either the same lender or a different one.
Whether it is for residential or commercial purposes, we can use our extensive list of lenders to find a flexible financing solution for your construction project.
For many, a mortgage on one’s home is the largest purchase of their life. Mortgage life and disability insurance offers a way for the borrower to protect their family and this asset in the case of an unfortunate event.
Commercial mortgages are a means of financing designed specifically for businesses and investors. No matter your current financial circumstances, we can work with you to find the right financing to fit your needs for your commercial property.
No matter what type of equipment or automobiles you need to lease, we can help find you the best financing option available.
Need to find the most efficient way to go about the financing on a certain property? Don’t quite understand certain concepts regarding mortgages? Never hesitate to call or email us so we can work with you to find out the answers.
What is a mortgage broker?
A mortgage broker acts as an intermediary between a lender and a borrower. In other words, they facilitate the transaction between you and your bank or mortgage lender. They take care of the legwork of searching for the best mortgage product and interest rate by utilizing their network of lenders and financial institutions. Brokers are not tied to any one lender or range of products. This puts the clients’ interest at the forefront.
What are the advantages of using a mortgage broker?
Since we don’t work for one specific lender, it means we are unbiased and can give you advice in your best interest, not the lenders’. In most cases our services are free, as we are paid by the lender. The list of mortgage products we have available to our clients is compiled from over 50 banks, credit unions, trust companies and financial institutions. Since we are self-employed, we are able to work around the clock to serve your schedule unlike the bank.
What are the disadvantages of using a mortgage broker?
What are the costs to use a mortgage broker?
Most residential services are free of charge. We charge a broker fee for commercial and construction financing. Also, any money sourced from a private lender will be subject to a broker fee.
What kind of clients do you work with?
We are able to work with home buyers in all types of financial situations. Whether you have poor credit, little money available for down payment or are self-employed, a mortgage broker can help.
How long does the mortgage process normally take?
If we are able to get the necessary documentation, we might be able to get an approval in as little as 24 hours. Keep in mind, the longer it takes for us to receive your documents the longer your approval will take to secure.
Why should I go to a mortgage broker first?
A professional presentation to a lender on the first application will get the best response and save you valuable time and money. Secondary applications with previous credit bureau inquiries may be more costly. Often, the success of obtaining mortgage approval depends on the way a proposal is presented and to whom it is sent. We are trained to present your mortgage proposal where and how it will get the most immediate positive result.
Can I still go through my bank with my Broker?
Yes, letting us represent you to your own financial institution can often result in a better rate than you could get on your own.
Why a broker, not the bank?
Working with us, we are able to get you faster approvals, lower interest rates and better terms for your mortgage. The experience with us is much more convenient, stress-free, and even educational. Since we are unbiased, this allows us to always act in the best interest of the client.