First time mortgages:
Pre-Approval
Before you even consider buying your first home, the most important step you can take is to understand what you can afford. Lenders will pre-approve borrowers up to a maximum amount based on their assessment of your ability pay back the mortgage. Knowing how much lenders are prepared to loan you (and at what rate) allows you to shop with confidence for a property within the pre-approved range (plus the amount of the funds you have set aside for a down payment). Pre-approval does not oblige you to borrow from the pre-approving lender. We are free to shop the market for the best rate available once a firm deal is in hand.
The pre-approval process also allows us me understand whether there are any issues that can make financing a purchase more challenging, and to find appropriate solutions before a purchase is made.
Mortgage renewals and switches:
Renewal
Is your mortgage coming up for renewal? Want to make sure you have the best rate and most favourable terms available? I can provide a single point of access to the best rates from our diverse group of lenders. Through the Mortgage Architects network we have access with many lenders, both institutional and private, to provide the broadest range of options for you. We also have access to unpublished rates available only because of our leveraging power based on our deal volume. Simply put, because we are so efficient at closing deals we can negotiate the best rates and products that you can’t find anywhere else!
Switching
There are times when interest rates have dropped enough to make it worth your while to switch to a new mortgage even before your renewal date. There is a penalty to be released from your current mortgage so the rate differential needs to be significant before this option makes sense, but I can help you determine what’s best in your situation.
Second (or third) Mortgages
In some cases, securing full funding for the purchase of a property can be challenging. A second mortgage can be the answer. These additional funds can enable you to close the deal on your property.
Refinancing – Equity Loans
Your home is likely your most valuable asset, particularly if you have built up equity by paying down your mortgage over time. You can borrow against that equity, if needed, in order to finance other goals that require substantial cash investments – e.g. renovations, purchasing a business, buying a cottage, etc.
Mortgage Brokers: A Free Service to Buyers
Understanding How A Mortgage Broker Is Paid.
Typically, mortgage broker services are provided at no charge to the purchaser as we are paid by the lender for most residential purchases. This does not mean that you pay a higher rate to the lender. In fact, part of our role is to ensure you get the best possible interest rate and most favourable term. The lenders all want your business, and we use that leverage to shop around for the best product for you. In certain circumstances, such as when purchasing a commercial property or financing privately a fee may be charged, all of which is disclosed at the time I become your mortgage broker. Everything is transparent and upfront. Remember, my main focus is to provide you the best product at the best rate to save you money over the life of your loan.