Mortgage Broker Richmond Hill
5 YEARS
SPECIAL
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Which Type of Loan Is Right for You? Your Mortgage Broker Can Help You
The first step is to fill out a mortgage application with us. There is no risk to you here, and we do not charge any additional fees to you for this. You do not have to pay to use our services when you work with mortgage brokers. We do the work for you in finding and comparing loans. Our first step is to help determine which type of lender may be able to help you. To do that, we need to learn about you, including in areas such as the following.
Your income
All mortgage lenders require consumers to have income. However, not everyone can provide the same access to proof of that income. For example, some can use taxes and documentation from their employment to show what they earn. Others may have income from a business that they are self employed with, and you may not have as much proof of how much you are earning. We can help you qualify for a stated income loan, in some cases, through a private mortgage lender.Credit scores
Credit scoring is a valuable tool for lenders. It helps them to better understand your financial situation. Lenders use your credit report to determine this. If you are paying your bills on time each month and making payments to lower your debts, your credit score may be one factor in your debt. However, a low credit score does not mean you do not qualify for a loan. We may be able to help you even when you do not have a good credit history.Loan to debt ratio
Lenders also need to know about down payment abilities. For example, if you hope to purchase a home with a low down payment, you may need to pay mortgage default insurance. This type of insurance helps to minimize the risk to the lender, helping them should you default on your payments. Most lenders will offer loans to those with good credit history and qualifications at a rate as high as 95% of the purchase price. However, for those with lower qualifications, that could be just 75% or some level in between. If you do not have a down payment, you may need to borrow more cash to help qualify for a loan. Some B lenders and private mortgage lenders will still work with you if you do not have a sizable down payment, and we will help determine if that is the case. Once we have this information, we can help you to learn more about the loan options available to you. Remember, each available financial institution sets its goals and requirements for borrowers. Here is how that may impact you.Interest rate
The interest rate on a mortgage is the amount you pay to borrow money to buy a home. The higher the interest rate is, the more you end up paying for the loan. Mortgage rates depend on many factors, including the current rates set by the national banks, the company or lender rate, whether you meet the minimum credit score, and whether you select mortgage default insurance. Our goal is to help you get the best interest rate possible on a mortgage.Mortgage payments
Low payments are always beneficial to many property buyers. However, the lower your monthly payment is, the more time there is for the loan to build and have interest applied to it. After receiving your mortgage application, we will work with you and the available lenders to get your payment to a level that fits your needs. We make sure our clients have a payment that is affordable to them. We want these costs to fit your budget so you do not owe more than you can manage to pay while meeting other life expenses.Mortgage term
The mortgage term is just as important as mortgage rates and payments. This is the length of your loan. Our team will use our calculators and other tools to help you to get the best term for your needs. Our mortgage brokers can help you to secure a term between 5 and 25 years in most cases, subject to your qualifications. However, sometimes you can obtain mortgages that are for longer periods of time.Mortgage Broker Richmond Hill
CanadaMortgageBroker.ca provides a wide range of loan options for those looking to buy a home. If you consider investing in a home, you may know the mortgage market is complex and challenging for many of today’s borrowers. The investment in a mortgage loan may seem problematic. Do you have to pay higher interest rates or get turned down if you have special circumstances? If you work with a mortgage broker like us, you gain access to a wide range of loan options. Before buying a home in Richmond Hill, allow our team to help you find the best loan terms available.
What Type of Residential Mortgages Are There?
Many people do not know that there are more options than a traditional mortgage from an “A” lender. Before buying, it is always wise to learn about your options, including B lender and private mortgages. Each of these lenders offers more flexible terms than you could find from the big banks and credit unions in the area. Take a look at a few different mortgage loans we can help you to obtain if you meet the qualifications.
- Self-employed mortgages, for those who are self-employed or may only have stated income rather than guaranteed income
- Debt consolidation loans to help improve your credit usage ratio; we can help with refinancing too
- Loans for those who have a low credit score or limited credit history
- Those who have a minimum down payment to make
- Those who have filed bankruptcy in the past
Get Professional Mortgage Advice & Save Thousands
With The Lowest Rates AND a Best Mortgage Fit.
Answering Your Questions About Mortgage Brokers and Our Lender
A self-employed mortgage is one in which lenders approve a loan for a person that has money earned from a business. Many of our clients need this type of mortgage because they may find it hard to prove their income, and this type of loan may pose more risk to lenders. However, we can often help you obtain one.
Yes, refinancing an existing mortgage is often very much a possibility. Refinancing means you are obtaining a new loan to replace one already in place. The interest, term, and payment schedules will be brand new. Many banks offer to refinance, but we can help ensure you get the best mortgage rates available on these loans.
Our service is free to you, and we earn compensation from those that lend to you. That means that you do not pay our company anything and, in general, you do not see any significant markup in the costs lenders charge if a person uses our services.
Mortgage Rates Promo
Fixed
| Mortgage Type | Rate | Terms |
|---|---|---|
|
Insurable 75%-80%
|
4.04% |
1 Year |
|
Uninsurable Refinance |
4.49% |
1 Year |
|
Insured |
4.54% |
3 Years |
|
Insurable 65%-70% |
4.74% |
5 Years |
Variable
| Mortgage Type | Rate | Terms |
|---|---|---|
|
Insured |
3.75% |
5 Years |
|
Uninsurable Refinance |
4.20% |
5 Years |
|
Insurable 75%-80% |
4.10% |
5 Years |
|
Insurable < 65% |
3.65% |
5 Years |
You can easily use the available calculators to see today’s mortgage rates are and how that could impact your ability to obtain a loan. In Canada, there is a lot of talk of these rates increasing. Let our group help you.
Exceptional service
As a business built on our customer’s success, we work closely with you to help you. We find mortgages that fit your life right now and keep costs as low as possible in obtaining them.
Low interest rates
We hope to help you with financing an interest rate that fits your needs. Our private lenders and non private lenders may be able to help you save money.
Fast applications and approvals
Whether you obtain a traditional loan, b lender mortgage or private loan with us, we will help you to work through the process quickly. Investing in a home is a big deal and we know how important it is to you. We will work with you to help you save money to find the best lender in Canada for your needs. If you are ready to learn more apply with us at Canadamortgagebroker.ca to learn more. Expect outstanding results.