Author - mortagearchitect

How to Get the Best Mortgage Deal?

How to Get the Best Mortgage Deal?

Mortgages are a significant part of your biggest purchases in life. Owning a home is something everyone dreams of and is well aware of the costs attached to it. But one is not usually aware of how much the cost can be reduced by simply paying extra attention to their mortgage deal. A simple fall in the interest rate can save you thousands of dollars in the coming years. Or simply drag in tenure can cost you an entire renovation expense. So how can you avoid paying extra and how can you secure the best mortgage deal?

Do Your Research

The mortgage market can be fluctuating like any other market and striking at the right time matters. Mortgage seasons can vary as well. Usually, homeowners are out on holidays during their summer and hence most good options are not open during that time. Similarly, winter weather does not allow most sellers to resent their house at its best potential which eventually makes them wait until February to put out a running add.

Use Your Contacts

In order to secure the best mortgage deal, you need to shortlist the best suitable lender for you. Depending on your requirements, history, employment status, you can shortlist the lenders and their offered rates. You now need to use up your contacts to reach the lender and have your application accepted at your targeted rate.

Improve Your Application

To get the best mortgage deal, your mortgage application is one of the most important deciders. You can improve your application in multiple ways, such as improving your credit score, offering a bigger down payment or showing a higher/actual source of income in case of self-employed mortgage seekers.

Call Us to Get in Touch With One of the Best Mortgage Brokers In Town!

Or Simply Hire a Good Mortgage Broker!

One Way you can assure that all the above steps are covered is by approaching a good mortgage broker, explaining him your requirements and simply getting access to all his contacts and offers. Mortgage brokers are compensated well for their service through their lenders and hence do not cost much to the mortgage buyers.

Mortgage Professionals

Mortgage Professionals

Mortgage Professionals is a blanket term which constitutes all the types of people involved in the mortgage industry and that go in the completion of a mortgage. Mortgage professionals in Canada have a trade association, namely & Mortgage Professionals Canada, founded in 1994. This association provides accreditation to the various qualified people with the designation of a mortgage professional, in whatever category he is. Apart from that they also take up consumer education and awareness activities and events and is information providing organization to the mortgage professionals.

Who all constitute as Mortgage Professionals?

Mortgage Brokers

Mortgage Brokers are the most important catalysts in a mortgage transaction. Majority percentage of the mortgage deals that take place is through the mortgage brokers. Mortgage brokers had started gaining importance in the late twentieth century when competition in the mortgage lenders increased drastically. Mortgage brokers are prominent people in the mortgage transactions because they connect the mortgage seekers to the mortgage lenders, and provide many other services than just brokerage. Other services provided by mortgage brokers include legal work, financial and real estate consultancy etc. A mortgage broker’s major share of income comes from the commission that they receive from the mortgage lenders.

Contact us to Get In Touch With the Best Mortgage Brokers in Markham!

Mortgage Lenders

Mortgage Lenders include financial institutions such as Banks, Non-banking financial companies, Financial associations etc. The type of loan a mortgage seeker seeks is important, but the type of lender he chooses is even more important. Among numerous types of mortgage lenders and mortgage options available, mortgage brokers are able to best guide the mortgage seekers to their desired choices.

Mortgage Insurers

Mortgage Insurers, as it literally means, are the insurance providers to the mortgage lenders to protect them from defaults by the Mortgage seekers. Generally, big insurance companies and government companies constitute mortgage insurers.

Other Stake Holders

Other Stake Holders under mortgage professionals refer to the Mortgage regulators i.e Mortgage Brokers Regulator’s Council etc., consumers education professionals, administrative body, the Canadian Government.

Independent Mortgage Broker by Nasser Yaltaghian

Independent Mortgage Broker by Nasser Yaltaghian

Buying a home is one of our biggest leaps in our lives, attached to which comes a mortgage plan. Your mortgage can be a good deal or a bad deal depending on your network and research. Good research will give you a clear picture of the different rates offered at different cities with different lenders. A good network will allow you to get approved by the best lender you shortlisted. In case you are not able to do both, you can simply appoint an Independent Mortgage Broker and get it all in a platter.

You might assume that since you would get a list of all lenders and their estimated rates so easily, a mortgage broker might come at a significant cost. Well, you are wrong, Nasser Yaltaghian will break a few such myths and enlighten you with what an Independent Mortgage Broker really is:

What Do They Do?

As our name suggests, independent mortgage brokers are free from any association with a particular lender, but have access to multiple variety of lenders ranging from banks, private lenders and also financing institutions. Being a profession, we have deep market knowledge which allows us to filter any bad or high rated deal for you instantly. Our wide access to lenders allow us to cater to all borrowers ranging from self-employed to first time home buyers without any prior credit rating.

Contact Nasser Yaltaghian for More Queries on an Independent Mortgage Broker!

What Do They Cost?

Independent Mortgage brokers are well compensated from the lenders for our services. However, to differentiate an established mortgage broker, you will be charges a fraction of his commission, which would be a negligible amount.

Who is a Good Independent Mortgage Broker?

It is easy to spot a good mortgage broker by his number of questions pushed on you. To get you the best deal, we need to know a lot of details from your previous transactions so that we can channel your application to the right lender rather than applying to all and wasting your time and money. Other than the interrogative nature you can always measure the network of lenders and the competitive rates a broker can offer you.

How Exciting as Well as Tedious it could Get While Buying Your First Home?

How Exciting as Well as Tedious it could Get While Buying Your First Home?

“Home Is Where the Heart Is”, all of us have heard this before. As true as is sounds, how easy is it to define where our heart is? At times when we look forward to settling down, owning a home is one of our significant visions in it. Having reached this certain stage, hunting for a home you want set your heart in, grow a future in, and creating your master piece in, has to begin. This hunt has been done by many before, and will be done by many after you, but your catch will be yours for a life time.

First Homes are less about investments and more about desires. But getting a good deal in monetary terms can simply purify the joy of it. Unconditional satisfaction is what we seek to service our clients with when they are to purchase their first home. The steps are many, and being new to the process, it may get a little tedious, but with the right broker, buying your first home cannot get more easy.

The Part Where You Begin Your Search

We help you with fixing a budget in accordance with your income projections, and help you file your mortgage application without any glitches. We can arrange for pre-approvals for a precise shortlisting.

Apply For a Mortgage Pre-approval, Know your Buying Ability Today!

The Part Where You Shortlist the Home

Here according to the pre-approval or the determined budget, you will be shortlisting your choices, after which your locality and size specifications can be analyzed.

The Part While You Inspect and Finalize

Once you are almost there, a thorough inspection will be conducted on the property. After which your mortgage will let you access your home and begin your journey.

Take the First Step Towards Buying Your First Home. Apply for a Mortgage Today!

The Part Where You Own Your First Home

This however happens after a few years, where you have paid off the value of your home gradually. Your each monthly payment will increase your ownership share, and once fully covered, you will be owning your very first home.


How to Secure the Best Commercial Mortgage in Canada

How to Secure the Best Commercial Mortgage in Canada

For those who are new to the commercial mortgage policy, it is simply a regular mortgage bought against a commercial property instead of a residential plot. The commercial property need not be used just for stores, offices or warehouses. They can be used for residential houses or land improvements as well, as long as the mortgage buyer stands to earn a monetary return from the property.

Contact Us for a Quick and Easy Commercial Mortgage Application Process!

What Does a Good Application Have?

  •  At Least a Three Year Tax History

In all cases, be it a new venture, an expansion plan, a rental home construction, or just a property improvement, at least three years of tax returns and the latest bank statements need to be attached in the application.

  •  Detailed Business Projections

Clear plans and precise reasons for your business projections that are going to be executed through the plot needs to be included. To secure the best commercial mortgage rate one has to concentrate on presenting a good plan other than the regular mortgage requirements.

  •  A Significant Down Payment

As commercial mortgages has a slightly higher percentage of down payment to be made, it will only give you a better deal to keep available at least 30% of the value of the property in hand during the application.

  •  Reliable Credit History and Asset and Liability Documents

Your credit history will matter significantly in the application, but has a lower weight age than the business plan and down payment criteria. Other documents such as additional assets and liabilities can also help you be more transparent and more reliable as a borrower.

Seeking for the Best Commercial Mortgage Lenders in Ontario? Contact Us and Get Access to Them All!

Ineluctable Benefits of a Commercial Mortgage with Top Rate Mortgage

  •  Avoid Risk of Facing Increased Rental Charges
  •  Free Your Capital and Increase Your Working Capital
  •  Have a scope for Sub-letting or Leasing areas of the commercial property
  •  Interest payments on your Commercial Mortgage is reduced from your taxable amount
  •  Commercial Mortgage is usually the only and best way for a Start-up without enough cash liquidity

Why Lenders Don’t Tell You the Benefits of Adjustable Mortgage Rates?

Why Lenders Don’t Tell You the Benefits of Adjustable Mortgage Rates?

Adjustable Mortgage Rates are quite disputed as the less beneficial plan, as the risk associated is indefinite. But has anyone told you how adjustable mortgage rate can help save you thousands of dollars flowing simply towards interest payments? Get to know why adjustable mortgage rates are the most preferable when it comes to a long tenure mortgage.

What Are the Rates Printed on Those Banners and Posters?

Mortgage lenders display one of their best rates among all their bill boards and poster, which we are all aware of. These rates which attract most clients, are they actually offered? Yes, they are the rates offered for Adjustable Rate Mortgages. Now that we know adjustable mortgage rates are pretty lower than that of fixed rate mortgages, we are yet not satisfied enough to take such a risk of unpredictable fluctuation. So let’s understand more.

Contact Us to Know About the Current Ongoing Adjustable Mortgage Rate in the Market!

How long are You Going to Actually Stay in the Home?

We all know, lower the mortgage period, lower the risk the lender assumes and hence give a better rate than a longer period mortgage. But in the long term, adjustable rate mortgages have a much lower average mortgage payment rate than that of fixed mortgage rate, and in short term lenders eventually offer a lower rate in both cases (average or fixed).

Adjustable Mortgage Rates are much Lower that the market rates in their initial period.

In the second scenario, adjustable mortgage rates are quite lower in the introductory period in order to attract clients which give us an upper hand in case we want to sell the house. When one wishes to sell a house which is currently under a mortgage, the equity amount is what the owner gets and the rest is collected by the mortgage lender.

Let’s say your mortgage tenure is of 30 years, but plan to sell your home ten years down the road. You equity value in case of average mortgage rate would be higher than that of the fixed mortgage, as lower payments towards interest would be paid, and more principal amount would be cleared off.

Did You Know About the Five Year Fixed Rate Mortgages in Canada?

Did You Know About the Five Year Fixed Rate Mortgages in Canada?

Most mortgage borrowers prefer mortgages that extend for more than a decade, hence there is little knowledge about the five year fixed rate mortgages in the Canadian mortgage market. The other type of mortgages may have variable or adjustable rate mortgages wherein the rate of interest varies with respect to a base agreed upon in the agreement. But in a five year fixed rate mortgage you monthly payment will remain fixed over the total five year period.

At the end of a fixed rate five year mortgage, either your mortgage is totally paid back or you are moved to an SVR by your mortgage, where SVR refers to Standard Variable Rate category. The SVR here could be higher or lower than your fixed rate of mortgage. If you are willing to go for a mortgage which has short duration, a fixed rate five year mortgage is surely the choice.

Contact Us to Avail a Five Year Fixed Rate Mortgage Right Away!

A Five Year Fixed Rate Mortgage come with benefits which are much thought provoking for any mortgage borrower:

Lower interest rate

Interest rates are lower for shorter periods when compared to longer periods. So, in a fixed rate five year mortgage, you will be able to command lower interest costs, and also get your mortgage renewed at the end of the five year term, in case you want more time to repay your mortgage.

Certainty in finances

When you need to project your finances for the near term future, or longer, you have your interest cost fixed and determined as it is a fixed rate five year mortgage. Even if the interest rates rise in Canada, your mortgage shall remain untouched.

Pre Approve Your Five Year Fixed Rate Mortgage with Us and Keep Your Finances Well Estimated!

Scope for availing opportunities

If your interest costs are fixed and you are able to project your cash flows and income properly, there is scope for more mortgages in the future. In a Variable Rate Mortgage, as the interest costs are variable, one may not be able to ascertain certain figures that are needed to present while applying for a loan, and lose out the edge on availing a loan.

How Can You Avail Cheap Mortgages?

How Can You Avail Cheap Mortgages?

If you are a first time mortgage buyer then mortgage market may look more like a maze to you. In spite the lack of experience and knowledge, it won't be impossible for you to avail a cheap mortgage. If you follow a dedicated series of steps while finding a mortgage, you can avail the cheapest mortgage that suits your financial position. But before you go to find a cheap mortgage, you need to understand a few rules and regulations about availing a mortgage. Home equity refers to the value of the self-owned part of your house property which is not given out as mortgage. In simple terms, the value of your property other than the amount of mortgage you owe is the home equity portion. While availing a cheap mortgage, you must have at least 20% home equity, hence limiting the amount of cheap mortgage that can be availed to 80% of your house property value.

Looking for a Cheap Mortgage? Toprate Mortgage is where you Begin!

Given Below Are A Few Steps That You Can Follow To Avail a Cheap Mortgage

Interest Rate:

Consider the type of interest rate that you are opting for while finding a cheap mortgage. If you think that there are chances that the interest rates may go down, then opt for a adjustable rate mortgage, if not, go for a fixed rate mortgage. All in all, if you want your interest rates to be stable and fixed through-out, go for a fixed rate mortgage.

Choose The Right Broker:

Consider the mortgage availing fees payable to the mortgage lender for the mortgage transaction to complete. Apart from mortgage fees there are few other charges to that may be levied upon you either one time or periodically. You should keep a note of the charges while assessing your mortgage cost, as it can significantly alter your costs. A Mortgage Broker can help you forecast all your costs realistically.

Take Your Credit Score Seriously:

Give high priority to your credit score to get a cheap mortgage. A good credit score can magically bring you a mortgage with much higher benefits than the one with a bad credit score. Simple steps to improving your credit score include, making payments in time, consolidating debt, maintaining a clean balance sheet.

If you are Still Confused about How to Avail a Cheap Mortgage, simply Call on +1 416-402-1410

How Can a Commercial Property Loan help you Expand Your Business?

How Can a Commercial Property Loan help you Expand Your Business?

Businesses that work well have a dynamic layout, having multiple departments to be covered, ranging from product quality, financial planning, market targeting and also public relations. All the mentioned aspects here have a great scope to grow yet in most businesses. At Toprate Mortgage, we simply help you increase your investment flowing towards working capital rather than being stagnant under a property.

Any business can expand, eventually by growing its sales only. Sales would require a growth in purchases too. But if most of your capital IS gone in buying a land or a property, then you would not be able to display as much strong and equipped organization you could’ve been. Here is where commercial property loan helps you access a property simply by putting down a fraction of the value of the property.

Contact Us and Take your First Step towards Setting up a Successful Business.

How Should You Pick a Commercial Property Loan?

Know Your Business Potential

Be sure of what you want to do with the property and have a full proof plan. Show your research and potential of the business that you would grow or expand through the new property. Present all the available documents and have strong reasons about why you would earn high returns.

Secure an Efficient Rate

A plan would eventually give you a rate of return you would earn on the investment. The return must be quite higher than the interest return on your commercial mortgage so that building the business would give you a better earning than just a bank deposit return.

Connect With an Experienced Lender

Consider various lenders and go through their terms and the rates they have to offer. Pick the one most suitable to you having the tenure of the loan on mind as well. Ensure to use all your contacts to secure your best deal as it is not a regular purchase, but an on- time investment for your business.

Call Us At +1 416-402-1410 to Know More About Your Commercial mortgage Options.

How to do it All?

All the above can be easily ensured by just employing the right mortgage broker to work for you. A brokers experience and swiftness cannot be replaced by a simple layman’s effort. Brokers tend to have access to a wide range of lenders who can now be easily accessed by you just by contacting Toprate Mortgage.


How Do Fixed Rate Mortgages Work?

How Do Fixed Rate Mortgages Work?

Out of the various types of loans based on interest, fixed rate mortgages are ones in which the interest rate is fixed throughout the loan period. The other type of interest based loans that is offered by a lender is variable rate mortgages, where in the interest rates vary through the period of the loan depending on a factor that is pre-decided, for example inflation. The fixed rate mortgages are characterized by their fixed interest rate, the duration of the loan, its compounding frequency and the amount of loan borrowed. With the help of these the monthly interest payments can be calculated while considering if the fixed rate mortgage loan is amortizing or non-amortizing.

When compared to the variable rate mortgages, fixed rate mortgages tend to have a higher interest rate as they offer certainty in the future for the borrower. There can also be a few mortgages in which variable rate mortgages have higher interest due to their bases being one which shall decline in the future. A fixed rate mortgage is considered to be as a standard home loan.

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What Are the Advantages Of Opting A Fixed Rate Mortgage

Certain and Defined

It is convenient for the borrower as they can plan their finances and make financial projections with a fixed interest cost, unlike in the case of variable rate mortgage takers who have an uncertainty element in their decision making.

Easy to understand

It eliminates complexity in its loan agreement and in the loan tenure. As in a variable rate mortgage where the rate varies on a regular basis, and the reasons, basing on which the rates shall change may be an added burden for the borrower, and is fully eliminated in the case of a fixed rate mortgage.

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No sudden increase in interest rates

There can be a situation in variable rate mortgage when the interest rates might suddenly rise due to an exceptional case or a regular expected event in which the interest burden for the borrower becomes unworthy. This type of a situation cannot occur in a fixed rate mortgage.