Author - mortagearchitect

Is your mortgage term up? Are you ready for renewal? Read on to find out how to prepare for your mortgage renewal process.

Is your mortgage term up? Are you ready for renewal? Read on to find out how to prepare for your mortgage renewal process.

Mortgage renewal is a process almost as important as the mortgage process itself. It can help you find better terms, better rates or simply extend your period for a more comfortable experience. But first, what is mortgage renewal?

When your mortgage term comes to an end, you either would have paid off your mortgage or like most, will be looking to renew your terms. In Canada, lenders provide a renewal statement at least three weeks before your due date.

Should you sign the renewal contract your original lender sent?

NO! Well, at least not immediately. Its always good to browse the menu and see what’s out there before you settle on the usual. Studies have shown that many people miss out on good deals because they signed immediately.

What is the correct way to go about the mortgage renewal process?

  •  Assess your financial situation
  •  Decide what you need out of the renewal
  •  Check the penalty costs
  •  Choose your plan

The first step in the process of mortgage renewal is to know where you stand financially. It could help you determine what you really need right now in terms of the Mortgage. Mortgage brokers usually have someone who can do this for you with ease.

 

Once you have decided what you expect out of the renewal, you need to confirm whether there are going to be penalty costs if you terminate the mortgage with your current lender. Depending on how much you will be incurring or saving, you can decide whether you want to negotiate terms with the current lender or another one.

The next step is to do your market research. Most Canadians prefer going to a broker as they already have their research done and can help you finalize on a plan which is most beneficial. The plan once finalized, needs to be drafted, checked and signed.

The renewal process is simple if you do your market research or have the expert do it for you.

Get the most out of your mortgage renewal with Top Rate Mortgage. Contact us today.

Wondering how to get the most out of your commercial real estate? Read on to find out how your business can benefit from commercial mortgages

Wondering how to get the most out of your commercial real estate? Read on to find out how your business can benefit from commercial mortgages

A commercial mortgage is a loan taken out on real estate owned by an individual or a company using it to operate its business. The sum received from this type of mortgage is usually invested in business expansion.

What does it take to get a commercial mortgage?

The qualification criteria for a commercial mortgage is not very different. The down payment is where you can really feel a difference. Check out the list below:

  •  Debt service coverage ratio
  •  Credit history
  •  The situation of your business
  •  Business type
  •  Down payment

Commercial mortgage lenders may sometimes require you to pay a certain sum which balances what they pay. This method is followed, simply to avoid a major loss for both ends. The debt to service ratio helps the lender determine the amount of cash available at your end and fix the loan rate.

Credit history is a very important factor when it comes to commercial mortgages. With them already being a risk, lenders are very careful when giving a loan amount to borrowers. Unlike home buyer mortgages, commercial mortgage lenders look into the type of business you are running. The situation of your business will play a very crucial role in the approval process of your business loan.

Some lenders may not agree with the type of business you run. In such scenarios, a broker who has experience can help you get it approved and at a good rate. However, in another case, if the lender believes in your business pitch, you could easily get a good rate. Hiring a broker could help you tailor your pitch for the lender’s expectations with ease.

Another criterion required by commercial mortgage lenders is a good amount of down payment. This amount will definitely be higher than what you’d expect to pay for a first time home buyer mortgage. But it can help you reduce the burden in the future as well as access better interest rates.

Contact Top Rate Mortgage for a better commercial mortgage today!

Residential Mortgages Markham

Buying a home in the lovely city of Markham has been a dream for many. Finding the right financial aid can help you fulfill this dream today. Read on to find out how.

Markham is a wonderful city located in Ontario. Growing at a steady pace, it has become an ideal location for many Canadians to settle down. This means more people are buying houses.

Homes, unfortunately, don’t come cheap. They require a lot of financing and not all of us are privileged enough to have such large sums. This is where residential mortgages come in handy.

Residential mortgages allow you to finance your dream home in Markham. It is simple to obtain this kind of mortgage if certain aspects of your finances such as credit score, financial health and ability to pay the loan are in order.

The stringent tests put before a mortgage application is even considered is quite frightening. But mortgage specialists like Toprate Mortgage have made it very easy for most people with low credit scores or mediocre financial health to finance their homes.

Why should you hire a mortgage broker for residential mortgages?

  •  Better rates
  •  Quicker approvals
  •  Variety of lenders
  •  Less paperwork
  •  Mortgage solutions even if financial health is poor

Mortgage specialists make it so simple to get a mortgage. They understand your needs and provide the perfect solution. Even if you have bad credit scores or poor financial health, mortgage specialists like Toprate Mortgage can help you secure a residential mortgage.

Another great reason to hire an expert for your residential mortgage is quick approval. Most sellers require you to get a pre-approval from a lender before they finalize you as the buyer. Specialists like Toprate Mortgage can help you get approved quicker than most.

Less paperwork is another added benefit to this list. Most of us may not qualify for the mortgage we want, but with a mortgage specialist, there is a chance.

Contact Toprate Mortgage for expert residential mortgage solutions in Markham

Mortgage Specialist Markham

Whether you’re a first-time homebuyer or a savvy business owner, mortgages always come in handy. Choosing a
mortgage which perfectly fits your needs may turn out to be a challenging option. Read on to find out our solution.

Hunting for a mortgage may not be the toughest thing one has to do. It actually becomes daunting when you have to find the right one.

Every mortgage seeker has different needs, is on a different income and has its own share of financial restrictions. So, how does one really go about fine-tuning mortgages to deliver the desired results? Simple! You hire a mortgage specialist.

What is a mortgage specialist?

A mortgage specialist collects offers, plans and rates from multiple vendors and curates the perfect plan to fit your needs. They have an extensive understanding process where they take down your requirements and your financial status to determine the type of plan that is best suited for you.

What are the benefits of hiring a mortgage specialist?

  •  Saves time
  •  Chance of getting better plans
  •  Wide choice
  •  Less paperwork

Get in touch with Markham’s top mortgage specialist and find your perfect mortgage!

Hiring a mortgage specialist has many benefits. One of those benefits is having the luxury of not using up a big chunk of your personal time to hunt down lenders and compare mortgages. While you are expanding your business or living your dreams, your mortgage specialist is compiling a comprehensive list of the best mortgages at the best rates for you.

Another big advantage is the vast variety of choice one gets. Mortgage specialists have contacts not just in Markham but even in neighbouring cities. This allows you to get the best plans and best mortgages from another location without having to do much.

Mortgage specialists even take care of the paperwork! They are basically your one-stop-shop for any mortgage need.

Finance your dreams with Toprate Mortgage. Get in touch with Markham Mortgage Specialists today.

Buying your first home is such a wonderful experience. Mortgages can however, mar the experience. Here are a few tips for first time home buyer mortgages!

Buying your first home is such a wonderful experience. Mortgages can, however, mar the experience. Here are a few
tips for first time home buyer mortgages!

Buying a home is not cheap in any city, county or state. Most of us require mortgages or loans to help us out. While there are many options available for first time home buyers to acquire a mortgage, the vast choice could actually be really overwhelming.

What are the types of mortgages a first time home buyer can take?

First time home buyers are entitled to mortgages available from private lenders or even from government bodies.

There are essentially two types of mortgages:

  •  Fixed mortgage
  •  Variable mortgage

Depending on the financial situation and requirements of the person, the type of mortgage can be decided.

5 tips for a simple mortgage process

  •  Keep all your financial documents in order
  •  Decide your budget and search houses accordingly
  •  Consider various lenders
  •  Be aware of the market rate
  •  Hire a mortgage broker

The process of getting a first time home buyer mortgage is quite tedious. However, with the right kind of guidance and proper planning, it can be made into a smooth and quick experience.

Hiring a mortgage broker for your first time home buyer mortgage needs is a smart move to make as they can help you streamline the process and take the stress out of it. They take care of the paperwork, the planning, the hunting for lenders and provide you only with the best options. This not only takes the pressure off of you, allowing you to
concentrate on your work, it also ensures you get the best deals.

Keeping your financial documents, credit score and other income-related details handy can help your mortgage broker find the perfect lender for your needs. They are also aware of the market rate and will ensure you receive the right match for your needs.

Hire your first time home buyer mortgage broker today. Call Top Rate Mortgages.

 

Mortgage brokers are the right people to help you get the most out of your mortgage. Read on to find out the benefits of hiring a mortgage broker

Mortgage brokers are the right people to help you get the most out of your mortgage. Read on to find out the benefits of hiring a mortgage broker

Whether business or personal, people do require loans to ease the financial strain necessary expenses can cause. The process of getting a mortgage in Markham and Richmond Hill is quite tough.

One of the most daunting things to do is find a lender who matches your financial needs. A mortgage broker from Markham or Richmond Hill can help you find the right lender. They have a wide network of lenders and can help you sift through them to find someone who is compatible with your financial requirements.

What are the benefits of hiring a mortgage broker?

  •  Better rates
  •  Better plans
  •  More variety of lenders
  •  Less paperwork
  •  Quicker processing

A mortgage broker is someone who has been in the mortgage industry for a long time. They know all the tricks required to get you a good mortgage and quicker approvals.

Hiring a mortgage broker can really benefit you in many ways. They are aware of the rates being offered in different cities and can get you the best deal from their lenders.

A major step for mortgage buyers is planning and understanding their requirements while managing to put it within a budget. Mortgage brokers understand this well and are able to guide you to formulate a plan which helps you achieve your targets in a reasonable manner.

Another advantage of hiring a mortgage broker is that they reduce the amount of paperwork required. You simply have to proofread and sign your name on most documents thanks to the efficient services provided by mortgage brokers.

Most brokers are able to help you get your mortgage approved at faster rates. This can help you achieve your dream faster.

Hire a Top Rate mortgage broker for a simple mortgage process in Markham and Richmond Hill

 

Mortgage broker in Markham – Nasser Yaltaghian

Need help with a first time home purchase or a second mortgage? The top mortgage broker in Markham, Nasser Yaltaghian can help you get what you need.

Mortgages are a complex system which cannot be understood very easily by someone who is doing it for the first time. The legal junctures, the vast number of procedures and the long list of documents are enough to shake the foundations of your sanity.

This is where a mortgage broker steps in. Nasser Yaltaghian, one of the top mortgage brokers in Canada has 15 years of experience in the field and helped many families find their first homes and has funded numerous mortgages himself.

What does a mortgage broker do?

Mortgage brokers in Markham provide an array of services, out of which these are considered to be primary:

  •  Collect and file paperwork
  •  Find lenders
  •  Provide the best plan
  •  Guide you through legal processes

Get a mortgage which is right for you with Nasser Yaltaghian, top mortgage broker.

Mortgage brokers in Markham are versatile in their duties. From finding the perfect lender to filing the contract, they are instrumental in making home searching an easy and simple process. Their expertise has helped many home buyers find the perfect home in dire situations.

Most mortgage brokers have great connections with lenders in Markham. If you choose to work with someone like Nasser Yaltaghian, you are bound to get the best deals depending on your situation and the market rate.

Mortgage brokers like Nasser are very thorough in everything they do and are with you till the very end. Toprate mortgage has made a name for itself in the industry by providing the most personalized services a person could hope for today.

Call Nasser Yaltaghian, mortgage broken in Markham for the best plans on your mortgage

First time home buyer tips

Being a first time home buyer can be quite daunting. Here are a few tips from mortgage experts which can help you make the process easier!

While being on the hunt for your first home can be exhilarating, one wrong move can hurt your chances of stress-free ownership. There are a few simple measures a first time home buyer must take to ensure that the end result is a happy family in a happy home. We’ve put together a list of the most important tips for a first time home buyer:

5 tips for first time home buyers:

  •  Mind your budget
  •  Get pre-approved
  •  Save for down payments and expenses
  •  Hire a mortgage broker
  •  Keep your credit score in shape

Get your first home with ease with our first time home buyer tips. Contact Toprate Mortgage today.

The biggest mistake first time home buyers make today is spending spontaneously on a house they really can’t afford. Minding your budget is of utmost importance for a stress-free experience. You are the one who has to pay off the mortgage, be sure you can handle the burden.

Getting pre-approved has helped many first time home buyers get their dream home on a lower rate as it proves to the seller you are more serious and actually capable of paying the price than the person offering them a larger amount without a pre-approval.

Down payments, upkeep costs and maintenance costs are going to pile up the moment you buy a house. Saving for these can help you take a load of your shoulder in the long run and keep your expenses in check on a monthly basis. Keeping your credit score in check can help you make the process of getting approved even easier.

Mortgage brokers are a godsend when it comes to buying a house for the first time. Experts in their field, they ensure you get the best plans and rates and are even sometimes helpful in home hunting.

Be a relaxed first time home buyer with Toprate Mortage tips.

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.