• The Mortgage Centre

Author - The Mortgage Centre

20 Feb

How to Estimate Your Mortgage Interest Rate?

How to Estimate Your Mortgage Interest Rate?

With low interest rates, mortgage lending has been on a constant rise. An average layman mortgage seeker will find himself offered multiple rates from different lenders, which would keep him quite confused on which plan to pick. At Toprate Mortgage, we not only ensure you are handed all the available choices in the market, but also help you understand the reasons behind the variations in interest rates. This not only helps you avoid the unsuitable conditional mortgage, but also helps you understand the lender’s view so that you can move forward with picking the appropriate conditions suitable to you.

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What Affects Your Mortgage Interest Rate?

Size of the Down Payment

Your down payment highly influences your interest rate. As it is inversely proportional to the lender’s risk, you are certainly offered a lower rate. As 20% of the property value is the minimum requirement for a down payment, you can always save up and offer more to secure a low mortgage rate.

Credit Score of the Borrower

Your previous borrowings and your repayment behavior can easily be accessed by any lender. Any default or delay in payment can be a huge off set for any lender. This is also well reflected in your credit score, which is the main highlight of your mortgage application.

Current and Future Prospective Income with Relation to the Property Value

Your monthly income details have to be submitted along with the application so that the lenders can forecast the probability of you not being able to afford the mortgage repayment. Hence a high stable income for a past few months is a must to maintain. In case of self-employed individuals, a seasonal business is not a big issue unless a good record is not maintained.

Seeking For a Dream Home? Toprate Mortgage is Where You Start!

Property Yield or Business Plan

In case of Commercial Mortgages, you will be required to submit your purpose of buying the property and future potential yield that may arise from it. This helps you to strengthen your application and increases your chances of approval at a good rate.

 

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12 Feb

How Does a Mortgage Broker at Richmond Hill Help You Pick the Right Plan?

How Does a Mortgage Broker at Richmond Hill Help You Pick the Right Plan?

With the increasing public policies, types of financial securities have also been increasing. This has eventually multiplied the number of financial products and benefits available to consumers. Earlier, buying a mortgage itself helped you efficiently plan your finances and employ them at their best productivities, but today, buying a simple mortgage is not only inefficient but also simply unavailable.

Second mortgages richmond hill

Mortgages are no more similar at all places, which means, you get offered completely different terms and conditions at different places. This is because your mortgage application is now exactly same with no other applicant and you are now evaluated upon the lender’s risk capacity and flexibility. Here, evaluating and picking the best plan for you becomes critical here.

Buying a Mortgage? When, from Whom, and for How Much?

Seek More Options at Toprate Mortgage before you Finalize Your Dream Home.

The Factors that Make Your Mortgage Application Different from Others:
Based on Your Future Aspects:

  •  Your Employment Stability and Of Course Your Monthly Income
  •  Your Business Cycle in Case Of a Self-Employed Mortgage
  •  Purpose of the Mortgage Property
  •  Future Potentiality of the Property/Locality
  •  Absence or Value of the Collateral Offered
  •  Down payment available to Offer

Based on Your History:

  •  Your Credit Rating
  •  Your Previous or Other Current Mortgages
  •  Your Business/Employment History

What Role Does a Broker in Richmond play here?

With the ever progressing number of mortgage plans available for you, a mortgage broker can bring to you each one of them with their listed pros and cons. This is not it. A broker also takes care of your entire application process right from the start to the end. What More? They also help you seek and select the property based on the mortgage amount approved to you by the lender. A Mortgage Broker is the one who has been in the real estate market for years, and can single handedly answer all your questions and curiosities based on your inevitable and individual needs and requirements.

Get In Touch With Toprate Mortgage to Avail One Of the Best Mortgage Brokers Working at Richmond Hill Today!

Factors on Which Lenders Can be Differentiated:

  •  Associated with a Banking Institution or a Private Lender
  •  Accepts Omission of a Collateral or Does Not
  •  Tenure and Other Terms and Conditions Offered
  •  Minimum Fixed and Variable Rates Offered

 

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23 Jan

Planning on investing in a commercial estate? Looking for a mortgage? Have you hired a broker yet?

Planning on investing in a commercial estate? Looking for a mortgage? Have you hired a broker yet?

If answer to the last question is not yes, we are here to tell you what you’re missing out on!

Commercial estates are definitely a lucrative opportunity. Maybe to expand your business or to build a foundation for a new one. Whatever the reason, it has gained traction and is considered a sound investment.

The mortgage market as well has many solutions to facilitate this purchase. And it does have brokers.

Commercial mortgage brokers specialize in a particular type of mortgage and know every inch of the rules, the details and process like the back of their hand. They can not only help speed up the boring process of approvals and contracts, they also help ensure you receive the best one.

Need more reasons to hire a commercial mortgage broker?

  •  Specialized expertise
  •  Lowest interest rates
  •  Better loan structuring

While most brokers dabble in a bit of everything, commercial mortgage brokers come with a profound knowledge in one kind of mortgage solution. From the very beginning, they are able to guide you seamlessly through the entire process and provide the right advice on every aspect. This makes the entire process very simple and is easier on your time and money.

The primary reason to hire mortgage brokers is to get the right interest rates. The ones who deal with commercial are no different. Knowing a variety of lenders and their requirements, commercial mortgages can help you tailor your proposal as well as find the perfect interest rate for yourself.

Negotiations play a crucial role in finalizing the right plan and right rate. A commercial mortgage broker helps you do all of this with ease. They understand the complex loan structure and work accordingly to help you make the best of it.

Get more out of your commercial mortgage. Get in touch with a broker today.

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12 Jan

A new property on the way? Looking into mortgages? Here are 5 reasons you need a mortgage advisor.

A new property on the way? Looking into mortgages? Here are 5 reasons you need a mortgage advisor.

The mortgage process is very tedious and daunting. Wouldn’t everyone love to make it simpler? That is exactly what a mortgage advisor does. They negotiate, they search and they analyze every proposal to understand which one works best for your current finances and needs and provide the solution.

Need more reasons?

  •  Access to the best lenders
  •  Proper understanding of the entire mortgage market
  •  Best interest rates
  •  Affordable services
  •  Quicker approvals

The most crucial part of the mortgage theory is the lender. Without them there would be nobody to loan us the amount. They do need to be negotiated with and made to understand. This is where our mortgage advisor steps in. With years of experience in the industry, they are able to rack up the right points to help support your mortgage proposal.

While bank agents are extremely helpful in understanding the workings of a bank’s loan program, a mortgage advisor can help you attain private mortgages as well. This could be really helpful in drafting mortgage terms and plans to your needs.

Another important benefit is the amazing choice of interest rates available. Since they have access to more lenders, they can provide you with really low interest rates even in the worst market conditions.

Mortgage advisors are really worth the money they ask, and they don’t ask too much. A certain percentage of your loan amount is counted as their fee and it really is not too much. This makes their services even more worthwhile.

The approval process, for most of us, is most daunting. Mortgage brokers know exactly how to manipulate the system to improve the speed of your approvals.

Get your dream house and dream mortgage with ease. Contact a mortgage advisor today.

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25 Dec

There are many steps involved in getting a residential mortgage. We’ve put together a few things to keep in mind while applying for a residential mortgage in Richmond Hill

There are many steps involved in getting a residential mortgage. We’ve put together a few things to keep in mind while applying for a residential mortgage in Richmond Hill

Mortgages on its own are quite daunting. Add to that the pre-approvals and the document collection, and most of us are out of our depths. The process has a lot of twists and turns which may be hard for a beginner to understand.

For this purpose, we have put together a list of things to keep in mind and to have ready while searching for your perfect mortgage. They are:

  •  Keep all legal documents at hand
  •  Plan your budget
  •  Start early
  •  Understand the market rates
  •  Hire a mortgage broker

The mortgage process does require you to have all your documents ready. From financial statements to proof of income, these documents help verify whether you will be able to repay the mortgage. Keeping this ready and in hand can help a lender quickly assess what they are ready to offer you, considerably speeding up the process.

Another important thing to remember while searching for your mortgage is to plan a budget beforehand. Assessing your finances and then searching for a residential mortgage can save you a lot of time and help you understand your situation better. It also helps keep your expenses in check.

The key to getting the best of anything is to start early. Scouting the market from a good head start can help you take advantage of the right rates and plans when they surface. It may also help you build your credit score and do any necessary steps in the right time frame. Understanding market rates is another step to consider seriously. The market rates tend to fluctuate. Keeping an eye out for lower rates can help you save a lot on your mortgage expenses.

Everything mentioned above can be done, my mortgage specialist or broker. Hiring them can not only help you save time but also gives you a wider range of choices. Most mortgage seekers in Mississauga believe this is the first step to a successful experience.

Contact Top Rate Mortgage in Mississauga for a residential mortgage today!

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