• The Mortgage Centre

Author - The Mortgage Centre

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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15 Dec

First time home buyers always face the predicament of whether they should hire a mortgage specialist or not. We can help you figure it out. Read on to know more.

First time home buyers always face the predicament of whether they should hire a mortgage specialist or not. We can help you figure it out. Read on to know more.

Be a first-time home mortgage or a commercial mortgage, the process of approvals and lenders is a bit tedious. Wouldn’t it be nice if we could just give all the hard work to someone else and have to come in only for the final work? Well, a mortgage specialist does exactly that.

What can a mortgage specialist do for you?

Mortgage specialists provide a wide range of services. From hunting for the best lender to finding out the lowest rates, they can provide you with a mortgage which is best suited to your needs.

What are the benefits of hiring a mortgage specialist?

Hiring a mortgage specialist like Toprate Mortgage, Markham is a beneficial decision. They provide the following advantages:

  •  Lower rates
  •  More choice of lenders
  •  Experience
  •  Time-saving

The primary advantage of hiring an expert to deal with your mortgage comes in the terms. You have such a wide variety of choices, as they compare the offers from a large number of lenders and provide you with the best one.

This not only guarantees you better rates on your mortgage but also provides the possibility of customization and quicker approvals.

An experienced hand always knows how to do anything better. Mortgage specialists Markham knows how to get you the best mortgage with ease. They understand your needs and plan the mortgage process accordingly.

Another added benefit is the amount of time you save. While you would have to go hunting all over town for the best mortgage, specialists can provide you with the best plans in the comfort of your office. All you have to do is choose and sign. Everything else gets taken care of by the specialist.

Make your mortgage process simple. Contact top rate mortgage, the specialist in Markham.

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22 Nov

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.

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10 Nov

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!

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