• The Mortgage Centre

Author - The Mortgage Centre

07 Mar

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
By Blog , , , , Read more...
07 Mar

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.

By Blog , , , , , , , Read more...
25 Feb

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.

By Blog , , , , , , , , Read more...
10 Feb

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

By Blog , , , , , , , , Read more...
24 Jan

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.

 

By Blog , , , , , , Read more...