Blog

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.

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

By Blog , , , , Read more...
24 Sep

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

By Blog , , , , Read more...
14 Sep

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.

By Blog , , , Read more...
17 Aug

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.

 

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