A mortgage is most likely the biggest financial transaction the average Canadian will enter into in his lifetime. More importantly, a mortgage will follow him and affect his finances for 5, 10, or 20 years. With that in mind, you deserve to get a mortgage that is tailored to your needs and budgets to make it as profitable for you as possible. Why pay higher mortgage payments when you can save thousands of dollars on interest payments over the long term?
Don’t speak to a bank to get a mortgage. Banks can’t give you a variety of mortgage solutions because they stick only to what they offer. You need to compare all the mortgage options offered by a multitude of lenders to make a well-informed choice.
Why is it important to compare mortgage options in Hamilton? Every mortgage product is different; lenders offer different rates and terms. Because your mortgage needs are specific, it is critical that you get a mortgage that suits your budget and your goals in every possible way.
We are not saying you need to speak with every bank or lender in your area. That’s a complete waste of time and energy. Rather, you need a mortgage expert beside you to shop around for the best product and rates and give you the best choices.
Our strong network, consisting of over 110 mortgage brokers and over 20 financial institutions, will help you find the best mortgage broker to help you with your mortgage.
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A mortgage broker is a mortgage expert that works with a variety of lenders in Ontario to offer clients as many mortgage options as possible. In order to do that, they must first determine exactly what you need from your mortgage and offer you the best solutions.
If you try to compare lenders, you will need to apply with each one so that they can offer you a mortgage. Can you imagine how much time you will be wasting, not to mention the possible effect on your credit? In contrast, a mortgage broker will only require your information once and speak to a variety of lenders on your behalf to negotiate your rate.
That is convenience you really won’t get anywhere else!
By having your very own mortgage broker, you will benefit from these important services:
Would you believe that you get all of these important benefits, FREE OF CHARGE!
That’s right, these services are given to you free of charge because you don’t pay your broker any fees. The lender will be responsible for his compensation by way of a commission.
Our reliable and qualified mortgage broker partners provide all types of mortgage services in Hamilton. They can help you with:
In addition, they can find the lowest rates from lenders for conventional mortgages or assist individuals with credit issues to secure a mortgage.
In fact, they can negotiate with lenders to reduce application fees or interest rates. With their knowledge of the market, they can give valuable advice regarding the lender most suitable for your situation or the most advantageous mortgage deals.
Check out the best mortgage brokers in Hamilton and the many different mortgage services you can benefit from. Fill out our short form on this page to connect with a broker today!
People need different things when it comes to a mortgage. For a homebuyer with less than 20% down payment, he will be needing a high-ratio mortgage while a buyer with at least 20% down payment would need a conventional mortgage.
Some people prefer to have stability with their interest rates and would prefer a fixed rate mortgage. Others with a higher risk tolerance and want to benefit from lower rates would go for a variable rate mortgage.
As you can see, not everyone will need the same kind of mortgage. This means that the mortgage your parents have may not exactly be the right one for you.
For this reason, it is very important to speak to a mortgage broker. He will determine your specific mortgage needs based on your own personal financial situation. He will provide you with advice as well as the best options to choose from.
Your mortgage broker will be the one to accomplish a mortgage application on your behalf. This saves you a lot of time and effort and ensures you get the highest chances of approval.
In order to successfully secure the best type of mortgage for you, a broker will need the following:
If you are self-employed or earn commissions, lenders will need additional information such as:
Assets may include:
What are your liabilities?
Liabilities would include the following:
The broker may require specific amounts for the above. Your assets, minus your debts, will provide your net worth.
The amount of your down payment is critical to your successful application for a mortgage. It is referred to as the “equity” to your home. Most lenders prefer that you have at least 20% of the purchase price. This is known as a conventional mortgage.
However, you can also have a down payment which is 5% or 10%. This is referred to as a high-ratio mortgage. In such cases, you will have an additional requirement, mortgage default insurance, to protect the lender from borrower default.
The down payment amount is important when lenders assess your ability to repay the loan. The less money you borrow for your home purchase, the lower your monthly payments and the interest will be.
Are you ready to apply for home financing today? Find the best Hamilton mortgage broker to assist you.
Are you renewing your mortgage? You should know that you may have the power to move your mortgage to another lender who can offer you better terms or lower rates.
Your current lender may not exactly be giving you the best mortgage deal. In fact, it is most likely that you will be getting the same interest rate you have had in the last 5 years, or worse, a few points higher.
If you want to save money on your mortgage, it is in your best interest to speak to one of our mortgage brokers. They can compare and shop around on your behalf to find the best deal that can help you lower the cost of your mortgage.
Our broker partners work with 20 of the biggest mortgage lenders and financial institutions in Ontario. Let them find you the best mortgage solution that is right for you!
There are a few simple ways that a mortgage broker can help you save on your mortgage.
In addition, he can also provide solutions to your current mortgage situation if you are not satisfied or if you need additional funds.
If you need additional funds in order to renovate your home or to consolidate your debts, refinancing can be a viable solution to your problem.
It can also be very effective in lowering your monthly expenses for your loans, including your mortgage.
Debt consolidation is nothing new and can ease the stress when finances are tight. A good mortgage broker can walk you through your options and find the best solution for your needs.
Applying for a mortgage is exciting because you are thinking of buying your dream home. But it can also be very scary and disappointing if you don’t get approved.
Lenders look at certain criteria when you apply for a mortgage. Knowing what lenders want to see will increase your chances of getting approved and make so much less stressful for you.
Recently, Canadian mortgage lenders have raised their standards for mortgage borrowers. With new stress tests required by banks from borrowers (meaning they can afford to repay the loan even at higher rates), it means getting approved for a mortgage has been tougher for average Canadians.
Lenders want to see the following from borrowers applying for a mortgage:
It is imperative that you compare mortgage offers from different lenders. You can ask your broker the following questions in order to make your choice.
✓ What is the interest rate
✓ What are the payment options?
✓ Do you have prepayment options?
✓ What is the prepayment penalty?
✓ How much is the application fee?
✓ Is the mortgage registered as a standard or a collateral charge?
✓ What is the amortization period?
Asking these important questions can help you in making the right choice for your mortgage.
Now you know how important it is to work with a mortgage broker to get a mortgage in Hamilton.
You need to find not just any broker; only a qualified broker with experience and a good reputation will do.
In order to save time, choose from among the qualified, experienced, and knowledgeable mortgage brokers in our network.
We are partners with over 100 mortgage brokers working with +20 financial institutions!
Only 1 short form to connect with the best Hamilton mortgage experts.
Fill-out the form on this page today to start your mortgage application process!