Whitby is located in the Durham Region and is a popular commuter suburb of the Greater Toronto Area.  It boasts an economic and urban hub in the southern part while the north is mainly rural.

Buying a house in Whitby is not a simple matter. You will certainly encounter difficulties along the way. For this reason, it is highly advisable to work with a professional to ensure that your home purchase goes smoothly.

The very first professional you need to speak to when buying a house is a mortgage broker. As a mortgage expert, he will help you find the best home financing that suits your needs and budget.

Before you start looking at homes for sale, find a good mortgage broker in Whitby. He will obtain a mortgage pre-approval so that you know how much you qualify to borrow.

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Mortgage brokers can give you more choices for your mortgage

You are probably telling yourself right now that you can find a mortgage on your own. You have a bank that you trust and you can do research online.

You are 100% right in saying you can do it on your own. But the big question is, “Are you sure you can find the best mortgage that will help you save money?”

Mortgage brokers work with a network of lenders that you can choose from. He will gather the best mortgage offers (lowest rates and best terms) to help you save on cost.

Unlike a bank, a mortgage broker is not limited to any mortgage rate or product because he is not loyal to any specific lender. That means you have more choices for your mortgage, based on your needs and financial goals.

In short, a mortgage broker works in your best interest and will deliver only the finest mortgage solution suited to your situation.

Best Mortgage Secret: Mortgage brokers have the lowest mortgage rates

Let us tell you a secret about getting a mortgage – mortgage brokers actually have the lowest rates.

When it comes to having a successful mortgage application, especially one that really saves you money, a mortgage broker is the best resource.

A good mortgage broker has many years of experience in the industry and knows the ins and outs. He can anticipate any obstacles to your goals and will find solutions that meet your individual situation.

How do mortgage brokers help you save money?       

It is really very simple; a mortgage broker does not have a large staff or significant overhead costs like big financial institutions.  A mortgage broker gets compensated per transaction from a lender by way of a commission. In other words, he does not have to pass on to his clients a large marketing expenses or high operating costs.  In fact, a broker will not charge you anything for his valuable services because his compensation comes from the lender.

Further, mortgage brokers have a network of lenders he works with. If he is good at what he does, he will be generating millions of dollars in loans a year.  Lenders offer him preferential rates which they don’t normally offer to individual clients. A broker can pass on these preferential rates to his clients so they can save a ton of money on interest.

There are other ways a broker can save you money. Because a mortgage is not just about the interest rate (it is also about amortization, payment schedule, terms) a mortgage broker knows that every element affects your overall cost. Thus, he will also negotiate other elements of the mortgage offer that benefits you.

Lastly, some lenders charge an origination fee. A good broker will also negotiate a reduction of other charges, if possible.

What to look for in a mortgage broker in Whitby?

A quick search will reveal to you that there are innumerable mortgage brokers in Whitby. How do you choose which one to work with?

A successful and reliable broker possesses certain qualities you must look for, such as:

Credentials

• He must have completed the mortgage broker’s education course and is licensed by the Financial Services Commission of Ontario (FCSO);
• A member of a reputable professional organization in the industry such as Mortgage Professionals Canada;
• Has years of experience in the industry and has a deep knowledge of the mortgage and real estate industries;
• Has great interpersonal and communication skills;
• Genuinely committed to his clients’ interests;
• Accessible and approachable;
• Transparent in his dealings;
• Has built a solid reputation in his community and in the industry.

You deserve to have a qualified professional that you can trust to guide you in your search for the right mortgage in Whitby.

Our network has over 110 qualified mortgage brokers representing +20 lenders throughout the province.

Fill out a short form on this page to start your search for the finest mortgage brokers in your area.

Speak to our mortgage partners about refinancing your mortgage

Are credit card bills taking a toll on your budget, especially with their high interest rates? Do you want to renovate your home and need additional funds? Refinancing a mortgage can provide a solution to these kinds of situations. You can tap into your home equity to get more cash to consolidate debts or undertake an important project.

Before you refinance a mortgage, it is critical that you speak to mortgage brokers who are familiar with the Whitby region.  Our partners will assess your situation and come up with the best possible solutions for your needs.

How does refinancing work?

If you have built sufficient equity in your home, you may refinance in order to consolidate your debts.  If you have a car loan, credit card bills, credit lines, and other debts, you can put them all together under your refinanced mortgage and make only one payment each month.

There are some ways to refinance, including:

Breaking a mortgage: You may wish to break a mortgage in order to avail of lower interest rates from a new lender.

Addition of a Home Equity Line of Credit: This works like a revolving credit line based on your home equity.

Blend and Extend: Your lender may give you additional money at blended rates. This means your current mortgage rate is blended with a new rate for your additional loan.  Blended rates are usually higher.

With refinancing, you can pay off your debts sooner and at much lower interest rates. If you are interested in refinancing your mortgage to manage your finances, consult a mortgage broker from our network today.

When to refinance a mortgage

It is critical for every homeowner looking to refinance a mortgage to understand their financial position and objectives.

Below are the most common reasons to refinance a mortgage:

1. To reduce monthly mortgage payments

You can lower your monthly mortgage payments when you refinance. This means you can have some extra cash to spend on other necessities.

If you obtain a lower interest rate, (such as a one-half point reduction),  you can significantly reduce your monthly payments.  A good rule of thumb in the industry is to refinance a mortgage if the difference in interest rates amount to 2 percentage points.

2. Switch to a different mortgage loan type

If you obtained a variable rate at the beginning of your mortgage and now find a fixed rate more appealing, you can refinance your mortgage to obtain a fixed rate.

3. Pay off loans with higher interest rates

If you have other loans with higher interest rates than your mortgage, refinancing makes a lot of sense. These loans include car loans, credit cards, and other types of credit.

4. Pay off the mortgage

If you are expecting a windfall and want to pay off your mortgage earlier to save on interest charges, refinancing can also be a good idea. You can shorten the term from 25 years to 15 years.

Refinancing is a strategy that many people have used to manage their finances, get over a financially difficult time, or tap into their home equity to use the cash for other purposes.

An experienced mortgage broker can help you determine if refinancing is ideal in your situation and help you obtain the best package.

Who can use a mortgage broker in Whitby?

A mortgage broker in Whitby can be of assistance to people in all kinds of situations.

A first-time homebuyer will find the expertise of a mortgage broker especially useful.  He can provide valuable advice on how to save on the costs of a mortgage and answer any questions related to the down-payment and other mortgage requirements.

A mortgage broker can also be of assistance to homeowners who need to renew a mortgage. He can determine if your mortgage rates are the lowest possible and help you save on interest charges. He can provide recommendations on the best mortgage products and lenders and even negotiate your rate.

In addition, a mortgage broker can help individuals who are having difficulties with their current mortgage by recommending solutions such as refinancing.

If you have a less than perfect credit and want to get a mortgage, a good mortgage broker in Whitby may be able to help you with private lenders.

Regardless of your mortgage needs, a mortgage broker in Whitby is the most ideal person to go to for assistance. With his vast knowledge of mortgage products in the market, he is the best person to provide recommendations that are tailored to your situation.

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Compare mortgage products in Whitby for your home purchase

if you are ready to buy a house in Whitby, you need to know the various mortgage products you can choose from.  Keep in mind that your mortgage will be following you for many, many years. You need to make sure to choose a mortgage that gives you peace of mind and allow you to manage your finances well.

Conventional mortgages

A conventional mortgage is a type of mortgage wherein the borrower has at least 20% down-payment based on the home purchase price.

High-ratio mortgages

This type of mortgage is for borrowers with less than 20% down-payment (55, 10%, 15%).  Because of the higher risk that this type of mortgage poses to lenders, an additional insurance called mortgage default insurance is required to protect lenders from default.

Fixed-rate mortgages

A fixed-rate mortgage means the interest rate on the loan will remain the same throughout the term (1 year, 2 years, 5 years). It appeals to borrowers because of its stability. Borrowers know exactly how much their principal and interest payment will be for the duration of the loan term.

Adjustable rate mortgages

This type of mortgage has an interest rate that fluctuates based on the prime rate. It is generally lower than fixed rates but can change overnight. While rates are currently quite low, it is very difficult to predict interest rate changes.  In case the rates increase, it could create a sudden financial burden regarding your monthly mortgage payments.  You can consider this type of mortgage to save on interest charges if you are willing to take risks.

Open mortgages

An open mortgage is ideal if you plan on paying off your mortgage loan faster.  You can make partial payments or pay in full at any time without penalty.  Due to this flexibility, open mortgages usually have higher interest rates than closed mortgages.

Closed  mortgages

A closed mortgage is ideal if you don’t plan on paying off the loan in the short term.  The interest rates are usually lower compared to open mortgages. However, you cannot renegotiate a closed mortgage or make a prepayment without incurring a penalty.

Convertible mortgages

A convertible mortgage works like a closed mortgage but it can be converted to a longer term (also closed) at any time without penalty.

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