Mortgage Solutions
How We Can Help
BUYING
Whether it’s your first or next home, or a great investment opportunity, let us show you a few smart steps to get your mortgage off to a great start.
Your How-to Guide to Buying Smart
1. WORK OUT A BUDGET
You’ve got your home and neighborhood in mind now let’s get you pre-qualified for a purchase! When meeting with our Mortgage Planners we will help you get a handle on exactly what you can afford and with our annual budgeting tools help make sure you don’t end up house rich and cash poor.
2. GET EXPERIENCE ON YOUR SIDE
Our Mortgage planning team is really on your side, and can elp you access great rates and mortgage options. We can offer traditional and innovative mortgage solutions that meet your unique needs
3. GET PRE-APPROVAL
This is the smartest move for anyone looking to purchase a home as it insures you know what you are approved for and what you can afford. Sellers will know you are sereous when you submit an offer armed with a Lender comparison report and our in house pre-approval
4. CREATING YOUR TEAM
You have a mortgage planner but don’t forget there are other professionals you will need for a mortgage transaction. It is a good idea to work with a local realtor who can help you search for a home and make sure you get the best deal. Whether you are selling or buying, a realtor is a great asset to have on your side.
5. MAKE AN OFFER
Now for the fun part! You have found the perfect home and have attained an accepted offer. At this stage we send the full file off for a final approval. We generally ask for 5 to 7 days for subject to financing to make sure we have everything we need and have time to order appraisals or attain CMHC or Genworth approval for your file.
6. Save big with strategic mortgage options
We will make sure to take the time to go through all the different mortgage options with you before you sign for one. We will review fixed vs. variable, or the difference between putting 5%, 10%, 15%, or even 20% down. Our goal is to find you the best possible mortgage option for your needs and we will work hard to make sure you get it.
7. FACTOR IN A FEW ADDITIONAL COSTS
Closing costs, Land Transfer Tax, Home Inspection and Property Tax and home insurance. Discuss these costs upfront with your Mortgage Broker and factor them into your budget so that there are no surprises.
8. SIGN ON THE DOTTED LINE
Your lawyer will finalize the paperwork a few days before closing, you will sign on the dotted line, pay the downpayment and any additional costs related to the purchase of the home.
9. WELCOME HOME
The title of the home will be transferred to your name on closing day, and you can pick up your keys. Now wasn’t that easy?
Refinancing
Your home is your best nest egg for the future. But you also want to enjoy life today. Refinancing your mortgage, especially if interest rates are low, is an ingenious way to have your cake and eat it too.
Your How to Guide to Refinancing your Mortgage
1. REVIEW YOUR REFINANCING OPTIONS
You may want to add that new kitchen you’ve been dreaming about, take a special vacation or even take care of your outstanding debt. To help you get there, you may want to reduce your term, switch from an adjustable-rate mortgage to a fixed-rate mortgage, or consolidate your first and second mortgages.
2. CHECK YOUR CREDIT
It’s a smart step to check your credit because lenders will do so. The better your credit rating, the more desirable your business will be to a lender. One easy step to start improving your credit rating is to not run up your balances to the limit on credit cards.
3. GO SHOPPING
Just like you shop for the best value on your groceries, your Mortgage Broker will go shopping on your behalf for the best interest rate and options. After all, a lower rate can save you big time in costs over the life of your new mortgage.
4. PREPARE A LIST
Your Mortgage Broker will need some basic information in order to move forward, such as your current lender’s details, how much you owe on your current mortgage loan, gross monthly income and the value of your home.
5. DO THE MATH
You’ll be offered a number of loan options, so discuss them with your Mortgage Broker and choose one that best suits your needs. Over and above considering the lowest rate, discuss whether a fixed or adjustable rate is better for your situation.
6. FACTOR IN A FEW ADDITIONAL COSTS
There will be a few fees and costs associated with this process, such as brokerage or underwriting fees or transaction, settlement, and closing costs. Your Mortgage Broker can discuss these with you and factor into the mortgage.
7. YOU’RE READY TO APPLY
Okay, it’s time to apply with your chosen lender. Be ready with a few required documents, proof of income, income tax returns, recent bank statements and your monthly expenses.
8. HOME SWEET HOME
That’s it. Once the paperwork is done, it’s time to take that vacation or begin your dream kitchen reno. Enjoy!
Renewing
Now that you’re in the last year of your mortgage, you’ll likely be receiving a letter from your existing lender to renew. Should you just sign it back? No way. Let us show you how to get the most out of your renewal.
Your How to Guide to Renewing your Mortgage
1. REMEMBER, YOU’RE IN THE DRIVER’S SEAT
You’ve got a track record as an owner, and lenders will want your business and will compete for it. That’s where a mortgage broker can really help. Your first step is to connect with us. With low interest rates and a growing selection of innovative mortgage solutions, you could potentially save thousands by shopping around.
2. COMPARISON SHOP
Our independent Mortgage Brokers know what’s going on in the marketplace, and can connect with over 50 lenders to find the best the best interest rate and options for your renewal. After all, a lower rate can save you big time in costs over the life of your new mortgage.
3. DO THE MATH
You’ll be offered a number of loan options, so discuss them with your Mortgage Broker and choose one that best suits your needs. Over and above considering the lowest rate, discuss whether a fixed or adjustable rate is better for your situation.
4. ASK FOR MORE
There will be a few fees and costs associated with this process, such as legal and administrative costs for transferring the mortgage, as well as a mortgage discharge fee. Your Mortgage Broker can ask to have these costs absorbed – it’s worth asking because it’s competitive out there.
5. SIT BACK AND RELAX
That’s it. Once your renewal is completed you can sit back and give yourself a pat on the back (and your Mortgage Broker too).