Why You Should Contact a Mortgage Broker for Your Next Mortgage...
Mortgage brokers have more options and can provide great rates - Volatile financial markets means that having access to more lenders makes more sense than ever before. A bank or credit union will only show you their mortgage products. As Mortgage Brokers, we offer mortgage rates and products from over 60 different mortgage lenders. Our job is to match the right mortgage rate, lender, and product with your needs.
Interest Rates Below Bank Rates
Depending on your circumstances If you have good credit, plenty of equity in your home, or a good deposit, you can get a lower rate of interest through a mortgage broker than you could at your bank.
We provide a FREE consultation service, just call 416-499-2122 for a no obligation quote.
As Mortgage brokers we provide mortgages for the following situations:
First Mortgage or Mortgage Refinancing
You can refinance up to 75% of your home value
Use the equity in your home money to do what you always wanted or start your own business, home improvements etc
Second Mortgage
You can refinance up to 95% of your home value
Use your money tied up in your home to do what you always wanted or start your own business, home improvements etc
Debt Consolidation
Are you paying 19% - 29% interest on your credit card debt?
As a client you can use your home equity to save thousands and pay off your debt faster
Mortgages for Rental/Income/Second Property, Cottage, Interest only
5% down, up to 35 years mortgage amortization, rental offset actual rent or 80% market AVG
call us for the best mortgage rates, don't wait
Mortgages for Self Employed People
Banks do not like to lend to self-employed people because there are some difficulties confirming income and employment
We look beyond your self-emplyment income to assist you in obtaining a mortgage
Home Equity Lines of Credit (HELOC), Equity Loans, Car Loan
Make your mortgage tax deductable. Create tax savings and increase net worth by combining line of credit with low rate fixed mortgage.
you can't get more flexible arrangement to finance your vehicle. with up to 7 years (84 months) to pay off your loan and keep the payments low.
Mortgage for New To Canada, Visiting, First Time Home Buyers
you can qualify for the mortgage with as little as 5% down
Your credit score is a number between
300 & 900, with a good credit score being above 650.
Your credit score is made up of the following criteria:
35% - Your Payment History
30% - Amounts You Owe
15% - Length of Your Credit History
10% - Types of Credit Used
10% - New Credit
When
shopping for a mortgage through conventional means, your
credit score is an invaluable resource to a prospective
lender. Your score will determine what interest
rate you are charged, and possibly how much down payment
you will need.
Payment History
If you
have been late with your payments or had payments that
went to a collection agency, these will most likely be
reported on your credit report. Each time a you
were more than 30 days late on a payment, the company to
whom you owed money would report that information to the
credit bureau. Each time this happens, your score
is lowered.
Amounts You Owe
Your
credit rating also takes into account how much credit
you have available versus how much you owe. If you
are using more than 75% of the available credit that you
have, this may be a sign that you are over-extended.
In order to boost your credit score dramatically, try
keeping balances below 30% of the available credit
limit.
Length of
Your Credit History
This is
important to a lender because potential lenders like to
see stability. If all of your credit accounts are
new, this may be a sign that you have applied for a lot
of credit at the same time, which does not reflect well
on your credit report. Having a short credit
history makes it hard for a lender to see the big
picture with how you handle your available credit.
Types of
Credit Used
Your
credit report will also show the different types of
credit that you have. You may have student loans,
auto loans, credit cards, store cards and lines or
credit. Generally, credit cards from respected
financial institutions will have a favourable impact on
your score providing you have used them wisely.
Having credit from financing companies may negatively
affect your credit score. Many stores have
financing arrangements with a finance company to provide
their "don't pay for one year" incentives. Many of
these programs are through finance companies that will
charge extremely high interest rates (above 20%) once
the one year period is over. Next time you are
going to apply for one of these incentives, keep in mind
that if you have a credit card, it may be wise to use
the credit that you already have instead of applying for
credit with an finance company.
New Credit
Each time
you apply for new credit, the company where you obtain
the credit will make an inquiry on your credit report.
This is generally not a problem until you start applying
for a lot of credit within a short period of time.
This is a sign that you are seeking credit to purchase
items for which you cannot actually afford. Only
apply for credit when it is absolutely necessary and if
you already have a credit card or two, it's likely not
in your best interest to apply for another unless you
have a specific purpose for it.
Your credit rating is often the
largest factor involved in deciding whether a mortgage
lender approves or declines a mortgage application.
If your credit has suffered from late payments,
collections or bankruptcy, your credit score may be
quite low. Having a low score does not automatically disqualify
you from home ownership. When we look at your
situation and match you with a prospective lender, we
will look at a number of other factors. Down
Payment, employment stability, income and re-established
credit are other factors that we will present to a
prospective lender.
There are a number of different terms that mortgage brokers in Ontario use to refer to bad credit including damaged credit, bruised credit or a poor credit rating. These terms all basically mean the same thing that you are a higher credit risk, in Ontario bad credit loans usually
mean that you credit score has fallen below the 600 point mark. There could be many reasons why your credit score has fallen, including missed monthly credit card payments or having to many credit cards.
Every mortgage lender in Canada has different criteria as to when a home mortgage loan would be classified as a bad credit mortgage loan. Bad credit mortgages in Canada and bad credit loans in Canada are more
common now than in the past and we are here to provide you with the assistance you
need. Getting a personal loan for people
in Canada with badcredit can be
a difficult at the best of times and our firm looks at your entire financial
situation to determine your needs.
There are four ways to obtain a free copy of your Equifax credit report.
What is a Loan to Value Ratio
Most private mortgage lenders base their mortgage lending decision on the loan to value ratio (LTV) against the property being secured. Knowing your LTV will help you understand your options when getting a home equity mortgage or loan in Ontario. To determine your LTV, estimate the present market value of your home and then deduct any house mortgages or liens on the property, this is the value of your house's equity. Now divide the house equity by the present market value of your home.
For example: a house in Toronto, Ontario has a present market value of $500,000.00 and a first mortgage of $250,000.00, the LTV here is 50%.
The following will give you an idea of what private mortgage and loan lenders in Ontario look for in the loan to value ratio.
If the LTV on your property is less than 50%, meaning the total mortgages against your property are less than half the value of the home, then you are in an excellent situation to look for a private mortgage lender. Even if your credit rating is very low or you are presently unemployed or retired, you should have no problem getting a home equity mortgage loan in Ontario, Canada. With a home mortgage of less than 50% most lenders can also offer you their lowest interest rate.
If the LTV on your property is between 50% and 70%, you should qualify for a private mortgage house loan, even with a damaged credit rating. Many properties fall into this LTV range, most private mortgage lenders in Canada are very comfortable with mortgages in this range. The borrower may be required to pay a higher rate of interest on their mortgage.
If the LTV on your property is between 70% and 75%, and you have a damaged credit rating in Ontario, Canada, you will find that some major Canadian mortgage lenders will not provide money for a mortgage under these circumstances. Most tier 1 banks in Canada such as the Toronto Dominion Bank are reluctant to make loans with a LTV higher than 75%, even if you have an excellent credit rating. In this case to get a mortgage refinance in Ontario, Canada you will need a mortgage broker that has private funds available to invest in your property.
If the LTV on your property is between 75% and 85%, you should still be able to get a loan. This range is considered as a higher risk and therefore most private mortgage investors will charge a high rate of interest on the mortgage. Most private mortgage investors invest in this range, some like to invest in local markets such as Toronto or Barrie, but most will invest across Ontario.
If the LTV on your property is above 85%, your situation may be difficult but getting a private second mortgage or even a private third mortgage is still possible. These mortgages may be considered as unconventional private mortgages, they have the highest level of risk and therefore have the the highest interest rate.
BROKER LOCATIONS
Here is a partial list of the locations in Ontario that we service
A private mortgage is for homeowners who are facing the most difficult
situations of their lives and who need help right away. They need money
from a private lender fast. If you need loan from
private lenders in Toronto or anywhere in Canada we can certainly help.
Some private lenders only lend within a certain area,
therefore if you live in Toronto, getting a loan from a private lender in Toronto may be
easier to get than a loan from someone in another province. Some private lenders over look poor credit, this
happens because they look at your overall financial position not just your
credit history.
Our private lenders can lend up to 85% of your home
appraised value and STOP FORECLOSURE or POWER OF SALE FAST! Private
lenders will based their decision on your home equity.When you need a need
loan from private lender you probably have been turned down by other
financial institutions, private lenders do not have the strict guidelines that
a bank may have. Our firm has access to a number of private lenders for bad credit loans in Ontario, Canada, these
lenders are located across Ontario and Canada and can provide a more personal
service.
Below is a partial list of the areas that our private lenders service.
