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Your Trusted Mortgage Broker in Mississauga

When you planning to buy a new house you should go to professionals. You want a mortgage broker who will protect your interests. However, you do not want people with more technical knowledge to take an advantage of you. With this in mind, how do you find a mortgage broker in Mississauga who knows everything about the subject, but won’t take advantage of you?For those who are looking for the most comprehensive real estate services in Mississauga, Certified Mortgage Broker is there for you.

Great Brokers Means Hassle Free Closing!

No matter what your needs are, the agents at Certified Mortgage Brokers can help you. We offer our expertise in all types of loans, and can give you the best deals and options.

Whether you are a family moving into a new home, a business trying to expand, or simply trying to consolidate all of your debts, we are here to serve you. Give us a call today, and let us resolve your situation.

Helping You to Find the Best Mortgage Available!

Your property is your biggest investment and one that almost everyone requires financial help to accomplish. Over the last few years, it has become progressively more difficult for Canadians to purchase the home of their dreams as legislation has been tightened up. Certified Mortgage Broker Mississauga. can help you to obtain the best mortgage deal in the area.

Our trained and experienced agents have the expertise to help you to navigate through the often-complex terms and conditions included in the mortgages. We have a large portfolio of lenders with whom we have had long-term relationships. Whatever mortgage finance you require, we can arrange it, even if you have been turned down by the banks.

Mortgage Refinancing Experts

One of the most common needs is mortgage refinancing deals with paying your current mortgage and/or other debts against the property and assets you currently have. You then will have created a new loan which consolidates your previous debts.

The process can be complicated. During it you would have to transfer money and debts, renew terms of loans, and many more things to take care of. It is not right for everyone, however, and we can help you decide whether this process is suitable for you. Our expertise can guide you through all confusing steps.

Residential Mortgage

When people think of mortgages, they typically think of buying a house. Unless you have all of the money upfront, in order to purchase your own home, you are going to need to use a residential mortgage to pay for it. Each case is going to be different, depending on the house, your financial status, and the market as a whole.

Because each situation will be different, we are experts at knowing what the right paths and options are for each case. Our professional can balance out the cost of your property, other expenses, your credit, and the market in order to provide you with the right solution for you.

Commercial Mortgage

Commercial or industrial mortgages are also common and well-known to people. For those who are looking to start a new or expand an existing business, and need extra space, you are going to need a one.

Many kinds and types of businesses require a market spac. As such, it is important to think of what loan will be right for your business. We have a great understanding of what business need, and how to give it to them. We can give you the right contract for you, and the needs and demands of your business.

Mortgage Brokers Mississauga Offer You Personalized Service

We offer a personalized service. When you ask us to act on your behalf, we will sit down and discuss your financial goals, so that we understand the type of mortgage that will suit your needs. We shop around so that you get the best combination of rates, fees and terms and conditions. We give you a set of mortgage options and you choose the one that suits your needs.

Mortgage brokers have a duty of care when they give you advice on loans and mortgages. They are licensed and trained to give you the best advice possible. Interest rates are not the only expense to consider when negotiating your mortgage.

Your mortgage broker can help you to navigate the terms and conditions. For example, if you take a five-year fixed term with a great rate you could end up paying penalties of thousands of dollars if you need to break the contract. These penalties could far outweigh the interest savings.

Mortgage Brokers Save Time and Money

Certified Mortgage Brokers Mississauga will find you the best deal for your personal circumstances. This is the benefit of using a broker that has connections with a wide variety of lenders. The options are varied and a broker can find you the best fit. They can also help you to get a pre-approved mortgage.

Certified Mortgage Brokers Mississauga will find you the best deal for your personal circumstances. This is the benefit of using a broker that has connections with a wide variety of lenders.

The options are varied and a broker can find you the best fit. They can also help you to get a pre-approved mortgage.

Changes in legislation in recent years has made it more difficult for borrowers to negotiate better rates with their banks. Our brokers use their knowledge and contacts to structure a loan to your requirements. This is especially helpful if you have previously been denied a loan. Brokers make application to various lenders to find you the best-structured mortgage available.

Our Mississauga Based Mortgage Brokers Offer The Following Services

First Time Buyers
First Time Buyers
Mortgage Refinancing
Mortgage Renewals
Private Mortgage
Second Mortgage
Self Employed (Mortgages)
Construction Financing
HELOC

Our Mortgage Brokers in the Mississauga Office will be with you every step of the way!

Most young people dream of owning their own home. Many also face the prospect with some trepidation. Your first-time home buyer mortgage is, after all, one of the biggest financial commitments you are ever likely to make. The decisions that you make now can have far-reaching implications for a very long time. The licensed mortgage brokers at Certified Mortgage Brokers Mississauga have been helping young people to make these decisions for years.

Before you buy, there are a number of questions that you should answer.

What can you afford? Buying a home comes with many hidden costs not least of all property taxes, maintenance and utilities. You need to make sure that you have the funds to cover these. The joy of owning your own home can be quickly undone under the burden of growing expenses.

What is your debt to income ratio? In total your debts should not make up more than 40% of your income and housing no more than 32%. This will put limits on the property that you can afford to buy.

Your mortgage broker is trained to help you to navigate the various terms and conditions that pertain specifically to mortgages. Understanding these and applying them to your current and future financial plans and lifestyle choices could save you loads of money in the future.

He can work out for you exactly the mortgage for which you will qualify and the resultant repayments. He could even get you pre-approved to give you certainty and to hold the interest rates while you go house hunting.

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Certified Mortgage Broker Mississauga

Frequently Asked Questions About Your Mississauga Mortgage

What is a Mortgage?

A mortgage is a property loan between a borrower and a mortgage provider. The mortgage agreement will contain all the terms and conditions of the mortgage including the principal amount, the interest payable and the repayment plan.  

The lender holds the property as collateral against the loan. This means that should the borrower default and fail to make repayments, the lender has the right to foreclose on the property and sell it to recover the loan and any accrued interest.  

The principal on the mortgage is the amount borrowed. It reduces over time as a portion of the repayments cover the interest and the rest is allocated to the principal.  

What mortgage repayment choices do I have?

There are two main types of mortgage repayment plans from which you can choose:

  • An open mortgage repayment plan – an open mortgage is one that you can pay off at any time during the term of the mortgage without incurring penalties. Open mortgages tend to have shorter payment terms. These usually range from six months to a year where the rates are fixed and for three to five years where variable interest rates are paid. For the flexibility of an open mortgage, you will pay a higher interest rate.
  • A closed mortgage plan – a closed mortgage limits the flexibility of the borrower to make repayments as they please. While most closed mortgages will allow some flexibility in making lump sum payments, full early payment will result in penalties. The benefit of the closed mortgage is a lower interest rate.

What are the benefits of a pre-approved mortgage?

Pre-approval is a quick and easy process that takes just a few days. During the process, you supply your lender with your financial information. The lender will verify the information and check your credit rating. Based on this he will supply you with the pre-approval for the amount that you can borrow. You will also receive a schedule of repayments.

The benefits:

  • You can save time and effort by looking only at the properties that you can afford
  • You will know what down payment is required and what your monthly repayments are, making it easier for you to budget
  • The seller is more likely to give your offer careful consideration because he knows that you have the money available.
  • Depending on the lender, pre-approvals are good for 60, 90 or 120 days. Pre-approval carries neither cost nor obligation.

Should I choose fixed or variable interest rates?

The choice of fixed or variable rates is a personal one. Which you choose should depend on your appetite for risk. Here’s why;

  • Fixed interest rates – by far the most popular choice in Canada, fixed interest rates remain the same throughout the term of the mortgage. Fixed rates are generally a little higher than variable rates, but they offer borrowers the stability of knowing exactly what their monthly repayments will be. This is the best choice for borrowers on a tight budget.
  • Variable interest rates – variable interest rates are linked to the prime interest rate and will move up and down along with the prime rate. Variable rates are less expensive than fixed rates when measured over time, but if uncertainty keeps you awake at night you may be better off opting for fixed rates.

How much do I need for the down payment?

The down payment is the amount of money that you must make up front to get a mortgage. In Canada, depending on the price of the property, the minimum down payment is 5%.

Bear in mind that if your down payment is less than 20% you will have to purchase mortgage default insurance also known as CMHC. You can pay this as a lump sum or on monthly instalment. The insurance covers the lender in case of a payment default.

The down payment is deducted from the price of the home. The mortgage will cover the remainder of the price. The bigger the down payment that you make the less your repayments. A larger down payment can save you thousands of dollars in interest.

What are closing costs?

Closing costs are the final costs that the buyer incurs to purchase the property. Most lenders will expect the buyer to budget between 2% and 4% of the purchase price for the closing costs. Typically, these costs include

  • Appraisal costs – necessary to verify the property value
  • Home inspection – to ensure that there are no costly repairs required
  • Land transfer tax
  • Property insurance
  • Property tax
  • Legal fees
  • Adjustments – including utility bills and taxes that may already have been paid by the seller.

What documents will I need to finalise my mortgage?

  • A list of assets
  • A list of liabilities
  • Bank account information
  • If you are building you will need to submit the building plans
  • Proof of income
  • Lawyers details
  • Purchase agreement
  • MLS listing
  • Proof that you have made a down payment

Terms that you should know when closing a mortgage

  • Amortization – refers to the length of time that it takes to fully pay off the mortgage
  • Appraisal – evaluation by a professional of the value of a property
  • Deposit – a payment made to secure the property
  • Down Payment – the amount the buyer must pay from his own pocket for the property. It is expressed as a percentage.
  • Home Inspection Fee – the cost of checking the property for structural integrity is for the buyer’s account.
  • Loan to value ratio – the size of the mortgage measured against the property value.
  • Prepayment option – the option on a closed mortgage that allows you to make specific early payments against the principal amount. Some pre-payment options have penalties. Others do not.
  • Property transfer tax – a tax due when the property is transferred from one owner to another
  • Mortgage Loan Insurance – the insurance that buyers must pay when the down payment is less than 20%. The size of the mortgage is a determinant in the cost of the insurance.
  • Term – the timespan of your mortgage agreement. When it comes to term you will have to renew it or find a new mortgage provider.

OUR CUSTOMERS LOVE US

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Sean Hammond
2019-08-29

I had to port a mortgage to a new condo, Leon had excellent knowledge to get me through the approval process. When the bank made an error, Leon was quick to contact them to make sure everything was done right and on time. He is very professional and courteous and I recommend his service to anyone who wishes to apply for a mortgage.

Ronald McDonald
2019-08-27

Giving them 5/5 stars. Massoud helped me with my mortgage and he never missed a beat. He made the process very straightforward as a first time home buyer. Shopped around for other mortgages but he was always the first to get things for me. Highly recommend him

Shannon Jones
2019-08-23

I was looking to renew my mortgage and my previous lender was less than willing to do anything to keep my business. So I started to look for another brokerage to do business with and Certified Mortgage Broker stood out purely based on my interactions with Massoud. Massoud was professional and clearly had a keen sense of customer service; which I make a high priority when doing business with anyone since I'm in the customer service business myself. Peter rolled out the red carpet for me, walked me through my options, inquired about my plans with my current property, give me opinions and facts about rentals in the area, sales/purchases. In some respects he gave me more information about real estate than my real estate agent has!

Glen Plummer
2019-08-20

Selling and buying a home is a stressful experience and Leon with CMB in North York took all of the stress out of arranging the financing. He was very professional and clear about what I needed to provide to him. He used this information to arrange the best mortgage option on our new home, arranged the bridge loan to cover the closing period differential, and arranged closing out the mortgage with the previous lender.. Our experience with Leon is far better than the local in-person brokers that we contacted previously and Leon has helped us with a mortgage renewal in the past with the same excellent experience.

Colleen Power
2019-07-31

Leon returned my called from a missed call within 15 minutes of my call and I left no message. Leon and his team were fantastic. Even with the money issues we had Leon made me feel important and valued as a person.

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