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Your Trusted Ottawa Mortgage Broker!

…a GTA based brokerage with a decade of experience under its belt.

Best Mortgage Brokers in Ottawa!

You leverage on both expertise and experience when you choose Certified Mortgage Brokers in Ottawa. We deliver reliable services that are custom tailored to you specific needs. We offer you the following:

5% Mortgages
The minimum mortgage down payment in Canada is 5%. However, note that this really low down payment is not for everybody. It may work well for some but it may not be a good option for others.
For one thing, it is a pretty affordable option to start with. However, note that low mortgages require insurance on the possibility that you will default on your payment.

0% Mortgage Down Payment

We can also arrange a 0% down payment when you purchase new property. Note that you will still be paying the minimum 5 per cent down payment but the lender will give you cash back which basically covers the 5% down payment. And voila! You now have a 0% mortgage down payment.

Our Ottawa Mortgage Brokers Work for You!

Believe it or not we understand that mortgage arrears can happen to anyone. They happen for a lot of different reasons. Certain causes like job loss, unexpected illness, and others can take a huge financial toll on anyone. And this is where a Mortgage Broker in Ottawa can be of service.

We listen to what you have to say and we understand your needs. We have seen good paying clients who undergo stressful situations and still get back up on their feet eventually. And that is why we are willing to assist you in paying off your mortgage. We can do that via different ways from getting a second mortgage to increasing your loan amount.

Our Ottawa 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 Certified Mortgage Brokers in the Ottawa Office are here to help you!

If you’re looking for your first-time home buyer mortgage, you’re about to take one of the biggest steps in your life. This is an exciting time. It is also a little nerve wracking. There are so many decisions to make, and you’re almost certainly about to take on the biggest financial commitment of your life so far.

Getting advice and assistance from a licenced mortgage broker will help you to understand the various terms and conditions related to your mortgage. This could give you the confidence to enjoy the house hunting process without the fear of the unknown. At Certified Mortgage Brokers Ottawa, we’ve helped hundreds of young people to purchase their first home.

Many people make the mistake of looking for their dream home before they have visited their mortgage broker. We can save you a lot of time by calculating the mortgage and the repayments for which you’ll qualify. Armed with this knowledge you can find a house that you can afford. We can even arrange pre-approval which could give you the edge if you’re bidding on a house that someone else wants.

Before you sign on the bottom line and commit to a mortgage, it is essential that you understand what you are getting yourself into.  This could save you loads of money in the future.

Finally, there are plenty of incentives on offer for the first-time home buyer mortgage. We can help you with information on what they are, how to qualify and how to access the funds.

Brokers Find the Best Mortgage Rates Ottawa

Ottawa’s Certified Mortgage Brokers (CMB) Negotiate the Best Interest Rates!

There is a significant difference in the mortgage rates Ottawa borrowers pay. The differences don’t necessarily reflect the risk inherent in the loan but the willingness of the borrower to aggressively negotiate the rates. A 2011 Bank of Canada report found that people who use mortgage brokers paid lower interest rates for their mortgages. According to the report shopping around and negotiating rates are an essential part of securing lower rates.
For the best mortgage rates, Ottawa Certified Mortgage Brokers have the answer. We use multiple lenders to find you the product that suits your budget and your loan requirements. There is a wide range of mortgage options from which you can choose. Our trained and experienced brokers will ensure that you get the best combination of rates, fees and terms.

Your Property Your Biggest Investment

Buying a home is the biggest investment that most people will ever make. It is therefore essential that you make the right choices when closing your mortgage deal. Interest rates can change rapidly and if you are thinking of buying a home you should do your research.
When you compare rates, make sure to do so on the same day, as they may change from day to day. A small difference in the rates can cost you thousands over the term of the loan.

Let us find you the best mortgage rates. Ottawa lenders are keen to negotiate. Do your homework before you speak to us. You can find the current mortgage rates on the Internet. There are several websites that carry information about mortgage rates offered by the big five banks and other lenders. The websites allow you to compare terms and rates. So, you can find the best mortgage rates Ottawa and in the rest of the country. You can also search by type or amortization period.

You must also decide whether you will opt for a fixed or variable interest rates. 56% of Canadians prefer the certainty of fixed rates, but research has proven that over time variable rates are lower than fixed rates.

Understand the Terms and Conditions

Once you’ve done your homework discuss your needs with us. Trained and experienced brokers can help you to navigate through the terms and conditions of the various mortgages. It is our job to find you the best rate available for your loan profile. Remember that costs include more than just mortgage rates. Ottawa lenders can include conditions in the mortgage that could cost thousands unless you understand them.

We’ll discuss your financial goals with you so that we can include your plans in our mortgage strategy. When we have finished our discussions, you’ll understand the ins and outs of prepayment conditions, early payment penalties and portability. Our brokers will combine their knowledge and contacts to match you with the lender and the mortgage option that best suits your needs.
Before you make your final choice, you’ll know the size of the mortgage for which you qualify, the amortization period and the monthly repayments. We can even arrange for pre-approval if you would prefer.

A broker only receives payment after the deal is closed so seeking our assistance will cost you nothing.

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Understanding Mortgage Basics

Having a roof over one’s head is a basic necessity. You can choose to live in someone else’s home, rent one, or own one of your very own. The decision is yours and it is based on how much you can afford.
It is no secret that there are relative costs when it comes to buying and renting your home. On top of that there are emotional and other factors that come along whether you buy or even rent your home. In this section we’ll answer some of the most basic question about mortgages and how a Mortgage Broker Ottawa can help you.

What is a Mortgage?

A mortgage is a loan that you can use to buy a home or some other kind of real estate property. This loan also allows your lender to seize the property you bought with your mortgage in case you fail to pay the loan on time. Simply put, the piece of real estate you purchased serves as the collateral on your loan.

Types of Mortgages

There are two types of mortgages in Canada. The first one is called an open mortgage and the second one is called a closed mortgage.

Open Mortgage

Open mortgages allow you to make prepayments (i.e. extra payments) any time. You are also allowed to pay the entire amount even before the end of your term. Unfortunately, the interest rate for an open mortgage is higher than for a closed mortgage. Mortgages of this type are available for shorter terms such as six month to 12 month mortgage terms.

Closed Mortgage

You will have to pay a prepayment charge if you want to make any changes to the mortgage agreement in a closed mortgage. You can also make prepayments during the term of your mortgage but these are only limited, which lets you take advantage of certain low interest rates. Even with similar terms, a closed mortgage will always have a lower interest rate compared to an open mortgage.

OUR CUSTOMERS LOVE US

Certified Mortgage Brokers
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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.

CERTIFIED MORTGAGE BROKER OTTAWA

FREQUENTLY ASKED QUESTIONS ABOUT YOUR OTTAWA MORTGAGE

What is a Mortgage Term?

The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.

You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.

What is a Down Payment?

A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.

But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.

What is a mortgage?

A mortgage is the financial instrument used in the purchase of almost all properties. It is loan agreement which is secured by a property, that is the property serves as collateral against the loan until such time as the capital amount is fully paid up. Over the term of the mortgage the lender has the right to sell the property if the borrower fails to make the repayments as stipulated in terms of the mortgage.
Every payment made by the borrower covers interest and a portion of the capital. This is how the capital amount reduces over time. As the principle comes down the home equity goes up. Essentially the borrower owns more and more of the property.

What is the difference between an open and closed payment mortgage?

There are two types of mortgage agreements in Canada:

  • A closed payment mortgage – Mortgages of this type limit the amount of principle that you can repay in any year. This means that your payment flexibility is limited. If for some reason you wish to make early payment of the principle you will pay fairly substantial penalty charges. The benefit of closed payment mortgages is in the lower interest rates that they attract.
  • An open payment mortgage – with this type of mortgage you can pay back the principle at any time you want during the term of the mortgage. An open mortgage is however, more expensive as higher interest rates apply. An open payment mortgage may be best if you have a variable income and may wish to make lump sum payments during the term of the contract.

Should I get a pre-approved mortgage?

There is not reason why you should not get a pre-approved mortgage. It costs nothing and the pre-approval takes just a few days. When a lender pre-approves a mortgage, he agrees to lend you a set amount of money under certain terms and conditions.
Pre-approval comes with several benefits

  • It saves time and effort. Because you know the size of the mortgage that you will get, you can carefully choose the property that falls within your budget.
  • Pre-approval locks in the interest rates for a period of up to 120 days.
  • Pre-approval gives you some leverage when negotiating the purchase price as the seller knows that you have the required amount.

Should I choose a fixed or variable interest rate mortgage?

The choice of fixed or variable interest rates depends largely on your personal circumstances and your risk appetite. Below are the details of each.

  • Variable interest rates – are connected to the prime interest rates. Over the long-term they are generally lower than fixed rates, and yet they are not as widely used as fixed rates. This is because borrowers prefer the certainty that fixed rates can offer. If you have a tight budget, the ebb and flow of variable rates may not suit you.
  • Fixed interest rates – Despite the higher long-term cost of fixed rates, this is a very popular choice amongst borrowers. They offer the borrower certainty since the interest rate along with the repayments will remain fixed over the term of the mortgage, making it easier for borrowers to budget.

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