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THE STREET MORTGAGEOMETER NEWSLETTER
Understanding Your New Home Sales Contract! What’s in a New Home Contract? New home Agreements of Purchase and Sale are generally more complex than resale contracts. This simply reflects the fact that a new home is usually a more complex purchase. Contracts can range from a few pages to sizeable documents with many schedules or attachments. A quick rule of thumb may be "the more specific, the better"— having things on paper, even minor items, reduces the potential for confusion and conflict.continue.
PRIME AND SUB-PRIME MORTGAGES Lenders use a credit scoring system to determine which loans a borrower may qualify. A major variable in this credit scoring system is a borrower’s FICO score (which may range from 300 to 850). continue.
Most people don’t sell homes for a living. The right real estate agent is a vital piece in the selling puzzle but ultimately it’s your home and your profit or your loss. Don’t let these common sellers’ mistakes diminish your profits!....Continue
MORTGAGE BROKER IN OSHAWA DURHAM REGION
Purchases - Renewals - Refinances - Home Equity Loans - Private Mortgages - Second Mortgages
What is a “Private” Mortgage? Private 1st or 2nd Mortgages
A private mortgage is a loan secured by real estate that is made by a private lender, instead of a traditional lender, financial institution, or government institution. These loans are most commonly short term and last anywhere from 6 months to two years. These are asset based loans made for the purchase and rehabilitation of real estate. Because the loans are asset based, the decision to loan is based on the criteria of the property and not usually the qualifications, or credit of the borrower.
Interest rates on these loans are considerably higher than traditional loans and may range from 8% to 14%, with fees being required as well. Loans are made on an LTV (loan to value) of 65%/ 75%/85% on a 2nd mortgage, to preserve sufficient equity in the property for the private lender in the event of a default. CALL me at 905-436-8010
Your best chance to get the credit you deserve. Build or re-build your credit, even if you've had credit difficulties in the past, or have never had a credit card before! An excellent opportunity to establish your credit rating. Classic Bundle Purchase mortgage programs. Contact me for details on a bad credit mortgage.
Call Dennis at 905-436-8010 for 1st and 2nd Mortgages
As your residential/commercial mortgage agent, I will help you achieve your home or business ownership goals. Whether you are looking to purchase a home, refinancing a home or comparing various lenders' products at your renewal time, I can help with the best mortgage rates in Ontario. My background also includes and extensive knowledge in new business development and financial budgets to achieve your home or business ownership plans.
My vision of service excellence includes responding quickly, and going that extra mile to satisfy your needs.
Rest assured you'll get the best available mortgage in the fastest, easiest way possible. I will start by walking you through the necessary steps to get you where you want to be. Depending on your fluency with mortgages we can start with the basics with very clear education, or start by getting right into it. After collecting your information and it is time to move forward, I have the major banks and lenders such as CIBC mortgages, TD mortgages, Firstline mortgages etc. provide current and low mortgage rates for your business. In essence, I shop your mortgage to find the best deal and present you with the outcome after researching a mortgage rate comparison. Even better, my service is free to you! It's the lender that pays me. I arrange financing for home purchases, refinances, and whenever your mortgage is up for renewal. Inquiries are always welcome and please feel free to use my "online mortgage" application.
Whether you are:
- purchasing a home - refinancing, consolidating debt commonly referred to as "debt consolidation" or "refinance mortgage loan" - a first time home buyer and looking for an Ontario mortgage rates pre-approval - renewing a mortgage - in need of a mortgage calculator for mortgage planning with fixed mortgage rates versus variable mortgage rates - recovering from a bankruptcy and want the best mortgage rates - simply looking for the best mortgage options in Ontario - looking for answers to questions about the mortgage broker industry in general
Feel free to inquire no matter what is on your mind or what you require.
As a Durham mortgage broker in Courtice, I handle mortgages in Oshawa, Bowmanville and the GTA. I can arrange mortgages in Durham Region and across Ontario. I've brokered mortgages in Clarington, Cobourg, Port Hope, Port Perry, Whitby, Ajax and Pickering. No matter where you live in Ontario, I have you covered.
This is usually at a higher interest rate and represents the difference between the price of the house and first mortgage plus the down payment. This may be obtained from banks and finance companies or through private funding. Second "mortgage rates in Canada" have to reviewed on a case by case basis.
A second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property. In real estate, a property can have multiple loans or liens against it. The loan which is registered with county or city registry first is called the first mortgage or first position trust deed. The lien registered second is called the second mortgage. A property can have a third or even fourth mortgage, but those are rarer.
Second mortgages are called subordinate because, if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Thus, second mortgages are riskier for lenders and generally come with a higher interest rate than first mortgages.In most cases, a second mortgage takes the form of a home equity loan and the two are synonymous, from a financial standpoint. The difference in terminology is that a mortgage traditionally refers to the legal lien instrument, rather than the debt itself.
The term length of a second mortgage varies. Terms can last up to 25 years on second mortgages; however repayment may be required in as little as one year depending on the loan structure and should the need still be required it would have to be renewed.
Generally, when considering the application for a second mortgage, lenders will look for the following:
* Significant equity in the first mortgage
* Low debt-to-income ratio
* High credit score
* Solid employment history
In the case of private funding these conditions change with less focus on credit scores, debt to income ratios, self employment and more emphasis on the total "loan to value" plus location. Call me at 905-436-8010 or 905-767-2242 to see if you qualify.
Now qualified home buyers who have immigrated or relocated to Canada can qualify for Genworth insured mortgage program with as little as a 5% down payment. Borrower qualification * Must have immigrated or relocated to Canada within the last 36 months * 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt) * Must have a valid work permit or obtained landed immigrant status * For 95% LTV, down payment must be from own resources. For LTV's less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy.
Please call me today at 905-436-8010 for complete information.
Home Equity Loans
Most people think of mortgage brokers simply as a resource for up-front mortgage funds. In fact, as a mortgage broker I can help you obtain additional financing even once you're settled in your home, to help you improve your house or condo and continue building your home equity.
Because today's real estate market is not favouring sellers, many homeowners are putting off their plans to move, and are instead renovating their homes to add more space, improve them or make them more comfortable until the market picks up again. If you need financing for your home renovations, please ask me about a home equity loan, which allows you to borrow against the equity you have in your property. Whether you're adding another room to your house,finishing the basement, updating the bathroom, renovating the kitchen or embarking on a multitude of other home improvement projects, you're adding more value to your home. A home equity loan therefore allows you to use your equity, to add equity!
If you're planning to buy a home that needs major renovations, it may be advantageous for you to add the estimated improvement costs right into your mortgage up-front. This allows you to spread out the costs of the home improvements over a longer period of time, using mortgage interest rates, which are usually much lower than other types of personal loans.
Please call me to find out more about and the financing options available to let you finally get your dream home, without having to move!
Secure, established lenders. I deal with the same reputable, established Canadian financial institutions you're used to. Plus, I have access to some innovative broker—only lenders who offer even more attractive rates and features. Best of all... with residential mortgages our service is FREE!