The world of home buying and mortgages can be intimidating and may seem complicated, but hiring a mortgage broker can help simplify the process. It can also save you money, but a mortgage broker can help you secure the best rates and terms available.
At FamilyLending.ca we are focused on YOU. We are truly in your corner and will go to work for you, to find you home financing you are comfortable with. You can rest reassured, knowing that our experienced team will guide you through the process.
Defining Residential Mortgages
It's rare for someone to buy a house and pay for it in full up front. Most Canadians just don't have that kind of money on hand. That's why the majority of home buyers seek financial assistance, through mortgage lenders. Lenders and borrowers come to an agreement, where the lender provides the borrower with the funds needed to purchase a property. Over a set period of time the borrower pays the lender back, with interest.
A Mortgage Broker can help simplify the process of searching for a residential mortgage. At FamilyLending.ca our experts have the experience needed to identify mortgage lenders that match your needs. Our team is fast and efficient and will save you the burden of researching the mortgage market. Our experts know where to look, and have their finger on the pulse of the market. They know where the best deals are and they know how to negotiate the best terms on your behalf.
The Process of Securing a Residential Mortgage
Applying for a residential mortgage may seem complicated but it doesn't need to be.
Hiring a mortgage broker can make the process much simpler, but you should have some basic information ready:
- How much do you have for a down payment?
Cash back mortgages can be secured with as little as 1% down, but the interest rates on these mortgages are higher. A Mortgage Insurance Premium is also required if your down payment is less than 20% of your home's total value. At FamilyLending.ca, we can help you develop a plan for this additional expense.
- Do you want a Variable or Fixed Rate Mortgage?
With a fixed rate mortgage the interest you pay remains constant throughout the payment period. With a variable rate mortgage the interest rate fluctuates with the market. If you are looking for stability a fixed rate mortgage might be right for you. If you think the market will work in your favour you might want to choose variable rate mortgage. At FamilyLending.ca we can help you explore the options, so you make an informed decision.
Financial background information
Your mortgage broker will need to know your financial history, to effectively act on your behalf with the lender chosen.
An annual income statement, documents outlining current debts, information on savings, assets, and investments, along with any other applicable financial information should be provided. If you provide full and accurate information it will help your broker secure the best deal possible, and it will also speed up the approval process.
FamilyLending.ca can help. Call us and we will have one of our brokers work with you personally. Or simply fill our online application for mortgage pre-approval. It's free, and there is absolutely no obligation.