What’s the bottom line on mortgage brokers?

Tags

funding proposal, independent mortgage broker, independent mortgage brokers, mortgage options, mortgage products

There are over 400 types of mortgage products on the market and it’s hard to know whether you’re selecting the right one. That’s why Canadians are using independent mortgage brokers at an alarming rate because mortgage brokers can save you time and money!

An independent mortgage broker isn’t tied to any financial institution and instead works on behalf of you, the client, rather than the lender. Because they are not employees of a lending institution, mortgage brokers are not limited in the product they can offer you.

They can seek out the best mortgage options to suit your specific situation, from a multitude of lenders — banks, trusts, private companies, or insurance firms. Their primary role is to provide unbiased mortgage options and advice to clients.

Mortgage brokers can get better deals on mortgages, terms and rates because they have direct access to lenders. Once you’ve met with one, they’ll prepare a funding proposal and shop it around to get the best and most appropriate mortgage options.

Brokers with strong networks can often get nearly instant approvals and they can negotiate better rates and terms on your behalf.

In the vast majority of cases, clients don’t have to pay for the services of a mortgage broker. Instead, when the broker matches a lender with a buyer and a mortgage is placed, the broker is paid by the lender.

Their paycheque is based on the size of the mortgage, not the rate.

Major financial institutions have groups of in-house “mortgage brokers”. But they’re different from independent mortgage brokers because they sell clients mortgage products that are exclusive to the bank. If you’re keen to stay loyal to your bank, you can ask your independent mortgage broker to negotiate specifically with your financial institution.

Be careful who you choose to work with. Not all brokers are great and have their client’s best interests in mind. Get referrals from trusted friends or family members.

It’s also important to research current rates and structures in advance of meeting with a broker. That way you’ll have some idea of what you’re hoping to achieve and can clearly communicate it.

source: http://www.metronews.ca/toronto/comment/article/999656–what-s-the-bottom-line-on-mortgage-brokers

Advertisements

2nd Mortgage – 3rd Mortgage

Tags

2nd Mortgage – 3rd Mortgage, home equity loan, independent mortgage broker, lowest mortgage rates, mortgage lenders, mortgage solution

2^nd  Mortgage – 3^rd Mortgage

Second Mortgage is also referred to as “Home Equity Loan” or Secured Loan. A secured (Second Charge) Loan is a loan in which some of your property is held by the lender, as security, for the money that you have borrowed. The mortgage lender may consider factors like equity, your ability to repay, current credit situation, etc. while considering your application. Secured loan usually offers lower interest rates and is very useful if you need quick money.

Second Mortgage is basically the best way to get quick and easy money, which can be used to start new business, expand, renovate, for debt consolidation, etc. In this mortgage solution your property is held by the lender as security for the money borrowed. You get full value of your premise minus existing mortgage debt by availing Secured (second charge) mortgage loan.

In case of second mortgage you need collateral to pledge against the loan which could be machinery, business property, plant or any other fixed assets, non repayment of the loan can lead to repossession of the collateral. Second Mortgage is the best option for those who are looking for low interest rates and large amount of cash for a longer duration. We help to arrange Second Mortgage at lowest interest from the most competitive lenders in the financial market.

We will find you the best lending partner that suits your needs at the lowest second mortgage rate. Being an independent mortgage broker, we assist individuals and businesses in raising the appropriate funds from the Canada‘s best mortgage lenders. With us you can get second mortgages at lowest mortgage rates. You can use the funds that you get for second mortgages for:

• Debt consolidation
• Car, boat or motorcycle purchase
• College tuition
• Home renovations
• Finance a special event, such as a wedding
• Money for investments
• Fund a new business

The mortgage following the second in registration in land title office is 3^rd mortgage.

To apply for a second mortgage, please contact your highly trained mortgage broker/agent today or apply online now.

Reasons for Second Mortgage

Second mortgage is an ideal solution for getting liquid capital quickly and easily. In a secured loan, your home or property is held by the lender, as the collateral in exchange for the money borrowed. A Second mortgage has a lower interest rate, and you can get 100% market value of the collateral pledged. We arrange second mortgage loans at lowest interest from the most competitive mortgage lenders and the whole process is windup within few weeks.

Second Mortgage Interest Rate

Second mortgage does not require any upfront cost but there is closing cost associated with this type of a mortgage loan. Second mortgage also needs appraisal of your property but in case you meet the criteria for CMHC Insurance – YOU GET A FREE APPRAISAL!

Here is a detail of the interest rate for second mortgage loan:

1. Private Second Mortgage = InterestRates AverageRange Of 10% To 15%
2. CMHC Second Mortgage Insurance = Bank Posted Rate +1%

CMHC Mortgage Insurance

CMHC stands for Canadian Mortgage and Housing Corporation. If you qualify for CMHC you can get Second mortgage up to 95% of the home value. CMHC Mortgage Insurance is also referred to as ‘mortgage default insurance’. It eliminates the need for the traditional 20% down payment and turns the dream of many Canadians of owning a house into reality.

The mortgage following the second in registration in land title office is 3^rd mortgage.

To apply for a second mortgage, please contact your highly trained mortgage broker today or apply online now.