MORTGAGE BROKER IN PICKERING

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• What Is A Mortgage?

Mortgages are typically long-term loans. The loan is usually repaid in regular installments, which include both principal (the amount borrowed) and interest (the cost of borrowing the money). Mortgages can be obtained from a variety of lenders, including banks, credit unions, and mortgage brokers. In Canada, borrowers are also able to obtain mortgages through government programs, such as the Canada Mortgage and Housing Corporation (CMHC).

Owning a home is a significant financial commitment, and it’s important for borrowers to fully understand the terms of their mortgage and ensure that they can afford the payments. Defaulting on a mortgage can have serious consequences, including the loss of property and damage to the borrower’s credit rating.

Types Of Mortgages We Offer

Refinancing Mortgage

Worried you might be overpaying on your existing mortgage? We specialize in analyzing mortgages and identifying unfavourable terms. It is often the case when we can renegotiate something more palatable for your situation. In addition to directly reworking current mortgage terms, we can look into other areas that might be able to be improved, such as re-structuring debts and focusing on optimizing your cash flow. Our mortgage broker Toronto also offers clients who wish to explore moving a mortgage to another locality that option.

Residential Mortgage

Residential mortgages are Turkin Mortgage brokers‘ bread and butter. Our brokers Breathe them on a daily basis, so let us take advantage of our decade of experience in the Canadian property market and apply that knowledge to your situation to seek out the best “hidden” deal out there. By analyzing your current financial situation and requirements, we’re able to draw on our local contacts in Pickering and compile a custom offer unique to you.

Commercial Mortgage

As a business owner, established (or budding!) entrepreneur thinking of refinancing, building, renovating or outright purchasing commercial property in the Pickering or surrounding areas, Turkin Mortgage brokers have you covered. Our network of brokers can help you every step of the way- we cover the whole gamut of commercial loan types and are able to effectively negotiate small-scale and larger-scale deals. Whether you are seeking refinancing for an existing income-generating apartment or plan to build up a large-scale retail development, our team can analyze your situation in relation to the available deals and simultaneously massively minimize the difficulty you’ll face during this prospect whilst maximizing your chance at identifying the best rates thanks to us being able to leverage our existing network of business and lenders in the locality.

Hassle-Free Closing

Our company’s goal isn’t to pander to the Status Quo; our vision is the opposite- to revolutionize the experience customers have traditionally gotten in the mortgage industry. We’ve seen some of the experiences customers have had to deal with by choosing large lenders and established banks, and we strive to do it differently. Our expert Mortgage agents provide our customers in Pickering and surrounding areas a transparent and fast experience and enable them to take advantage of a more personal 1-2-1 communication process. You’re dealing with a company with local expertise and a select team of experts, not a department here, and we’ll treat you and your situation the same instead of treating you like a number. We try and cut through the confusing jargon and work hard to obtain and clearly present the most favourable deals to our clients.

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• What Mortgage Repayment Choices Do I Have?

You can choose between an open and a closed mortgage.

Open mortgage

An open mortgage is a type of mortgage that allows borrowers to pay off some or all of the mortgage at any time without penalty. This type of mortgage is more flexible but typically has a higher interest rate than a closed mortgage. Open mortgages may be a good choice for borrowers who expect to receive a lump sum of money in the near future and want the flexibility to pay off their mortgage without penalty.

Closed mortgage

A closed mortgage, on the other hand, is a type of mortgage that has a set term, typically ranging from six months to ten years. During the term, the borrower is committed to making regular mortgage payments and may face penalties if they pay off the mortgage early. Closed mortgages typically have a lower interest rate than open mortgages. It’s important for borrowers to carefully consider their financial situation and their plans for the future when choosing a mortgage repayment plan. Closed mortgages may be a better choice for borrowers who prefer a set payment schedule and are willing to pay the penalty if they need to pay off their mortgage early.

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  What Are The Benefits Of A Pre-Approved Mortgage?

A pre-approved mortgage in Canada can have several benefits for homebuyers. Here are some of the key benefits:

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• Which Is The Better Option: Fixed Or Variable Interest Rates?

Whether fixed or variable rates are better in Canada depends on your individual financial situation and preferences.

Fixed interest

Fixed rates offer stability and predictability in your mortgage payments, as the interest rate remains the same for the entire term of the mortgage. This can be beneficial if you have a tight budget or if you expect interest rates to rise in the future.

Variable interest

Variable rates, on the other hand, can potentially save you money if interest rates decrease over the term of your mortgage. However, they also come with the risk of your mortgage payments increasing if interest rates rise. If you are comfortable with taking on a bit more risk in exchange for potential savings, then a variable rate may be a good option for you.

Ultimately, it’s important to carefully consider your financial situation and goals before choosing between fixed and variable rates. It may also be helpful to consult with a financial advisor or mortgage broker to weigh the pros and cons of each option.

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• How Much Do I Need For The Down Payment?

The lowest down payment required for a mortgage in Canada depends on the purchase price of the home. If the home is less than $500,000, the lowest down payment is 5% of the purchase price. If the home is between $500,000 and $999,999, the lowest down payment is 5% of the first $500,000 and 10% of the outstanding amount. For homes selling at $1 million or more, the least down payment is 20% of the purchase price.

It’s important to note that if you make a down payment of less than 20% of the purchase price, you’ll need to purchase mortgage insurance through the Canada Mortgage and Housing Corporation (CMHC) or a private insurer. The cost of this insurance will vary depending on the size of your down payment and the purchase price of the home.

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• What Are Closing Costs?

Closing costs are fees and expenses that are associated with the purchase of a property, and they are in addition to the down payment on the mortgage. Closing costs can vary depending on the location of the property, the type of mortgage, and other factors. In Canada, some of the common closing costs associated with a mortgage may include the following:

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• What Documents Will I Need To Finalize My Mortgage?

The exact requirements can vary depending on the lender and the specifics of your situation, but generally, you’ll need to provide the following:

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• Important Terms To Know When Closing A Mortgage

When closing a mortgage in Canada, there are several important terms to be aware of. Here are a few key ones:

Amortization: This refers to the length of time it will take to pay off your mortgage in full. In Canada, most mortgages have an amortization period of 25 years.

Closing Costs: These are the fees and expenses associated with closing a mortgage, such as legal fees, appraisal fees, and land transfer taxes.

Down Payment: This is the amount of money you will pay upfront when purchasing a home, and it is typically expressed as a percentage of the purchase price.

Fixed-Rate Mortgage: This is a type of mortgage where the interest rate is locked in for a set period of time, typically ranging from 1 to 10 years.

Mortgage Term: This is the length of time for which your mortgage agreement is valid. It is usually shorter than the amortization period, and at the end of the term, you will need to renegotiate your mortgage.

Prepayment Penalty: If you pay off your mortgage before the end of the term, you may be charged a penalty. The amount of the penalty can vary depending on the lender and the terms of your mortgage.

Principal: This is the amount of money you borrow to purchase a home, not including interest and other fees.