Working with a Mortgage Broker.

Self-Employed?

If you’re in business for yourself, you may have been turned down by your bank in your attempt to get a mortgage. Many small business owners and contract workers cannot verify sufficient earnings through tax statements and T4 slips simply because much of their taxes are paid through their companies or written off through the various shelters and deductions available to the self-employed.

We know of lenders however who understand your situation and who are prepared to offer financing up to 90% loan to value (85% on refinance) to borrowers without conventional verification of income. Excellent rates are usually available to those with good credit reports and proof of self-employment. If you think you might qualify, contact us today.

Renewals

Most homeowners would believe that the renewal offer they get in the mail represents their bank or finance company’s preferred rate. After all, you are an established client, they know your credit is good and your payment history with them has been excellent. In actual fact, the rate they quote is almost always a high-ball offer - an offer that they are prepared to negotiate ‘down’ from. Which raises an interesting question - what is the truly ‘best’ rate someone with your credit history can get on a renewal? Rather than haggle back and forth with a lender that does not appear to respect you as a valued customer in the first place, why not let a mortgage broker canvass the available market and get you the rate you deserve? You may be surprised to discover just how much of a savings is available for those that have the nerve to simply ask for it!

Refinances

For your home...

Could you reduce the cost of your current mortgage with a refinance? Like many borrowers, you may be paying the standard rate of your current mortgage lender. Substantial savings might be available by switching to another product or lender. Even if you face a redemption penalty you could still be considerably better off by changing to a different lender. An independent independent mortgage broker can tell you what you could save by transferring to a different mortgage lender or product. You can remortgage the exact amount left on your mortgage or you could borrow more in order to take advantage of the increased equity in your home.

...for investments

The combination of historically low interest rates and a sluggish stock market have led many consumers to re-consider their investment strategies. If you’re considering an income producing property - rental unit or tri, 4 or 5 plex, we can find mortgage financing to make it work. Usually up to 90% loan to value can be provided, with rates varying depending upon your financial situation and the nature of the property involved. Fill out our application form and see if one of associate brokers cannot find a rate that makes your investment plan an economic reality. As well, many of our clients are using re-financing as a means of tapping into their existing home equity to provide ready capital for other investment purposes.

...or debt consolidation.

Debt consolidation, whereby high interest debt is retired with funds from a mortgage re-finance, is becoming increasingly common. The difference between the rates on high interest loans and credit card balances and the rates available on re-finances are now so great that often debt can be eliminated and monthly payments under the new mortgage actually less than they were with the old.

Cash Back

Mortgage lenders are always willing to give preferred rates to preferred clients - if you have good credit, verifiable income and a minimum mortgage amount you can usually do better than the ‘posted’ rates. But rather than getting a discount of say 1 to 1.5 % off the charged interest rate, some borrowers might prefer to accept a cash rebate upon the closure of the mortgage agreement. The amount of rebate will vary depending upon the lender and the term of the mortgage but most range within 1 to 5 % of the total mortgage amount. Cash-strapped first-time home buyers particularly find this arrangement attractive as it provides some extra money for home furnishing, improvements or property upgrades.

Keep in mind a Cash-Back mortgage will usually cost you in the end - the amount of rebate is likely to be less than the money you’d save with the discount you could negotiate through a mortgage broker!

To contact a Mortgage Broker near you