Financial Counseling and Planning Ontario Association of Credit Counselling Services (OACCS): OACCS offers consumers money management, budgeting and credit use services. This website also offers practical explanations on personal finances and debt problems. Credit Canada: Credit Canada offers free financial counselling and seminars to help put your finances and bills in order. Credit Canada welcomes anyone who needs confidential advice about how to handle money and reduce or eliminate debt. ServiceOntario: This website provide resources and information about government services available to assist Ontarians in dealing with significant life events, such as having a baby, registering a death, managing debt, and getting ready to retire. Prosper Canada: Prosper Canada helps vulnerable Canadians access…
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Mortgages: A Brief History – Financial Services Commission of Ontario
Mortgages: A Brief History Fun facts on how mortgage loans have evolved through the years. Taking on a mortgage is the most common way Ontarians can get a piece of the housing market – and has been for a long time. The mortgage industry dates back hundreds of years. But while the purpose of these loans has stayed the same, they’ve evolved from a simple repayment plan to a much more complex financial transaction. Mortgages originated in England when people did not have the resources to purchase land in one transaction. Buyers would get loans directly from the seller – no banks or outside parties were involved. Unlike today, purchasers…
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Working with a Broker – The Application
Before we can have a conversation your mortgage broker needs to know about you – your income, assets, liabilities and credit history. An application is your story and helps us determine your needs and find a mortgage that will be the best for you moving forward. We have many questions that will guide us and educate you. Our process is to get to know you, your families needs and help you become the decision maker for your future mortgage. This is our business and we are committed to our clients now and into the future. It’s a relationship. Let’s start the conversation with your application. Apply Here
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FREE APPRAISAL!
Many mortgage loans require an appraisal for the lender to determine the value of the home. The appraisal compares similar properties that have sold within a recent time frame. The cost of an appraisal may vary depending on location and type of appraisal requested. Mention that you noticed FREE APPRAISAL on this website and you will be reimbursed the cost of your appraisal when you use our services to obtain a mortgage, and your mortgage file closes with us. It’s that easy and we know saving money is a good thing.
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The Difference Between Refinancing and Renewing Your Mortgage
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Where Can We Place Your Mortgage?
Mortgage brokers have access to many different lenders providing our clients with choice and options when it comes to a mortgage. There is no difference in the contract you sign with any lender we have access to. They contract to lend you an agreed upon amount, at a set interest rate, for a fixed term and amortization. You contract to pay the mortgage. The differences may lie in the additional offering from the lender such as prepayment options, warranty programs, penalty calculations. Our expertise can help you determine why two mortgage offers from different lenders with the exact same interest rate can be DRAMATICALLY different. We can explain the differences…
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What is an INSURER?
There are currently three mortgage insurers in Canada. They enable mortgages to be placed where the down payment is less then 20% by insuring the mortgage in the event of default. This cost is to the borrower and the benefit is to assist the lender. The lender then has protection to lend. The insurers in Canada are; Canada Mortgage and Housing Corportation (CMHC) https://www.cmhc-schl.gc.ca/ Sagen (Formerly Genworth) https://www.sagen.ca Canadian Guaranty https://www.canadaguaranty.ca/ Insurers may also bulk insure conventional mortgages – your broker can provide more details!
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Why work with a Mortgage Broker?
Using a Mortgage Broker When You Buy Your Home What will a mortgage broker or agent do for you? Getting a mortgage is often the largest financial commitment Ontarians make and many homebuyers find that there are several benefits to using a mortgage broker or mortgage agent. Mortgage brokers/agents provide options and information to guide consumers through the mortgage application process. Some lenders will only work through brokers or agents. What is a Mortgage Broker/Agent? Mortgage brokers and agents are licensed professionals who work for a licensed mortgage brokerage and it is with the brokerage that you enter into a legal relationship. Mortgage brokers/agents can identify a large number…
