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What Exactly is a Mortgage? |
The term secured means that if you cannot fulfil the payment programme as agreed with the lender, they have the right to sell your property in order to recover their money.
The usual term of a mortgage is 25 years, but depending on your circumstances and earnings it can be arranged over longer or shorter periods. The initial amount you borrow is called the 'capital, and added onto this capital will be the interest charged to you by the lender. You have two options to pay off the capital and the interest as one sum this is a repayment mortgage, or pay back the interest only, and set up another investment to pay back the capital at the end of the term, this is known as interest only'. You have many more options when it comes to choosing how you want your interest to be charged.
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Are mortgages available with little or no money down? |
Yes, there are many mortgage programs available for no money down. If your credit is decent and you fall into a certain income range for your area you can very well qualify for no money down mortgages.
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Are mortgages available for people who have filed bankruptcy? |
Yes you can, however your bankruptcy has to have been discharged for 2 or more years. There are many mortgages and loan programs which can help people who have had a bankruptcy.
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I have bad credit can I qualify? |
You can qualify. Depending on the severity of the credit problems you may not qualify for a no money down mortgage. In most cases where a down payment is required there are options to help you.
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What are ARMS or Adjustable Rate Mortgages? |
Adjustable Rate Mortgages fluctuates up and down with interest rates which are based on several money market indexes such as Treasury Securities Certificates of Deposit along with other markets which causes the cost of funds for lenders to vary
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What is a Mortgage Broker? |
Mortgage Brokers are independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs.
Mortgage Brokers primary expertise is locating funding for mortgage financing. They know where the best rates can be found. What's more, they have the knowledge required to present a proposal for financing to lenders in the best way possible to successfully obtain mortgage financing.
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Why deal with a Mortgage Broker? |
Mortgage Brokers represent you, the customer, not the lender. Because they are not employees of a lending institution, Brokers are not limited in the product they can offer you. Brokers seek out the best lender package to suit your specific situation, whether it?s with a Chartered Bank, Trust or Insurance Company, or Private Funds.
There is a wide assortment of options and features available to home buyers today. Shopping around takes a lot of time and effort. Many Canadians are intimidated by the mortgage process In today's very competitive marketplace. It pays to work with a mortgage professional who will represent you and ensure the mortgage you get is the one best suited to your needs.
Choosing the wrong mortgage can cost you thousands of extra dollars. Mortgage Brokers are the trained professional who can help you save on your mortgage dollar.
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How long does it take to hear from one of your loan officers? |
Our loan officers are expected to reply within 2 business days. Generally you will be contacted by a loan officer within hours.
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How long does it take to complete a mortgage transaction? |
If all information requested by the lender (i.e. Income verification, down payment verification and property details) are given to the broker in a timely matter than the transaction can be completed in as little as 2 weeks.
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Registered Mortgage Broker/ NYS Banking Department
All loans arranged through third party lenders.
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