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Your mortgage is one of the most important financial commitments you will ever make, and yet researching and negotiating the best rate and term takes time, and expertise. I can help. I have been in the financial services sector for over 20 years and specializing in mortgages over 10 years. My experience has given me an excellent platform in which to meet the needs of homeowners. I have in-depth knowledge of all products in the marketplace and valuable insight as to the best way to work and negotiate with lenders for the benefit of my clients. With access to over 50 competing banks, trust companies and private lenders, I offer a spectrum of mortgage financing service, some of which include: Lower than posted bank rates, Mortgage for the self-employed, Rate guarantees, Debt consolidation, Home renovation loans, Investment or cottage properties. Many Canadians have an investment advisor to help them sort through their investment choices. Now, Canadians are turning to mortgage brokers to help them make better mortgage decisions. After all, making the right mortgage decisions can have a huge financial impact over the long term.
7 reasons to use a Mortgage Broker over your BankCheck it out
First-time home buyer
Here’s to buying like a pro the first time!
Buying your first home is one of the most important financial decisions you’ll ever make and getting the right advice from a mortgage professional is a great way to start.
Before you start looking for your dream home, your Mortgage Intelligence professional can help you find out how much you can qualify for so you can shop with confidence. They’ll explain the process and even assist in getting you a mortgage pre-approval so you can take advantage of today’s low rate environment by locking in today’s rate for you for a set period of time, typically 90 to 120 days.
Understanding your down-payment options is important as you get ready to buy your first home. This is right time to consult with your mortgage professional who can explain the requirements and options available to first-time buyer only when it comes to down-payment. Generally, the min down-payment required depends on the purchase price with the min being 5% down. For homes $500,000 and under 5% down is the min required. For homes over $500,000 but less than $1 million, you need 5% down-payment on the first $500,000 and 10% for any amount over that. If your purchase price is $1 million or more, a minimum 20% down-payment is required. Mortgages with less than 20% down are subject to default insurance which is usually added to the mortgage amount.
At Mortgage Intelligence, we work with over 60 lenders from major banks to private lenders. Your mortgage professional gives you access to multiple lenders and finds the right mortgage for you with only one application. They help you navigate the process, explain your options and present you with mortgage solutions that best meet your need. Having the right combination of mortgage features, privileges and rate is key. The right mortgage goes beyond just the rate--it's important to also consider term, prepayment options, refinancing penalties, restrictions, and fees.
Your mortgage professional will not only find the right mortgage for you but also provide strategies to help you pay your mortgage off faster and shave thousands off interest costs in the process.
Your credit history is integral when it comes to the mortgage approval process because that history is a reliable indicator of how you will manage your mortgage and your finances in the future. Your credit score is calculated using information in your credit report including your payment history, how much debt you’re carrying and the length of your credit history. Lenders use the score to helps determine the risk and your creditworthiness when you apply for a loan. Credit scores above 660 are generally considered good, very good, or excellent. These individuals receive lower rates, and can get loans easier than those that do not fit into this range.
Those with less than average scores or with lower scores who fall into the “poor” credit range may face higher interest rates, difficulty getting better loan terms or qualifying when applying for a mortgage. Buyers with poor credit may have to put down a larger initial down payment or require a co-signer to be able to qualify for the mortgage they need to get into their dream home.
Your mortgage professional can review your situation and coach you on how best to improve your credit over time. That's why it's a good idea to talk to a mortgage broker as soon as you can. As your good credit history becomes established, your borrowing options will increase. If you wish to get a mortgage while you work on bettering your score, we can help!
At Mortgage Intelligence we are committed to helping Canadians realize their dream of home ownership. Our brokers have access to many lenders, from banks to private lenders, and a multitude of mortgage solutions. Even if you have poor credit, you have options and our brokers will work with you to find the right solution that best meets your needs. Call for a free consultation.
With the ever-changing market and a stricter stress test, many Canadians are finding it harder to qualify for a mortgage through traditional financial institutions “A-Lenders” and are turning to alternative lending solutions for their mortgage. At Mortgage Intelligence we work with many alternative lenders, who can offer excellent mortgage options with more flexible criteria and more lenient qualification requirements.
Alternative lenders are great for individuals who have non-traditional forms of income for example, capital gains, room rental income, child tax benefits and others or for self employed applicants who may not have the minimum required number of years being self employed.
These lending solutions are also a good option for those with lower credit scores. While the rate they offer is slightly higher than what you will see posted by an A-Lender, they are nothing out of the ordinary when compared to traditional rates posted in Canada. They also generally have shorter terms, meaning that you can get into the home of your dreams while being able to rebuild your credit at the same time.
Buyers who don’t qualify under the mortgage stress test can also take advantage of the expanded debt service ratios allowed by alternative lenders to qualify for a mortgage and get into the home of their dreams. If you have a very unique situation, we also have access to various private lenders who are even more flexible and lenient in requirements and may be able to offer you mortgage options that fit your situation. In today’s environment, we’re seeing more private lenders helping Canadians with their mortgages.
Call your Mortgage Intelligence professional to find out about the different options available to you. They are experts when it comes to mortgage products and different solutions and will provide you with unbiased advice. They work for you, not the lender.
Today's Exclusive Mortgage Intelligence Rates
As of August 14, 2022
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* Insured mortgage rates, subject to change. Conventional and refinance rates may be higher. OAC. E&OE