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I’m Don Stoddart, your Brampton Mortgage Broker and I have been in the mortgage industry for 30+ years. I was a co-owner of First Provincial, one of the founders of Mortgage Intelligence, Canada’s first ever national mortgage brokerage.
As your Brampton Mortgage Broker, I have a large network of Brampton area realtors and lawyers to ensure that your home buying experience is worry free and well informed. I take great pride in the fact that in my 30+ years I've closed over 10,000 mortgage transactions with EVERY one closing on moving day. This has allowed me to help thousands of individuals and families realize their home ownership dreams can come true. Whether you need a new mortgage, are renewing an existing one, want to consolidate some debt, or just want a frank assessment of your financial options, we would be honoured to meet with you. It is my goal to help you better understand all of your mortgage options and to make sure you are comfortable with our decision making process.
I am proud to have created a house setting within my office, I like to meet all my customers in person if possible. Those who are able to do so, enjoy both the professionalism of an office and the warmth of a home. I am happiest when talking to my customers and am thrilled to be in a business of providing a great mortgage experience for each and every one.
Let us empower you to make the right and educated mortgage decision that best suits you and your family's needs. We’re located in the heart of Brampton on Queen Street W. Drop by at any time, we’d love to have a chat and learn what’s new with you!
7 reasons to use a Mortgage Broker over your BankCheck it out
If you’re a homeowner over the age of 55 and want to tap into your home equity, a reverse mortgage can be the right solution for you. A reverse mortgage is also known as an “equity release”. With a reverse mortgage, you can access up to 55% of the equity in your home tax-free as a lump sum or monthly cash deposits. The maximum amount you are able to borrow will depend on your age, your home’s appraised value, and our lender. No mortgage payments are required and you maintain ownership of your home. Repayment of the loan and interest is only required once you move or sell the home. At the end of your loan term, you may have less equity in your home. If you don’t make any payments, which is fine, you may have a larger interest payment to make when the home is sold.
A lender will often ask you to consult a lawyer prior to giving you a reverse mortgage to ensure you understand the conditions of the mortgage. The lender can never force you to sell your home to repay the reverse mortgage. It is also important to note that all existing loans on the property, including a mortgage or a home equity line of credit must be paid off prior to getting the mortgage.
Whether you’re looking for a financial cushion to live comfortably, funds to cover monthly expenses, pay off debt, renovate or fund your children’s education, you can use the funds from a reverse mortgage in any way you want without restrictions! What’s more, is if the home goes up in value, it doesn’t affect the reverse mortgage, meaning that all equity gained is yours! Lastly, you can get out of a reverse mortgage at any time by paying off the loan and any interest accrued.
Have a discussion with your mortgage professional to find out if a reverse mortgage is the right solution for you.
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 - Key Mortgage Partners Rates
As of November 29, 2022
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* Insured mortgage rates, subject to change. Conventional and refinance rates may be higher. OAC. E&OE