Top 10 Benefits of Using a Mortgage Broker in Brampton

Working with a Mortgage Broker can be the best decision you make when you are considering purchasing a home and are looking to get approved for a mortgage, or even if you are already a homeowner and are looking to refinance your current mortgage. When it comes to your mortgage financing, there are many advantages to using a mortgage broker that you may not even be aware of. Because of this, our team at Brampton Mortgage Broker decided to put this brief article together to help you give some insight into the benefits of using a Mortgage Broker. Here are the top 10 reasons why working with a Mortgage Broker is in your best interest when getting a mortgage.

1. It saves your time.

Yes, it is true our team at Brampton Mortgage Broker can help you save time when it comes time for you to look for a mortgage. We can look at many different offers from various lenders to see their best offers in a matter of a few minutes. Imagine if you had to do this on your own. You probably wouldn’t know where to start or which lenders to trust. Since our team works with an extensive network of lenders, they can match you with a lender that will be best suited for you once they have correctly assessed your situation, saving you hours of your precious time so you do more of what you enjoy.

Mortgage Broker Brampton

2. It saves you money.

On your own, you may not be able to get the best possible interest rate available on the market, but did you know that our team at Brampton Mortgage Brokers will not only shop around on your behalf to help you get the most competitive rate, we can also negotiate for you to get better-than-advertised rates. We specialize in helping our clients obtain low affordable monthly payments so that you can save even more. Yes, our team has the advantage of finding you a mortgage rate that will be able to save you money.

3. It keeps you from getting stressed out.

Mortgage products can be confusing. Not only are there different lenders offering different rates, but there are different types of mortgages with different terms. If you go at it alone, it could become a headache to deal with. Our Brampton Mortgage Broker team has helped hundreds of clients make the mortgage process as relaxed as a walk in the park. We will help you find the best solution for you and help make the process as stress-free as possible.

4. It helps you access lenders you could not access on your own.

Did you know that you will not have access to all the mortgage lenders on the market? This is because some lenders will only work with you if you work with a mortgage broker. Luckily for you, when you work with our team at Brampton Mortgage Broker will have access to many of these lenders and have more choices for your mortgage financing.

5. 5-Star service customized for you.

Some people avoid working with a mortgage broker because they think it will cost them more, but it is essential to know that you pay for what you get. Getting 5-star service doesn’t have to cost you a fortune, especially if we are talking about the most considerable expense you will probably ever have. A mortgage is not something to take lightly. You want to know all the details as much as possible, which is where a Mortgage Broker shines. When working with our team at Brampton Mortgage Broker, you do not need to worry about the mortgage process as it is our primary responsibility. We will make sure everything is moving along in a timely fashion. The service our team at Brampton Mortgage Broker will provide you will be tailored to your needs. So say if you are a busy person, we can take care of everything for you. Or say if you’re one of those people who don’t like to deal with paperwork, we can complete all the paperwork for you. Or, if you are just one of those people who want an easy experience, you can kick back and take it easy. We’ll do all the heavy lifting for you. So, no matter your situation, working with our team at Brampton Mortgage Broker will benefit you greatly. Just read our 5-star Google reviews for yourself and see what our clients have to say after working with us for their mortgage.

6. They can help you get a specialty mortgage.

Because our Brampton Mortgage Broker team works with many different lenders, so we can help you in various circumstances. So, if you have a bad credit score, are self-employed, or are new to Canada, you could have difficulty getting a mortgage from a traditional lender, like a bank. But not to worry, our team can help you access a specialty mortgage using the vast network of alternative and specialty lenders we work with. Our team understands that no particular situation is perfect, and we need to have options beyond the simple solutions provided by the banks. We have helped hundreds of clients who traditional lenders or banks have turned down due to; having bad credit, being self-employed, being new to Canada, etc. It is essential to know that our team is here to help you out. You don’t need to settle for your mortgage being declined. We can find you a specialty mortgage that works for your situation.

7. Brokers are independent.

This is something really important you should know; if you go directly to a lender for your mortgage – such as your bank – they will only offer to sell you their products. This is very biased as you do not have options or have the ability to compare apples with apples. But our team at Brampton Mortgage Broker is independent and can arrange a mortgage for you from any lender, and we are not biased. We prefer the lender that is the best for your situation and addresses your financial needs. We want you to compare apples to apples and know you are getting the best mortgage for your situation.

8. Mortgage brokers must adhere to professional standards.

It is essential to know that no one can just become a Mortgage Broker; it is a process. You must be appropriately licensed and adhere to strict professional and ethical standards. The industry is overseen by governing bodies to help ensure that Mortgage Brokers work in their clients’ best interests. Rest assured, when you work with our team at Brampton Mortgage Broker. You are working with a licensed professional who always adheres to professional and ethical standards and operates in your best interest.

9. Mortgage Brokers have the best understanding of their products.

When you put hours of dedication into your craft, you can develop the knowledge and skills required to handle all situations that come your way. Whether this is your first mortgage or interested in another type of product, such as a Second Mortgage or Refinance, or even a Home Equity Line of Credit (HELOC). Our team at Brampton Mortgage Broker has the best knowledge of the mortgage products you need. Our team will work to match you with the best mortgage financing needed to help with your situation. Over the years, all of our clients have been happy with the mortgage products we have been able to provide them with, and we are confident we can do the same for you.

10. They can act as a coach.

Our team at Brampton Mortgage Broker can act as a coach for you as we help you find the right mortgage product for your situation. Our team will ensure you have all the necessary information and documents and give your complete answers to all your questions you may have so you can feel confident that you’ve made the right choice. Teamwork is necessary when you are trying to accomplish the goal of getting the best mortgage financing for your situation, and our team will ensure we do everything possible to help guide you so you can achieve the best results.

Final Thoughts on Top 10 Benefits of Using a Mortgage Broker

Using a Mortgage Broker will allow you to leverage the skills and knowledge of a trained professional whose job day in and day out is to find the best mortgage financing solution for various situations. It is important to know having the ability to choose options that are in your best interest will allow you to truly make an unbiased decision when it comes to your mortgage financing. Our Brampton Mortgage Broker team prides itself on always doing what is best for you and helping you in any way we can. We are not salesmen; we are service-oriented professionals with one goal in mind: to do the best job possible with your mortgage financing. It is no surprise that we have been able to do this for many years and that we have delighted clients that constantly refer their friends and family to work with us for their mortgage financing. We encourage you to read our Google Review yourself to see for yourself and read about all the experiences they had working with us on their mortgage financing that they have chosen to share. So if you are considering working with a Mortgage Broker for your mortgage, then make sure to get in touch and contact our team at Brampton Mortgage Broker today.

Are you ready to reap the benefits of working with a Brampton Mortgage Broker? Call us today to set up an appointment.

Is a Debt Consolidation a Good Idea?

With inflation and rising interest rates, it’s no surprise that many people living in Brampton are struggling with high amounts of consumer debt. If you are one of those individuals who finds themselves in a similar situation, then debt consolidation can be a good idea. Don’t let your debt get out of control, take charge of your case, and leverage a debt consolidation to your advantage by erasing your high-interest debts. If you are wondering how you can do this, then you are in luck, our team at Brampton Mortgage Broker has put together this brief article piece for you, and we will provide insight into the question being, as asked, is debt consolidation? is a good idea If you have questions after giving this a read, please feel free to contact our team so we can answer any questions you may have about debt consolidation. We are always here to help you in any way we possibly can. Now, let’s get into this article.

What is a Debt Consolidation?

In its simplest terms, debt consolidation is when you get one large loan to pay off several smaller loans. With this loan, all your debts will be combined into one single debt, allowing you to get one lower interest rate for all your debts at one manageable payment. Instead of having multiple loans to make payments on, you’ll be able to focus on just one single loan at a much lower interest rate so that you’ll be able to pay off your debt faster and save a lot of money.

The overall concept of debt consolidation will allow you to save money and pay down and pay off your debt faster than you could have imagined. Debts like pay-day loans, personal loans, personal lines of credit, credit cards, student loans, car loans, or any high-interest debts can be converted into a debt consolidation at one monthly payment and one single interest rate rather than a wide range of interest rates. It is important to note that by paying off your smaller debts, you will also help positively impact your credit score by increasing your credit score rating.

Debt Consolidation

Is a Debt Consolidation a Good Idea?

Before we can answer this question, you will need to remember that debt consolidation is a loan like any other loan, and you need to be financially responsible in making payments on time.

Now to answer the question being asked, is debt consolidation a good idea? If done correctly, the answer is yes; debt consolidation is a good idea, as it comes with many positive benefits. These benefits include lower monthly payments, more money saved each month, having your high-interest debts being paid off, increasing your credit score rating, and being better able to manage your overall debt with one payment.

It’s no big secret that having too much debt can cause anyone to become uncomfortable and lead you down a path of debt spiraling out of control. If you are not disciplined with managing your debt, you could find yourself in a worse situation than you started. It is essential to know that you don’t need to feel overwhelmed by the debt you are facing; you need to have a solid debt consolidation strategy to overcome it. In some cases, debt consolidation is a tactic that can be used when facing a serious problem such as bankruptcy or a consumer proposal. We have many years of experience helping hundreds of clients with consolidating their debts, and we can do the same for you. If you are unsure how to do this to your benefit, then you can reach out to our team at Brampton Mortgage Broker, and we can help you create a debt consolidation plan that will work best for you.

How a Mortgage Broker Can Help You with Debt Consolidation

One of the best ways to find a debt consolidation loan is to work with a Mortgage Broker. Luckily for you, our team at Brampton Mortgage Broker has outlined two of the most beneficial options that we can work with you to consolidate your debt. Here are the options below:

    Mortgage Refinance Option :

    A Mortgage Refinance will allow you to borrow the money you need against your home’s equity to consolidate your debts into one mortgage up to 80% of your home’s appraised value. As long as your credit score is in great shape, you will have access to low-interest rates to consolidate your debts. Furthermore, this option will allow for great savings as you can extend your amortization on your mortgage for up to 30 years and take advantage of extremely low affordable payments. However, it is essential to note that a Mortgage Refinance option will require you to break your current mortgage and get a new one. To see if a Mortgage Refinance is the right option for your debt consolidation, please contact our Brampton Mortgage Broker team to go over all the details surrounding your situation.

    Second Mortgage Option :

    A Second Mortgage option will allow you to borrow the money you need against your home’s equity to consolidate your debts into a mortgage of up to 85% of your home’s appraised value. Getting a Second Mortgage may be the right financing option if your credit score is not great. This is because, with a Second Mortgage, your credit score does not play a major role in your approval, and even if you have a low or bad credit score, you can still be approved as long as you have the required equity in your property. A Second Mortgage option will allow you to consolidate all your high-interest debts into one low affordable monthly payment. Luckily, you will not be required to break your current mortgage to get a Second Mortgage. You can keep your existing mortgage and get a Second Mortgage for the amount you need to consolidate your high-interest debts. To see if a Second Mortgage option is a suitable solution for your debt consolidation, don’t hesitate to contact our Brampton Mortgage Broker team to go over all the details surrounding your situation.

Advantages and Disadvantages of a Debt Consolidation

Advantages of debt consolidation

With a Debt Consolidation, there are many advantages to look forward to, and some of these include the following:

  • All your debts can be managed in one payment at one interest rate
  • Being able to get out of debt faster
  • Increasing your credit score rating
  • Lowering the overall interest rate you are paying on your outstanding debts
  • Free up monthly cash flow
  • Pay off all your small or large debts and only have one single loan to manage

Disadvantages of Debt Consolidation

With a Debt consolidation, there are also some disadvantages, and here are a few of them:

  • Once your credit cards are cleared up, if you are not disciplined, you could be tempted to go back into debt
  • If you cannot manage your payments on time, your credit score will be negatively impacted
  • A co-signer may be required if your credit score is not up to the level of comfort for the lender
  • Your co-signer will become responsible for your debt if you cannot pay
  • If your home was used as collateral to secure a loan, then you may risk the chance of losing your home if you are not able to make the payments

Is a Debt Consolidation Right for You?

If you feel that debt consolidation may be the right option for your situation, or you are still unsure about getting a debt consolidation, then feel free to reach out to our team at Brampton Mortgage Broker. We can help properly access your situation, help you better understand your financial picture, and provide you with the best debt consolidation options for your situation. To explore your options, call or apply online today! Our team at Brampton Mortgage Broker has years of experience and many success stories of clients we have helped over the years. You can count on our team to help you in any way possible to provide you with a debt consolidation that you can be satisfied with.

How to get a mortgage when you have bad credit in Brampton

Purchasing a home is one of the best ways that you can start to build wealth, as home values in Brampton have been steadily on the rise over the past several years. Finding a lender who will give you a mortgage can prove challenging if you have bad credit. Not to worry, though; our team at Brampton Mortgage Broker has put together this short and easy-to-read article to help you with some tips you can use to improve your chances of getting a mortgage in Brampton, even if you have bad credit. If you have questions after giving this a read, feel free to reach out and get in touch with our team so we can answer any questions you may have. We are always here to help; now, let’s get into the article.

5 tips you can use to get a mortgage in Brampton with bad credit:

1. When purchasing a home, you must have heard by now that all you will need is a 5% down payment. Although this is true, this will not apply to you if you have bad credit. If you have bad credit, getting a mortgage for a home purchase will require you to save up for a larger down payment. You will need to have a down payment of 20% or even more in some cases if you have really bad credit. If you are unsure exactly how much of a down payment you will need for your situation due to your bad credit, you don’t need to stress out; you can always reach out to our team. We can examine your credit situation in more detail and help determine how much of a down payment you will need. Just remember, having bad credit doesn’t mean you won’t be able to purchase a home. It means you will need to come up with more than just the minimum requirements.

2. It is no secret that the major banks and credit unions will most likely not be willing to give you a mortgage if you have bad credit. This means that you will need to consider alternative mortgage lenders on the market to help get your mortgage approved. To get access to these alternative lenders, you will need to work with a licensed mortgage broker, and our team at Brampton Mortgage Broker is licensed to help find the suitable alternative mortgage lender. These alternative lenders can act as steppingstones helping to give you the time needed to help repair, fix and heal your credit so that you can transition to a major bank or credit union. However, this may take a year or two, depending on how bad your credit situation is. This will allow you ample time to address all your credit issues and get back on track with your credit score once and for all. Our team has helped hundreds of clients, and we can also help you create a plan to address all your credit problems and put you back on the right side of your credit score, where you belong. We know what it takes to help fix bad credit, and we understand how to create a plan that will work for you so we can move your mortgage from an alternative lender to a major bank or credit union.

3. Getting help with a co-signer can help you get a mortgage approved from a major bank or credit union, even with bad credit. Depending on your credit score, you may want to consider getting a co-signer to help improve your chances of getting a mortgage. To strengthen your mortgage approval when you have bad credit, your co-signer will need good to excellent credit and will be responsible for making any payments themselves if you cannot. However, and this is very important to make a note of, if your credit score is really bad, then even with the help of a co-signer, you may not still be able to get approved from a major bank or credit union. But this is where our team can help you understand if a co-signer will work for your situation. We can help determine if adding on a co-signer can help your chances of getting a mortgage with a major bank or credit union. We have years of experience working with clients utilizing co-signers for their mortgage, and we can help make sure the co-signer is the right fit for your situation.

4. Don’t add on more debt. This needs to go without saying and avoid going further into debt. Yes, you are going to get offers from credit card companies to get a new credit card or get an amazing price and deal on a car on a regular basis. This is their business; they want to sell you something, but you must be disciplined. Taking on too much debt can cause a lot of damage to your credit score and is not worth it at the end. Especially if you are in the process of buying a home and are looking to get a mortgage with bad credit, then you need to avoid taking on more debt. You don’t want your credit score getting worse or increasing your debt when you already have bad credit. Instead, you will want to do the opposite and pay off as much of your debt as possible, so you can help increase your credit score. It is important to note that even if you don’t have bad credit, taking on too much debt can cause damage to your credit score, and if you’re not careful, you can end up with bad credit before you know it, and our team has seen it happened to clients one too many times. But this is where we have helped our clients with understanding how to manage debt. If you are struggling with managing your debt, we have tools in place that can help you. Contact us today so our team can help put a plan in place that works for your situation and help clean up your debit and credit.

5. Working with a Mortgage Broker is your best option if you have bad credit. Working with a Mortgage Broker will give you many options given your bad credit situation. Mortgage Brokers work with a wide range of specialist lenders and can help you find the right bad credit lender. But how do you find the right Mortgage Broker to work with? While looking for a mortgage in Brampton, hundreds of clients have chosen to work with our team at Brampton Mortgage Broker and have referred their friends and family to work with us as well. With so many 5-star Google reviews left by our clients, you can read about all the wonderful and amazing experiences our clients have had working with us to help get their mortgage approved. We are always here to help all of our new and returning clients with their mortgage approval, and we are happy to help you with your situation.

Brampton Mortgage Bad Credit

How much will a bad credit mortgage in Brampton cost me?

If you are looking to get a mortgage with bad credit, then it is very important to understand that in the beginning, you will be paying higher interest rates than someone with good credit. Unfortunately, that is the reality of the situation, but the extra cost, however, may be well worth it if it helps get you into a home of your own.

Current rates for alternative lenders (if you have a credit score of 550-700) are between 3%-5%, while rates for private lenders (if you have a credit score of less than 600) can range between 6% and 12%.

Final thoughts on Bad Credit Mortgage in Brampton

If you are looking for a bad credit mortgage in Brampton, contact our team at Brampton Mortgage Broker. Our team will help you explore your mortgage options and find the best fit for your situation. To explore your options, call or apply online today! Our team at Brampton Mortgage Broker has years of experience and many success stories of the clients we have helped over the years. You can count on our team to help in any way to get your bad credit mortgage in Brampton.

What is a second mortgage, and how can you use it?

In recent years, home values in Brampton and the GTA have been going up significantly and has allowed homeowners see the equity in their home build up. Now, with home prices reaching levels never before seen, this maybe a great time for you to extract the cash from your home that was built up from your home. One great way to get access to your home’s equity is through the financing of a second mortgage. A second mortgage can be a powerful financial tool and can benefit you in a number of ways, but first you have to understand exactly what it is and how it can be used.

Luckily for you, our team at Brampton Mortgage Broker has put this short but informative article piece to give you overview of what is a second mortgage, and how you can use it. Now, without any further a do, let’s dive into informative article piece.

What is a second mortgage?

Simply put, a second mortgage is a secured loan against your home’s equity that is taken out behind your current mortgage. Equity is referred to the value of your home minus how much you still owe on your mortgage. You gain equity in two ways: by paying down your mortgage, and as your home increases in value.

In most cases, you will be able to get a second mortgage up to 85% of your home value. It is important to note that you don’t need to break your existing mortgage for you to obtain a second mortgage.

So, to understand how this works, we will use an example to give you a better understanding.

Brampton Home Value $1,000,000 ($1 Million)
Current First Mortgage $400,000

Maximum Second Mortgage that can be obtained 85% of your Homes Value minus the Current Mortgage you hold.

$1,000,00 * 0.85 -$400,000 = $450,000

So based on the above scenario you will be able to get a maximum second mortgage with most lender for up to $450,000. But of course, you may take a lower amount than 85% of your homes value if you don’t require that full amount of money. So, if you need only $100,000 for example, then based on the above scenario, then you will be able to obtain that amount because you will be borrowing well below 85% of your homes value.

In terms of repayment, a second mortgage works similarly to your first mortgage. You make regular monthly or bi-weekly payments for a set term at a predetermined interest rate. At the end of your term, you’ve got the option to either pay off the loan in full or renew it for another term.

How can I use a second mortgage?

The money that you get from a second mortgage may be used in any way that you decide, but since you are borrowing against your home it is ill-advised to use it just to blow it all on a spending spree and rack up even more debt. However, below are three common reasons why most of our clients have obtain a second mortgage with our help over the years:

Consolidating debt:

Second mortgages do have slightly higher interest rates than first mortgages, but the interest rates still are usually much lower than other types of loans such as credit cards, payday loans, or even car loans. This fact makes second mortgages a great tool for consolidating debt. If you find that you’ve gotten in over your head with high-interest consumer debt, a second mortgage can help you lower the amount of interest that you are paying so that you can pay down your principal more quickly.

Home renovations:

Making the right upgrades to your home can increase its value meaning that home renovations are an investment that you can see a return on when its time to sell. Other renovations, such as major repairs may be necessary to prevent further damage that could possibly devalue your home. Using a second mortgage for such renovations and repairs makes sense because of the high amount of money usually needed combined with the low interest rate of this type of loan.

Investment:

Of course, there are other types of investments that you might require cash for as well. If you are starting a business for example, a second mortgage is usually much easier to qualify for than a business loan. Or if you wish to purchase a rental property and need money for a down payment, using a second mortgage can be a great solution.

Contact our team at Brampton Mortgage Broker today!

A second mortgage can be a great option if you are looking for a large and low interest loan. To learn more and see if this is the right solution for you, contact me today.

Mortgage Refinancing – What you need to know

If you are a Brampton homeowner who is looking to save some money on your mortgage or perhaps you are looking to borrow additional money at a low rate of interest to consolidate your high interest debts, then refinancing your mortgage may be a good option for you. Currently interest rates are very low, but they won’t last as the Bank of Canada has started to raise them and there is indication that rate will continue to rise. So, if you are thinking about making this move to refinance your mortgage for any reason, then acting as soon as possible is what you will need to do.

But if you are unfamiliar with what mortgage refinancing is, well gladly help get a full grasp of what it is. Our team at Brampton Mortgage Broker has put this brief article piece together to give a quick overview and understanding of mortgage refinancing. If you have any questions after reading through the brief article, you always get in touch with one of our team members and we will gladly help you understand if mortgage refinancing is a fit for you and your current situation. So, now let’s get into the article below.

 
What is refinancing?

Refinancing your mortgage means that you are cancelling your current mortgage and replacing it with another one. So, if you were to break your mortgage before the maturity date (the date your mortgage comes up for renewal) then you will be responsible for the financial penalty that will result. However, if you were to wait until the maturity date (the date your mortgage comes up for renewal) then you will not occur this penalty cost.

With that being said, even if you have to break your current mortgage early to refinance often at times will result in immediate savings. For our clients, we have found that the amount of money that you will save by refinancing your mortgage far outweighs any penalties that you will have to pay. Thus leading our client to opt to refinancing their mortgage.

When should I consider refinancing?

The simple answer to this question is that you should consider refinancing whenever doing so will save you money. And there are a number of scenarios when this will be the case, and we will go over a few of them below:

Interest rates have gone down:

If interest rates have gone down since you last renewed your mortgage, then refinancing could save you considerable money over the amortization period of your mortgage. This rate change can be anywhere from 0.5% to a full 1% or even some cases 2% or more decrease in the mortgage rate you currently have.

We have helped many clients over the years cut down their interest rates by almost half of what it was before we have completed their refinancing. We have help clients with high interest rate of 6% or higher bring their mortgage rates down to a low manageable rate of 2% to 3% and some cases even lower. We recommend that you contact us to see how much interest rate we can get for your mortgage refinancing given your situation.

Interest rates have gone down:

If interest rates have gone down since you last renewed your mortgage, then refinancing could save you considerable money over the amortization period of your mortgage. This rate change can be anywhere from 0.5% to a full 1% or even some cases 2% or more decrease in the mortgage rate you currently have.

We have helped many clients over the years cut down their interest rates by almost half of what it was before we have completed their refinancing. We have help clients with high interest rate of 6% or higher bring their mortgage rates down to a low manageable rate of 2% to 3% and some cases even lower. We recommend that you contact us to see how much interest rate we can get for your mortgage refinancing given your situation.

You have improved your credit:

Another scenario where it might make sense to refinance is if your currently have a bad credit mortgage but have improved your credit to the point where you can qualify for a traditional mortgage. Since you can save a considerable amount of interest by making the switch, it may make sense for you to make the switch early by refinancing. So, keeping your credit score in check is a must, but if you are unsure how manage or even fix your credit score, you can rely on our team to help you out.

We have helped many clients, year after year ditch their bad credit mortgage for a traditional mortgage, this all comes down to understanding what caused our client to have bad credit in the first place. When we work with clients our team works to understand the main reason for the bad credit and then we go to work to put in a plan to help with resolving the issue. We recommend that you contact us to see how we can help you with improving your credit score so we can help get you a mortgage that is more in line with a traditional mortgage.

You want to consolidate your debt:

If you have high interest consumer debt, refinancing can be used as a means to consolidate your debt. In this case, the new mortgage that you get through refinancing would be for the amount of your current mortgage plus the amount of consumer debt that you want to consolidate (most lenders allow you to borrow up to 80% of your home equity when you refinance).

The additional money that you borrow in your refinance is given to you in cash so that you can pay off your other debts. Because mortgage interest is typically much lower than interest on other unsecured debts, you could end up saving hundreds or even thousands of dollars in consumer interest charges as well as be able to pay off your debt much faster.

Our team has helped many clients with consolidating their debts into their mortgage, with a simple refinance. We can help you eliminating your high interest debts and help you save money right away by lowering the overall interest you are paying on your debt with one low interest rate. This means our team can help you trade the high interest rates on your credit cards, loans, lines of credit, car payments, or any debts you are paying and make one low affordable payment. Our mortgage refinance process for consolidating your credit is an easy one and will help you save hundreds and thousands of dollars a month.

You want to borrow money:

Another reason why you might want to refinance your mortgage is to borrow money. Since refinancing allows you to borrow from your home equity at a much better rate than a credit card or other type of loans, it could be a good option when you are in need of money to finance a large expense such as a home renovation, or a business investment.

Depending on the amount of money you are looking for, our team can help design a mortgage refinance that works in your favour. We help clients on a regular basis get the money they nee from their home as easy and quick as possible. Make sure to contact our team today to see how we can help you with getting you the money you need.

How do I know if refinancing is right for me?

Although refinancing your mortgage has many advantages, it may not always be the right choice. You need to ensure that the amount of money you save will be more than the amount that you’ll have to spend on any financial penalties. A good rule of thumb is that the closer you get to your renewal date, the more likely refinancing will be a good choice. To know for certain however, you should consult with our Brampton Mortgage Broker who can run the appropriate calculations for you, and help you make sense of your finances.

Contact me today!

If you would like to learn more about refinancing your mortgage and whether it is right for you, contact me today to schedule an appointment!

What is Private Mortgages?

What is a Private Mortgage? Most people, when they think about mortgages immediately think of the traditional mortgages that one might get from a bank or credit union. But did you know that more and more, private mortgages are playing a bigger role for Canadian homeowners. Yes, it is true and our team at Brampton Mortgage Broker has put together this brief article to help you out with giving you a brief overview of what is a Private Mortgage and what you need to know. 

What is a private mortgage? 

Just like a traditional mortgage, a private mortgage is a home loan – since most Canadians cannot afford to buy a new home with just cash, they will need some form of home loan. This is where a private mortgage can come into play to help with obtaining a home loan. The main difference between a traditional mortgage and a private mortgage is that in the case of a private mortgage, the lender is not a traditional financial institution but rather a private individual(s) or company (Corporation). 

Oftentimes private mortgages are short-term, and the payments can be interest only payment – although this doesn’t always need to be the case. Usually, they also have higher interest rates than traditional mortgages since they are generally considered by lenders to be riskier investments than traditional mortgages. 


Who should get a private mortgage? 

For a long time, private mortgages have been considered to be a product for those with damaged credit. But that is not the case now, and more and more Canadians are turning to these types of mortgage financing options to finance their homes. So if you couldn’t get a mortgage through the bank, then looking at an alternate financing solution instead just makes sense. 

And while it is true, that a private mortgage can be a good option for those with bad credit, there are other reasons why you might wish to consider this type of mortgage over a traditional one. 

Reasons to consider a private mortgage include, here are four reason:

  • Bad credit – private lenders are usually much more willing to look at factors other than credit score in determining your eligibility. 
  • Self-employed – If you are an entrepreneur, you probably have a lot of tax deductions which can make it difficult for you to prove your income on paper. As a result, you may be more likely to get turned down for a traditional mortgage so a private mortgage may be a better option for you. 
  • You need to get a mortgage fast – Applying for a traditional mortgage can be a bit of a process, so what do you do when your dream home comes up for sale in a hot market? Getting a private mortgage may be your best chance of keeping that home from slipping through your fingers. 
  • You’re looking to purchase a non-traditional property – Traditional lenders aren’t always keen on approving mortgages on non-traditional properties. So, if you’re looking to buy something out of the ordinary such as a tiny house, you might want to consider a private mortgage. 

Should I get a private mortgage now or wait until I qualify for a traditional mortgage? 

Some people think that because private mortgages tend to come with higher interest rates than traditional mortgages, that they should wait until they get their financial situation in order so that they can qualify for a traditional mortgage instead. Although this is not always the case, as a private mortgage can act as steppingstone to being able to refinance your mortgage down the road to a traditional lender. But thinking of waiting to get a mortgage can backfire on you if you think only getting a mortgage from traditional lender is the way to go and if you don’t qualify that you should wait it out.

Here is the reason why that this is wrong way to be thinking along those line, due to the way home prices have been going up over the last several years, it seems like the prices of homes are never going to come down. And if you were to wait to go with a traditional mortgage lender then whatever you might save in interest on the mortgage rate, you will surely pay for more than pay in the increased price of a new home. 

So basically, this means if you were to wait, then you can see yourself being priced out of the market. It is very important to know that buying a home when you have financing options available to you to do so is always the best option rather than waiting to buy. And becoming a homeowner now, means that you can immediately start to accumulate equity in your home, so there is no need to wait if you don’t qualify with a traditional mortgage lender, you can always look at alternate financing options for your home.

Contact me today!

If you would like to learn more about private mortgages and whether one would be right for you, contact our team at Brampton Mortgage Broker today to schedule an appointment. 

What are the advantages of getting a HELOC?

If you are a homeowner in Brampton and are wondering what your options are for borrowing money, you may want to consider something called a HELOC. HELOC stands for home equity line of credit, and this financial tool can be incredibly handy when you need to finance a large purchase or expense but don’t want to be stuck with huge interest payments from other forms of loans such as your credit cards or unsecured loans.

What is a HELOC and how does it work?

A HELOC is referred to a revolving line of credit that is secured using your home’s equity. In most cases, you can get approval for a HELOC worth up to 80% of your home’s equity. A HELOC works in a way that is similar to a personal line of credit or a credit card. Once you are approved for a set amount, you can borrow as much or as little as you want but you are only required to pay interest on the money that you take out and use and not the whole entire amount of the home equity line of credit.

Unlike a regular loan that you borrow and pay back once, with a HELOC you can borrow and repay the money as often as you wish as long as you do not go over your approved limit you have in place.
So for example, you have a HELOC of $100,000 and you use $10,000 of that amount, then you will be required to only pay back the interest on $10,000. Your available limit will be $90,000 remaining until you bring the balance back to full with a payment of $10,000. Then at that point you will have an available limit of $100,000 to use.

What are the advantages of getting a HELOC?

Getting a HELOC has many advantages over other types of loans. For starters, because it is a secure loan the interest rate tends to be much lower. This can save you a lot of money if you need a larger loan – say for renovating your home, or paying off high interest debts like credit cards, car loans, etc.
Another advantage is that you don’t have to have perfect credit in order to qualify. As long as you have enough equity in your home to cover the amount that you are applying for, it is usually a simple matter to get approved. However, it is important to note that your credit score will determine the rate of interest you will receive for your home equity line of credit
And finally, because it is a revolving line of credit, you don’t have to keep re-applying. This makes a HELOC an especially useful tool for someone who needs to borrow money on a regular basis, as you will not be required to re-apply each time you pay it back.

Are the any drawbacks to getting a HELOC?

Perhaps the main drawback to getting a HELOC is that you are guaranteeing the money that you borrow using your home. Therefore, if you fail to keep up with the payments on the HELOC, the lender could recall the HELOC and ask for the total amount to be paid in a prompt manner. Just like any loan, it is important to assess your financial situation and make sure that you can handle the payments on the amount you are looking to borrow.

How do I get a HELOC?

The best way to get a HELOC is to do it through your mortgage broker. Your mortgage broker works with many different lenders and they will compare rates to help ensure you get the best possible deal. Your mortgage broker will also inform you of any financial documentation you may need and ensure that your application is complete and will be approved by a lender.

Depending on how high you want the limit to be on your HELOC, the lender may request that you get a home appraisal. If this is the case, your mortgage broker can help you with this as well. Home appraisals generally cost a few hundred dollars and an appraiser will have to visit your home in order to determine its value.
Contact me today

Getting a home equity line of credit can be a great way to ensure that you’ll have cash available any time that you need it. It’s also a great way to borrow at a low interest rate. If you are interested in applying for a HELOC, I am here to help. Contact me today to schedule an appointment so we can help get your application started.

What are the main reasons why someone would get a second mortgage?

A second mortgage can be a great tool for homeowners in Brampton who are looking to access some cash from their home equity. But what exactly is a second mortgage and how can it be used to your advantage? Here is what you need to know:

What is a second mortgage?

A second mortgage is simply another term for a loan that is secured by your home equity and registered on homes title. It does not require you to break or change your first mortgage you currently have in place. Most lenders will allow you to borrow up to 80% of your home value with very little requirements. That means that if your home is valued at $500,000 and you still have $200,000 owing on your current mortgage then you have $300,000 in home equity remaining and could potentially borrow as much as $200,000 with a second mortgage. As the total loan on your home would be at $400,000 combined at 80% of your homes total value.

Once you have obtained the second mortgage, you will have two mortgages that you will have to make your regular payments on. When the term of your second mortgage is up, you may choose to pay the balance off in full with cash or refinancing by combining your first and second mortgage into one mortgage payment and you may renew the second mortgage with the lender – just as you would do with your first mortgage when it is up for renewal.
The interest on a second mortgage will be a little higher than that of a first mortgage as it seen as more of a risk compared to a first mortgage. However, don’t let this stop you from getting the loan you are looking for as this method of borrowing is still much more affordable in terms of interest than other types of loans such as credit cards or unsecured loans.

What are the main reasons why someone would get a second mortgage?

One of the most popular reasons why some homeowners in Brampton get a second mortgage is to consolidate their outstanding debts. Compared to the interest rate on credit cards and other unsecured loans, the monthly payments can become overwhelming, and you can feel you are stuck in debt without making any real progress. But since the interest rate on second mortgages is much lower, it makes perfect sense to consolidate your debts with a second mortgage so you can lower your overall interest rate and lower your monthly payments so you can get out of debt much faster and save money in the progress.

The other main reason for getting a second mortgage is to finance a larger purchase or expense such as home renovations or start up capital for a business. As home values have gone up dramatically in recent years, so has the borrowing power of Brampton homeowners. And again, the low interest rates on second mortgages make this an appealing option for those looking to borrow large sums of money.

Are there any drawbacks to getting a second mortgage?

Like any loan, you need to make sure that you are comfortable making the payments before you apply for a second mortgage. Because you will be using your home as collateral, you risk having a lien put on your home or even being put into foreclosure if you cannot make the repayments.

How can I get a second mortgage?

The best way to get a second mortgage is to do it through your mortgage broker. Because your mortgage broker is a license professional, they only work with licensed lender and will look out for your best interest and ensure you are not getting taken advantage of from unlicensed lenders if you were to act out on your own. Not to mention that a mortgage broker works with many different licensed lenders, it is easy for them to compare interest rates from various companies to ensure that you get the best possible deal.

Depending on how much you wish to borrow, the lender will require you to get verification that your home equity is sufficient. In this case, they will require you to get a home appraisal report completed from an approved list of appraisal companies. Not to worry your mortgage broker can help you arrange for one as a part of the process.
Contact me today

If you are looking for a low interest way to borrow money, then a second mortgage may be the right option for you. To further explore your options, contact me today to set up an appointment.

Bruised Credit Mortgage

If you have tried to get a bruised credit mortgage, then you know how difficult it can be. Banks will turn you away for your mortgage if your credit is not up to their strict credit requirements, leaving you to find a mortgage lender that specializes in obtaining a bruise credit mortgage. Luckily for you, this is where our team at Brampton Mortgage Broker excels, and we can help you get the mortgage you need for your purchase or refinance even with your bruised credit situation. Over the years we have approved hundreds of mortgages for clients and have developed the mortgage know how to get the job done. Our team has put this post together for you so you can gain a detailed understanding of what a bruised credit mortgage is and what it takes to get your mortgage approved.

What is a Bruised Credit Mortgage?

A bruised credit mortgage is essentially another term for a bad credit mortgage that has a slightly lowered credit score, with minor credit issues. As opposed to a very bad credit situation where your Equifax credit score is between 300 to 550. Generally speaking, bruised credit can be classified as an Equifax credit score that falls into a fair credit range of 550 to 670. Typically, clients with an Equifax credit score in the fair range of 550 to 670 have some type of credit issues but these credit issues are not a serious enough issue to decline you a bruise credit mortgage.

Not to worry, our team at Brampton Mortgage Broker specializes in getting mortgages for all situations even if your credit score is in the fair credit score rating. We have developed a large network of mortgage lenders with who we are able to leverage and get you the bruised credit mortgage approval you deserve. Our team will represent you in the best light possible, even if you have issues with your credit. We work with you to fully understand the reason why you have bruised credit and get to the root of what caused it. By gathering this information, we are able to demonstrate to our network of mortgage lenders that even though you have some minor issues with your credit, you are more than capable of making monthly mortgage payments and are qualified to receive mortgage approval.

What Causes Credit to Become Bruised?

This is such an important point to cover so you can fully understand the scope of bruised credit and how to overcome it. It’s no secret that having a credit score that is below a good or excellent rating can have a strong impact on your financial situation. It is not a secret that bad credit results in higher rates, higher monthly payments compared to those who have good to excellent credit. Although, this is the truth when it comes to getting a mortgage with lower credit score rating, our team has helped many of our clients secure a bruised credit mortgage with a great rate and low affordable monthly payments. With

Here are many factors that can cause your credit to become bruised, let’s take a quick look at some of these factors in point form.

  • Circumstances out of your control
  • Unexpected expenses
  • Emergencies requiring immediate cash
  • Borrowing more money that you can pay back
  • Taking out too many loans
  • Investments gone bad
  • Late payments
  • Bad credit that is being repaired
  • Errors in the reporting of your credit report

Our team understands that trying to maintain your credit score while life will unexpectedly throw itself at you with circumstances that cause you to take immediate action, will have a significant impact on your credit score. Although you can not control what originally caused your credit to become bruised, our team, however, can understand what caused you to have bruised credit and work with you to make a plan that will help you prevent it from happening again.

Benefits of Getting a Bruised Credit Mortgage

Now that you understand what causes you to have bruised credit and what it takes to get a mortgage around your credit is bruised, lets take a moment to understand what the benefits of getting a bruised credit mortgage are. Here is a list of some of the benefits our clients have been able to enjoy with a mortgage arranged by our team for their bruised credit.

  • Great mortgage rate
  • Low affordable monthly payments
  • Pay off debts and loans
  • Consolidate debt payments into one monthly payment
  • Helps with repairing your credit score
  • Accessing cash from equity for unseen expenses
  • Paying off a consumer proposal

As you can see from the list of benefits that a mortgage for bruised credit offers, getting a bruised credit mortgage is a great option to explore. You can rest assured that our team is always ready to help you with getting you a mortgage for your bruised credit situation so, you can start to enjoy the listed benefit above for yourself.

The Types of Bruised Credit Mortgage

There is no need to stress yourself out if you think there are limited mortgage options for you if you have bruised credit. In reality that is not the case, banks are not the only place where you can go to get a mortgage, you can always work with a mortgage broker. Our team of mortgages brokers at Brampton Mortgage Broker will open the doors of mortgage financing possibilities for our clients with bruised credit. We provide our clients with the right mortgage options for their bruised credit mortgage. Below are the available types of mortgages available for bruised credit clients we provide.

  • Purchasing a Home: Depending on how bruised your credit score is you will need a down payment anywhere between 20% to 25% of the appraised value. For a home purchase, it is important to note that your credit score will have an impact on the interest rate you will receive but it doesn’t impact your overall mortgage approval for a home purchase.
  • Mortgage Refinance: You will be able to refinance your mortgage up to 80% of your home’s appraised value. Your credit score does not make a difference in your approval for a mortgage refinance. However, your credit score will impact the rate of interest you will be able to receive.
  • Second Mortgage: Based on the appraised value of your home you will be able to get a second mortgage placed in the second position behind your first mortgage up to 85% of the appraised value. It is important to know your credit situation does not impact your chances of approval for a second mortgage.
  • Home Equity Loan: Based on the available equity you have in your home you will be able to get a home equity loan. Your credit score does not matter, and your approval is based on the appraisal value and available equity. Home equity lenders will approve a loan up to 85% of the appraised value minus any mortgage on the property.
  • Debt Consolidation Mortgage: You can take all your outstanding debts and roll them into one single mortgage payment. If the debt consolidation mortgage you are requesting is within 85% of your home’s appraised value minus the existing mortgage balance you already have in place. A debt consolidation mortgage does not require a minimum credit score for your approval, but your credit score could play a role in the interest rate you will be able to receive. A debt consolidation mortgage can help you with lowering your monthly expenses and saving money as the overall interest rate will be lower than your individual debts carry.
  • Private Mortgage: Based on the appraised value of the property, you can get a private mortgage up to 80% of the value. Your credit score may or not play a role in the interest rate, but the location of the property and appraisal report will impact your approval for a private mortgage.

It just goes to show the types of bruised credit mortgage options are wide-ranging. So, if you are looking to purchase a home or looking to refinance your mortgage and you have bruised credit our team can help find you a mortgage with a great rate and low affordable monthly payments. Don’t let bad credit ruin your life, you can take back control and it all starts with contacting us to get your bruised credit mortgage approved. To get started on your mortgage approval fill in the online form so we can reach out to you and find you the best mortgage option that will work for your bruised credit mortgage situation.

Fast 2nd Mortgages In Brampton

If you are looking for a Fast 2nd Mortgage In Brampton, then you have come to the right place. Our Team at Brampton Mortgage Broker are known for getting our clients Fast 2nd Mortgages in Brampton at great rates and low affordable monthly payments. If you have been turned away from your bank for a loan for any reason, then our team at Brampton Mortgage Broker can help you. Over the years have helped over hundreds of clients get approved for a 2nd Mortgage.

How Does Our 2nd Mortgage Process Work?

We have developed a simple and easy to follow process to getting you the cash you need from a Fast 2nd Mortgage In Brampton, regardless of your income situation or your credit score. But you are probably wondering how do you approve a Fast 2nd Mortgage In Brampton regardless of your income situation or credit score? That’s simple, our team at Brampton Mortgage Broker are able get you Fast 2nd Mortgage In Brampton based just the equity available in your home. Yes, you read that correctly, all we need to get you approved is to use the availability equity in your home to get you approved and not use your income or credit score.

Wow, now you’re probably thinking to yourself how is my approval is based on the availability equity in my home, then how much can I get my 2nd Mortgage approved for? Based on extensive network of 2nd Mortgage Lenders we have access to; we can approve you for Fast 2nd Mortgages in Brampton up to 85% of your homes appraised value.

Book a FREE consultation for Second Mortgage Brampton

If you are confused to as what an appraised value is, then let’s explain what that exactly is. An appraised value is generated from an appraisal report, which in turn is completed by an appraisal company. An appraisal report is a detailed findings of the property details and value of your property. This appraisal report is what helps 2nd Mortgage lenders help understand the full details of your property including the appraised value. It is important to note that not all appraisal companies are on equal grounds with 2nd Mortgage Lenders. Depending on the 2nd Mortgage Lender which will be providing you an approval, you will be able to select from an approved list of appraisers who will be able to appraise your property and send the completed appraisal report to the lender with the appraised value, so you are ready to have your Second Mortgage Approved.

Once the Appraisal report has been received by the 2nd Mortgage lender, it is reviewed for any issues that may be included in the report outlining the property. Such issues 2nd Mortgage lender look for in appraisal report are mold, extensive property damage, and structural issues, just to name a few. If you have any of these problems, then an inspection can be required to be completed and the issue will be needed to be resolved before the 2nd Mortgage lender is ready to approve your 2nd Mortgage.

Next, after the 2nd Mortgage lender has given you an approval for your 2nd Mortgage, you will be sent the approval documents to be signed and sent back the 2nd Mortgage lender. Once the 2nd Mortgage lender has received all the approval documents signed, then you will be sent to the lawyers for the final signing and receive your 2nd Mortgage funds.

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What can you use a 2nd Mortgage for?

Now that we have covered what an appraised value is, and the appraisal report, lets go into what you can use a 2nd Mortgage?

Second Mortgage Brampton

Because you are using the availability to get a 2nd Mortgage, what you can use the 2nd Mortgage for are endless. Basically, you can use the 2nd Mortgage for anything you want, such as;

  • Home Renovation
  • Home Repairs
  • Vacation
  • Education
  • Debt Consolidation
  • Investments
  • Financial Emergency
  • Health or Medical Cost
  • Business Needs
  • Bill Payments
  • Tax Payments
  • Mortgage Arrear Payments

 

You can even use the money to purchase a car, truck, motorcycle or even a boat if you want, your options are endless.

So, if you need get money for any reason and you own a home a 2nd Mortgage could be a great option for you. We have years of experience in helping clients with Fast 2nd Mortgages in Brampton. To find out how much of a 2nd Mortgage you can qualify for, contact our team at Brampton Mortgage Broker today.