Toronto Mortgage Specialists
Prospective homebuyers in
Toronto and around the GTA have more options than ever before to secure a great
mortgage product. These options are also available for people who are renewing
an existing mortgage or taking on a second mortgage. Whether you are a first-time
homebuyer looking for the best possible Etobicoke mortgage
or looking to renew
your existing Richmond Hill
, Toronto mortgage specialists can help you navigate the unknowns
and have the most rewarding mortgage experience.
A mortgage specialist is someone who will guide you through
the mortgage process. The most common types of mortgage specialists are
mortgage advisors from banks and independent mortgage brokers. The mortgage
specialist whom you choose can have a large impact on the types of mortgage
products and options that are available to you.
Traditional Bank Mortgages
The traditional bank mortgage
involves making an appointment with a mortgage advisor during the business
hours of the bank. It can be very inconvenient for people with busy schedules
and often means missing work in order to meet with the bank’s mortgage advisor.
A mortgage application is filled
out and submitted for the bank to analyze and decide on the mortgage approval.
The mortgage is either approved with a specific mortgage rate or declined. A
pre-approval can also be completed before a home is found in many cases.
For people applying to multiple banks for a mortgage,
multiple meetings and applications are necessary. There can be some competition
between banks for mortgage rates, but it is generally limited. Banks
traditionally have a limited number of mortgage products available.
Self-employed people and new immigrants traditionally have trouble acquiring a
mortgage from a bank because they do not fall into a traditional approval
Mortgage brokers (also known as
mortgage agents) are viable alternatives to traditional bank mortgages because
of the connections that they have with a large number of different lenders
(over 50 in some cases). A single mortgage application filled out for a
mortgage broker can be used to generate a number of different options,
including lower rates and favourable terms.
Access to different types of
lenders allows mortgage brokers to help people secure mortgage financing in
traditionally challenging situations. They are often able to successfully help
self-employed people, new immigrants and people with credit problems get a
mortgage even if they were turned away by a bank. The top mortgage agents take
the time to get to know clients before providing impartial advice on the best
mortgage products available for the unique situation.
For people looking to acquire a
mortgage that incorporates a construction loan, a mortgage broker is often able
to negotiate favourable terms for these specialized mortgages as well.
Have you received a mortgage
renewal notice? You should never simply sign off on the rate that is provided.
Speak to a mortgage broker and have different lenders compete for your mortgage
renewal. This often results in significantly lower rates and savings.
There is a large number of Toronto mortgage specialists
available to handle your mortgage business. Take control of your unique
mortgage needs with a professional CAAMP
designated mortgage broker today and enjoy all of the benefits they offer.