Barrie’s Best Mortgage Brokers Welcome You!

…a north GTA based Brokerage with a decade of experience under its belt.

Unparalleled In Any Capacity

Our mortgage agents in Barrie quite simply have no equal in any aspect. Knowledgeable, friendly, and fast, our staff is ready to help you in any way possible. Just call us first so best mortgage broker in Barrie can get to work for you.

Do not make the mistake of hiring an inexperienced agents. Hire us and get moving on your new life in Barrie. Hassle-free, the best rates and top-notch professional service is what we offer you. Call us today at +1 866-921-8890!

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Welcome To Barrie

Barrie is a fast-moving, always growing city located in Southern Ontario, Canada, on the western shore of Lake Simcoe. For the past 10 years population of Barrie grew by about 60%, and currently exceeded 130,000 permanent citizens.

 

When you come here for a home loan, regardless if it’s for residential, commercial, or both, just remember to call us first so Barrie’s best mortgage brokers can get to work for you. Whether it’s your first mortgage, refinancing, or other, we are the place you should call first in order to ensure you get the best deals possible, along with the greatest service you’ve ever experienced.

For Your Home

Waiting to move into your home should not happen at all, unless you just simply aren’t ready. Getting a residential mortgage in Barrie should not take forever, leaving you and your family in limbo until all the paperwork is done.

 

Our experts are fully prepared to get your case done rapidly, correctly, and cheaply. We promise the rates you get with us cannot be beaten by anyone. In fact, we guarantee it.

For Your Business

Barrie is growing, and that means it is critical to get your business up and running quickly to capture a great market share. Our commercial mortgages are done just like our residential ones.

When our agents are assigned to you, they get to work with you knowing you are in the best possible position. We move with the same speed, courtesy, and deal-making capabilities that allow us to give you a great house loan. Don’t lose out on potential customers and sales just because closing your deal is taking too long.

For Your Home… Again

Mortgage refinancing in Barrie has never been easier now that we’re here. We are the champions when it comes to getting you any kind of mortgage, and that includes refinancing. If you want someone who can get the job done, get it done right, and get it done while treating you like you are a real person, call us today. The process is just like any other for the services we provide.

Our fantastic staff is there for you, no matter what your needs might be. Although we probably don’t know you personally, it will seem like you have an old and trusted friend behind you when you work with us. Call us and know the difference between a good broker and great broker from first contact with us. Let us help you get what you’re after and leave you with extra time to get other things done.

Our Barrie Based Mortgage Brokers Offer the Following Services

Private mortgage

Conventional mortgages are not for everyone. Sometimes a private mortgage is the best or only way to finance the property of your dreams. Private mortgages are tailored to the needs of the individual. They come all shapes and sizes. Most importantly, private lenders are more concerned with the value of the property that will secure the loan than in the credit rating of the lender.

Private mortgages are short term loans. Typically, they run for terms of between six months and three years. They are also interest only loans. The interest rate on a private mortgage will be higher than you’ll pay on a conventional mortgage. The higher interest rate reflects the higher risk to the lender.

You will also have to pay closing fees for the loan. You should budget for between 1% and 3% for these fees, but most lenders will include the fees in the mortgage. You will also need a down payment of at least 15%.

A private mortgage is the best fit for you under the following circumstances

  • You have a low credit rating and have been turned down by a conventional bank
  • You are self-employed or working off commission and have difficulty proving your income
  • You plan to buy an unconventional property that the banks won’t finance
  • You need the money quickly to take advantage of an investment opportunity.

Applying for a private mortgage is quick and easy. Private lenders do not have to wade through the bureaucracy common amongst the bigger institutions.
Your private lender will help you with an exit strategy because at the end of the term you should be in a position to pay back the capital amount and refinance through a cheaper conventional loan.

Second mortgage

A second mortgage is a loan secured by a property against which you already have a mortgage. It is a convenient way to convert the equity in your home into cash, since you can use up to 85% of your home equity for this purpose.

Equity is that portion of your home which you own. It is the difference between the market value of the property and the amount that you owe on it. Every time you make a payment, a portion of that payment goes to interest and the rest comes off the principal, growing your equity. When the value of property increases over time, so too, does your home equity.

If you’re thinking of renovating or extending your home, need money to send your children to college or simply wish to consolidate your debts through a cheaper secured loan, a second mortgage could provide you with the cash to do just that.

A second mortgage is subservient to the first, meaning that if you default on payments and the house is sold as a result, the holder of the first mortgage will receive payment before the second mortgage holder. For this reason, the interest on a second mortgage will be higher than on your primary mortgage. It is, nonetheless, still a lot lower that the interest on unsecured debts.

Depending on your needs you can take the money in a lump sum, or you may opt for a Home Equity Line of Credit or HELOC. A HELOC offers revolving credit, where you can take the money that you need when you need it. You pay interest only on the amount that you have withdrawn.

Commercial property

If you’re planning to buy commercial rather than residential property, unless it’s for investment purposes, you’ll need a commercial mortgage.

Applying for a commercial mortgage can be complex because when it comes to suitability, it is not the individual that is assessed but the business. Because of this complexity it can take up to a year to obtain approval on the mortgage. You’ll have to provide financial statements and income forecasts. As the owner of the business your own creditworthiness is also paramount.

Commercial mortgage interest rates are also considerably higher than the residential mortgage, reflecting the higher risk inherent in the commercial mortgage. The risk is higher because the payment ability depends on the business’ success.

It is difficult to gauge what a market related interest rate is because rates differ between industries and businesses. A certified mortgage broker that specialises in commercial mortgages is invaluable when it comes to estimating what a fair interest rate is for the property that you want to buy.

The term of a commercial mortgage is typically anywhere between three and ten years.

Lenders financing a commercial mortgage generally require a fairly large down payment to reduce their risk. A loan to value ratio of between 80% and 65% is what they’ll look for.

Before the lender approves the mortgage, he’ll want an appraisal and a survey of the property.

Reverse mortgage

If you’re older than 55 and your home is fully paid-up you may be eligible for a reverse mortgage. A reverse mortgage is a financial tool that many home owners use to make a secured loan against their property. It is designed for older people who may find it difficult to cope with the cost of living. By accessing your home equity, you can fund your way of life without having to sell your home.

If you opt for a reverse mortgage you can access up to 55% of the value of your home. How much it is worth will depend on your age, the appraised value of your property and the mortgage provider. You can take a lump sum or smaller amounts as you need them. You could even use the lump sum to buy an annuity, ensuring yourself a regular income.

With a reverse mortgage you are not required to make regular payments. You only have to pay back the loan if you sell the house or move out. At which time you will have to pay back the value of the loan and any accumulated interest.

On your death the bank will sell your home and use the proceeds to pay back the amounts owing on the reverse mortgage. Your beneficiaries will receive what remains of the money.

A reverse mortgage offers home owners a handy way to improve their standard of living, giving you control of your finances. On the downside, they are more expensive than conventional mortgages as they have higher interest rates. There are also other costs involved including appraisal and closing costs.

Private mortgage

Conventional mortgages are not for everyone. Sometimes a private mortgage is the best or only way to finance the property of your dreams. Private mortgages are tailored to the needs of the individual. They come all shapes and sizes. Most importantly, private lenders are more concerned with the value of the property that will secure the loan than in the credit rating of the lender.

Private mortgages are short term loans. Typically, they run for terms of between six months and three years. They are also interest only loans. The interest rate on a private mortgage will be higher than you’ll pay on a conventional mortgage. The higher interest rate reflects the higher risk to the lender.

You will also have to pay closing fees for the loan. You should budget for between 1% and 3% for these fees, but most lenders will include the fees in the mortgage. You will also need a down payment of at least 15%.

A private mortgage is the best fit for you under the following circumstances

  • You have a low credit rating and have been turned down by a conventional bank
  • You are self-employed or working off commission and have difficulty proving your income
  • You plan to buy an unconventional property that the banks won’t finance
  • You need the money quickly to take advantage of an investment opportunity.

Applying for a private mortgage is quick and easy. Private lenders do not have to wade through the bureaucracy common amongst the bigger institutions.
Your private lender will help you with an exit strategy because at the end of the term you should be in a position to pay back the capital amount and refinance through a cheaper conventional loan.

Refinance

When you refinance your mortgage, you replace one with another. The new mortgage with have different terms and conditions and a different interest rate. There are many reasons that home owners choose to refinance their mortgage. These include

  • Taking advantage of lower interest rates – when interest rates drop it may pay you to refinance, even at the expense of the penalties on your existing mortgage. Savings on interest can mount up when calculated over the term of the mortgage.
  • To cash in on home equity – You can borrow up to 80% of the equity in your home. Cashing in on your home equity can help you to realise your dreams like furthering your education or extending or renovating your home.
  • Consolidate debt – You can use the equity in your home to save money. Secured debt attracts substantially lower interest rates than unsecured personal loans and credit card debt. Using your home equity to consolidate debt can therefore save you loads of money.

When you choose to refinance there are several choices you can make

  • A new mortgage – A cash-out mortgage with new terms and conditions
  • A Home Equity Line of Credit or HELOC – A revolving credit agreement where you withdraw money when you need it and you only pay interest on the amounts that you have withdrawn.
  • Blend and extend – A mortgage agreement whereby you add to your current mortgage amount and combine the interest rates. Blend and extend mortgages attract higher interest rates, so you should get expert advice before opting for this type of mortgage.

Certified Mortgage Brokers Barrie can help you to make the choices that will suit your long-term financial strategy

Construction mortgage

A construction mortgage is designed to finance a property planned for or under construction. There are two basic types of construction mortgage:
A completion mortgage
A completion mortgage is one where a single payment is made on completion or on occupation. To qualify for a completion mortgage, you would have to make a down payment, but your lender may allow you pay it in instalments.

An advantage of the completion mortgage is that you can make changes to the mortgage up to 30 days before completion. This means that if there are any upgrades required or errors in costing you can adjust the mortgage to take account of these.

Also beneficial is the fact that the lender generally insists on completion of the project within 120 days of starting. On the downside, if your personal circumstances take an unfortunate change you may no longer qualify for the amount of money that you need.
A draw or progress draw mortgage
Many owner/ builders choose a draw or progress draw mortgage. As the name suggests the loan is paid out at various points of progress in the construction process. This ensures that the builder has a regular cash flow.

On the downside you can’t change the mortgage once it has been approved. You will pay interest from the first payment and it could be a long time before you take occupation. Finally, you are liable for the appraisal costs necessary to ensure that progress payments are made.

Home Equity Line of Credit

A HELOC is a secured loan under which the home serves as security. A Line of Credit is a form of revolving credit whereby you can borrow incrementally up to a pre-determined maximum. You only have to repay the interest and you only pay interest on the amounts that you have borrowed.

You can access up to 65% of your home equity through a HELOC. In addition, the HELOC and fixed mortgage may not exceed 80% of your home equity. Interest on a HELOC is variable and is attached to Prime. This means that the interest rate moves up and down with movements in the prime interest rate. The rate you pay is typically higher than the rate that you would pay on a fixed mortgage, but the flexibility is well worth the cost.

Advantages of HELOC’s

  • These are easily accessible loans at relatively low interest rates
  • Because they are secured loans the interest rates are lower than the interest rates on unsecured personal loans or credit cards
  • Access to cash is flexible – you can access the money as you need it.

Disadvantages of HELOC’s

  • Concluding a HELOC attracts fees including appraisal, legal and application fees
  • Interest rates could increase
  • The bank could reconsider your loan and reduce the loan amount
  • If you are undisciplined and choose not to pay anything off the principal amount you could run up your debt.

Mortgage porting

Mortgage porting is the act of taking your mortgage with all its current terms and conditions from one home to another when you buy and sell.

If, as is quite often the case, the new property is more expensive than the old, you can still port it and get the lender to arrange a blend and extend mortgage. If you choose this option and you qualify for the additional amount, your lender will add the additional principal onto the loan amount and then combine the interest rates. More often than not the lender will also increase the fixed term of the contract.

It makes sense to port your mortgage if the interest rate on your current mortgage is lower than the interest rates currently on offer for new mortgages. If it isn’t you may want to consider breaking the current mortgage, paying the penalties and getting a new mortgage at better interest rates.

Not all mortgages are portable and even if they are, they have a window period of 30 to 120 days in which to sell and the buy a new property. Typically, only fixed rate mortgages are portable. Most lenders will allow you to change your variable rate mortgage to a fixed rate and then port it.

Before you decide on whether to port your mortgage or to refinance you should consider all of the benefits and shortfalls. Porting can save you having to pay penalties and it can preserve the low interest rates that you enjoy. Porting a mortgage is only possible if you buy and sell the old and new properties at the same time.

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Frequently Asked Questions About Your Barrie Mortgage

What is a Mortgage?

A mortgage is a loan made to buy a property. It is the legal document that carries the amount of the loan, the interest rate, repayment agreement and any other terms and conditions. The property is used to secure the loan. The lender may foreclose on the property and sell it to recover his money if the borrower defaults on payments.

The amount borrowed is known as the principal. Every time you make a payment, you pay the interest and a portion of the principal. In this way, the principal amount reduces over the term of the mortgage.

Should we seek pre-approval?

How much will we need for the down payment?

To secure a mortgage you will have to make a down payment. The size of the down payment that you can put down will have a major effect on the size of your mortgage and the repayments that will have to make. The more you have to put down the better.

If you can make a down payment of 20% or more, you will have a conventional mortgage. If you can’t afford a 20% payment, you may have to settle for a high ratio mortgage. A high ratio mortgage attracts mortgage default insurance. You can pay this in a lump sum or in monthly instalments. The insurance covers the lender in case of a payment default.

Should we seek pre-approval?

Pre-approval is a great option, as you can go property shopping in the certainty of receiving a mortgage that will cover the cost.

Pre-approval can save you time and effort as you know ahead of the house-hunt exactly what property you can afford.

It puts you in a strong negotiating position as the seller knows that you already have the funds available.

With a pre-approval, you’ll also know what interest rates you can expect and what your monthly payments will be so it makes it easier for you to budget.

When you obtain pre-approval, the interest rate is fixed for a period of between 60 and 120 days.

What are my choices when it comes to repayment plans?

There are two types of repayment plan

  • An Open Mortgage Repayment Plan – If you have an open mortgage plan you can pay off your mortgage at any time without incurring penalties. You can also make large repayments whenever you want. These mortgages are usually short term, typically six to twelve months and the interest rates on these instruments are generally higher.
  • A Closed Mortgage Repayment Plan – The term of a closed mortgage is longer, running for periods of six months to ten years. Closed mortgages limit your options when it comes to making repayments. You will incur penalties if you decide to pay early, renegotiate or refinance your mortgage. The bank lender will also limit the lump sum payments that you make against the mortgage.

What is the difference between fixed and variable rates?

There are several differences between fixed and variable rate mortgages. The correct one for you will depend on your risk appetite and view of the future direction that interest rates will take.

  • Fixed Mortgage Rate – If you opt for a fixed rate mortgage the interest rate that you negotiate will remain fixed for the full term of the mortgage. This type of mortgage is popular as it is a low-risk choice. On the downside, you are likely to pay more interest over the longer term.
  • Variable Mortgage Rate – The variable mortgage rate is connected to prime. In fact, your mortgage rate is quoted as prime less a percentage. As prime moves, so does the rate of interest on your mortgage. Many property owners are not prepared to take this financial risk even though, over time, the variable rate is lower than the fixed rate.

Terms that you should know when closing a mortgage

  • Amortization – The length of time that you will take to pay off your mortgage. It is typically considerably longer than the term of the mortgage.
  • Appraisal – a professional evaluation of the property value.
  • Deposit – payment made to ensure that the house is held for the buyer.
  • Down payment – a percentage of the cost of the property that the mortgagee must pay to close the deal.
  • Home inspection fee – the cost of hiring a qualified person to inspect the property for structural integrity prior to purchase
  • Loan to value ratio – the size of the mortgage relative to the property value. The lower the loan to value ratio the better.
  • Prepayment option – this option allows you to make certain specified pre-payment amounts of the principal amount. These options come with and without penalties.
  • Property transfer tax – a tax on the transfer of property from one owner to another.
  • Mortgage loan insurance – insurance for buyers who do not have the required down. payment. The cost of the insurance will depend on the size of the loan.
  • Term – the length of time that your mortgage will run before it requires renewal.
Terms that you should know when closing a mortgage

What are closing costs?

Closing costs are all the costs that are associated with getting a mortgage. You can expect your closing costs to total between 2% and 4% of the mortgage. These costs usually include;

  • Appraisal fees – an appraisal of the property is often a lender requirement
  • Home inspection fees – to ensure that the
  • Legal fees
  • Realtor fees

You should also take account of the cost of moving when budgeting and don’t forget the property tax.

What are my choices when it comes to repayment plans?

When first you take out a mortgage it may seem next to impossible to pay off your mortgage more quickly, but many have done it and reaped the benefits of reduced interest costs. Here are some strategies that you can use to pay off the mortgage

  • Make Pre-payments – Some mortgages allow anniversary payments of as much as 20% per annum. If you have a bonus or tax refund paying it into your mortgage will help you to quickly pay it off.
  • Make a Lump Sum Payment
  • Make a Bigger Down Payment
  • Make More Frequent Payments – Making payments weekly or fortnightly will save you interest.

Amortize your mortgage over a shorter period – If you can afford higher repayment, paying your mortgage off in a shorter period will save you on interest.

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