No Headaches With Top Mortgage Broker!
…a Bradford based brokerage with a decade of experience under its belt.
The Top Agents Anywhere
As far as mortgage agents in Bradford are concerned, there are none more experienced than ours. Those decades of experience comes in handy, especially when it comes to getting lower than advertised rates and speeding up the process. That is why we are the best mortgage broker in Bradford.
Our experience also shown in our customer service skills. We have the courtesy and patience to serve our best any customer that calls or comes through our doors. Don’t leave it in just anyone’s hands.
Call us today and find out why we are the right choice for all your needs.
Bradford’s Residential Property
Getting a residential mortgage here in Bradford can be quick and easy, but only if you call us today. We take all of the pain and stress out of the process, so you don’t have to deal with it.
Not only are we the quickest, but we are also the most professional. Now, you might be thinking low cost means you get shoddy service. After all, the general rule is that you get what you pay. However, when you hire us to handle your case, you get more than you pay.
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At The Speed Of Business
If you are interested in starting up a business here, you will need a loan for your office and warehouse space. Getting a commercial mortgage here in Bradford is much faster with us than it will be with any other broker. We move to get your process completed fast. You need your business space as of yesterday, and we are here to help make that happen for you.
You should be focusing on getting your staff together and all the other things you need to start making money, not waiting on your paperwork to go through. When you get us on the case, the headaches aren’t just over; they never start.
Refinancing Specialists At Your Service
Refinancing your mortgage in Bradford is simple, we are trying to come up with a new adjective for easy. Our team works with the same speed and diligence as that of when starting new mortgages.
We promise to get you the lowest rates possible, and most of the time they are lower than the rates advertised by lenders.
Sure, it takes a little bit of convincing, but our relationship with local lenders is good enough that we can easily get your situation resolved quickly.
The Basics of Mortgage and Glossary of Terms
As you search for a new home and a financial institution that will finance its acquisition, be careful about false and inaccurate information from companies that lie for profit. Here is how to protect yourself: know the basics and be ready with the right questions to ask. While researching, you will encounter a number of new words that form part of the mortgage language.
What Is Mortgage?
Mortgages are financial loans made against properties which are treated as security items to ensure that the money that has been borrowed is paid. The lender is called “mortgagee” and the borrower called “mortgagor.” The amount borrowed is called “principal”.
You can avail of a mortgage for any of the following purposes:
- Buying a new home in Bradford
- Buying your existing home
- Consolidation of debts
- Renovation of a house
- Purchasing another investment
- Purchasing an investment property
Mortgages belong to the “secured” type of financing. The interest to pay is lower compared to other forms of financing. You can use your home equity to finance a different investment.
Glossary of Terms
The terms below are arranged alphabetically.
Agreement of Purchase and Sale – This is the contract made between a seller and a purchaser. Make sure your realtor is knowledgeable and experienced and able to protect your interest.
Amortization Period – in Bradford this is the length of period a mortgage loan is expected to be paid in full.
Appraisal – is the method used to determine a property’s value.
Assets – properties owned by a person, taken to be having value and can be used to meet commitments, debts and legacies.
Assumption Agreement – when a mortgaged property is passed to another person, via an assumption agreement, the new owner will pay the mortgage and the old owner is assumed to have agreed to the assumption.
Blended Payment – is a method of loan repayment where payments are in equal installments. This includes payment of a fraction of the principal and interest on the borrowed money.
Canada Mortgage and Housing Corporation (CMHC) – this is the federal crown entity that implements the National Housing Act. One of the agency’s tasks is to ensure high-ratio mortgages obtain insurance.
Closed Mortgage – this is a type of a mortgage where the borrower is not allowed to make any changes in the contract. Prepayment and renegotiation are also prohibited.
Closing Date – the date when the borrower assumes ownership of a property.
Conventional Mortgage – a mortgage with loan amount equivalent to 75% or more of a property’s appraised value.
Collateral – a property or an asset that is offered by a borrower as a way to secure a loan.
Credit Scoring – a system that evaluates the credit worthiness of borrowers. The system assigns points/scores to borrowers.
Demand Loan – this is a type of loan where the creditor can demand payment of balance on the borrower.
Deposit – a deposit is another term for a down payment. The lender requires a borrower to put his own cash into the house before approving the rest as a loan.
Equity – this is the difference of a house’s fair market value and the outstanding balance of all of the property’s liens.
Gross Debt Service (GDS.) Ratio – this is a debt service measure that creditors use to give an initial assessment to determine whether a borrower has too much debt. A ratio less than 30% implies that the borrower’s level of debt is good enough.
Guarantor – an individual who has a good credit rating and has sufficient income to pay the loan of a borrower if the borrower is unable to do so.
High-Ratio Mortgage – a mortgage exceeding 75% of the home’s appraised value. High-ratio mortgages are required to obtain insurance to protect the lender.
Home Equity Line of Credit – a type of loan where the lender agrees to extend a loan for a certain amount within a term. The collateral for this type of loans is the borrower’s equity in his house.
Interest Adjustment Date or IAD – this is the date from which the mortgage term starts. This usually falls on the first day of the month that follows the closing date.
Interest-Only Mortgage – this is a type of mortgage where only the interest is paid each month while the entire principal is left unpaid.
Open Mortgage – this is a type of mortgage that a borrower can pay in full anytime within a term with no penalties incurred. The interest rates for open mortgages are usually higher than those of closed mortgages by about 0.75 – 1.00%.
P.I.T. – represents the principal, the interest and the mortgage tax. If the down payment made by a borrower is greater than 25% of the home’s appraised value, the lender will allow him to make his tax payments.
Portable Mortgage – is a mortgage that allows the transfer of mortgage’s balance to another property with the same lender without incurring penalties.
Prime – rates that are very low and are offered only to a company’s excellent customers.
Prepayment Penalty – is an agreement between a lender and a borrower. It regulates the part of the loan that can be paid off and when. For most lending institutions, borrowers can pay off up to 20% of their balance each year.
Principal – original loan amount, before interest.
Rate Commitment – this is the lender’s promise to hold a particular interest rate for borrowers for a given period of time and while the mortgage loan is still being processed. This period ranges from thirty to one hundred twenty days.
Renewal of mortgage – Upon the termination of a mortgage term, the mortgage can be renewed. During renewal, you may decide to prepay fully or partially.
Second Mortgage – a mortgage that is taken out on a property that has already been mortgaged.
Switch – transferring a mortgage from one institution to another institution.
Term – the length of time in which the parameters of a mortgage are legally recognized.
Total Debt Service (TDS) Ratio – The part of one’s income required to cover payments related with housing.
Variable-Rate Mortgage – a mortgage where the rate can change within the mortgage’s term.