Buying a home in Toronto can be your biggest financial investment and therefore can be your biggest financial risk as well. There are also the emotional, physical and psychological factors involved in the process. With all of these putting pressures on you, you just can’t a mistake. Some reminders can help you avoid committing it.

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Don’t Fall Easily For A Big Mortgage

 

Big mortgages are often problematic mortgages. You don’t need an expert mortgage broker to tell you about that. If you are not so clear of the risks and how they can compromise your finances, know that the first problem it can create for you is “getting a negative equity”. This can happen if house prices suddenly fall.

 

If that happens, chances are you will not be able to pay the house and will have difficulty selling it. The risk that the house will be repossessed will also increase. Make sure that you are clear about the loan-to-value aspect of your mortgage.

 

This is why it is prudent to get a pre-approval for a mortgage. They will assess you on the following: ability to put the required down payment, your income and your credit score.

 

Learn From Others’ Mistakes

 

Everybody makes mistakes, and many mistakes have been committed in real estate and mortgage transactions. On paper, it might look good to you. It might seem very affordable to you, but may not actually be true, especially when other factors, such as lifestyle and maintenance costs, are entered into the equation.

 

Accepting that the purchase of a home can’t be done within the next few months (even years) or putting a down payment now may put your finances to a disadvantage can free yourself from stress and give you peace of mind. Rather than being in a hurry to get a home, fortifying your bank account can help put you in a more and more comfortable position than where you are in now.

 

Deal With A Realtor/Broker Rather Than A Bank

 

Banks have a lot of things to attend to, so they cannot focus on giving you details about your mortgage. In contrast, a broker has all the time in the world to attend to your needs and it is their job to do so.

 

There are more advantages. Mortgage brokers are the ones who know the neighborhood where you plan to purchase a home. They are also the ones who more knowledgeable about the fluctuations in the real estate market and the mortgage industry.

 

There Are Fixed Costs To Consider

 

When you shop around, keep in mind that there are fixed costs to consider. When we say “fixed”, it means these costs are non-negotiable. They include closing costs, condo fees, taxes, utility charges, land transfer fees, moving costs, legal fees, renovation expenses, and inspection fees.

 

Bear in mind that some of the fees may be charged by the broker or the bank upfront and can be reimbursed later. Know also that switching a mortgage to another provider isn’t free. Check the fees related to it as they are also usually fixed, non-negotiable and are often overlooked by borrowers.

 

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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