Certified Mortgage Brokers in Hamilton!
…a GTA based brokerage with a decade of experience under its belt.
Who We Are: Mortgage Brokers Hamilton
Certified Mortgage Brokers in Hamilton are dedicated to ensuring that property buyers, whether residential or commercial get the best deals. are dedicated to ensuring that property buyers, whether residential or commercial get the best deals. It is our mission to deliver the best results to our clients based on their financial needs. Our services include residential and commercial mortgages and mortgage refinancing.
Located in Hamilton- we are your local neighborhood mortgage experts. We know EXACTLY where you are coming from.
Why You Want To Work Us
Experience working with independent local professionals with access to hundreds of financial products to help you get the best mortgage that fits your needs. Whether it is a specific rate, term or condition that is a priority for you, we can help.
The key to a smooth transaction is knowledgeable and experienced brokers who can crunch the numbers, have established relationships with lenders as well as communication skills to educate the client in simple English in all the Pros and Cons of each of the products.
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When They Close a Mortgage With us
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Understanding Mortgage Basics
A mortgage is a loan you take out from a bank or other lender in order to buy a property. The loan allows the lender to make the purchase without having to pay the entire sale price up front.
How Mortgage Works
When you take out a mortgage, you will need to pay a certain amount of the price of the property, with the remainder covered by the loan. This up-front payment is called the down payment, and in Canada the minimum is around 5% for properties valued up to $500,000. If the price is more than $500,000 you will pay an additional 10% down payment for the value above that (i.e. if the price is $1,000,000 you will pay 5% on the first $500,000 and 10% on the remainder).
What You Need To Know
Two terms you need to understand are the mortgage term and amortization term. The mortgage term is the term of the loan and the interest rate you will be charged is effective up to the end of the term. You may not have paid off the loan completely at the end of the mortgage term and will have to renegotiate the loan to continue making payments.
The amortization period is the length of time it will take to completely pay off the mortgage, based on making regular payments at a given interest rate. A shorter amortization term means you will pay off the mortgage quicker but will have to make higher payments, while a longer-term means smaller payments, although you will be charged a higher interest. The longest allowed amortization period is 25 years.
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Hamilton Mortgage Frequently Asked Questions
What is a Mortgage Term?
The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.
You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.
What is a Down Payment?
A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.
But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.