MORTGAGE BROKERS IN MISSISSAUGA

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• What Is A Mortgage?

A mortgage is a property loan between a borrower and a mortgage provider. The mortgage agreement will contain all the terms and conditions of the mortgage including the principal amount, the interest payable and the repayment plan. The lender holds the property as collateral against the loan. This means that should the borrower default and fail to make repayments, the lender has the right to foreclose on the property and sell it to recover the loan and any accrued interest.

The principal on the mortgage is the amount borrowed. It reduces over time as a portion of the repayments cover the interest and the rest is allocated to the principal.

We Offer Different Types Of Mortgage

Refinancing Mortgage

One of the most common needs is mortgage refinancing deals with paying your current mortgage and/or other debts against the property and assets you currently have. You then will have created a new loan which consolidates your previous debts.
The process can be complicated. During it you would have to transfer money and debts, renew terms of loans, and many more things to take care of. It is not right for everyone, however, and we can help you decide whether this process is suitable for you. Our expertise can guide you through all confusing steps.

Residential Mortgage

When people think of mortgages, they typically think of buying a house. Unless you have all of the money upfront, in order to purchase your own home, you are going to need to use a residential mortgage to pay for it. Each case is going to be different, depending on the house, your financial status, and the market as a whole.

Because each situation will be different, we are experts at knowing what the right paths and options are for each case. Our professional can balance out the cost of your property, other expenses, your credit, and the market in order to provide you with the right solution for you.

Commercial Mortgage

Commercial or industrial mortgages are also common and well-known to people. For those who are looking to start a new or expand an existing business, and need extra space, you are going to need a one. Many kinds and types of businesses require a market space. As such, it is important to think of what loan will be right for your business. We have a great understanding of what business need, and how to give it to them. We can give you the right contract for you, and the needs and demands of your business.

Hassle Free Closing!

No matter what your needs are, the agents at Turkin Mortgage can help you. We offer our expertise in all types of loans, and can give you the best deals and options. Whether you are a family moving into a new home, a business trying to expand, or simply trying to consolidate all of your debts, we are here to serve you. Give us a call today, and let us resolve your situation.

Mortgage Brokers Mississauga Offer You Personalized Service

We offer a personalized service. When you ask us to act on your behalf, we will analyze and discuss your financial goals, so that we understand the type of mortgage that will suit your needs. We will shop around so that you get the best combination of rates, fees and terms and conditions. We give you a set of mortgage options and you choose the best, which will be suitable for your needs. Mortgage brokers have a duty of care when they consult you on loans and mortgages. They are licensed and trained to give you the best advice possible. Interest rates are not the only expense to consider when negotiating your mortgage. Your mortgage broker can help you to navigate the terms and conditions. For example, if you take a five-year fixed term with a great rate you could end up paying penalties of thousands of dollars if you need to break the contract. These penalties could far outweigh the interest savings.

Mortgage Brokers Save Time And Money

Turkin Mortgage brokers in Mississauga will find you the best deal for your personal circumstances. This is the benefit of using a broker that has connections with a wide variety of lenders. The options are varied and a broker can find you the best fit. They can also help you to get a pre-approved mortgage. Our mortgage agents in Mississauga will find you the best deal for your personal circumstances. This is the benefit of using a broker that has connections with a wide variety of lenders. The options are varied and a broker can find you the best fit. They can also help you to get a pre-approved mortgage. Changes in legislation in recent years has made it more difficult for borrowers to negotiate better rates with their banks. Our brokers use their knowledge and contacts to structure a loan to your requirements. This is especially helpful if you have previously been denied a loan. Brokers make application to various lenders to find you the best-structured mortgage available.

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• What Mortgage Repayment Choices Do I Have?

There are two main types of mortgage repayment plans from which you can choose:

An open mortgage repayment plan

an open mortgage is one that you can pay off at any time during the term of the mortgage without incurring penalties. Open mortgages tend to have shorter payment terms. These usually range from six months to a year where the rates are fixed and for three to five years where variable interest rates are paid. For the flexibility of an open mortgage, you will pay a higher interest rate.

A closed mortgage plan

a closed mortgage limits the flexibility of the borrower to make repayments as they please. While most closed mortgages will allow some flexibility in making lump sum payments, full early payment will result in penalties. The benefit of the closed mortgage is a lower interest rate.

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• What Are The Benefits Of A Pre-Approved Mortgage?

Pre-approval is a quick and easy process that takes just a few days. During the process, you supply your lender with your financial information. The lender will verify the information and check your credit rating. Based on this he will supply you with the pre-approval for the amount that you can borrow. You will also receive a schedule of repayments.

The benefits:

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• Should I Choose Fixed Or Variable Interest Rates?

The choice of fixed or variable rates is a personal one. Which you choose should depend on your appetite for risk. Here’s why;

Fixed interest rates

by far the most popular choice in Canada, fixed interest rates remain the same throughout the term of the mortgage. Fixed rates are generally a little higher than variable rates, but they offer borrowers the stability of knowing exactly what their monthly repayments will be. This is the best choice for borrowers on a tight budget.

Variable interest rates

variable interest rates are linked to the prime interest rate and will move up and down along with the prime rate. Variable rates are less expensive than fixed rates when measured over time, but if uncertainty keeps you awake at night you may be better off opting for fixed rates.

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• How Much Do I Need For The Down Payment?

The down payment is the amount of money that you must make up front to get a mortgage. In Canada, depending on the price of the property, the minimum down payment is 5%. Bear in mind that if your down payment is less than 20% you will have to purchase mortgage default insurance also known as CMHC. You can pay this as a lump sum or on monthly instalment. The insurance covers the lender in case of a payment default.

The down payment is deducted from the price of the home. The mortgage will cover the remainder of the price. The bigger the down payment that you make the less your repayments. A larger down payment can save you thousands of dollars in interest.

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• What Are Closing Costs?

Closing costs are the final costs that the buyer incurs to purchase the property. Most lenders will expect the buyer to budget between 2% and 4% of the purchase price for the closing costs. Typically, these costs include

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• What Documents Will I Need To Finalise My Mortgage?

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• Terms That You Should Know When Closing A Mortgage

Amortization – refers to the length of time that it takes to fully pay off the mortgage

Appraisal – evaluation by a professional of the value of a property

Deposit – a payment made to secure the property

Down Payment – the amount the buyer must pay from his own pocket for the property. It is expressed as a percentage.

Home Inspection Fee – the cost of checking the property for structural integrity is for the buyer’s account.

Loan to value ratio – the size of the mortgage measured against the property value.

Prepayment option – the option on a closed mortgage that allows you to make specific early payments against the principal amount. Some pre-payment options have penalties. Others do not.

Property transfer tax – a tax due when the property is transferred from one owner to another

Mortgage Loan Insurance – the insurance that buyers must pay when the down payment is less than 20%. The size of the mortgage is a determinant in the cost of the insurance.

Term – the timespan of your mortgage agreement. When it comes to term you will have to renew it or find a new mortgage provider.