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Buying a home is one of the most important decisions that you will make. It is also one fraught with difficulties and usually some tension since it involves large amounts of money and a long personal commitment to make monthly payments.

The right advice at this time is absolutely crucial, as the decisions made could have a major financial impact on you and your family. With ongoing changes to the Canadian financial landscape and with more stringent regulations now in place, you can’t afford to borrow without the best advice. Certified Mortgage Brokers of Mississauga specialise in mortgage applications and will gladly assist you.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Applying for a Mortgage to Purchase Your Dream Home in Mississauga

Most people require a mortgage to fund the purchase of a home. You will need a decent credit record, and proof of regular, dependable income before the bank will even consider lending you the money.

In line with recent legislation, if you apply for a mortgage through a bank you will have to take a stress test. The stress test evaluates your ability to make repayments even if interest rates increase. It is therefore in your own best interest to reduce outstanding credit, increasing the amount that you will be allowed to borrow. Many people in the Mississauga area have had to downgrade their first choice of home or find one in an alternative location due to restrictions placed on the amount that they have been allowed to borrow.

Without careful planning, you run the risk of defaulting. Repayments are not the only costs that homeowners face, there are a number of additional costs surrounding home ownership. These include heating, property taxes and general household maintenance, and they must be included in the budget.

In Canada a down payment on the property is mandatory as the maximum finance you will be allowed even with an excellent credit rating is 95% of the value of the property. In other words, you have to make a down payment of 5% and cover the mortgage closure costs. The higher the down payment the less interest you will pay.

Some of the Choices you will Face

Listed below are some of the crucial choices that you will have to make before signing your mortgage agreement

  • Amortization period – how long will you take to pay the mortgage off? This can be as much as twenty-five years.
  • Closed or open mortgage – a closed mortgage cannot be paid up early, unless by agreement with the lender, and with payment of penalties. You can settle the open mortgage any time during the amortization period.
  • Fixed or variable interest rates – fixed interest rates are fixed for a period. The interest rate may be higher than the variable rate but it takes away the uncertainty.

It is advisable to obtain a pre-approved mortgage before you look for your home, as this could save time and a lot of disappointment.

Understanding the options and the legislation involved in applying for a mortgage can help you to plan ahead and avoid some of the stresses associated with purchasing a new home. Professional mortgage brokers have the expertise and the contacts to help you every step of the way.

OUR CUSTOMERS LOVE US

I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18

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