Whether you re taking the plunge into real estate for the first time or maybe you d just like a refresher, we’re here to make things easy to understand and incredibly convenient. Our Mortgage Smart Inc. brokers want to be your source for mortgage advice providing help advice and ongoing guidance. Our focus is getting you the right mortgage solution for your needs and budget. Let us simplify the financial side of home ownership. Check out our mortgage tutorial below. After you’re done, feel free to share it with your friends:
The age-old debate: The security of fixed rate versus the potential savings by having a variable rate that adjusts with the Bank of Canada prime rate. Let’s get you into something you are comfortable with! We could write a small book on this topic but let’s be honest, who reads that much anymore? We’re actually grateful you’ve read this far so, as a thank you, here’s a video to explain the difference.
Trying to select the best mortgage term for everyone is like declaring the best flavour of ice cream, it just can’t be done! Just like no two people are exactly alike, the same goes for mortgages. Picking the right mortgage is beneficial to your long-term planning and it can help you pay your mortgage down faster. Everyone’s circumstances and goals are different and our role in this process is to understand your needs and wants before helping you choose a mortgage term. Once we’ve established what best fits your financial plan, we can then present you with a variety of options that will keep you on track. The combination of a well thought out plan, with a mortgage that offers pre-payment flexibility and a term that aligns with your life, is a recipe for smart home ownership. Let’s start a conversation about how we can get you exactly what you’re looking for!
Equity is a powerful thing. Many individuals will refinance their home to send their kids to school, do that big renovation, consolidate debt or go on that trip of a lifetime. Big expenditures can take a toll on cash flow but by refinancing, you can leverage your equity and not be cash poor. Understanding refinancing options and the costs associated with it is key. One of our Mortgage Smart Inc. brokers are here to walk you through every step of the process.
Home renovations are exciting for any home owner but they shouldn’t burden you financially. Talk to a Mortgage Smart Inc. broker about your renovation or project. Whether you are updating your home from the 70’s to 2017 or looking to reduce your carbon footprint, CENTUM has a solution for you. You can add value/equity to your home through renovations and we can also help finance those unexpected maintenance costs that come with home ownership.
Are you carrying a lot of debt? Paying high-interest costs? Consolidating your debt into one loan can save you money! With one simple payment, your finances are better organized and will save you time.Reasons why to consolidate
1. Save money on interest costs With a lower rate, you will save money on interest and can pay your loan off faster 2. One simple payment With only one payment to worry about, your finances will be simplified and more organized Saves you time without the worry of multiple loans 3. Lower rate A lower interest rate can be obtained by using the equity in your home Reach out to an agent today to discuss Debt Consolidation.
Depending on the amount of equity in your home (the value of your home minus any debts secured against it) you may qualify for an equity line of credit. A home equity line of credit is secured against your home making the rates much lower than traditional unsecured lines of credit from your bank. They can be used for a variety of things, such as:
Having funds readily available when you need them provides you with financial piece of mind. The fact that it’s a lower rate is a bonus. Contact one of our Mortgage Smart Inc. brokers today to get started!
In the past, home equity was something not realized financially until you sold your home. Today, you have access to the equity at any time and can leverage it for consolidating debt, home renovations, topping up RSP’s and other large purchases. It is important to understand how much equity you can access and the costs associated with that transaction. At CENTUM, we are here to help you use that home equity to best suit your needs. Accessing the equity in your home can have a positive financial impact. Knowing how and when to exercise this option is where one of our Mortgage Smart Inc. brokers comes in. Contact us today to gain access to your home equity!
Lot of times people fall out of the guidelines of traditional lenders to secure financing due to the low credits, reduced incomes or a life event that has impacted your current mortgage situation. Those situations we arrange quick private money for the clients. This is not a preferred choice of the clients so we sit together with the client and run many other options based on their scenarios, If that is the choice, we have many exclusive lenders besides all the standard lenders available in the market, who usually compete in the market for better rates. Private lenders are very quick, they are very flexible with the financing conditions like income, credit, etc. They are mostly focused on the value of the property and for that sometimes they require an appraisal or sometimes they do it themselves.
You have a Real Estate Purchase closing in few days and you banker says your mortgage is declined at the last minute. You have purchased a property and there is no traditional Lender willing to lend. Your current lender has refused to renew your mortgage and sends you notice for Payout. You have a property where the Lenders are not willing to lend and you know you are buying a great deal. You are not able to secure Traditional mortgage due to your credit or income issues and closing is on top. You need to Pay Mortgage Arrears. Avoid Power of Sale situation. You need to Pay Tax arrears
Quick Approval over the phone Get the money in 1 to 2 days in hand No tedious Paper work like the 1st mortgage or other loans Interest only payments or prepaid with no monthly payments Fully custom term, payment option meeting borrower requirements So if you think you need the quick money and have a house, call us. We look at the whole situation and analyze if there is a genuine need for it, if so we will approve you over the phone in minutes and disburse the funds in as quick as same day. We also plan an exit strategy how to pay it off or combine with the 1st mortgage switch to Prime Lender for better rate. This option is kept in mind so that you can use the money now and get out of this mortgage as soon as possible.
1. Always does your home work before you get into any project? 2. Make sure the permits are in place and you follow the guidelines of WSIB, Construction industry. Projects can be stopped for years for any issue while bypassing the Law. 3. Take neighboring similar projects into account. Don’t overbuild or don’t spend more money than the neighborhood deserve, you don’t get it back. 4. Always keep in mind of selling it one day. So keep your tastes on the side, someone else have to buy one day. (unless it is your dream project and you don’t care about the money) . 5. Do a thorough research on Builder and then hire them, take references. See what else they built in the area 6. Be prepared for delays. Unexpected delays can happen which may prolong the entire process. 7. Have an experienced Project manager to monitor and watch for efficiently progressing the project and find the mistakes. Catching a mistake early will save a lot of headaches later. 8. Keep on reviewing the material and labor costs as per your Budget, and usually there is a minor variation but be prepared for it. 9. Make sure everything is done as per the permits and inspections, so you successfully get the occupancy.
Mortgage is a mortgage registered on the title of the property… behind the 1st mortgage on the same property. As It is at a second position, you still need to have some equity in the property to get mortgage. Most of the cases this mortgage is higher rate than the 1st mortgage and still cheaper than the interest you pay on some of the Credit cards. The advantage of this is that, unlike Credit cards, which are compounded daily, Mortgage is Simple Interest and has Interest only payments. For Example $50K of mortgage will cost approximately $416 to $500 per month simple interest only payment. Imagine what all you can go with that $50K.
Consolidating the high interest debts to make the monthly cash flow better. If you have some family or medical emergency and you need to need the money right away and no other source is available. If you are a businessman and need to buy equipment, vehicle to grow your business or pay the invoices to easy on cash flow. Pay for kids education, Marriage Expense Need the money for short time Existing 1st Mortgage is locked in for a term with higher penalties. Pay mortgage arrears Pay Tax arrears
Quick Approval over the phone Get the money in 1 to 2 days in hand No tedious Paper work like the 1st mortgage or other loans Interest only payments or prepaid with no Monthly Payment Customized as per borrower needs So if you think you need the quick money and have a house, call us. We look at the whole situation and analyze if there is a genuine need for it, if so we will approve you over the phone in minutes and disburse the funds in as quick as same day. We also plan an exist strategy with you how to pay it off or combine with the 1st mortgage at the right time so that you can use the money now and get out of this mortgage as soon as possible.
A business loan is a loan specifically intended for business purposes.As with all loans, it involves the creation of a debt, which will be repaid with added interest. There are a number of different types of business loans, including bank loans, mezzanine financing, asset-based financing, invoice financing, microloans, business cash advances and cash flow loans.
A Mortgage Centre specialist can help. Whether you want to buy your first auto body shop, are building your next shopping plaza, or adding a new shipping centre to your growing business, we'll help custom-fit a commercial mortgage solution to your specific needs.
At The Mortgage Centre, we can shop your commercial mortgage to many major lenders that Canadian businesses have trusted for generations. What's more, we can generally access lenders who only deal with mortgage specialists, which could provide added choice and flexibility with your financing needs. If you need a commercial mortgage or are simply planning ahead:
Before deciding on a brand new home, let a Mortgage Centre specialist help you understand the special terms and considerations in construction mortgages, also known as self-build mortgages. Our mortgage specialists can help you decide which option best suits your particular situation.
Self-Build Home is when you act as your own contractor; hiring subcontractors to complete the work. Your mortgage options are: Progress Draw Mortgage, Completion Mortgage
Self-Build: Builder/Contractor is sometimes referred to as Turn Key. This is when you enter into an agreement with a contractor to build your home. Typically the builder will request Financing Draws. Your mortgage options are: Progress Draw Mortgage, Completion Mortgage
Mortgages on newly constructed homes, town homes, condominiums. Client requires funds when the home is 100% complete. Your mortgage options are: Completion Mortgage. If you need a commercial mortgage or are simply planning ahead, contact a Mortgage Centre specialist today for a quick assessment and recommendations. Your Mortgage Centre specialist is readily available to review the details of new construction financing. We encourage you to ask any questions you have and get the professional guidance you need to make an informed decision.
Building your dream home could be one of the most rewarding experiences you ever undertake. So how can you finance building your own home? A self-build mortgage is exactly what it says, a loan you secure to finance building your own house. With a self-build mortgage the money is released in instalments, typically with an initial loan to buy the land. Payments are then made at different stages of the build. The key to a successful build is to understand the steps involved, and to follow through with the many details involved in building a home. From the first idea to the finished project, planning ensures you have your bases covered. If you have any questions, contact your Mortgage Centre specialist. Buying from a Builder If you're looking for a brand new home without planning everything yourself, consider buying from a new home builder. This can give you the flexibility of defining the look and style of your home without being as involved in the self-build process. There are still many elements to consider, such as picking your lot, choosing your upgrades, and moving in, all of which can add up to a number of months, if not longer, to complete. Contact your Mortgage Centre specialist to discuss your options, and take the first step in financing your brand new dream home.
1. Do Your Research. Look at homes and communities and talk with builders. Do some pre-planning to help focus on the decisions ahead to help you prepare for a successful home search. 2. Define what you are looking for in your new home and community. By weighing your needs and wants, you'll be in the best position to determine what's most important to you. Then use your list to evaluate each house you visit. 3. Get pre-approved. It's a good idea to determine your price range before you start looking for your new home. Discuss your options for a pre-approval with your Mortgage Centre specialist. This will help you best understand how much you can afford to spend on your new home. 4. Selecting the right builder for you. When you choose to buy a new home, you should be confident in the company that will build it. Check to see that the builder has qualifications and is able to meet your needs and expectations. Ask for references and talk to other clients about the builder's work, or check the new home warranty program. 5. Warranty. Builders commonly offer a one-year warranty and after-sales service on workmanship and materials in your new home. This service may be backed up by a third-party warranty. Keep in mind that warranties vary from one province to the next, so check to make sure you understand yours. 6. Maintenance after completion. Many builders will provide you with a homeowner's manual describing the various elements of your home which set out the requirements for regular maintenance and
service. This not only helps you to keep your home in great condition, it also helps to ensure that you do not void the warranty on your home. Progress Draw Mortgage A Progress Draw Mortgage means that funds are advanced in intervals as your house is being built. There are usually 3 draws at 35%, 65% and 100% completion. A Land Draw (conventional only) may be required if you're also purchasing the land.
In the event that home completion takes more than 90 days, rate caps are available for up to 12 months depending on mortgage type and location. A rate cap locks in the maximum interest rate a client will receive for their mortgage, based on the rates at time of application. Rate caps are available on both Progress Draw and Completion Mortgages. All mortgages are subject to eligibility requirements and will vary by lender.
Truck & Equipment Loans is a full service lease finance company. We as brokers, work with various competitive, respected Lease Companies across Canada. We help offer both personal and commercial leases to our clients on their Equipment & Vehicles. We realize the impact a Vehicle & Equipment can have a small or a start up business. We are able to have quick turnaround times and are able to not only approve, but also fund a deal; within a few days. Whereas, due to the volatility of today’s markets, many banks have tightened up their criteria on lending & may take weeks to process a deal. We realize that New and Old business are constantly in Need of purchasing & replacing New or used Equipment & Vehicles, to help meet the demands of their business. We specialize in helping our clients find the most affordable Lease option for them and their needs. We are able to provide low interest rates from multiply leasing companies. We are able to provide Lease Financing for one of the broadest spectrums of credit. Our rates will reflect the perceived risk of the company or the individual that is applying for the lease.