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 CENTUM mortgage 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 CENTUM mortgage 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 CENTUM mortgage 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 CENTUM mortgage 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 CENTUM mortgage 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.
I shop your commercial mortgage with all available lenders in Canada. Weather it has to be done by a Bank, Trust Company, other financial institute or private, we have a great relation with all. What Are the Requirements for a Commercial Loan? If you're a business entity or an investor who is looking to purchase or refinance a commercial property,
Collateral Charge on a Property: The borrower must pledge the commercial property as collateral for the loan. The lender will have the right to seize and the property if the borrower falls behind with mortgage payments, so the property must be worth enough money for the lender to recover its losses if it has to foreclose. Cash Flow from Property: Commercial mortgage underwriters compare the cash flow of the business with the debt the business carries. Lenders generally look for a steady net income that is at least 20 percent higher than the carried debt. The borrower must provide detailed statements that show the income, expenses and budget aspects of the business – the lender will also look at how long the company has been in business and how experiences the owner is in running the company. Evidence of savings or assets that can be converted into cash may be requested by the lender to serve as proof the borrower can pay the mortgage for a specified period of time, such as six months, in the case of a major business loss. Rental Income from Property: In cases where the property is a commercial rental, the rents received by the borrower are documented and taken into account when the lender calculates the cash flow. The borrower may have to assign his interest in rents and leases from the building, with the contingency the lender will take only rents and profits if the borrower defaults on the mortgage. Income & Assets of the Guarantor: The income, credit and assets of the guarantor of the commercial loan are sometimes used in the mortgage process. The guarantor is the person, usually the owner of the business, who guarantees the loan will be paid should the business default. A lender may require that a guarantor be used for a business to receive the mortgage. The guarantor's income and assets must be documented, and his credit history and score have to meet the requirements set by the lender. Another Category of commercial mortgage is construction financing.
Usually we see 2 categories of Construction financings Self-Build Or Hiring a builder to build your project. Both categories lenders are looking for Appraisal report with ‘As Is’ value and “As If’ Value money is disbursed usually as the construction progress, and sometimes there are holdback from those construction progress draws. For further details, please contact me.
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.