In most cases, their services are completely free. You’ll get unbiased advice at no additional cost to yourself. There are times when a broker will charge the borrower, but a broker will be upfront about that eventuality if that is the case.

Sounds too good to be true? It’s not. In most cases, your broker is compensated directly by the lender. Good mortgage brokers in Ontario should put you with the best mortgage product regardless of the finder’s fee being received.

In some cases, you may have to pay a fee—if you have bad credit or you’re buying a sub-prime property—but it’s probably worth it since your broker can probably find you a lender that will approve your mortgage, whereas the banks might turn you down.

The amortization period represents the duration for repaying your mortgage, significantly influencing the total interest paid over its term.

Typically set at 25 years, the standard amortization period requires a minimum 20 percent down payment on your home's purchase price. Depending on your down payment, alternatives with shorter or longer periods may be available.

Each amortization period comes with its pros and cons. Opting for a shorter period means a larger portion of each mortgage payment goes toward the principal, leading to quicker homeownership and reduced overall interest payments. However, this also results in higher regular mortgage payments compared to a more extended amortization.

While lower mortgage payments might seem enticing, it's crucial to understand the trade-offs. Choosing lower regular payments means paying more interest in the long run and building equity at a slower pace. Balancing the advantages and disadvantages ensures a mortgage plan that aligns with your financial goals.

Extending mortgage amortizations involves prolonging the period over which you repay your mortgage loan. Instead of the standard amortization period, which is often 25, borrowers may choose to extend it to a longer timeframe, such as 30 or 35 years. Extending mortgage amortizations involves prolonging the period over which you repay your mortgage loan. Instead of the standard amortization period, which is often 25 or 30 years, borrowers may choose to extend it to a longer timeframe, such as 35 or 40 years.

If this is something that interests you, please speak with us as there are special considerations involved.

It all starts with a conversation or email to help us determine what your mortgage solution would be. Then a completed application that includes key information such as your current employer and work status, earnings, investments or any additional income. Then we assess what outcome you require and the steps involved.

Absolutely not—that's one of the advantages of choosing to work with us! It's crucial to recognize that there are two types of credit report checks: a hard check, which does impact your credit score, and a soft check, which has no effect.

Hard checks are typically conducted by potential lenders, and unfortunately, they can lower your credit score. Imagine the negative impact of individually applying to multiple lenders!

On the other hand, all other credit inquiries fall into the category of soft checks. These are conducted by individuals wanting to review their credit reports, businesses you already have credit with (like a bank), or those offering goods and services (such as insurance). Mortgage brokers, including us, fall into the soft check category, meaning that utilizing our services won't harm your credit rating.

Upon deciding to venture into home ownership, numerous individuals often turn to their bank and engage with a mortgage specialist. However, how can you be certain that you'll secure the most favorable rate? Moreover, how can you ensure that the mortgage aligns perfectly with your specific needs? Licensed mortgage agents, as adept professionals working on your behalf, provide the solution. They diligently shop your mortgage across a spectrum of lenders, encompassing banks, trusts, and other financial institutions, all with the goal of securing the most advantageous mortgage rates for you.