WHY SHOULD I DEAL WITH MORTGAGE MAKERS INC. INSTEAD OF MY BANK?

We work for you, our client and we provide lending options from a multitude of lenders, banks included. This provides you with a wider selection of mortgage options and low rates. Every lender has their suite of products, our job is to make sure that you are getting the right mortgage product for you.

Nothing. Mortgage Makers is paid a finders’ fee by the lenders that we place your mortgages with – not by you the borrower. Our compensation is affected mostly by the size of the loan and the length of the term. 99% of the time we do not charge our clients a fee. Occasionally, however, and with full disclosure in advance, we may need to charge a fee in the event that we are securing specialty financing, such as a second mortgage, commercial mortgage, or some other unusual circumstance.

WHAT LENDERS DOES MORTGAGE MAKERS DEAL WITH?

We have access to a large lending pool which includes major banks, credit unions, trust companies, Mortgage Backed Securities lenders, and more! It’s our job to select the mortgage lender that offers the best product at the best rate to suit your specific needs. So your circumstances and the mortgage options you are looking for will determine what lender will best suit you.

HOW LONG WILL IT TAKE TO COMPLETE A MORTGAGE TRANSACTION?

That all depends on your deal, how fast you can provide documentation, which lender we are dealing with etc. For a stress-free closing you should plan on at least a month. That would include: taking the application, submitting the deal, signing the documentation, sending to lawyers and then funding. We have done and can do deals more quickly but this can in some case limit your lender options, most clients don’t want to be to rushed so we recommend possession to be about a month or so away.

WHY SHOULD I GET PRE-APPROVED?

There are a number of reasons to sitting with a mortgage professional and completing a mortgage pre-approval before you head out into the housing market. First, the pre-approval will give an an accurate idea of how much you qualify for or more importantly what mortgage amount coincides with the payment amount that fits your budget. We can also secure mortgage rate holds for up to 120 days and protects you against rate hikes during that time period. Being pre-approved also helps top speed up the final approval once you have found a property as much of the work has already been done. This process helps us to determine what types of documentation will be needed to finalize your mortgage giving you ample time to gather these items. Lastly many realtors prefer to work with clients who have done their homework ahead of time to make sure they are not wasting your time and theirs looking at the wrong properties. Don’t be fooled! Pre-qualification is not the same as Pre-approval! Make sure you are pre-approved, without actually evaluating your circumstances in advance and providing you a proper rate hold it can be tough to know what you qualify for, at Mortgage Makers we work through that process thoroughly to make sure you are ready to make that first or next real estate purchase.

WHAT ARE CLOSING COSTS?

Closing costs are those costs that are associated with obtaining and finalizing a mortgage. The most common closing costs can include some or all of the following, legal fees, appraisal fees, survey fees, title insurance, property tax adjustment, moving expenses and utility hook ups and Realtor fees.

CAN I GET A MORTGAGE TO RENOVATE MY PROPERTY OR PAY OFF MY UNSECURED DEBTS?

Most certainly. Lenders will allow you to access the equity in your home for a number of different reasons. Some clients borrow to complete home improvements, others to consolidate unsecured debt, some to invest in property or a business or even the stock market. There are many reasons for you to borrow against the equity in your home, let us show you how.

WHY DO I NEED TO PAY A CMHC MORTGAGE INSURANCE PREMIUM?

You pay a mortgage loan default insurance premium when you put less than 20% of the property value as a down payment. Smaller down payments translate to higher risk for the lender as the homeowner as less equity invested. Default insurance helps to protect the lender against mortgage losses should things lead to a mortgage default or foreclosure. The benefit of default insurance from a client’s standpoint? Well it provides those clients who do not have larger down payments access to the same lender and rates as those clients who do possess the 20% or more needed for conventional financing.

WHAT SOURCES CAN I USE TO SUPPLY MY DOWN PAYMENT?

Down payment funds can come from a variety of sources. It can come you’re your savings, investments, gifted funds from family members, RRSPs if you are a first-time home buyer and it can even be borrowed. This gives you lots of options to come up with the down payment funds needed for your first or next purchase.

Easy Way To Pay Off Your Mortgage Early

Owning a home is everyone’s dream. But many of us dread having a 30-year mortgage. Even more so if we are not getting a competitive interest rate which means our mortgage is going to be quite costly. The matter of fact is while most of us tend to focus on the rate of interest, we fail to realize that a 30-year mortgage is actually a big dent in our savings. This makes us wonder if there is a way we can make our mortgage cheaper if our financial situation becomes better over time. If you have an existing mortgage and wish to pay it off early, here are a few ways you can do so:

Make an Extra Payment

There are times when you may have some extra bit of cash left from your monthly budget. You can use this extra bit, even if it is $100-200 to pay an extra amount that month. Do this every month and you may be able to save a lot in terms of interest.

Bring Your Lunch

Bringing your own food to work can save you as much as almost $200 a month. Imagine the amount you spend on a single cup of Tim Hortons or a bagel each meal can be saved if you buy your groceries and cook food regularly at home. As a bonus, you can use this saved money to make an extra payment towards your mortgage.

Refinance

Unless you want to be in debt for thirty more years, refinance your mortgage at a lower rate. Even if you have a low mortgage rate, you will still end up saving on the closing costs and pay your 30-year mortgage in 15 years and at a lower rate so you would save on the interest rate too.

Buying the Right Home

Typically, when you buy a home, you may want to think about parameters like financial readiness, whether you can afford to pay off that kind of mortgage, the down payment, is the monthly amount 25% or less of my monthly take-home pay, and many more concerns. Remember that this is an added expense to your monthly expenses which include your utility bills, fees, groceries, etc., and it will make sense to put a cap on them.

Maximum Down Payment

Remember that the more you pay upfront, the more you will save in the long run. Many experts recommend that, if possible, homeowners must try to buy their entire home in cash. Though it may sound weird, it will make sense in the long term as you will save on interest. If you cannot do 100%, starting at 10 or 20% is highly recommended.

If you are a first-time home buyer in Edmonton and are thinking about refinancing your mortgage or borrowing at competitive mortgage rates or are looking for debt consolidation, Mortgage Makers can help. Their team of the best mortgage brokers in Edmonton can help you to find the best options for all your mortgage needs.

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Easy Ways to Pay Off Your Mortgage Early

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Mortgage Makers

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