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.

GICS: How They Can Be Your Best Investment

Now more than ever, savers are being hailed and appreciated. Although some interest rates are still low, savers have more access to better products. However, does access to better products mean that savers need to pay extra attention to high-interest savings accounts? GICs and high-interest savings accounts have similar characteristics; however, they are not interchangeable. It’s important to understand the differences and how GICs can benefit savers far more efficiently than ever before.

Read on to learn all about GICs, how they work and how they can benefit savers.

GICs: What They Are

A GIC is a guaranteed investment certificate, which is a safe and highly secure investment with little to no risk. It functions similar to a savings account in that you can deposit your money into it and earn interest. However, once it is deposited, you must leave the money in the GIC account for a certain duration of time. If that money is taken out before this time, you will have to pay a penalty on it, depending on the GIC you have. Once you buy a GIC, you are making an agreement with your bank to lend it money for a specified time from a few months, up to five years. In exchange, that money earns interest. The longer your money is in the account, the more interest you will earn on it.

Benefits of GIC Rates

It’s to your benefit to take advantage of GICS as a secure place for savers to place their money. Here are the advantages to owning GICs:

Guaranteed principal and interest: When you buy a GIC and hold it until the term ends, you are guaranteed a few things. First, principal is guaranteed on your GIC. Say you invest $500 in the account, you’ll receive $500 back. Whereas, if you invest the same amount of money into the stock market, you could end up with less than $500 in the future. Second, your interest rate with GICs does not fluctuate. If you buy a GIC rate of 1.5% for one year, you will earn 1.5% on the investment.
Deposit insurance: GICs issued by large banking institutions are often also members of the Canada Deposit Insurance Corporation (CDIC). That means that your interest and principal rate is guaranteed up to about $100,000 in the event that the bank or financial institution fails.
Short-term savings: Whether saving for a new car, college or a vacation, a short-term GIC can provide you with access to a higher interest rate than a regular savings account.

Mortgage Makers are a family run mortgage brokerage serving the area and providing the best mortgage rates in Edmonton for over 25 years. We are reputable mortgage brokers with the ultimate goal to give our clients access to a wide range of lenders, rates and benefits across Canada. View our mortgage products to find what’s right for you at https://mortgagemakers.ca/mortgage-products/.

GICS: How They Can Be Your Best Investment

GICs: What They Are

Benefits of GIC Rates

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