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.

How Much Does It Cost To Refinance Your Mortgage

Refinancing your mortgage is a great option for a number of reasons, including debt consolidation, completing a home renovation project or sending your children to university or college. Refinancing can provide you with the money you need and while it’s a fantastic idea that many homeowners can consider, it’s important to understand that there are costs associated with this option and, in many cases, it may not be as cost-effective as you may think.

In order to determine whether or not refinancing your mortgage is right for you, all of the costs have to be considered to see if this is, in fact, the best route for you to pursue. Appraisal and inspection fees will be required as most lenders will want a new home appraisal to be completed on the property being refinanced, so they can determine its value. The costs will vary but in most cases, will have to be paid up-front.

If you need to break your current mortgage contract in order to refinance, you may be required to pay a penalty fee. This is called a prepayment penalty that must be paid to your lender and is just another one of the costs involved in refinancing your mortgage. The amount will vary from one homeowner to another because it is based on when your original mortgage contract was signed, the term of the contract as well as the balance of the existing mortgage and its rate.

Mortgage registration fees are another cost you have to factor into your decision because this fee will have to be paid regardless of you leaving or staying with your current lender. They will have to remove the current mortgage amount from the title on your property and re-register it with the new mortgage amount, so this fee cannot be avoided.

Lastly, legal fees are also part of the equation because you will have to consult with a real estate lawyer when you refinance your mortgage. Your lawyer will be the one who reviews your mortgage loan along with its terms and conditions and they will also register your new mortgage and conduct a title search to make sure there are no issues with your property. A lawyer is necessary because they will ensure the process is smooth by facilitating the financial transaction between the client and the lender. Legal fees vary but are part of the refinancing process.

Refinancing your mortgage is a great idea but only if it makes sense, so before you make your decision, you must take into account all of the different fees you will be required to pay so that you have a clear idea regarding just how much the process will cost.

Mortgage Makers in Edmonton offers a variety of useful services, including second home mortgages and excellent rates, so if you want to have the best mortgage broker on your side, give them a call today and they’ll help you make the right decision.

How Much Does It Cost To Refinance Your Mortgage?

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