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.

Mortgage Services Edmonton | Second Home Mortgage Edmonton

Purchases

Mortgage for Home Purchase in Edmonton, AB

Whether you are a first-time home buyer or a current home owner looking to upgrade or downsize to meet your family’s changing needs we have been helping clients through the process of obtaining the mortgage financing needed for that new home. That may mean a completely new mortgage or might involve moving the mortgage from your current home to your new purchase. Let us help by explaining the different options available to make sure you have the right mortgage solution for that next step.

First-Time Home Buyers

First Time Home Buyer Mortgage in Edmonton, AB

Buying your first home can be both exciting and a bit scary all at the same time. Homeownership is a big step and we suggest getting your mortgage advice from a mortgage professional. We’ll give you the facts you need to make the right mortgage choice, carefully explaining the how the mortgage process works, guiding you through from start to finish. With access to multiple lenders, we’ll help you find the best rates and best mortgage options to help you buy your first home. Our best advice is to begin with a conversation with a mortgage professional. Give Mortgage Makers Inc a call at 780-436-0390.

Mortgage Pre-Approvals

Mortgage Pre-Approval in Edmonton, AB

Buying your first home can be both exciting and a bit scary all at the same time. Homeownership is a big step and we suggest getting your mortgage advice from a mortgage professional. We’ll give you the facts you need to make the right mortgage choice, carefully explaining the how the mortgage process works, guiding you through from start to finish. With access to multiple lenders, we’ll help you find the best rates and best mortgage options to help you buy your first home. Our best advice is to begin with a conversation with a mortgage professional. Give Mortgage Makers Inc a call at 780-436-0390.

Mortgage Renewal or Switch

If your mortgage renewal date is approaching you will have some choices to make. Now is a great time to review your mortgage options and see what competitive rates are available. Lenders send out renewal forms just prior to renewal dates for those with good payment histories, about 70% of homeowners send those forms back without asking any questions. In today’s hectic world, that can certainly be the easiest route, but you should ask yourself some questions before you sign on the dotted line. This could be an important moment of opportunity. Maybe your mortgage needs have changed and this a great time to evaluate those needs. Maybe you want to consolidate high interest debt into with your mortgage or you may want to tap into some of your home equity for a renovation project. Maybe you are considering a vacation property or are simply looking for the best options to pay down your current mortgage balance more quickly. With access to multiple lenders let us help you weigh your mortgage options to make sure you are in the right place at renewal.

Self-Employed Clients

When it comes to mortgage financing, it hasn’t always paid to be self-employed. Many business owners aim to reduce their taxable income which can make it difficult to qualify for the mortgage you deserve. We understand business owners because we’re business owners too. We work with many lenders, both institutional and private lenders that offer excellent mortgage options for self-employed Canadians. These lenders understand that self-employed individuals have tax write-offs creating significant reductions in their declared income. If this is you we have options, some allow clients to add some of those deductions back into their income or to simply state the income you create prior to your business deductions. These mortgage products allow self-employed clients the ability to qualify for the mortgage amounts you deserve.

We’re here to help, give us a call today.

Credit Counseling

Life happens and sometimes things can get a bit out of control. A bad credit rating can be gut-wrenching and humiliating as well as just plain bad news. We see all kinds of credit ratings every day and we have the strategies to help improve and even heal, damaged credit. You may be surprised to know that you can still obtain a mortgage. Whether you've had a bankruptcy or your credit is only slightly bruised there are financing options available to help you with your mortgage needs.

Our lender pool provides us access to non-traditional lenders who offer financing solutions to individuals who have some credit challenges that cannot be addressed by the major financial institutions. Together we can quickly assess your situation and decide on the best way to move forward. The worst thing you can do is do nothing.

Rental Properties / Vacation Homes

Investment properties – particularly smaller, residential real estate – are now accessible to many average Canadians. And as any homeowner will confirm, real estate has been one of the most attractive investment categories in Canada for the past decade. If you’re considering an investment in real estate, start by having a conversation with an experienced Mortgage Broker, to explore the options available today.

If a vacation home is in your wish list we have options for that too. Many Canadians are jumping at the chance to own a recreational property. No longer just perceived as a welcome retreat from the city, a second home is now viewed as a solid financial investment with the added value of a potential retirement property.