First Time Buyers use Mortgage Brokers! CMHC shows 44% use Mortgage Brokers.

CMHC has shown that currently 44% of all first time homebuyers use the resources that only a Mortgage Broker can offer. Generation Y: Also called Echo Boomers (Sixty million strong have grown up on the internet). They do their homework before buying and are savvy when it comes to finances, they want to know the rates and other costs associated with home ownership.

It makes sense for them when buying real estate to use a Mortgage Broker. WHY?... They can apply online, get access to “what if “ scenarios and other need to know information. They want answers quickly, are loyal when a Mortgage Agent demonstrates the skills and understanding they need to make the biggest purchase of their lives.

Service and Price are important to them. The GOOD news is they share information good or bad.

Busy lives call for quick solutions and secure on-line Mortgage applications provide the opportunity for both. In the comfort of your own home, you can research and apply for a pre-approval and through my office receive the information with-in hours.

Efficient knowledgeable, secure service and some of the best rates in Canada, it’s a combination first time buyers want and need!

A Guide to Your New Home Warranty is available from Tarion. Down Load here (pdf) booklet

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Mortgage Talk

Mortgage Types

What is a Second Mortgage (what is it?)

A second mortgage is simply another mortgage or home equity loan that is registered on title to your home at the Land Registry Office. You can add a second mortgage to your home by making payments on to separate mortgages each month.

Currently we have over 50 Lenders in Canada but most do not offer second mortgages. “Your Durham Mortgage Solutions Team" can find you a second mortgage or home equity mortgage that suits your current needs saving you a great deal of leg-work.

Uses of Second Mortgages:

Debt Consolidation
Car, Boat or Motorcycle purchase
Higher Education
Renovations for Home or Cottage
Financing Special Events
Investment- Stocks, RRSP, Mutual Funds,
Rental Property
Funding a new Business
Vacation Homes

Why a Second Mortgage?

One of the most common reasons to apply for a second mortgage is to avoid paying a penalty to refinance an existing mortgage or if you have a very low interest rate at this time and do not wish to lose it by refinancing.

Second Mortgage Costs:

There are costs to arranging a second mortgage and many can be added into the loan so that they are not paid up front or out of pocket. Second mortgages almost always require an appraisal of your property. The cost can be from $250-$400 depending on the size and location of the property.

Second Mortgage Rates:

Second mortgage rates typically start at the bank posted rate + 1%, but a private second mortgage will likely start at 10% and go up from there depending on the loan to value and the property location and overall application. The best advice is always to speak to ‘Your Durham Mortgage Solutions Team” member for individualized assistance.