Mortgage Products – Get the Best Solutions at Your Money Matters Inc.
A mortgage loan is taken out to fund the purchase of a property. It is secured against the property. Your loan is likely to be the biggest debt you take on; therefore it is important to choose a mortgage solution with care. At Your Money Matters Inc. you will find solutions that fit your requirements perfectly.
Typically, the duration of a loan will be 25-30 years. Monthly principal and interest payments on the mortgage can limit the amount of cash available to you. Our affordable low interest rates for Toronto, the GTA and virtually all regions throughout Ontario ensure that the payments have minimal impact on your overall finances.
A Wide Range of Mortgage Products
We offer a wide range of mortgage products which allow you to choose a solution that is most suitable for your unique financial situation. Based on your requirements you can choose a low interest rate, interest only, adjustable rate or fixed rate mortgages. You can also choose a one that is assumable, transferable or portable and that offers you a repayment privilege to pay down your mortgage balance sooner.
Some of the other finance solutions we offer include:
- Residential and commercial mortgages
- Mortgage Refinancing
- Mortgage Renewal
- Mortgage Refinance
- Home equity loans
- Debt consolidation
- Second mortgage
- Bad credit mortgage
- Home equity line of credit
- Conventional mortgage
- Portable mortgage
- Mortgage for self-employed
- Assumable mortgage
- Bridge mortgage
To us, our clients are much more than just credit scores. We do not believe in penalizing people for their past financial troubles. This is the reason we offer affordable solutions even to those with imperfect credit histories.
For further details on mortgage product solutions, contact us today. Give us a call at 905-605-8885 or email info@yourmoneymatters.ca and take advantage of our free consultation. Our experts can assess your financial situation and suggest the best possible solutions for you. If you are planning to buy a property, our mortgage brokers can help you understand all the options available along with their pros and cons.
Get the Best Mortgage Loan Solution at Your Money Matters Inc.
A loan taken out to finance the purchase of a property is known as a mortgage loan. Such loans are given out for a specific duration and need to be repaid in accordance with a predetermined schedule.
The typical repayment duration for a mortgage is 25-30 years. This is referred to as the “amortization period”. The typical period where the interest rate does not change is 5 years assuming your interest rate is fixed. This is referred to as the “term” of the mortgage.
As a mortgage loan is likely to be the largest debt you take on, therefore careful consideration is necessary while choosing a home loan solution.
Your Money Matters Inc. offers affordable and flexible home loan solutions. Our licensed mortgage brokers have access to a large number of institutional and private lenders. Our professional, licensed mortgage brokers will offer you a wide range of products. This allows you to choose a solution that is most suitable for your particular requirements.
At Your Money Matters Inc. a mortgage broker will not only provide a large number of mortgage product options, but also offer expert advice to help you make the right choice. Our mortgage brokers have extensive and valuable experience in the mortgage industry. Our specialists give individual attention to each and every client. This enables us to understand your unique financial situation and offer solutions accordingly. You can be sure of getting the best possible solution under the able guidance of our specialists.
Opt for a Conventional Mortgage from Your Money Matters Inc.
Once you meet the 20% down payment requirement, you now have a conventional mortgage in that you do not have to pay an insurance premium which lowers your payment.
Benefits of Conventional Mortgage Solutions from Your Money Matters Inc.
Large down payment means less risk for lenders, which translates into into more favourable terms to borrowers such as a 30 year amortization versus a 25 year amortization lowering your mortgage payment. It also means that lenders can be more flexible and allow for more exceptions regarding qualification requirements. Conventional loans can be fixed rate products. This means that you need not worry about an increase in interest rates. Fixed monthly payments enable you to manage your budget more effectively.
Once you meet the 20% down payment requirement, you need not pay a mortgage insurance premium. Elimination of an insurance premium can further lower your monthly payments and significantly increase the amount of free cash available to you. You can use the extra cash to shorten the duration of your mortgage amortization or in other words the time duration to completely pay the entire mortgage.
Conventional and High Ratio Mortgages
A high ratio mortgage is a mortgage where the borrower puts down less than 20% of the total purchase price of a home as a down payment. In Ontario, a minimum 5% down payment is required on all home purchases, but you can put down as much as you like. However, if you put down less than 20% you have to get a high ratio mortgage.
Having a high ratio mortgage means that it is necessary to purchase mortgage insurance; this is usually done by the lender. The premium for this insurance is usually calculated in as a closing cost, or can sometimes be financed through the mortgage.
Why do you need mortgage insurance with a high ratio mortgage? A high ratio mortgage necessitates the purchase of mortgage insurance because the lender is putting forth more risk and wants to protect their investment. If you are putting down less than 20%, there is a higher chance that the lender will not recoup those funds if a client defaults, and therefore the insurance is there for their protection.
So what if you put down more than 20%? This is where a conventional mortgage comes in. Since you have placed what the lender considers to be a large enough down payment on a home, you can qualify for a conventional mortgage and are not required to buy mortgage insurance.
If you are putting down more than 20% there is more immediate equity in your home and the lender acknowledges that this is less of a risk. Since there is less risk involved on the lender’s behalf, they will often provide more favorable repayment terms.
So what are the benefits of these two types of mortgages? Simply put, both products can be beneficial depending on your current and future needs and goals. Speak with us about your current and future needs and goals and we’ll ensure that you make informed decisions.
Whether you need a loan for buying your first home or you would like to refinance your current mortgage, our licensed mortgage agents can help you sort out the available options and assist you in making the right decision.
To reach us, call 905-605-8885 and speak with a Your Money Matters Inc. mortgage specialist today! You can also email your questions to info@yourmoneymatters.com or visit us at our office in Woodbridge, ON. Get in touch with us and take a concrete step toward fulfilling your financial needs.
Your Money Matters Inc. offers comprehensive mortgage solutions for residential and commercial properties. We work with the major banks and have access to a vast & powerful lender network, including private lenders. You are assured flexible terms and the lowest interest rates available. Get in touch with us and see how we can help you arrange a flexible mortgage that suits your individual needs.