Trusted mortgage broker services

Avoiding Common Mistakes When Applying for a Mortgage: Expert Advice from Capital Mortgages

Applying for a mortgage is a significant financial undertaking that requires careful planning, attention to detail, and informed decision-making. Whether you’re a first-time homebuyer or a seasoned homeowner looking to refinance, navigating the mortgage application process can be complex and overwhelming. At Capital Mortgages, we understand the importance of guiding our clients through every step of the process and helping them avoid common pitfalls that can derail their homeownership dreams. In this comprehensive guide, we’ll delve deeper into some of the most common mistakes to avoid when applying for a mortgage and provide expert advice on how to navigate the process successfully.

1. Failing to Check Your Credit Score:

Your credit score plays a crucial role in determining your eligibility for a mortgage and the interest rate you qualify for. Unfortunately, many prospective homebuyers make the mistake of not checking their credit score before applying for a mortgage. Your credit score provides lenders with valuable insight into your creditworthiness and financial responsibility. Before applying for a mortgage, it’s essential to obtain a copy of your credit report and review it carefully for any errors or inaccuracies. If your credit score is lower than expected, take steps to improve it before submitting your mortgage application.

2. Not Getting Pre-Approved:

Obtaining pre-approval for a mortgage is a critical step in the homebuying process that many buyers overlook. A pre-approval letter from a lender indicates that you’re a serious buyer and gives you a clear understanding of how much you can afford to borrow. Without a pre-approval, you may waste time looking at homes that are outside your budget or miss out on a competitive offer from another buyer who is pre-approved. To avoid this mistake, work with a reputable lender like Capital Mortgages to get pre-approved before you start house hunting.

3. Overlooking Additional Costs:

When budgeting for a home purchase, it’s essential to consider not only the purchase price of the property but also additional costs such as closing costs, property taxes, homeowners insurance, and maintenance expenses. Many homebuyers make the mistake of overlooking these additional costs and end up exceeding their budget. Before committing to a mortgage, make sure you have a clear understanding of all the associated costs and factor them into your budget accordingly.

4. Making Major Financial Changes:

During the mortgage application process, it’s crucial to maintain stability in your finances. Making major financial changes, such as switching jobs, taking on new debt, or making large purchases, can raise red flags for lenders and affect your mortgage approval. To avoid this mistake, avoid making any significant financial changes until after your mortgage has been approved and the sale has closed.

5. Skipping the Home Inspection:

A home inspection is a crucial step in the homebuying process that can help you identify any potential issues with the property before closing. Skipping the home inspection to save time or money can be a costly mistake in the long run. A thorough home inspection can uncover hidden problems such as structural issues, plumbing problems, or mold infestations that could cost you thousands of dollars in repairs down the line. Always insist on a home inspection before finalizing the purchase of a property.

6. Ignoring Interest Rates:

Interest rates play a significant role in determining the overall cost of your mortgage. Even a slight difference in interest rates can result in significant savings over the life of your loan. Before committing to a mortgage, take the time to shop around and compare interest rates from multiple lenders. Consider working with a mortgage broker like Capital Mortgage who can help you find the best loan options and interest rates based on your financial situation and goals.

7. Not Understanding the Terms of the Mortgage:

Before signing on the dotted line, it’s essential to fully understand the terms of your mortgage, including the interest rate, loan term, monthly payment, and any fees or penalties. Read the fine print carefully and ask questions if anything is unclear. If you’re unsure about any aspect of the mortgage, don’t hesitate to seek clarification from your lender or financial advisor. Understanding the terms of your mortgage is crucial to ensuring that you’re making a sound financial decision that aligns with your long-term goals.

8. Rushing the Process:

Finally, one of the most common mistakes that homebuyers make when applying for a mortgage is rushing the process. Buying a home is a significant financial decision that requires careful consideration and planning. Take the time to research your options, compare lenders, and explore different loan programs before making a decision. Rushing into a mortgage without fully understanding the terms or considering all your options can lead to costly mistakes and regrets down the line.

Conclusion:

Applying for a mortgage is a complex process that requires careful planning, attention to detail, and informed decision-making. By avoiding common mistakes and taking proactive steps to educate yourself, you can increase your chances of success and achieve your homeownership goals. At Capital Mortgage, we’re here to guide you through every step of the mortgage application process and help you secure the financing you need to purchase your dream home. With our expert advice and personalized service, you can navigate the mortgage process with confidence and peace of mind.

Contact us Today!

 

 

 

Trusted mortgage broker services

10 Questions to Ask Your Mortgage Lender Before Signing

Congratulations on taking the exciting step towards homeownership! As you embark on this journey, it’s crucial to equip yourself with the knowledge needed to navigate the mortgage process successfully. Securing a mortgage is one of the most significant financial commitments you’ll make, and it’s essential to ensure you have all the information you need before signing on the dotted line. Asking the right questions can help you understand your mortgage terms better, avoid surprises, and make informed decisions. In this comprehensive guide, we’ll delve into ten crucial questions to ask your mortgage lender in Ottawa before finalizing your mortgage agreement.

1. What Type of Mortgage is Best for Me?

Understanding the different types of mortgages available is the first step in finding the right fit for your financial situation and goals. Your lender can explain the differences between fixed-rate mortgages, adjustable-rate mortgages, variable-rate mortgages, and other options, helping you make an informed decision that aligns with your needs and preferences.

2. What Interest Rate Can I Qualify For?

Your interest rate will significantly impact your monthly mortgage payments and the overall cost of your loan. It’s essential to have clarity on the interest rate you qualify for based on factors such as your credit score, down payment amount, loan term, and current market conditions. Your lender can provide you with personalized rate quotes and guidance on how to secure the best possible rate.

3. What Are the Total Closing Costs?

In addition to your down payment, there are various closing costs associated with obtaining a mortgage, including appraisal fees, title insurance, legal fees, and more. It’s essential to have a clear understanding of all closing costs upfront to ensure you’re prepared for these expenses. Your lender can provide you with a detailed breakdown of all closing costs associated with your mortgage.

4. Are There Any Prepayment Penalties?

Some mortgages come with prepayment penalties if you pay off your loan early or make extra payments towards your principal. It’s essential to clarify with your lender whether your mortgage includes any prepayment penalties and what the terms are. Understanding these penalties can help you make informed decisions about paying off your mortgage ahead of schedule.

5. What Down Payment Options Are Available?

While a 20% down payment is standard, many lenders offer down payment options as low as 5% for qualified borrowers. It’s essential to explore your down payment options and understand the associated requirements, such as mortgage insurance. Your lender can provide you with guidance on the down payment options available to you based on your financial situation and loan program.

6. What Documents Do I Need to Provide?

To complete your mortgage application, you’ll need to provide various documents to verify your income, assets, employment history, and more. It’s essential to be prepared with all the necessary documentation to streamline the application process. Your lender can provide you with a list of required documents and guidance on how to gather and submit them.

7. Can You Explain the Mortgage Terms and Conditions?

Before signing your mortgage agreement, it’s crucial to have a clear understanding of all the terms and conditions. Your lender can explain any unfamiliar terms or clauses in your mortgage agreement, including the loan term, interest rate, repayment schedule, and any conditions related to property insurance and taxes. Having a thorough understanding of your mortgage terms will help you make informed decisions and avoid surprises down the road.

8. What Happens If I Miss a Payment?

Life can be unpredictable, and it’s essential to understand the consequences of missing a mortgage payment. Your lender can explain their policies regarding late payments, grace periods, and any fees or penalties associated with delinquency. Understanding these policies will help you plan accordingly and avoid potential financial setbacks.

9. Is Mortgage Insurance Required?

Depending on your down payment amount and loan-to-value ratio, you may be required to pay for mortgage insurance. Your lender can explain their requirements for mortgage insurance and how it will impact your monthly payments. Understanding the role of mortgage insurance in your loan can help you budget effectively and plan for your ongoing homeownership expenses.

10. Can I Lock in My Interest Rate?

Interest rates can fluctuate, so it’s essential to know if you have the option to lock in your rate. Locking in your rate can provide peace of mind and protect you from potential rate increases while your mortgage application is processed. Your lender can explain their rate lock policies and any associated fees or requirements. Understanding your rate lock options will help you secure a favorable interest rate and avoid surprises during the closing process.

 

Conclusion:

Securing a mortgage is a significant milestone in your journey towards homeownership. By asking the right questions and understanding your mortgage terms, you can make informed decisions that align with your financial goals and set you up for success. If you’re in Ottawa and ready to take the next step towards homeownership, our team of experienced mortgage professionals is here to help. We’ll guide you through the mortgage process, answer all your questions, and ensure you have the information you need to make confident

Contact us Today!

Refinance

Beyond the Basics: Advanced Tips for a Seamless Mortgage Refinance Process

Embarking on a mortgage refinance journey goes beyond the basics, especially for homeowners seeking a seamless and optimized process. This comprehensive guide delves into advanced tips that can elevate your mortgage refinance experience. Whether you’re looking to secure a better interest rate, tap into home equity, or restructure your mortgage for long-term financial goals, these advanced strategies will empower you to navigate the complexities of the mortgage refinance landscape with confidence. 

  1. Precision in Financial Assessment

While the basics of a mortgage refinance involve evaluating your credit score and debt-to-income ratio, advanced refinancers go further. This section will explore how a meticulous assessment of your financial health, including a detailed review of income stability and future financial projections, can position you for more favorable refinancing terms. 

  1. Strategizing for Optimal Timing

Timing is critical in the world of mortgage refinancing. Advanced refinancers understand the nuances of interest rate movements and economic indicators. This section will guide you on how to strategically time your refinance to align with favorable market conditions, ensuring that you secure the best possible terms for your new mortgage. 

  1. Leveraging Home Equity Wisely

Beyond the basic objective of lowering monthly payments, advanced refinancers often leverage home equity strategically. This section will explore how tapping into home equity can fund major expenses, such as home improvements or debt consolidation. Understanding the nuances of using your home equity as a financial tool will be a key focus. 

  1. Navigating Complex Loan Structures

Advanced refinancers often explore more complex loan structures to align with their financial goals. This section will delve into options such as cash-out refinancing, adjustable-rate mortgages (ARMs), and hybrid loan structures. Understanding these options and their implications is crucial for tailoring your mortgage to your unique financial situation. 

Conclusion: 

Navigating the mortgage refinance landscape with advanced strategies can result in a more tailored and financially advantageous outcome. From precision in financial assessment to strategic timing, leveraging home equity wisely, and navigating complex loan structures, these advanced tips will empower you to not only secure a seamless refinance but also optimize your mortgage for long-term financial success.  Reach us!

FAQs: 

Q1: How does a detailed financial assessment impact the refinance process?

Answer: A detailed financial assessment goes beyond the basics, providing lenders with a comprehensive understanding of your financial health. This can lead to more favorable refinancing terms and options tailored to your unique situation. 

Q2: Why is timing important in mortgage refinancing?

Answer: Timing is crucial as interest rates fluctuate. Advanced refinancers strategically time their refinancing to coincide with periods of lower interest rates, maximizing the potential for significant savings over the life of the loan. 

Q3: How can home equity be strategically leveraged in a mortgage refinance?

Answer: Home equity can be used strategically for various purposes, such as funding home improvements, consolidating high-interest debt, or even investing in other opportunities. Understanding the best use of home equity aligns with your financial goals. 

The Benefits of Working with a Mortgage Broker

The Benefits of Working with a Mortgage Broker

Buying a home is one of the biggest financial investments you’ll ever make, and it can be an overwhelming process to navigate on your own. Whether you’re a first-time homebuyer or a seasoned homeowner, working with a mortgage broker can make the process easier and more streamlined. In this blog post, we’ll explore the top benefits of working with a mortgage broker and why it may be the right choice for you. 

 

Benefits of Working with a Mortgage Broker 

 

1.Access to a Wide Range of Lenders and Products 

When you work with a mortgage broker, you have access to a wide range of lenders and products. Mortgage brokers work with multiple lenders and can compare rates and terms to help you find the best possible mortgage solution for your needs. This means that you’ll have more options and a better chance of finding a mortgage that fits your specific financial situation. 

2.Expert Advice and Guidance 

Mortgage brokers are experts in their field and can provide you with valuable advice and guidance throughout the mortgage process. They can help you understand the different types of mortgages, explain the terms and conditions, and answer any questions you may have. This level of expertise can be invaluable, especially if you’re a first-time homebuyer. 

3.Time and Money Savings 

Working with a mortgage broker can save you both time and money. Mortgage brokers can help you find the best mortgage rates and terms, which can save you thousands of dollars over the life of your loan. Additionally, mortgage brokers handle all the paperwork and negotiations with the lender, which can save you time and reduce the stress of the process. 

4.Personalized Service 

Mortgage brokers provide personalized service and work with you to find a mortgage that fits your specific needs. They take the time to understand your financial situation and goals and can help you navigate any challenges that may arise during the mortgage process. 

5.Ongoing Support 

Finally, mortgage brokers provide ongoing support throughout the life of your mortgage. They can help you navigate any changes to your financial situation and ensure that you’re always getting the best possible mortgage solution for your needs. This level of support can give you peace of mind and help you stay on track with your financial goals. 

Conclusion 

Working with a mortgage broker can provide a number of benefits for homebuyers. From access to a wide range of lenders and products to expert advice and guidance, a mortgage broker can help you save time and money, and provide ongoing support throughout the life of your mortgage. If you’re in the market for a new mortgage, consider working with a mortgage broker to help you find the best possible solution for your needs.

 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

Meet Paul Pepin


Putting YOUR Interest First!

We are living in challenging times. My goal is to make your mortgage financing process as easy and as thorough as possible.  Whether you are buying a new home, refinancing your existing home, or considering an investment property, I can help.  Communication is key so feel free to contact me as early as possible in the process with any mortgage and real estate questions you may have.

Why do I believe I can help find a mortgage solution for you.

I have been a licenced mortgage agent with Capital Mortgages since 2008.  Also, I have been a licenced Realtor (real estate sales representative) since 2015.   So, I have significant experience and knowledge of the Real Estate industry, in the key areas of Mortgage Financing and buying and selling of property.  Prior to 2008 I worked several years as a forensic accountant. So I am comfortable working with people, their goals, and their financial information.

I am also committed to Putting YOUR Interest First.  So, I have a personal interest in finding a mortgage solution that works for you.

Feel free to contact me with any mortgage or real estate questions you or your family and friends may have.  I will be happy to help.

You can call me direct at 613-795-7775 or email me at Paul@paulpepin.ca.

You can also Apply Now for a mortgage at www.paulpepin.ca.  Just click on Apply Now and start your application.

Back to the business…As Your Independent Mortgage Agent, I’m working for you, not the banks. I do business with over 60 lenders. Traditional institutions are concerned with selling only their own mortgage products. Dealing with a multitude of lenders means that I always shop the market on your behalf to find the right mortgage to best meet your particular requirements. Whether it’s a residential or commercial loan, I have access to a wide range of services and products to ensure your mortgage needs are met precisely at the most competitive terms and confidentiality and privacy is always assured.

Not convinced yet? Check out my Google reviews! I want to be a part of your next mortgage experience, we’ll make it awesome, together! Clients and referrals WANTED. Thanks as always for choosing the Brads Mortgages team.

Why Should You Choose to Use a Mortgage Agent?

My role as a mortgage agent is to act on your behalf. I have your best interests in mind and will find the best mortgage for you. As an independent mortgage agent, I do not work for an individual institution nor am I mandated by any one lending institution. I have a long list of lenders to choose from. My goal is to get you the best possible mortgage that you qualify for through fast, professional, and personal service. From first-time home buyers to seasoned real estate investors, I will take the time to work with you through your individual situation.

I have been working as an agent since 2003 and I have funded over $275 million in mortgages and counting. I fund not only low interest rate mortgages for residential homes; I also fund many different types of properties in the marketplace. I also fund mortgages across the country should you choose to purchase out-of-province. Residential or commercial, there is a mortgage for you!

Why Choose Capital Mortgages?

I work as a mortgage agent with Capital Mortgages. Capital Mortgages is one of the largest and most notable Mortgage Brokerage Firms in Ottawa. Capital Mortgages was established in 1999 and is proud to have served thousands and thousands of clients representing over one billion dollars in total mortgage volume.

I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal.

So whether you’re buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the Mortgage Centre mortgage advisor who can help you get the right financing, from the right lender, at the right rate.

Cell: 613.818.1477

Benefits of Working with a Mortgage Broker

The Benefits of Working with a Mortgage Broker for Your Home-Financing Needs

When it comes to buying a home, there is a big difference between working with a mortgage broker and a bank advisor. While both may offer similar services, the benefits of working with a mortgage broker are very important when it comes to getting the best rate and terms for your mortgage.

Mortgage Broker vs. Bank Advisor

A mortgage broker is a professional who is licensed to represent multiple lenders and provide access to a variety of mortgage products. The broker is able to compare rates, terms and programs offered by different lenders, and can serve as a liaison between the borrower and the lender. Because a broker is not tied to any one specific lender, they can often find better rates and better terms than what may be offered by a single bank. They also have access to many lenders and can help you find a loan that best fits your financial needs.

On the other hand, a bank advisor is an employee of a specific bank or lender and they are limited to offering the products and services of that particular lender. They typically have an incentive to push their own products, and may not be able to find the best rate or terms available on the market.

Benefits of Working with a Mortgage Broker

The benefit of working with a mortgage broker is that they are able to do the shopping around for you and save you time. They can help you compare rates and terms from different lenders, and provide you with advice and guidance that is tailored to your individual needs. They also have access to a wide range of lenders and can help you find the best loan for your unique situation.

 1. Access to a wider range of mortgage products

Mortgage brokers have access to a wide range of mortgage products from multiple lenders, including banks, credit unions, and other financial institutions. This means that you can compare a variety of options to find the one that best meets your needs.

 2. Expert advice

Mortgage brokers are experts in the field of home financing and can provide you with valuable advice on the best mortgage products and options for your situation.

 3. Time savings

Working with a mortgage broker can save you time because they can handle much of the legwork involved in obtaining a mortgage, such as submitting loan applications and gathering documentation.

 4. Potential cost savings

Because mortgage brokers have access to a wide range of products, they may be able to find you a mortgage with a lower interest rate or fees, which could save you money in the long run.

 5. Convenience:

Working with a mortgage broker can be convenient because they can often provide you with information and assistance remotely, such as over the phone or online.

 6. Personalized service

Mortgage brokers take the time to understand your unique financial situation and needs, and can provide personalized recommendations and guidance to help you find the right mortgage product.

In conclusion, working with a mortgage broker can offer a range of benefits when it comes to obtaining a mortgage. Mortgage brokers have access to a wide range of products from multiple lenders, which can give you a greater choice of options to find the one that best meets your needs. They are also experts in the field of home financing and can provide valuable advice and guidance to help you make informed decisions. Additionally, working with a mortgage broker can save you time and potentially money, and can be convenient and provide personalized service. Overall, going with a mortgage broker can be a helpful and efficient way to find the right mortgage for your situation.

Are you ready to take advantage of the benefits of working with a mortgage broker for your home financing needs? Contact Capital Mortgages today! Our team of experienced brokers will work with you to find the best mortgage solution to meet your needs. We have access to a wide range of products from multiple lenders, and can provide expert advice and personalized service to help you make informed decisions about your home financing. Don’t miss out on the opportunity to find the best mortgage for your unique situation. Contact Capital Mortgages today and let us help you make your dream of homeownership a reality.

 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

conventional mortgage

Understanding the Conventional Mortgage Down Payment: All You Need to Know

A home is likely one of the most expensive purchases you will make in your lifetime and understanding the process of financing it is essential. One of the key factors in the financing process is the down payment, which is the amount of money that you pay up front to the lender when you take out a conventional mortgage loan. The down payment is usually a percentage of the total loan amount and is an important factor in determining the interest rate of the loan. Knowing the basics of the conventional mortgage down payment can help you make an informed decision when it comes to financing your home. In this article, we’ll discuss everything you need to know about conventional mortgage down payments, including the requirements, benefits, and risks.

What is a conventional mortgage down payment?

The conventional mortgage down payment is the amount of money that you pay for a home upfront, before you take out a mortgage loan. This down payment amount is usually a percentage of the total loan amount and is one of the factors in determining the interest rate of the loan. The conventional mortgage down payment is the standard minimum amount that you must pay towards the purchase of a home when you finance it. The amount of the down payment varies from lender to lender, and is usually about 20% of the purchase price of the home. The type of loan that you take out determines the down payment amount. Now that you know what a conventional mortgage down payment is, let’s see what the requirements are.

Requirements for a conventional mortgage down payment

There is no standard requirement for a down payment amount when you take out a conventional mortgage loan. In fact, some mortgage lenders will let you make a down payment as little as 3% of the purchase price of your home. However, you do need to be aware of the minimum down payment requirements set by Fannie Mae and Freddie Mac, otherwise known as the conventional mortgage down payment requirements. Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) that buy a majority of the mortgages in the United States. Therefore, most conventional mortgage lenders will require you to meet the down payment requirements set by Fannie Mae and Freddie Mac.

– Credit score: You will need at least a mid-score of at least 680 to be eligible for a conventional mortgage loan. But, if you want to make a conventional mortgage down payment of less than 10%, you will likely need a higher credit score of at least 700.

– Debt-to-income ratio: This is the percentage of your monthly debt payments compared to your income. Lenders usually require a down payment of less than 10% for a debt-to-income ratio of less than 36%.

– Loan type: Fannie Mae and Freddie Mac have different minimum down payment requirements for each type of mortgage loan.

Benefits of making a conventional mortgage down payment

There are many benefits associated with making a conventional mortgage down payment, especially when it comes to your interest rate. With a larger down payment, you are less likely to be approved for a loan, and, therefore, you get a lower interest rate. Additionally, you can use the equity in your home to borrow money. This is often achieved through a home equity line of credit (HELOC), which is basically a second mortgage. Finally, making a larger down payment will allow you to get a fixed-rate loan sooner, since fixed-rate loans have lower interest rates than adjustable-rate loans.

Risks associated with a conventional mortgage down payment

If you make a large conventional mortgage down payment, the risks associated with it are low. On the other hand, if you make a small conventional mortgage down payment, the risks are much greater. You may find yourself having to make a larger monthly payment or extending the length of your home loan due to the higher interest rate on your loan. This could have a negative impact on your finances and credit score. Additionally, if you decide to sell your home in the future, you may have to come up with additional money to pay off the remainder of your conventional mortgage loan.

Finally, if the real estate market hits a decline, you may want to sell your home before it loses value. In this situation, you will face the difficult task of trying to find a buyer who is willing to pay the mortgage loan amount with a small down payment.

How to calculate a conventional mortgage down payment

Let’s say you are buying a $200,000 home. The lender requires a 20% down payment for this purchase. You have decided to make a $40,000 down payment, which is the minimum amount required by the lender. The amount of your down payment is equal to the purchase price of the home minus the loan amount. In this scenario, you would have to make a $40,000 down payment. You can also use a mortgage calculator to calculate your conventional mortgage down payment.

Factors that influence the amount of your down payment

There are many factors that influence the amount of your down payment, such as your income, your debt-to-income ratio, the type of loan you take out, and your credit score. Generally, the more you make and the less debt you have, the larger your down payment can be. Furthermore, the type of loan you take out will also influence the amount of your down payment. Let’s examine the minimum down payment requirements for each type of loan.

– Conventional mortgage: The minimum down payment for a conventional mortgage is 5% for most lenders. However, 10% is the minimum down payment for jumbo loans. Jumbo loans are those loans that exceed $484,350 in most parts of the country.

– FHA mortgage: The minimum down payment for an FHA loan is 3.5% for the first-time homebuyer. Otherwise, the minimum down payment is 5%.

– VA mortgage: The minimum down payment for a VA loan is 0%. In other words, you don’t have to make a down payment.

Strategies for making a larger down payment

One of the best ways to make a larger conventional mortgage down payment is to save the money. However, you don’t have to save the entire amount. You can also use a home equity line of credit (HELOC) to make a larger down payment. One of the best ways to do this is to take advantage of your tax savings. – Open a tax-advantaged savings account: This is one of the best ways to save money. You can open an account such as a Roth IRA or a traditional IRA to make a payment towards your home. – Increase your monthly savings: If you can increase the amount you are saving towards your home, you will be able to make a larger down payment.

Tips for saving for a down payment

If you want to make a larger down payment, you will need to start saving money as soon as possible. You can use a savings account, a money market account, or a stocks account to save money towards your down payment. Make sure that the account is easily accessible and that you can get to the money quickly when the time comes.

– Pay off your high-interest debt: You should also work to pay off your high-interest debt before you start putting money towards your down payment. You can do this by increasing your monthly payments or engaging in some extra part-time work.

– Get help from family and friends: You have many people around you who can help you make a larger down payment, including your family and friends.

– Shop around for a lower interest rate: You should also shop around for a lower interest rate on your mortgage loan before you start putting money towards your down payment. This will help reduce the amount of money you need to save.

Advice for making the right down payment decision

If you are wondering how much money you need for a down payment, the first thing you should do is get pre-approved for a mortgage loan. A mortgage lender will help you estimate the amount of money you need for a down payment and the interest rate on your loan. When you know how much money you need for a down payment, you can start saving for it. If you don’t have the money to make a larger down payment, don’t worry. You can always make a smaller down payment and pay a higher monthly mortgage loan payment.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

multifamily financing

The 6 Essentials You Need to Know About Multifamily Financing

Did you know that there are several different types of financing available to real estate investors? If you’re interested in getting started with multifamily properties, you’ll need to find the right kind of financing for your situation and goals. It can be confusing when you first start looking at all the different options for financing real estate investments. Fortunately, we have created this guide to explain all the various types of financing and how they can help you reach your multifamily investing goals. If you’re just beginning your investing career or hoping to expand your portfolio with new properties soon, this article will give you an insider’s look at the world of multifamily financing. Let’s get started!

Basics of Multifamily Financing

Let’s start with some of the basics. What exactly is multifamily financing? What does it mean to finance a multifamily property? What’s the difference between financing and owning a property? When you finance a property, you’re taking out a loan to purchase the property’s equity. You’re using borrowed funds to purchase an asset, which means you have to pay back the loan with interest. This is a very common practice in the real estate industry and applies to every type of real estate investment, including single family houses, duplexes, triplexes, and four-plexes. The loan amount will be based on what you can afford to repay each month. This amount is often less than you would pay if you bought the property with cash. Many real estate investors use financing to purchase their properties because it allows them to expand their portfolios more easily.

Equity Financing

While this might sound like a financing option that only works well in minor emergencies, equity financing is actually a type of loan that real estate investors use frequently. It’s a great option if you already own a property and want to borrow against its equity. If you’re looking for equity financing for your multifamily property, you’ll need to find an equity investor. You can find these types of investors through real estate investment clubs and online peer-to-peer lending platforms. Equity financing can be a good option if you have equity in one of your properties and need to finance another property. Keep in mind that you will have to pay back the loan with interest, which means you will need to take that into account when determining how much equity financing is appropriate for your situation. If you’re considering equity financing, it’s a good idea to speak with a real estate attorney first. They can help you navigate the legal and financial issues of this type of financing.

Debt Financing

As with equity financing, debt financing is a type of loan used by many real estate investors. Debt financing is a great investment option if you don’t have any equity in your current properties and want to invest in new properties. Dealing with banks is a tedious process, but once you’ve found the right one and proven that you’re a reliable candidate, you’ll be able to borrow money more easily in the future. Banks usually require you to have a certain level of equity in your current properties before they’re willing to approve a loan for new properties. You can also work with a hard money lender if banks aren’t willing to finance your properties. Hard money lenders specialize in quickly funding real estate investments, including multifamily properties. If you’re looking for a quick turnaround, this might be the best option for you.

Understanding VAN, IRR, and ROI

Before you start searching for financing options, you’ll need to understand the basics of the terms VAN, IRR, and ROI. VAN stands for the “value-added net”, which is a metric used in commercial lending to determine how risky a loan is. The more complicated your deal and the less predictable the future is, the higher your VAN will be. What’s the ideal VAN for a commercial loan? The average commercial loan has a VAN of 132, which means that the lender expects to earn a 13% rate of return on the initial investment. IRR stands for “internal rate of return”. This is how much cash you will make on your investment. You should know what your IRR is on each potential property so that you can compare it to the VAN of the lender.

Finding the Right Property to Finance

If you’re considering financing a new property, you’ll need to find a good candidate for a loan. It’s important to find a property that will qualify for the loan and will be profitable once it’s fully operational. You can use the 8% rule to determine whether a property will be profitable. If you can’t find properties that meet both of these criteria, it might be time to consider buying a different property type. You can use the IRR formula to determine if a property will be profitable. IRR = ( VAN / purchase price ) – 1 You can also use the below chart to determine whether a property is a good investment.

Tax Advantaged Investments

Another important factor to consider when choosing a financing option is how beneficial the loan terms are to you. While you should always look at the interest rates of each loan type, you should also consider the tax advantages of that loan type. Debt financing and equity financing both come with tax advantages, but each type of loan is taxed differently. Debt financing is taxed as ordinary income at the same rate as your salary. Equity financing is treated as a capital gain and is taxed at a lower rate. Overall, equity financing has the highest tax advantages but is also the riskiest option. Debt financing is the safest option but also the least tax-advantaged. If you’re unsure which option to choose, it might be best to split your financing between debt and equity. This will give you the best of both worlds.

Conclusion

Now that you understand the basics of multifamily financing, it’s time to start exploring your options. There are several different types of financing available to real estate investors, and you’ll need to find the right loan for your situation and goals. You can use equity financing if you already own a property and want to borrow against its equity. Debt financing is a great investment option if you don’t have any equity in your current properties. Hard money lenders specialize in quickly funding real estate investments, including multifamily properties.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

firm mortgage

Unlock Your Dream Home: Benefits of Acquiring a Firm Mortgage Approval

Unless you’re independently wealthy, buying a home will likely be the largest financial transaction of your life. It’s not surprising, then, that most mortgage applicants feel anxious about meeting lender criteria and qualifying for financing. But with the right information and strategy, even individuals with average credit can secure firm mortgage approval. Reduced interest rates, waived fees, and other incentives are standard features of firm mortgages. While these advantages aren’t available with every lender, they can substantially reduce the cost of borrowing. Firm mortgage terms also tend to have shorter repayment periods and lower monthly payments than typical loans. As a result, firm mortgages are almost always cheaper over the long term compared to variable rate loans. Whether you’re currently renting or hoping to buy in the near future, learning more about firm mortgages could lead to an improved financial outlook for your future home purchase.

What is a Firm Mortgage?

A firm mortgage is a type of financing that offers a specific rate and term. Unlike an adjustable rate mortgage (ARM), the interest rate and monthly payment on a firm mortgage won’t fluctuate over time based on the fluctuations of an external index. A firm mortgage is often used as a term to describe a loan that has been approved based on a borrower’s financial strength, not necessarily a specific type of loan. In other words, a homeowner with a firm mortgage might have a 30-year fixed rate mortgage loan, a 15-year fixed rate mortgage loan, or maybe even an ARM.

Why Should You Care About a Firm Mortgage?

Fixed-rate mortgages tend to be more stable than adjustable rate mortgages (ARMs), making it easier to forecast future home loan payments. ARMs can have high upfront fees, long application timeframes, and unsure future interest rates that make them a less desirable option. In addition to the convenience of knowing your monthly payment will remain the same for the life of your loan, a firm mortgage could qualify you for lower interest rates and reduced closing costs. If you’re in the market for a home loan, it could be the easiest path to securing firm mortgage approval.

What Are the Requirements?

Lenders may vary, but all reputable firms will conduct a credit check and review your current debt-to-income ratio (DTI). Your credit score may also be considered, but it’s not guaranteed that you’ll meet the minimum requirements for a firm mortgage. If your credit score and debt-to-income ratio are below average, you may still be able to secure approval by putting a down payment of at least 20 percent. Many lenders will also consider factors like your employment and length of residence in your area, so be sure to review your options carefully.

Strategies to Earn Approval

If your credit score is low or if you have high debt-to-income ratios, you may need to improve your financial standing before a mortgage lender will offer you a firm mortgage. Fortunately, there are a number of ways you can boost your credit standing and strengthen your application. Reduce Debt – The most obvious way to improve your debt-to-income ratio is to pay off as much debt as possible. Paying off high-interest credit cards and other unsecured debts will lower your debt-to-income ratio and improve your credit score. Getting a firm mortgage approval increases the likelihood that you’ll be approved for a higher loan amount, too. Increase Your Income – Another way to strengthen your application is to increase your income. If you’re working steadily, it’s possible to increase your income by applying for a promotion, getting a raise at your current job, or starting a side hustle.

Bottom Line

If you have average credit or have struggled to improve your credit score, you may be able to get approved for a firm mortgage. It is often a better choice anyway since it’s less risky than a variable rate mortgage. While it may take some time to improve your credit score, you can take steps now to improve your chances of getting approved for a firm mortgage. In most cases, lenders will also require a down payment of at least 20 percent to secure a firm mortgage.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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The Fundamentals of Construction Financing

The Fundamentals of Construction Financing: A Guide For Non-Profits and Developers

Construction financing is a bit of a catch-22. It can seem unapproachable and inaccessible, especially if you’re new to the game. Developers and non-profits might not have the same access to lenders or investors as larger organizations do, but that doesn’t mean they should be discouraged from pursuing construction financing further. With the right advice and resources, you can learn more about this type of funding and how it can work for your organization. If you are currently working on an upcoming construction project or have plans to in the near future, it is important to understand how construction financing works. Construction financing comes in many forms, which makes it important for potential developers and non-profits to understand exactly what their options are before moving forward with any one particular plan. Read on to discover more about construction financing and which program will work best for your organization moving forward.

What is Construction Financing?

Construction financing is a type of funding that provides organizations with the money they need to start construction. Unlike regular lending options, construction financing is not meant to be repaid through interest but rather through the profits generated by the business or project on the site once it is completed. The construction period is the most critical time for developers, as they need to have the necessary funds to get the project up and running as quickly as possible. Construction financing is most often used to fund the construction of new buildings or renovations of existing structures. This type of funding is important for both developers and non-profits, as it gives them the capital they need to make sure the project moves forward and does so in an efficient way. Construction financing is time-sensitive and must be completed as quickly as possible.

Why Is Construction Financing Important?

The construction period is the most critical time for developers, as they need to have the necessary funds to get the project up and running as quickly as possible. Without construction financing, it can be difficult to obtain the funds needed to get a project off the ground. For non-profits, this financing can help make a construction project move forward that may have otherwise been indefinite. If construction financing is received, then the project can be completed and that money can be used to further the mission of the organization.

Loans and Grants for Developers

If you are a non-profit organization, you may be able to obtain a grant to fund construction. However, if you are a developer, you will likely need to obtain a loan to make the construction project happen. With loans, there can be several different types and options to choose from, which makes it important to do your research on the best option for your organization. Construction loans are common for development and are provided by financial institutions. There are also other options, such as bonds, that can be used as a form of construction financing. This is a type of loan with a larger amount that is issued by multiple people. Because this loan is from a larger group of individuals, it can be easier to obtain than a loan from a single financial institution.

Equity Investments for Developers

An equity investment is when an investor gives money to the developer in exchange for a percentage of the profits that will be made once the project is complete and operational. Equity investments can be beneficial for developers, especially those who may need a bit more money than they can obtain through more traditional construction financing options. Equity investments are common in the commercial real estate industry, but they can also be used to fund smaller construction projects. If you are a developer, it can be helpful to find an investor that wants to get involved in a construction project. It is important to get the word out about your project and who you are looking for. It can be helpful to work with a financial advisor who can help you to develop a pitch for investors and find the right people to approach.

Bottom Line

When searching for construction financing, it is important to understand what your options are. It can be helpful to get in touch with financial institutions to see what types of loans they offer and what they require in order to obtain one. It can also be helpful to talk with other developers and get their advice on the best way to approach construction financing. If you are a developer, it can be helpful to get the word out about your project as soon as possible so that you can start receiving interest from potential investors.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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mortgage options for newcomers

The Best Mortgage Options for Newcomers to Canada

The mortgage process can be daunting for any homebuyer. But it’s even more complicated if you’re a newcomer to Canada. In addition to all the usual considerations like interest rates and amortization periods, new Canadians might also need to research whether they qualify for government-backed mortgage programs. Moreover, newcomers may not have the same credit history as someone who has lived in Canada for several years. Even if your credit is excellent, lenders will want to see that you have an established record of paying rent on time and making other financial obligations before granting you a mortgage. Luckily, there are a few different mortgage options available to new Canadians that make it easier than ever to buy a home. Read on to learn more about these great mortgages and see how much money you can save with the help

What is a Mortgage?

A mortgage is a loan granted by a financial institution to help you buy a house. The bank will provide you with a certain amount of money, which you’ll pay back over the course of several years, with interest. With a standard mortgage, you’ll have to make a down payment of at least 5% of the total house price. However, if you’re a first-time homebuyer and you don’t have a verifiable track record of steady income, you’ll likely have to make a down payment of at least 10%. The rest of the money you need to buy a house will be provided to you as a loan. When you purchase a house, you’ll sign a legal contract called a mortgage agreement. This agreement states that you promise to repay the amount borrowed from the bank plus interest. If you fail, your lender has the right to repossess your house.

CMHC Mortgage

The Canada Mortgage and Housing Corporation (CMHC) is a government-owned corporation that helps Canadian homebuyers finance their purchase. CMHC offers a variety of mortgage programs, including a mortgage designed for newcomers to Canada called the Immigrant Mortgage. This government-backed mortgage program is available to permanent residents, foreign nationals. Even though it’s designed primarily for new Canadians, this mortgage also makes sense for anyone who wants to keep their costs down. Why? Because the CMHC Immigrant Mortgage has one of the lowest interest rates available. Plus, it has a higher loan-to-value (LTV) ratio than other government-backed mortgages, which means a smaller down payment. Let’s say you’re a newcomer to Canada and you’re interested in this mortgage, you’ll need to prove that you make a decent income and have been employed for at least one year. You’ll also need to show that you have a good credit score.

RRSP Mortgage

Like the Immigrant Mortgage, the RRSP Mortgage was designed to help new Canadians get into the real estate market. It’s also a government-backed mortgage. But unlike the Immigrant Mortgage, the RRSP Mortgage is only available to a few select people. To be eligible for this mortgage, you must show that you have a strong credit history and a solid history of meeting financial obligations. Even though the RRSP Mortgage is available only to a select group of people, it’s still a good option to consider. Like the Immigrant Mortgage, it has a low interest rate and a higher LTV ratio than many other government-backed mortgages. Plus, the RRSP Mortgage is relatively easy to qualify for since it doesn’t require a down payment. However, you will have to pay for mortgage default insurance, though it won’t cost as much as the CMHC premium for the Immigrant Mortgage.

The Bank of Canada Option

The Bank of Canada Option gives newcomers to Canada a chance to purchase real estate using funds from their own savings. To do this, you’ll withdraw money from your personal savings account and put it towards the down payment on your home purchase. This is risky, though, because if the value of your savings account drops, you’ll have less money towards your mortgage payment each month. But if your savings account gain value, you’ll have to pay it back. How much money you can withdraw from your savings account depends on a few factors, including how long you’ve been a Canadian resident and your income level.

VA Loan

VA loans can help active and former military personnel, reservists, and their spouses buy a home. A VA loan is a mortgage loan that allows you to finance 100% of the purchase price of a home without any down payment or mortgage insurance. Because VA loans are guaranteed by the U.S. Department of Veterans Affairs, they are a type of government-backed mortgage. If you’re a veteran who served during a time of war or hostilities and you meet the eligibility requirements, you may be able to take advantage of this great mortgage option.

Conclusion

The mortgage process can be daunting for any homebuyer. But it’s even more complicated if you’re a newcomer to Canada. In addition to all the usual considerations like interest rates and amortization periods, new Canadians might also need to research whether they qualify for government-backed mortgage programs. Moreover, newcomers will likely have less credit history than someone who has lived in Canada for several years. Luckily, there are a few different mortgage options available to new Canadians that make it easier than ever to buy a home. The Bank of Canada Option, the VA Loan, and the RRSP Mortgage are all government-backed programs that provide low-cost financing for homebuyers.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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Ottawa Mortgage Broker Services: 5 Reasons Why You Should Choose Us

Ottawa Mortgage Broker Services

Ottawa Mortgage Broker Services: 5 Reasons Why You Should Choose Us

If you’re looking to buy a home in Ottawa, you will likely need to secure financing. To do so, many people turn to mortgage brokers for assistance. A broker can help you find the best mortgage for your needs and assist with the application process. They also work as an intermediary between you and the lender, helping to finalize the details of your new home loan. If you are interested in buying a house in Ottawa soon and want to learn more about mortgage brokers, this blog post is for you! Here we’ll discuss why a broker is your best friend if you’re looking to purchase real estate in this city.

You’re eligible for more mortgage options when you use a broker.

The first advantage of using a broker is that they can help you gain access to many more mortgage options. A broker can use their network to find you a variety of lenders, many of whom you wouldn’t otherwise be able to access. Why is that? Simply put, most lenders are not interested in serving individual clients. They are interested in serving institutions – such as banks, credit unions, and trust companies. However, if you work with a broker, they can help you access these institutional lenders directly. This gives you access to the same options that these institutions offer to their own customers.

You can find the best rates with a broker.

Another advantage of working with a broker is that they can help you identify the best mortgage rates. This can be especially handy if you’re looking to make a cash-out refinance – where you take out additional cash for renovations, home repairs, or other property enhancements. Because this type of refinance does not qualify for government assistance, you’re more likely to receive a higher rate. Working with a broker is one of the best ways to find a low rate. A broker can help you compare rates from different lenders and identify the ones that offer the best possible rates for your circumstances.

A broker handles the application process for you.

The third advantage is that a broker handles the application process for you. This is a huge benefit of using a broker, especially if you’re a first-time home buyer. When you use a broker, they will help you through the application process and manage it for you – including communicating with your financial institution and required documentation. This process can be long and tedious, especially if you’re not familiar with mortgage applications.

A broker will help you understand your options – including any downsides.

Another great thing about working with a broker is that they will help you understand the full picture of your mortgage options. They will help you understand the positives and negatives of each option. This is especially helpful if you’re a first-time home buyer and don’t know much about mortgages.

A Licensed Mortgage Broker is an expert in lending practices.

Finally, a broker is also an expert in lending practices. They know what lenders look for when approving a mortgage application. As a result, they can help you craft an application that maximizes your chances of approval. A broker also knows how to navigate around a tricky situation. If you’ve had financial challenges in the past – like a bankruptcy, credit card debt, or collections – you might feel like you’re locked out of the mortgage market. However, a broker can help you navigate these challenges. They can help you identify the best mortgage options for your unique situation.

Conclusion

In summary, there are many advantages to working with a broker when you’re buying a home in Ottawa. They can help you find the best rates, access more mortgage options, and handle the application process for you. A broker is also an expert in lending practices and can help you understand your options. If you’re looking to buy a house in Ottawa, a mortgage broker can be a helpful resource.

We here at Capital Mortgages look forward to assisting you with all your Ottawa mortgage broker needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

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5 Tips To Decide Which Mortgage Broker Is Right For You

5 Tips To Decide Which Ottawa Mortgage Broker Is Right For You

Finding the right mortgage broker can be tricky. There are so many brokers out there that it can be hard to choose which one is right for you. With so much information available online, it can be hard to know whether or not you’re getting the best advice from your potential broker. In this article, we give you 5 tips to help you decide which Ottawa mortgage broker is right for you. A mortgage broker can help make the process of buying a house easier, but finding the right one can be challenging. Not all brokers offer the same level of service and expertise, so finding the right one from among all those available may require some research and consideration before signing anything. But don’t worry; with these 5 tips, you should have no trouble selecting the perfect broker for your needs.

Narrow down your options

Finding the right mortgage broker can be a challenge, but it’s important to narrow down your options as much as possible before making your final decision. Start by taking a look through online reviews and testimonials to see what other people’s experiences have been with various brokers. You may also want to speak with a few brokers directly to get an idea of what their process is like, what their rates are, and what kind of service you can expect. You may also want to consider who you’re buying a house with, as well as where in Ottawa you plan on buying. There are certain neighborhoods where a certain broker may have a better presence than others, which could make it easier for you to work with that broker.

Check for licensing and accreditation

One of the first steps in finding a good broker is to make sure they are properly licensed and accredited. A mortgage broker is required to have a real estate license, but there are many brokers out there who have this but don’t do mortgage brokering. Make sure the person you’re dealing with is licensed and registered as a mortgage broker. You can also look for accreditation from organizations like the Canadian Mortgage Brokers Association or the Mortgage Brokers Association of Ontario. These are both reputable organizations that have strict standards for which brokers are allowed to join and display their logos on their websites and in their marketing materials.

Ask about their process and find out what’s included

Even though each broker’s process may be slightly different, you should have a basic understanding of what you can expect from each one. Find out what they consider to be in their process. Do they include guidance and advice on rates and the different options available to you, or do they leave that up to you to research? What kind of support do they offer throughout the process, if anything? How often do they communicate with you, and what are the different ways they do this? Are they available through phone and email? Are they also willing to meet with you in person? You can also find out what’s included in the different types of mortgage plans brokers offer. Some plans only offer the assistance of a broker, while others actually provide you with a mortgage as well. This can be a good option if you’re a first-time homebuyer and don’t know much about mortgages, but it can also cost you significantly more money. Find out which plan is best for you and your needs.

Look at the broker’s track record

As with any other business, it’s important to make sure that the broker you choose has a good track record. Look for brokers who have been in business for a long time, those who have many positive reviews, and those who are members of organizations like the ones mentioned above. Just as you would with any other type of business, you might also want to check their financial status with a credit report or financial statement. You can also sign up to be notified when a broker applies for a financial institution’s approval. This way, you can see if any past issues or problems pop up. You can sign up for Mortgage Investment Corporation (MIC) for Interprovincial Mortgage Broker Approval Notification. MIC Notification Service is a free service offered to the public by the Canadian Mortgage and Housing Corporation.

Meet with more than one broker

While you’re still trying to narrow down your options, try to meet with more than one broker. Doing so can help you get a better idea of what each one offers, as well as what they’re like in person. You may also want to make sure you do this before you start comparing rates, so you can get a better idea of which broker is right for you. One thing to keep in mind when meeting with multiple brokers is to make sure you’re not committing yourself to one broker before you’ve talked with all of them. Some brokers may ask you to sign a contract promising to work with them once you’ve gone through the process and have a better idea of what you want. Avoid doing this until you’re absolutely sure that’s the broker you want to go with.

Conclusion

Finding the right mortgage broker can be challenging, but it’s important to do your research before making your final decision. Start off by narrowing down your options and then checking for licensing, accreditation, and a track record. You can also ask about the broker’s process and what’s included. Once you’ve narrowed it down, meet with more than one broker before deciding which is right for you. With these tips, you should have no trouble selecting the perfect broker for your needs.

We here at Capital Mortgages look forward to assisting you with all your Ottawa mortgage broker needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

5 Reasons To Use A Mortgage Broker 2022

5 Reasons You Should Contact a Mortgage Advisor Now!

Buying your first home is a big financial decision and not one to take lightly. Even if you have saved for a down payment, you may not be ready to buy a house yet. Most home buyers start by taking out mortgages on their properties. In most cases, mortgages are secured loans that you use to finance the purchase of a property. The mortgage broker acts as the intermediary between your bank and you. The broker will take care of most of the paperwork and negotiations, leaving you free to focus on filling out your mortgage application. The mortgage broker will also check your credit and your financials before offering you a mortgage. Doing your research before contacting a mortgage broker is important. They can help you understand your options and make the best decision for your family. Here are five important reasons you should contact a mortgage broker now. Capital Mortgages is your best Ottawa mortgage broker.

You May Be Eligible for a Better Mortgage

The process of getting a mortgage is long and complicated, especially if you have bad credit or have never purchased a property before. The mortgage broker can help you qualify for a mortgage. Most of the time, they will have more experience with specific lenders than you will as a first-time home buyer. The mortgage broker can also check your credit and find out if you have any credit issues. They can do this without impacting your credit score. This information can help you get a lower interest rate and make the loan application process easier. Let us help you find private lenders in Ottawa.

You May Qualify for a Lower Interest Rate

A mortgage broker will be able to help you qualify for a lower interest rate on your mortgage. Every lender has different requirements when it comes to loan interest rates. The mortgage broker will be able to negotiate with multiple lenders on your behalf and make sure that you are approved for the best loan rate that you can get. They will also be able to help you with the loan process so you don’t miss out on the document that is typically left incomplete.

Your Mortgage Advisor May be Offering a Better Package

Many mortgage lenders offer a home loan package that includes various insurance products. Insurance covers different things, including fire damage, structural damage, and even earthquakes. It is a big expense, and you want to make sure it is covered. Your mortgage lender may be offering a better insurance package than you can get on your own. You may be able to get better coverage at a lower price. Your broker can negotiate with your mortgage lender to make sure you are receiving the insurance coverage you need at a reasonable price. Capital Mortgages is your mortgage advisor Ottawa.

You May Be Able To Lock in an Interest Rate for 6 to 12 Months

A mortgage broker can help you lock in an interest rate for six to 12 months. This is a short-term loan, and it can be very useful for people who are waiting for the perfect house to come along. You won’t have to worry about making mortgage payments every month. You can lock in a certain interest rate and make other long-term financial decisions. This can be especially useful if you are waiting for an inheritance to clear or if you are planning a move.

Your Mortgage Advisor Can Help You Through the Process

A mortgage broker can help you through the application and loan process, but they can also help you throughout the life of the loan. Your mortgage advisor can also help you understand the loan and make decisions about the loan. If you are buying a property with a mortgage, you need to pay attention to the loan process. The broker will help you understand everything you need to do, but you need to understand everything that is going on with your loan as well. This can be a complicated process, and you need to keep up on the details. Your mortgage broker is there to help you understand what is going on with your loan, but you need to understand everything as well.

Conclusion

A mortgage broker can help you get a mortgage. They can help with the application and the loan process. They can also help you throughout the life of the loan. Your mortgage broker can also help you understand what you need to know about your loan and keep up on the details so your loan goes smoothly.

Contact a mortgage broker now to get the information you need to get started on buying your first home. Your broker can help you get a mortgage, and it will make the process much easier.

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs and approvals. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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Purchasing a Second Property

Purchasing a Second Property

Financing Options for Purchasing a Second Property: Use Your Home Equity to Land Your Dream House.

Did you know that many homeowners are paying off their mortgage early in order to use their home equity for purchasing a second property? It’s true. Depending on the property, it may be possible to purchase a new home without having to put any additional money down!

If you don’t have any cash on hand and want to buy a second property, then this is the article for you. We will go over: Your mortgage, how much is left on your mortgage, what kind of discounts you can get when refinancing your home, and the different ways of financing your next purchase.

Options for financing a second property

When purchasing a new property, there are two options for financing. There are loans that are backed by the government or private lenders.

If you get a loan through the government, you will need to put at least 20% down on the house. These loans are cheaper than private lenders but come with strict guidelines and have high monthly payments. They also have some strict qualifications that some people may not be able to meet. Private lenders, on the other hand, only require 5-10% down up front and have some more lenient requirements. But they typically have higher interest rates so monthly payments may be higher.

The type of loan depends on your personal preference and qualifications which is why it is important to do your due diligence before making any decisions.

Getting a mortgage

If you want to use your home equity for purchasing a second property, then you will need to refinance your current mortgage. The following are the steps to take:

1: Get prequalified for a mortgage and find out how much equity is left on your home.

2: Find out what the interest rates are and the monthly payments that you will be required to pay.

3: Calculate what you can afford for monthly payments and compare it to the monthly payment of the new loan.

4: Refinance your mortgage and make sure that your finances will allow you to make both payments every month without any financial hardship.

Using home equity to purchase a second property

A lot of people are using home equity to purchase a second property. There are many benefits to this, for example:

  • You don’t have to put any money down!
  • Refinance your mortgage and pay it off early so you can use the equity on your house for purchasing a new home.
  • Invest in real estate without having to go through the hassle of purchasing one with cash.

This is an excellent way of being able to purchase properties without having to spend any of your own money. Here are some steps you will want to take:

What can you do with the money from your first sale?

The first thing you need to do is determine how much money you have from the first sale of your property. You can use this as a down payment for your next purchase.

Here are some examples:

  • If you had $10,000 left on your mortgage and sold your house for $200,000, then you would have $190,000 left over.
  • If you had $50,000 left on your mortgage and sold your house for $500,000, then you would have $450,000 left over.
  • If you had $100,000 left on your mortgage and sold your house for $1 million dollars, then you would have $900,000 remaining in equity which is enough for a down payment or to cover closing costs on a new property.
Conclusion

The options for financing a second property are plentiful when you have equity in your home. You can use your home equity for a traditional mortgage or cash out the equity in your home to purchase a second property, all while leaving your primary residence fully intact.

But if you do decide to sell your home, you will want to plan for what you will do with the money that is left over.

Financing options for purchasing a second property are only one consideration when it comes to making this big decision.

For more information on what to consider when buying a second property, click the link below.

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs and approvals. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

Self-Employed Mortgage Blog

A Guide for the Self-Employed and Freelancer

7 Steps to Buying a Home On Your Own: A Guide for the Self-Employed and Freelancer.

If you are a self-employed or freelancer, one of the most significant barriers to homeownership can be your lack of reliable income. Unlike salaried employees who are paid every two weeks, your income may vary from week to week. The challenge is that mortgage lenders want to see a pattern of at least 12 months of documented income.

To help you get past this frustrating hurdle, we’ve compiled some tips on how to buy a home on your own as a self-employed or freelancer. Here are 7 simple steps for buying your first home on your own:

  1. Get organized with all your paperwork
  2. Understand what kind of mortgage you qualify for
  3. Build up savings by paying off high interest debt
  4. Create an emergency fund
  5. Educate yourself about credit repair and how it can help you get approved for a loan
  6. Meet with a mortgage broker who understands the needs of the self-employed.
  7. Get your finances in order.

Get organized with all your paperwork

You want to be as prepared as possible with the paperwork that you need before meeting with a lender. The most common documents they will request include your pay stubs, 12 months of bank statements, and your most recent tax returns. Each of these documents can help to paint a picture for the mortgage lender about your ability to afford the monthly payments on the house.

Make sure you have all this paperwork in order and organized before you meet with a mortgage broker who can help you. Do not go into any meetings unprepared; it’s not worth it!

Understand what kind of mortgage you qualify for

A mortgage broker will be able to help you explore the various mortgage types and find the one that best fits your self-employed or freelancer lifestyle.

For example, a self-employed person may wish to consider a 15-year fixed rate mortgage with payments that can be adjusted, a 15-year fixed rate mortgage without monthly payment options, or a 30-year fixed rate mortgage that is affordable.

Build up savings by paying off high interest debt

Paying down high-interest debt is a great way to build your savings in order to qualify for a mortgage.

If you’re carrying high-interest credit card balances, student loans, or other types of high-interest debt, paying it down will help you significantly when you are ready to apply for a home loan.

Take the money that would have gone toward your monthly minimum payments on these types of debts and put it into an account dedicated to saving up for your home purchase.

Create an emergency fund

You’ve probably heard this advice a hundred times before: in order to buy a home, you need an emergency fund. The reality is that the general rule is true, but it depends on your situation.

A lot of people might think they don’t have enough money to put together a sizable emergency fund. In that case, there are other options you can try.

If you’re looking for a more affordable option, consider setting up an alternative emergency fund with a credit union or bank. If you’re self-employed and have been with the same employer for at least 12 months, look into opening a line of credit from your employer.

Since this type of loan is based on your income, it’s possible to buy a home without an emergency fund if you’ve been with the same employer for over 12 months and have been making regular payments on time.

Whatever kind of funding source you choose, make sure to pay off high interest debt first so that your money goes where it’s needed most instead of getting bogged down by interest payments.

Educate yourself about credit repair and how it can help you get approved for a loan

Credit repair is a crucial part of the process of buying a home as a self-employed or freelancer. Lenders look at your credit history when you apply for a loan. If there are any errors, you may need to make corrections before applying for a mortgage.

If you need help with credit repair, contact a company like Credit Repair Pros. They offer a free consultation and can help you with any questions about your credit report.

Meet with a mortgage broker who understands the needs of the self-employed.

For self-employed individuals, a mortgage broker who understands the needs of the self-employed is essential. They will help you find a lender that is willing to work with your income and credit score.

Most lenders need to see a pattern of at least 12 consecutive months of documented income before they certify a loan. However, most self-employed individuals have income that varies from month to month. In order for a lender to understand how much money you make each year, they need an extensive understanding of your business and your clients.

It’s important to find a mortgage broker who not only understands the needs of the self-employed but also knows how to navigate through all the nuances in documentation and paperwork. A good mortgage broker will be able to find you the best rates and programs for people like you!

Conclusion

Buying a home on your own can be a daunting prospect, but with the right preparation and knowledge, it can be a rewarding experience. Keep this guide handy as you prepare to move from renter to homeowner. You’ll be able to navigate the steps with confidence and without the worry of being alone.

2 bonus tips:

  1. Stay motivated by setting goals
  2. Keep up on all the latest changes in the mortgage industry

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs and approvals. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

Top Mortgage Broker Services: How To Choose A Broker

Top Mortgage Broker Services

Top Mortgage Broker Services: How To Choose A Broker

The mortgage broker industry is booming. With more people refinancing, homebuyers are looking for professional advice when it comes to mortgages. But with brokers in every neighborhood and on every corner, how do you know which one to choose?

There are three main things you should consider when choosing a mortgage broker: access to lenders, experience and expertise, and cost. Here’s how these factors work together and how they can help you get the best deal possible on your next mortgage.

The mortgage broker industry

The mortgage broker industry has grown over the years. With the housing market booming, more people are refinancing and looking for professional advice when it comes to their mortgages. But with mortgage brokers in every neighborhood and on every corner, how do you know which one to choose?

The three main things you want to consider when choosing a mortgage broker are access to lenders, experience and expertise, and cost. These factors work together and can help you get the best deal on your next mortgage.

Let’s say you’ve found a mortgage broker who is able to work with your lender of choice. They’ve helped you find the right mortgage for your needs, but you live in an area where there are few lenders available.

Lenders might be more likely to work with brokers who have access to a wide selection of loans. That means your broker might be able to find you a better deal on your next mortgage.

Next, consider your broker’s experience and expertise. Say you come into the process knowing exactly what you need in a loan. You know what type of loan you’d like, the amount you can afford, and the best rate for your situation.

A broker with experience and expertise can make the entire process that much better.

Choosing a broker

The first thing you’ll need to do is determine which brokers offer access to lenders. If you’re shopping for a mortgage, you’ll want to know which lenders the broker has access to, especially if you’re comparing brokers that share the same lenders. You can use a mortgage broker directory like this one to compare brokers and see which ones work with your preferred lender and offer access to other lenders as well.

Next, you’ll want to consider their experience and expertise. One of the most important things for a mortgage broker is the experience they have working with the kind of mortgage you’re looking for. For example, if you’re buying a home and looking at 15 year mortgages, you want a broker with plenty of experience in that area.

Finally, we come to cost. The cost you pay for a mortgage can vary by thousands of dollars depending on the broker and lender. The key is to be careful about how much you’re paying and what you’re getting in return. You should take into consideration their fees as well as what they offer as a value proposition, such as access to lenders or expertise.

In the end, cost shouldn’t be the only thing you consider when choosing a broker to go with.

Access to lenders

Mortgage brokers have access to lenders that your bank does not. Banks often only work with one or two lenders, while brokers work with many. Banks do not release information about their mortgages, so you don’t know if the rates and terms are competitive. Brokers, on the other hand, will tell you the rates and terms of each available loan before you start a conversation with a lender. This allows you to compare rates and terms easily.

Many mortgage providers only work with brokers—especially for customers with a high credit score. This can be a great way to get a lower interest rate on your mortgage.

In addition to access to lenders, mortgage brokers can provide you with access to better rates and more flexible terms. If you have a low credit score or a lot of debt, you should consider working with a broker.

Experience and expertise

One of the first things you should consider when choosing a mortgage broker is their experience and expertise. A mortgage broker who has been in the industry for years would be an excellent resource for new homeowners.

Not only will they have more industry knowledge, but they’re also more likely to know the ins and outs of the mortgage process. They’re more likely to be able to offer more personalized advice and help you find the right loan.

A mortgage broker with more experience is also more likely to have more access to lenders. This is important because different lenders have different qualifications and requirements. It makes it easier for you to find a lender that will approve your loan and give you the best rates and terms.

Experience and expertise go hand-in-hand. You want a broker who has been in the business for years and has access to different lenders. This will help you find the right loan that fits your needs and situation.

Cost

When it comes to cost, the quality of service you get may depend on how much you can afford. Your mortgage broker will likely charge you a fee for the services they provide. Sometimes, brokers will work on commission for the lender, which can result in them not being completely unbiased.

The cost of your mortgage broker will depend on what they offer for their services. The more they offer, the more expensive they will be. For example, a broker who offers pre-approval may have a higher cost than one who only offers post-approval services.

It’s important to know the upfront costs of the services your broker is offering so that you can be prepared for any additional charges. If you’re not aware of the cost, you might be surprised when it comes time to close your loan and you have to pay extra charges.

We here at Capital Mortgages look forward to assisting you with commercial Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

Ottawa mortgage broker: Capital Mortgages

What a Mortgage Broker Can Do For You

What a Mortgage Broker Can Do For You: A Basic Guide

Mortgage qualifying rules keep changing, interest rates are fluctuating, and you don’t know if you should put less down payment or more down payment or whether you should apply for a fixed or variable mortgage… Are you thoroughly confused? We can help. Capital Mortgages is your Ottawa Mortgage Broker

Who is a mortgage broker?

Most people associate a mortgage broker with a particular type of lender. This is incorrect.  Lenders offer mortgage brokerage services, and so do mortgage brokers. The difference is that a broker works for a certain company, while the lender does not.

This brings us to Section 2.

Section 2: What is a mortgage broker’s role?  The ultimate goal of a mortgage broker is to assist you through the mortgage process and to help you avoid problems. In addition, a mortgage broker typically has the skills needed to provide his client with accurate information and a smooth mortgage experience.  A mortgage broker uses tools and techniques that save you time, money, and effort. It’s a comprehensive service that would normally require years of experience to perfect.

Why do you need a Ottawa mortgage broker?

Mortgage broker can help you with the following:

Know what to expect when applying for a mortgage

Understand your financial circumstances

What you should know when looking for a mortgage broker

How you can get a better mortgage rate

What is a good mortgage broker?  The difference between a mortgage broker and a mortgage agent is the latter can only provide services relating to mortgages, you may ask why would I need one. Simply put, mortgage brokers do not work for banks. Instead, they work directly with home owners, and this gives them the advantage of learning their clients’ personal financial circumstances.

Mortgage Brokers Help You Stay In the Lead.  Mortgage brokers help you stay in the lead when it comes to your mortgage.

How can a Ottawa mortgage broker help you?

If you are a home owner and would like to get a new mortgage but are not sure how to go about doing it, first of all you need to know why it is important for you to get a new mortgage. A mortgage is different from other loans; it has a bigger impact on your financial life.  A mortgage is a type of loan that you can apply for to buy a house and pay it back over the period of time.

Types of mortgages  There are three types of mortgages in the market;

1. Fixed rate mortgage

2. Variable rate mortgage

3. Length adjustable rate mortgage

If you get a fixed rate mortgage, the rates keep staying the same from one month to another. For example, if you will apply for a 30 year fixed rate mortgage, it means that you will pay a lower amount every month in terms of principal and interest.

Conclusion

In general, the more complicated your mortgage, the more confusing it is. A mortgage broker, on the other hand, can prepare you for mortgage stress tests, along with helping you find a good mortgage lender and handle any pre-approval issues.

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

Ottawa Mortgage Advice Capital Mortgages Ottawa

Ottawa Mortgage Advice

Ottawa Mortgage Advice: Tips for Buying A House In The Nation’s Capital

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley. Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages. We provide expert mortgage advice services in the Ottawa area.

Ottawa Mortgage Advice

There are quite a few things to consider when considering buying a house in Ottawa, but let’s start with some of the most important things to consider before making an offer on a house.  Where To Buy A House In Ottawa.  There are several things to consider when buying a house in Ottawa. There are areas of the city where real estate prices are lower than other areas of Ottawa. Many areas of Ottawa have many different housing options and you can buy a home to suit your needs. For example, you can buy a condo or a townhouse for less than most detached houses in Ottawa. If you need to buy a house, it may make sense to buy a condominium in order to get a house. Condos also give you the flexibility to purchase a house and keep the condo as a second home.

What You Should Consider When Buying A House

On the other hand, remember that whether you are buying or renting a house, real estate has a lot of ups and downs, but at the end of the day, real estate holds value. You would never see an ugly house drive out real estate prices or an outstanding house decrease prices. You see an average house, they will see an average house and at the end of the day, a home is a home.  Buying or renting is the best option. And no matter which you choose, a great idea is to do some research before you buy. It is always important to know the rules of the market, ask questions, get informed, compare prices, check the history of a property, the pros and cons.

The Mortgage Process

Mortgage loans are structured in a manner similar to credit cards. The borrower puts down a minimum amount and a lender may secure it with either a mortgage or line of credit, with the borrower making monthly payments toward the interest until the loan is paid in full, usually over 25 to 30 years.

Finding A Home In Today’s Market

Unfortunately, buying a house isn’t easy these days – especially when you factor in the mortgage rules and the additional fees associated with home ownership. Despite this, there are a few simple things you can do to make the process as seamless and painless as possible. Here are five tips for home buying in Ottawa that can’t be found anywhere else.

Make Sure You Get An Idea Of What Your Means To A Healthy Mortgage Payment.

We spend a lot of time discussing the cost of a mortgage and that’s great, but what about the cost of your monthly payments?  With a mortgage rate now below 3% and on the rise, it’s important to know how much you can afford in terms of monthly payments. It’s also crucial to know how much you have to save to be able to afford those monthly payments on the mortgage.

Getting Approved For Your First Mortgage

People looking to buy a new home are told to get preapproved first before buying. This will help you avoid lenders fees and put you in a better position to be approved by the lender. Getting preapproved can be done online and sometimes on paper as well but the paper pre-approval is not as good as the online one. Online pre-approvals look similar to your personal financial statements and it is good enough to get you a good deal on a mortgage and allow you to save time and money.  What Is A Pre-Approval?  When you are applying for a mortgage, the lender will ask you a set of questions to make sure you are a good candidate for a mortgage.

Conclusion

Whether you’re thinking of buying or selling a home, be sure to work with a mortgage expert. They can help you make a smart and informed decision and avoid the many pitfalls that can turn a good sale into a poor sale. They will help you get the best deal and help you to maintain good credit and good reputation.  Most importantly, they can help you avoid problems with the bank or the government. And if all else fails, they can help you find a new home at a reasonable price.  Your mortgage expert at Capital Mortgages Inc will be available to talk to you at one of our Ottawa office locations:  Did you know that Capital Mortgages offers a mortgage calculator?

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

 

Ottawa Mortgage Specialists and Mortgage Experts

Ottawa Mortgage Brokers: Homeownership Made Easy

Our mandate is to offer the best financing products available for all your mortgage needs. We take pride in delivering the best possible solution and fully realize that mortgages today are so much more than just rates.

Why you need a mortgage broker

If you’re looking for a mortgage to make your next move, you may need a mortgage broker. We are here to help you get the best financing options and to know all the different options. A mortgage broker works with a variety of lenders and understands the benefits of having multiple lenders on board. By doing this, we can improve your rates, put you in the best position to get the best mortgage for your needs and do the right thing for you. Since we’ve met so many different clients in our area, we are well-versed in the requirements and needs of the Ottawa and Gatineau areas. We have been able to determine what can and cannot be offered to Ottawa and Gatineau homebuyers.

What does a mortgage broker do?

The day-to-day work of the mortgage broker is mainly to acquire all of the mortgages that our clients need. There are many different types of mortgages that come with different rules and obligations. That’s why we make sure that our clients have all the options at their disposal. So how exactly do we do that? It is actually quite simple, and you are the person that needs to know. The mortgage broker is in the middle of the transaction. We are required to provide an unbiased opinion. Our goal is to provide the best and most reasonable interest rates available in the market. This is the best way to finance your home or get your mortgage sorted out in time. We take pride in the excellent customer service we offer. We specialize in full-service and all-around financing.

The finance process

It’s important to be well prepared before applying for your first mortgage. Know what you want and be ready to have the financials outlined in a short amount of time. It is much more difficult for a consumer to be able to cope with the financial situation that is required in a short amount of time. We have all been through this before so we are well equipped with advice and experience to get you into a great mortgage product, in a short amount of time.

Choosing the best mortgage product

Prior to a mortgage, there are a few things that you should consider when choosing the right mortgage product to fit your needs. Your mortgage, just like your home, is a long-term commitment and you want to be certain that the product you choose will meet all your financial needs. The main considerations that you should consider when choosing the best mortgage product are: Qualified Mortgage versus Non-Qualified Mortgage Qualifying for a mortgage is a legal and complex process.

Mortgage lending options

To be clear, getting a mortgage isn’t just about rates. It’s about meeting your financial goals – whether that’s staying with the same home, gaining equity, or getting out of debt. At Capital Mortgage Brokers, we help make those goals a reality. Unlike traditional lenders, we have a wide range of options at our disposal. We’ll help you stay within your budget by structuring your mortgage according to your unique circumstances and savings goals. We can get you on the road to financial freedom by saving you the cost of a rate increase or a high closing costs. Homeownership Made Easy. We’ve been there, and we know you can do it too. Contact Capital Mortgage Brokers in Ottawa today to start your journey towards home ownership.

Conclusion

In this digital age, the importance of building relationships with clients and referring them is more vital than ever before. As a mortgage broker, there are endless advantages of customer referral networks. While some brokers may boast excellent technological resources, customer referrals are still the secret to the success of a home mortgage broker.

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

Ottawa Mortgage Brokers: Capital Mortgages

Ottawa Mortgage Brokers: 3 Questions To Ask Before Choosing One

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry. Whether you are looking to purchase a principal residence, a revenue producing property, or are preparing to refinance existing loans and mortgages, our team of mortgage brokers and agents will offer seamless solutions.

What To Ask Before Choosing A Mortgage Broker

We’ve taken this article from our blog and applied it to two groups of clients and business owners. Sellers – Looking to sell your property or have a limited budget? Well, unfortunately, mortgage brokers are not the places to turn to when you’re trying to sell your home. Why? Because your best option is to sell your house to a local buyer, like a family member or your roommate. Let’s face it, if you are selling your home to a buyer in another province, you are probably not going to qualify them, which leads to your house sitting on the market for a very long time. In the long-run, this could also negatively affect the value of your home. Do not sell your house to a mortgage broker.

Why Choose Capital Mortgages for your Ottawa Mortgage?

Our team of mortgage brokers and agents have years of combined experience servicing client’s mortgage needs. We pride ourselves in our ability to effectively deliver on both your time as well as a process that is timely and transparent. Our team is highly knowledgeable and transparent. We offer personalized mortgage services. This means that we take the time to understand your needs, and then we work with you to provide solutions that work best for your specific situation. We also take the time to get to know the market, so that we can advise you of what is available to meet your needs. Our entire brokerage consists of qualified mortgage professionals that are available 24/7 via phone, email or in person.

How To Get Started With Capital Mortgages: Ottawa Mortgage

You need a loan. The first step in the process of purchasing a home is obtaining a mortgage. The second step is determining which mortgage option is best suited for your individual needs. Whether you want to obtain a variable, fixed, or 15 year mortgage, we at Capital Mortgages can assist you. You can also contact us to discuss financing of other purchases like a vacation home or investment properties. But how do you make sure you choose the right mortgage? 1. Rent out your existing property. Before you can finance a home, you need to be able to rent it out. Depending on your personal situation, this could be a good idea. However, if you have kids in school, do not own any pets, are a renter yourself, and are retiring, renting out your home may not be possible.

Conclusion

Mortgage brokers that follow the above rules should be able to provide comprehensive advice for borrowers and clear, concise communication that answers any concerns that might arise. Investing in a good brokerage experience is worth the extra time and effort that you might have to spend at closing.

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.