Why Use A Mortgage Broker In Ontario Instead A Bank
Most customers still apply to their bank to get their home financed. Customers who go to their banks looking for a Ontario Mortgage will be shown a assortment of 'options' but these options are only variations on the same Toronto Mortgage idea. When was the last time your bank savedanyone money? To get the best deal on a Toronto Mortgage a wise client will shop around.
Whether you're a first time buyer of a Ontario mortgage or you'relooking to take out a second mortgage on your Toronto mortgage, there is help outthere for you. To find your best offer for a Ontario mortgage you needto ring around, but there could be people to help you find the bestToronto mortgage deal. In most cases your agent will help you findthe competitive possible mortgage rate to save you time and energy ofhaving to look around. Best of all, in most cases this service can beprovided free of charge as the lender will pay for these costs.
The number one step to a Ontario Mortgage is to find the funding topurchase a property. Very few home buyers have the cash to pay fortheir home outright. Most people will choose a mortgage, but evenwith this, you will still need to find the money for a down payment.
Before you even start house hunting you should work out your financesto determine how much of a down payment you can afford. A downpayment must be the amount of money that you supply yourself. This canbe a gift but you must provide a documentation to prove that this is a giftand not a loan.
The larger the downpayment on your Ontario Mortgage the smaller yourhome costs will be in the long run. With a smaller mortgage, thesavings will add up over time because the interests rates aretypically a lot lower.
A Ontario Mortgage typically requires a minimum down payment of 5% inorder to purchase a property. The minimum payment is subject to a maximumprice restriction. In addition to a down payment for your Ontario Mortgage , there are applicable closing costs ( i.e. Legal fees anddisbursements, appraisal fees etc) that you must show you can afford.
Although the minimum down payment for a Ontario Mortgage is 5%, with mortgages less than 25% down must have a mortgage loan insuranceprovided by either CMHC or GE.
by: Neil MaycockAbout the Author:Neil Maycock writes articles for Mississauga Mortgage Broker