Residential > Basic Information:
Fixed-rate mortgages and adjustable-rate mortgages (ARMs) are the two primary mortgage types. While the marketplace offers numerous varieties within these two categories, the first step when shopping for a mortgage is determining which of the two main loan types - the fixed-rate mortgage or the adjustable-rate mortgage - best suits your needs.
Fixed VS Prime:
One very important consideration of variable rate mortgages is:
Before you sign any lender's papers for their variable rate product, ensure you obtain in writing what discount will apply upon conversion to a fixed rate term. Otherwise you might be in for a nasty surprise when you convert later.
Two constants within the VRM is that they are affected by the prime rate and are generally based on a 5 year term. This is a great concept because it allows you to secure your position while still giving you the flexibility and interest savings that you deserve.
If all of this overwhelms you, allow Northland Mortgages to review your unique situation and make a recommendation based on many years experience and knowledge in this field.
Frequently Asked Questions:
As an independent Mortgage Consultant who specializes in refinancing and debt consolidation, I represent you, not the lender. I'm not an employee of any specific lending institution. This means I'm not limited in the number of lending products I can offer you. I help you find and negotiate the best lender package to suit your specific situation, whether it's with a Chartered Bank, Trust or Insurance Company.
Less time is another advantage. "Shopping around" for the best options takes a lot of time and effort - Understanding which lending product is right for you can be confusing. Choose the wrong product, and it can cost you thousands of extra dollars. I'm trained and experienced in helping you save on your home refinancing and debt consolidation.
There are a number of benefits you get working with me directly. Faster approvals times - Getting lower then best posted bank rates - A personal, stress-free and informative experience - Refinancing and Debt Consolidation planning at absolutely no cost - Hundreds of lending options - And unbiased advice, are just some of the benefits you can expect.
One word: Experience! I will respond to your call or email within 1 hour, work with my team to process the paperwork and red tape as quickly as possible, and in many cases, have a pre-approval back in your hands as quickly as 4 business hours after submitting an application. Banks and other brokers often take much longer.
My compensation comes directly from the lender (that you ultimately choose), as a "referral fee" for doing the leg-work on your refinancing. I negotiate & secure the best rates and terms for you, while adding no direct cost to you or on your home refinance loan or consolidation. Lenders prefer this arrangement because of the savings of not having to pay any hourly employees to handle your application. You save and the lender saves. Some may call it a win-win arrangement.
Although a lot depends on how much debt you have, and how long you want to take to repay the loan, but reductions in monthly payments can be as high as 75%.
Unfortunately, you can't "borrow" a way out of debt. However, with the right debt consolidation loan, you can greatly speed up the process and make it much more manageable. Less payments. Less Interest Costs. More Extra Money Each Month. Debt Paid Off Sooner.
Most people have either credit issues, difficult situation and/or in some cases, previous bankruptcy. To date, I have been able to help 97% of those clients successfully process their refinance loan. And I'm certain that I can help you too... But the only way to know for sure, is to call me direct at 877 967 9077.
Basically, a secured loan is a loan that is attached to something of value, such as your house. Because you are using the equity in your home as security, you'll usually get a noticeably lower rate (do to the reduced risk for the bank) as opposed to an unsecured loan. Rates for unsecured loans are usually much higher. An example of an unsecured loan would be your credit cards or bank line of credit. Because secured loans often have very competitive rates, they are a terrific option for debt consolidating.
Generally speaking, a "debt settlement" service is the option of consumer proposal / credit counseling. What most people don't realize is that in the eye's of credit holders and banks, it's considered to be similar to a bankruptcy (mortgage wise) and often have expensive fee's - even if they can't help you. On the other hand, "Debt consolidation" combines all of your debt under one loan/mortgage and gives you one easy payment. It makes debt easier to manage and budget. You end up getting a much better monthly cash flow and overall save thousands in interest costs, help improve credit ratings. And... there are no fees either way!
Absolutely! I can help you with all types AND sizes of loans that are backed by mortgage collateral. From smaller residential deals to commercial properties in the millions of dollars, I'll provide you with the best options available!
Appraisals and Inspections:
When you are buying a home you will want to know two things, if you are paying the right price, and if the condition of the home is as promised. To determine the value of the home you may need a professional appraisal. If you are taking out a mortgage loan the lender usually requires a professional third party appraisal of the home to determine the lending value.
Learn more about the difference between Mortgage Appraisals and Home Inspections at
Canadian Mortgage News.
GST For Home Builders:
The Federal Government places a tax on newly constructed home purchases known as the Goods and Services Tax (1991). However, not all purchases are subject to tax in the same way.
For a better understanding of how this works, you should read the article at
Canadian Mortgage News.
Title Insurance:
Title Insurance is something you should consider when purchasing a home. The home buyer should inform his lawyer that he wants this coverage as it will protect him from a wide range of problems ranging from fraud to human error. Read more on this at Canadian Mortgage News.
Rates / Products:
Northland Mortgages will work very closely with you to secure the Right Mortgage at the Right Rate. The industry has opened up affording home buyers a greater selection of products to choose from and now, more than ever, you should be dealing with a reputable broker whose experience and knowledge will ensure that you make the right decisions.
Why You Should Use Northland Mortgages:
Northland Mortgages will not charge you a fee. This cost is covered by the lending institution that we use to obtain your mortgage. The exception to this, of course, is when the home buyer has extremely bad credit or when private money is used instead of a proper lending institution.
If you walk into your local bank, you will be saddled with "their plan". Northland Mortgages has access to a great number of lending institutions and the knowlege of which one to pick at any given time - like the store you shop in, there are specials to be taken advantage of from time to time. And because of the volume of mortgages we arrange, we can secure a better deal than a single buyer can - if you renew a five year mortgage without calling us first, you stand to lose thousands of dollars over the next five years. It is as simple as that!
If mortgage renewal is coming up for you, call us several months in advance. We can guarantee a mortgage rate for several months and should the rate drop in the meantime, that saving will be applied to your account.
You Have Nothing To Lose And Everything To Gain
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Use the Contact Page on this web page to get in touch with me. My name is Bob Taylor. One advantage of my line of work is that I can work from home and I do just that here on Manitoulin Island. I have offices here in Gore Bay and another planned in Little Current as well as my office in Sudbury. I'm on the road often to see lenders and those looking to lend so I can easily schedule a meeting with you at your convenience at your office or home. Come see me or allow me to come visit you and tell me what you have in mind. I'll review your plan and come up with The Right Mortgage for you At The Right Rate.We'll complete a Mortgage Application and so you better understand what that is all about, read this. I look forward to being of service to you!