Mortgage Broker Bolton & Ontario
Here at Mortgages by Niels we are committed to Lending You Forward. On our website we dive into: the nine principles we operate under, make clear our services we provide, answer some of the key Mortgage Broker questions that the people of Bolton & Ontario often search for answers for. Within the brokerage, Mortgages by Niels is part of a rich mortgage broker and agent culture that brings a combined 25+ years of experience to the table.
Call Us Today for a No-Obligation and Free Consultation
Understanding what it is that you’re looking for can support us with providing professional advice and guidance.
Why Choose Us?
We have established and affirmed by each member of our team, the 9 principles that are lived by with each client we are given the opportunity to serve, here are 3 of those principles.
Top Rates & Terms
That create a solution that compliment our clients overall financial strategy, allow them to achieve their short and long term financial goals with the access from 55+ major institutions and lenders.
What Our Clients Say
Living is giving; supporting our clients with our expertise is a privilege and honour. Creating new relationships is something we cherish dearly.
Communities we Serve
The greatness of a community is most accurately measured by the compassionate actions of its members.
Frequently Asked Questions
Is it cheaper to get a mortgage through a broker?
When you’re working with a mortgage broker in Ontario they can determine what is best suited for you and your mortgage needs. If they are a cheaper option, this is determined on what type of mortgage you qualify for. Mortgage brokers commissions will be covered when you qualify for an institutional loan or know as an ‘A lender’. When you qualify for an alternative loan or know as a ‘B lender’ the lenders will partially pay the broker and they will partially charge a broker fee. With private mortgages there are lender and broker fee’s that the borrower will be responsible for.
What is the average broker fee for a mortgage?
Mortgage brokers fee’s can vary between banks and brokerages. As well a variant will be the mortgage rates, term and type. When the borrower qualifications are higher and there is less risk for the loan to default, then the fee’s are typically lower. When the borrowers qualifications are lower and the risk of defaulting are higher the fee’s are typically higher. The range for broker fee’s can typically vary from 0.5% to 2.0% from the mortgage amount.
Are mortgage brokers better than banks?
When you’re in the market to buy a house, thinking about a mortgage property buying might have you first think of going to your financial institution. When it comes to finding the best suited mortgage for you, a mortgage broker can look at what your financial institution offers and many others. Creating many more options and presenting you with the best option or providing you with a second mortgage with a private lender.
Is it easier to get a mortgage through a mortgage broker?
When it comes to using a mortgage broker, there will be some more documentation that comes with it. Compared to the financial institution that you do your day to day banking with. Naturally that financial institution will already have a profile and certain needed documentation or verification of your ID. A mortgage broker will require to verify who you are and prepare a profile to be able to start their work. Once this is complete, it opens the door to many more options, compared to the only option your financial institution would be able to prepare for you.
Why use a mortgage Broker?
When it comes to working with a mortgage broker, you will find the ease of it being a one stop shop. Brokers have access to many lenders and the best suited term and rate for your needs. Brokers bigger part of their growing business are referrals. It is in their best interest to always put you the client first. The happier you are, the more inclined you are to refer them to your friends and family.
What exactly does a mortgage broker do?
A mortgage broker is a licensed individual that operates inside of a brokerage. They support you with your mortgage needs and align you with your best suited mortgage term and rate. They complete this process by comparing mortgage products that a variety of lenders are offering at that time and date, and access to private mortgage lenders where institutions will not. When choosing a mortgage, there are many factors to consider, here are a few: do you plan to move, will you perhaps change employers, will the current home meet your families needs, and all these questions over the span of the next five years.
What is the Difference Between Agent and Broker?
A mortgage broker is either a firm or licensed individual that can work on mortgages, they can also employ and manage a team of other agents. A mortgage agent is a licensed individual that that works on behalf of the mortgage broker’s firm and or part of a team. Experience wise, you can find that both are experienced and have the knowledge to support you with your mortgage needs.
Is it worth getting a mortgage broker?
Working with a Bolton mortgage broker can bring you advantages such as saving you the leg work on finding the best suited mortgage product that suits your needs. When you’re looking for a mortgage with different financial institutions, this is work that a mortgage broker can be doing for you. The mortgage broker will also be paid be the financial institution and it would not be at an extra cost for you. A mortgage broker will have access to some lenders that will only work with a broker and not directly with the borrower. The mortgage broker can support you with your best suited option, even a mortgage bad credit rated, they will fit your needs in a mortgage.
What does a mortgage broker need from me?
When a mortgage broker has the first initial call with you to understand your needs. They will want to understand if you’re buying, need a refinance or are renewing your mortgage. What will be important is to have an understanding of what your one-three-five year goals in regards to your living situations. Will you plan to move, change employers, will the needs of your family suit you down the road; these ae some of the questions that will help determine what product will suit you best and give you the flexibility to fit your short and long term financial goals.
What questions should I ask a mortgage broker?
Some of the great questions to ask your Bolton mortgage brokers are:
- What will be the penalty to break my mortgage. This questions we find is often one over looked and can hurt the financial goals for the client down the road.
- Will your mortgage be able to be ported, and can it be ported outside of your province or state. When clients find themselves having to move for their work, being able to port your mortgage can be a financial burden or advantage.
- Is a variable or a fixed mortgage best suited for me. Understanding your lifestyle cash flow and what will support your short term or long term financial goals, a mortgage broker can give you the advice you need.
How much do mortgage brokers make per loan?
Mortgage brokers can typically make a range of 0.5% to 2.0% on the mortgage amount. How the broker will receive their commission varies on what lender your mortgage will end up being approved for. When your mortgage is qualified with an institutional lender, the fee’s are typically lower and paid by the lender, not the borrower. When your mortgage is with an alternative or a private mortgage lender there are often broker fee’s that the borrower will pay the mortgage broker for.
Why you shouldn't use a mortgage broker?
A mortgage broker can be a disadvantage when the brokerage does not have lender access that can actually be of benefit to you. If the broker can not provide you with alternative options beyond your financial institution, this broker is not for you. Another major factor to consider, is what is their reputation like, are they know for their integrity, are they responsive and keep their word? These are all things to consider and discuss with your mortgage broker before starting the mortgage application.
Mortgages 101 Buying Mortgage Property
A mortgage is any charge on any property for securing money or money’s worth. When you’re buying mortgage property, refinance or renew your mortgage, you will need to enter an application and approval process. When will you know you qualify for a mortgage? You will need to consider your Gross Debt Service (GDS 39%) and Total Debt Service (TDS 44%). For refinances GDS and TDS are important and not a limiting factor, if you have equity in your property and the Loan to Value (LTV) are low enough, you will qualify for a refinance in Bolton and Ontario.
Bolton Mortgage Types
As for mortgage types buying there are three main ones in Bolton and Ontario: insured, insurable, and uninsurable. Insured mortgages are mortgages that require default mortgage insurance for when the home buyer has not put down a minimum of 20% down payment. An insurable mortgage is when the home buyer has put down a minimum of 20% as a down payment. An uninsurable mortgage is when the purchase exceeds the amount of one million dollars and 30 year amortizations.
Real Estate Market in Bolton
The real estate in Bolton (East), ON, Canada, like many places outside of the closest big city of Toronto, ON, Canada, are on the rise. In this past Q1 of 2022 the numbers were as followed:
Prices Q1 2022
- $1.4M Avg sold price
- 7.3% Monthly change
- 12% Quarterly change
- 22.1% Yearly change
Inventory Q1 2022
- 40 new listings (last 56 days)
- 32 homes sold (last 56 days)
- 8 average days on market
- 113% selling to listing price ratio
For all home buying and mortgage inquiries do not hesitate to call our office or email us any questions you may have.