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Mortgage Agent Broker North York

We personally handpicked the best Mortgage Agent Broker  in North York based on our 100 point inspection process which includes everything from checking reviews, ratings, reputation, history, complaints, satisfaction, trust and cost to the general excellence. We make finding the best Mortgage Agent Broker in North York easy as 1-2-3.

TOP 5 Mortgage Agent Broker IN NORTH YORK

Services Provided By Mortgage Agent Broker In North York:

Five Percent Mortgages, Investment Property, Mortgage Arrears, Bad Credit Mortgages, Debt Consolidation, Reverse Mortgages, Emergency Mortgage, Consumer Proposal Mortgage,

5/5

Certified Mortgage Broker Toronto

GOOGLE REVIEWS:

Leon and his team went above and beyond to help me get through this process. Whether you are a first time home buyer or have bought a few houses chances are good they can find you the best rate and the best term. He showed true professionalism as well as compassion. Would definitely recommend them to everybody!
5/5

True North Mortgage

GOOGLE REVIEWS:

Paul was very professional and attentive in making sure in finding the right mortgage solution for our needs. He also made sure that we got the best rates available. Highly recommend True north mortgage
5/5

Oliveira Mortgages - Dominion Lending Centres - Clear Trust Mortgages - Mortgage Broker North York

GOOGLE REVIEWS:

I am happy to share my amazing experience working with Miguel and team on my financing. Despite being a first time buyer Miguel and his team made sure my experience is smooth. Miguel knows how to deal with set backs and make things happen. I strongly recommend their service, especially if you are a first time buyer and need a hassle-free process.
5/5

8Twelve Mortgage Corp.

GOOGLE REVIEWS:

8 Twelve Mortgage Corp. helped me to consolidate all my bills, I was able to get a lower interest rate on refinancing my Mortgage...am very excited. The agent who assisted me was very professional and helpful to the end. I would highly recommend 8Twelve Mortgage to everyone and anyone. Thank you!!
5/5

Peter Puzzo - Dominion Lending Centres Top Producers - Mortgage Broker North York

GOOGLE REVIEWS:

I cannot say enough about the level of service I received from Peter! He made me feel at ease while walking me through the process of home purchasing/refinancing which greatly eliminated so much stress. I recommend Peter to all my friends, family and colleagues. I’ve used his services for 18+ years and recommended him highly! Thank you Peter!
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One of our main principles in order to list a business in our top 5 list is to make sure that the owner of the business truly cares about the customers and their experience with the service provided.
There are many business directories in the world but just a few of them make sure you get the best you deserve.
regardless of your location and the service you are looking for, we are here to help you find the reliable service provider whether it is a mechanic shop, lawyer , florist or a beauty salon.
we make sure you find the best fit , first time every time.

We are serious about customer service and your experience this is why we care about the businesses that we list in our business directory, ,you can trust TOP5BIZ Business Directory to guide you in the right direction to find a trusted and affordable service provider.

Mortgage and Home Ownership North York

Buying a home is a big decision. Ask yourself 5 questions before you decide if you’re ready to own a home.

  1. Am I financially stable?
  2. Do I have the financial management skills and discipline to handle this large a purchase?
  3. Am I ready and able to take responsibility for all the costs that come with being a homeowner?
  4. Can I devote the time to regular home maintenance?
  5. Am I new to Canada? There are several extra homebuying resources for newcomers to Canada.

Also consider the many pros and cons of owning versus renting a home.

Buying examples
ProsCons
Freedom to renovateOngoing costs including property taxes and insurance
Ability to build equity in a safe and secure investmentIncreased monthly payments if interest rates go up
Potential for rental incomePossibility of unexpected and costly repairs
Renting examples
ProsCons
Less maintenance and repair costsMonthly payments may increase year after year
Lower monthly upfront costsThe risk your lease won’t be renewed
Shorter-term commitmentPaying someone else’s mortgage

If you’re still unsure about buying a home, check out the renting guide.

 

Find the Right Home

Think long term when buying a home. What kind of home do you need now? What will you need in 5 to 10 years?

Consider:

  • the location and neighbourhood
  • the size of the property and home
  • the type of home — for example, detached, duplex, row house or condominium
  • the travel distance to work, recreation and services
  • any special features you want or need — for example, accessibility or efficiency upgrades
  • your lifestyle needs and possible changes in the future
  • your preference for a new, resale or custom-built home

COMMON TYPES OF HOMEOWNERSHIP

Options vary slightly between provinces, but you can choose between the following ownership types in Canada:

  • Freehold — you own the building and the land
  • Leasehold — you own the building and rent or lease the land
  • Condominium (or “strata”) — you own your unit and share common elements
  • Co-operatives (co-ops) — you buy a share in the building and live in one of the units

If you’re considering a condo, make sure you review all the financial and technical audits for the condominium corporation to avoid surprises later on.

Find out more in the condominium guide.

CHOOSE YOUR HOMEBUYING TEAM

It’s important to have a team of experienced professionals to help you during the buying process. Take the time to check references before deciding who to work with.

Your homebuying team may include:

  • a real estate agent
  • a home inspector
  • an appraiser
  • a land surveyor
  • a builder or contractor
  • a lawyer or notary
  • insurance and mortgage brokers

If you work with a real estate agent, they can usually refer you to other qualified professionals for your team.

READY TO START YOUR HOME SEARCH?

Download the guide and workbook for complete information and customized calculators. Save your workbook regularly to track your budget, calculations and notes.

When you’ve found the home you want to buy, it’s time to make an offer to the seller.

Your offer must include:

  • your legal name, the name of the seller and the address of the property
  • the amount you’re offering to pay (the purchase price) and the amount of your deposit
  • any extra items you want included in the purchase (for example, window coverings)
  • the date you want to take possession (“closing day”)
  • a request for a current land survey
  • the date the offer expires
  • any other conditions that must be met before the contract is finalized (for example, a satisfactory home inspection)

You should expect to negotiate. While the process can be stressful, it’s all about making the best deal for you and the seller.

GETTING A MORTGAGE

Once your offer is accepted, return to your lender or mortgage broker to complete your financing.

In addition to the signed offer, you will need to bring:

  • a legal description of the property and building specifications
  • the online property listing (or photographs if no listing is available)
  • the most recent property tax assessment
  • an appraisal, home inspection report and land survey
  • estimates for recent or planned renovations
  • heating and utility costs
  • condominium fees (if applicable)

WHAT HAPPENS ON CLOSING DAY?

You legally take possession of your new home on closing day. The final signings usually take place at your lawyer or notary’s office.

To complete the process, your lender gives your lawyer the mortgage money. You then give your lawyer the down payment (minus the deposit) and the closing costs (usually 1.5% to 4% of the purchase price).

Your lawyer or notary then:

  • pays the seller
  • registers the home in your name
  • gives you the deed and keys to your new home

Are you financially ready to own a home? Look into these 5 calculations and questions before you meet with your broker or lender.

  1. Compare how much you currently spend on expenses and debt payments with the amount you have saved or invested.
  2. How much can you afford to spend on housing each month without risking your financial health?
  3. How much do you need to save to pay for the upfront costs of buying a home?

    Upfront costs include:
    • the down payment
    • home inspection and appraisal fees
    • insurance costs
    • land registration fees
    • prepaid property taxes or utility bills (the buyer reimburses the seller or builder)
    • legal or notary fees
    • potential repairs or renovations
    • moving costs
    • GST/HST/QST on a newly built house or mortgage loan insurance
  4. How much would you be spending each month with homeownership expenses added to your current financial situation?
  5. What is your credit score? You can demonstrate your ability to consistently pay bills and debts with a copy of your credit report.

QUALIFYING FOR A MORTGAGE

There are 2 affordability rules that determine how much you can spend on housing without risking your financial situation.

As a new homeowner:

  • It is recommended that your monthly housing costs should be no more than 32% of your average gross (pre-tax) monthly income. This percentage is known as your gross debt-to-income or gross debt service (GDS) ratio. CMHC restricts GDS ratio at 35% to qualify for an insured mortgage.
  • It is recommended that your monthly total debt load should be no more than 40% of your average gross (pre-tax) monthly income. This percentage is known as your total debt-to-income or total debt service (TDS) ratio. CMHC restricts total debt service (TDS) ratio at 42% to qualify for an insured mortgage.

Get a better idea of your GDS and TDS ratios with the debt service calculator.

You can explore your budget options with the mortgage affordability calculator.

GOVERNMENT OF CANADA PROGRAMS FOR HOMEBUYERS

First-Time Home Buyer Incentive. The Incentive helps first-time homebuyers without adding to their financial burdens. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada.

Home Buyers’ Amount. This is a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief.

Home Buyers’ Plan (HBP). This program allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

GST/HST New Housing Rebate. You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house.

DON’T QUALIFY FOR A MORTGAGE?

You can still take several steps toward homeownership.

  • Meet with a credit counselor to improve your financial situation.
  • Pay off some loans or other debts.
  • Save for a larger down payment.
  • Lower your home price range.
  • Adjust your budget to spend less or save more.

CAN YOU AFFORD YOUR OWN HOME?

Download the guide and workbook for complete information and customized calculators. Save your workbook regularly to track your budget, calculations and notes.

Your home is likely your biggest investment. You should plan for the responsibilities of homeownership even before you move.

Consider the following tips for new homeowners:

  • Make your mortgage payments on time.
    Late or missed payments can lead to extra charges and affect your credit rating.
  • Anticipate the costs of operating a home.
    Extra expenses may include repair and maintenance costs, snow removal and alarm monitoring.
  • Live within your budget.
    Check every few months to see if you’re spending more than you earn. If you are, find new ways to save more or spend less.
  • Save for emergencies.
    Set aside 5% of your income as an emergency fund to be ready for unexpected expenses.
  • Protect your home and family.
    Prepare an emergency evacuation plan and check fire extinguishers, smoke alarms and carbon monoxide detectors regularly. Also, don’t forget to test your home for harmful radon gases that can pose a serious threat to the health of home occupants.