Best Mortgage Brokers in Toronto & GTA
Let’s Get Started
Mortgage Broker Toronto Can Help You To Qualify For a Loan In No Time
Residential Mortgages
Everyone dreams of owning their own home one day, and our residential mortgages are designed to help make that dream a reality. We work with you to find a mortgage solution that fits your budget and enables you to achieve your home ownership goals.
At LowRateMortgage, we specialize in helping homebuyers find the best mortgage solution based on budget and personal needs. Our knowledgeable mortgage loan officers will work with
you to help you find a great fit to achieve your homeownership goals! When you meet with us to discuss your needs for a residential mortgage, we will discuss the typical requirements.
This may include:
- Closing costs:
The costs associated with securing a mortgage loan. The amount you pay in closing costs depends on your specific borrowed amount and the mortgage broker or other private lenders you work with and their rates.
- Down payments:
The more you put down on your home loan, the less you pay over the long term. Often, a larger down payment may also help lenders offer a lower interest rate. While we encourage you to make a down payment, we can work with you even if you have just the minimum down payment based on the loan you wish to obtain.
- Mortgage term:
This is the length of the loan or the amount of time the loan will remain in place for you to pay it off. To save money, choose the shortest loan term possible. However, we offer options. Typically, loan terms are 5 years to 25 years.
Debt Consolidation
Our debt consolidation mortgages are designed to help you pay off your high-interest debts and save money in the long run. Discover how you can take control of your finances and start fresh with a debt consolidation mortgage from us. Blending your debts into a single home loan or consolidation mortgage, as it is also known, has some significant benefits. Debt consolidation may be one of the most important decisions you make. If you are currently struggling with debt, making payments on time each month can be hard. Or, you may be paying minimum monthly payments and never quite getting to the point of having enough to pay off your debt. Debt consolidation can help. One of the ways it helps is by eliminating all of those individual payments that you have, allowing you to make sure one payment each month towards your debt, which is your mortgage payment. That means you do not have to worry about missing a payment either. For many borrowers, debt consolidation can also offer a way of working toward improving credit if you miss payments on your credit cards, personal loans, or other debts that hurts your credit score. It also means you have a lot of unsecured debt, which is higher risk debt to lenders. However, if you consolidate the debt into your mortgage loan, you can more consistently make payments on time, helping to rebuild your credit. Debt consolidation does come with some risks. If you default on your loan, you could lose your home. Be sure that the monthly payment is one you can afford.
B Lender Mortgage
A B Lender Mortgage is a mortgage loan that the big banks do not offer. This type of mortgage is usually available through smaller, local lenders. Because these lenders are not as well known, they may offer more flexible terms and conditions than the big banks. However, these loans are available through alternative lenders and can be an excellent option for those who do not qualify for a traditional bank loan. Why should you consider borrowing from a B lender? You have a few reasons why you may want to do this. The most common is because you cannot meet the qualifications the lender set for a traditional A lender loan. This is not uncommon. Thanks to regulatory oversight, many banks make it quite difficult for individuals to qualify for those loans. If you have been turned down, this is an option for you in many cases. As you think about obtaining a B lender mortgage, there are a few things to keep in mind. First, these are often provided through non-traditional banks and lending institutions, and the B-20 guidelines still govern them. These lenders are still going to consider risk, and in some cases, you may not qualify. However, these loans typically use a common sense approach to lending and provide borrowers with more flexibility. They can also include more types of income, which benefits consumers who are not earning a traditional paycheck from an employer. Keep in mind that B lender interest rates are typically quite affordable. You may be able to find them to be just what you need to obtain the loan that is best suited for your budget.
High Ratio Mortgage
You must apply for a high-ratio mortgage to buy a home with less than a 20% down payment. High ratio mortgages are available through most major financial institutions and allow you to purchase a home with as little as 5% down. However, these mortgages come with additional risks, such as the possibility of having to pay mortgage insurance if you default on your loan. A high-ratio mortgage means the borrower is not putting more than 20% down on loan. A higher loan to value ratio means more risk to the lender. Interest rates are likely to be higher. Should you wait and save or buy now with a lower down payment? This is dependent on your situation. Do you think you can save enough to cover a larger down payment? Will home values rise in the coming months, making this even harder to do? Keep in mind that you may be able to refinance later when you begin to build more equity in the home as you make payments. A high-ratio mortgage will typically require the use of CMHC insurance, and this is available on homes that are valued at under $1 million. If you obtain mortgage insurance, your interest rate will fall significantly and could be just as good as those who obtain a conventional mortgage loan. That means that even though you may not have a large down payment right now to buy a home, you may still be able to purchase a home. Working with the right lenders makes this possible for you.
Private Mortgage Lenders
We can connect you with private mortgage lenders who can provide you with the financing you need. Whether you are self-employed, have bad credit, or are looking for a second mortgage, we can help you find a private lender that best matches your unique story. Private lenders often offer benefits to some individuals. If you are unsure if you qualify for an additional loan, private mortgages could be the route for you to take. The key to remember about these loans is that many lenders offer them, and there are looser regulations in some cases. They could be higher risk loans to lenders. You most certainly should consider private lenders. Yet, it helps to have a team of professionals available to help you make sure that you can choose suitable private lenders to minimize risks. For many people, private mortgages are an excellent tool. We encourage you to allow our team to help you find the best lender mortgages to minimize your risks of choosing the bad loan or terms. Providing you with private mortgage solutions like this is one of the tasks we can offer to you. Our goal is to give you plenty of options to make the best decision for your financial future with confidence.
Construction Mortgage
If you have plans to build your dream home, our construction mortgages can help make that
happen. We can help you apply for financing and get the ball rolling on your construction
project.
A construction loan is a big opportunity for many people. Building homes that fit your specific
needs and goals can be a rewarding experience. Yet, financing them can seem like a daunting
process. We can help you connect to lenders that offer construction financing, allowing you to
navigate this process easily. These loans typically have varied repayment conditions and rules,
giving you many opportunities to find what works for your goals.
Typically, these loans disburse payments as the construction loans process progresses. There
generally are three draws during this process. There are additional fees and various terms to
qualify for throughout this process. Traditional banks, credit unions, and many private lenders
offer these loans. Let us help you find the loan right for you at your best cost.
Self Employed Mortgage
It is hard to get a mortgage if you are self-employed, and that’s where we come in. We have a team of mortgage brokers and agents who specialize in helping entrepreneurs secure a self employed mortgage in Toronto and Mississauga. Working with an expert mortgage broker is a must when it comes to self employed loans. Our team works closely with you to navigate this sometimes tricky process. Lenders view those who are self employed as higher risk borrowers, and that does not mean you pay a higher interest rate or struggle more with your loans. Allow our team to work closely with you to help you show lenders just how qualified you are. If you are self employed, the first step is to contact our team to discuss your loan options. You will often qualify for a loan through one of our lenders. There are some potential restrictions on this, for example, you may need to have been self employed for two years or longer. Your personal income and self employed income will be combined to determine what your total income is. Most often, you will need to have income tax returns and financial statements that help to show your income. If you do not have a steady income, obtaining a loan could be a bit challenging, but options may exist. Remember that one of the best reasons to work with us is that as a self employed borrower, you do not have to follow the same limitations as a guaranteed income mortgage. That is, you do not have to verify your income in the same way if you obtain a stated income mortgage. However, you will likely pay a bit more in terms of a down payment and mortgage rates to obtain a loan like this.
First-Time Homebuyer
Finding a mortgage lender as a first-time homebuyer is overwhelming. There’s so much to learn about minimum down payment requirements, mortgage term options, and closing costs, and it can quickly become difficult to navigate. We will work with you carefully to ensure your needs are always met. A big part of that is working with you and your real estate agents to ensure you know how much of a home you can buy, what to expect throughout the process, and help you get the best mortgage deal in your situation. Don’t overlook the importance of education when obtaining your first loan. The more you know, the easier it will be for you to make payments on time and maintain your budget. As a first time home buyer, you have options in affordable mortgage loans. It can seem intimidating, but there are loan programs available that help to make it more affordable for you to borrow to buy your first home. Our goal is to give you more insight into the range of low interest rates and low down payment loan options that are available to you. If you want to buy right now, talk to your lender about your down payment and your credit. Be sure you can show that you have income coming in. Your lender wants to learn as much as possible about you so that a loan can be selected that best fits your needs. If you know how much you want to spend on a mortgage payment each month, chances are good we can help you determine how much you can buy.
Best Mortgage Brokers in Toronto & GTA
When it comes to working with a mortgage broker in Toronto, transparency is key. At Mortgage Broker CA, our client-to-broker relationship is built on trust. We understand that buying a home is one of the biggest financial decisions you will ever make, and we want to make sure you are as comfortable and confident as possible every step of the way. We’ve been helping home buyers and homeowners in Canada for years, and we’re ready to help you too. When you need a reliable mortgage broker Toronto residents can put their trust in us, every time and in every situation.
Why Choose Us?
We understand that not everyone who needs mortgage assistance needs the same type of mortgage products. This is why our team is committed to helping you know all the ins and outs of mortgage terms. This way, you can make an informed decision on the best way to move forward with your home loan journey. Our flexibility and expertise allow us to meet the unique needs of each client.
Unlike conventional bank loans, which can take weeks or even months to get approved, working with a mortgage broker can save you valuable time. We work quickly and efficiently to get the job done, and our processes are stress-free, ensuring that you have a seamless experience.
At LowRateMortgage, we provide your information upfront. We understand that our clients are
busy people who may not have the time to research mortgage options. This is why we offer
personalized service and make it our responsibility to provide you with an outstanding mortgage
experience in Toronto.
With our years of experience and industry knowledge, we can find the most competitive
mortgage rates in the market and pass on the savings to you. From start to finish, we will be there
to provide superior mortgage services.
We save you from the legwork and hassle of visiting each bank to get pre-approval. We
understand that this can be a time-consuming and stressful process, which is why we handle all
the details for you regarding getting mortgage approval.
We will provide you with a list of the mortgage products and expert mortgage advice to help you
decide which path to take. We will also help you be mortgage-free sooner by negotiating on your
behalf with the lenders across Canada and structuring a payment plan that suits your needs.
We do not work for the lenders, and we work for you! As your mortgage broker, we have your best interests at heart. We will work tirelessly to get you the best deal possible. We are also unbiased and will not recommend any products we do not believe in. That being said, working with LowRateMortgage will save you time and money and protect your credit score.
Get Your Free Mortgage Consultation
Our team of top-performing mortgage brokers specializes in home buying programs that will benefit you, no matter your unique financial story. We’ll help you find the best rate for you and take on every challenge along the way of the mortgage process. With our impartial advice, you can be sure you’re getting the best possible solution in the mortgage market.
Mortgage Options – No Idea What You Need? We Can Help!
If you’re like most people, you probably don’t know too much about mortgages and the options available to you. That’s where a mortgage broker comes in, and we can help you understand all
the different types of mortgage products and what would work best for your unique situation.
Mortgage Rates Promo
Fixed
| Mortgage Type | Rate | Terms |
|---|---|---|
|
Insurable 75%-80%
|
4.04% |
1 Year |
|
Uninsurable Refinance |
4.49% |
1 Year |
|
Insured |
4.54% |
3 Years |
|
Insurable 65%-70% |
4.74% |
5 Years |
Variable
| Mortgage Type | Rate | Terms |
|---|---|---|
|
Insured |
3.75% |
5 Years |
|
Uninsurable Refinance |
4.20% |
5 Years |
|
Insurable 75%-80% |
4.10% |
5 Years |
|
Insurable < 65% |
3.65% |
5 Years |
Looking for The Best Mortgage Brokers in Toronto?
Mortgage Applications Made Easy
We streamline the processing of your mortgage application so you can get to the closing table as quickly as possible. We understand that you are under a lot of stress during the home-buying process, and we aim to make things as easy for you. Whether you want to start with a consultation by calling us or you are already working with a real estate agent, we can help you every step.
Our mortgage application process is designed to be as straightforward as possible. Upon consultation, we will provide you with everything you need to get started, including documentation and an estimate of how much you can afford.
Simply fill out our form with your basic information, including your phone number, so one of your mortgage brokers can reach you. We will then get in touch with you to discuss your situation further and answer any questions you may have.
Get Professional Mortgage Advice & Save Thousands
With The Lowest Rates AND a Best Mortgage Fit.
Tips for Your First Mortgage in Ontario
A mortgage is a big financial decision, so it’s critical to research and understands the various factors involved, especially when buying your first home.
To buy a house, you must get pre-approved for a mortgage. This means that a lender will look at your financial situation and determine how much money they are willing to lend you. Getting pre-approved for a mortgage is crucial before you start looking for a house to know how much you can afford to spend.
- Contact your lender to discuss your goal of buying a home. Talk about anything you are concerned about, such as having a low down payment or a limited employment history.
- Provide basic information about your financial situation, including how much income you have, your expenses, and any other financial obligations you have.
- Learn about available loan programs that may work for your specific needs.
- Work with your lender to determine which loan program works best for you.
- Learn how much you can spend on a home based on how much your lender can lend to you.
- Start looking for your dream home.
The proof of income can come from tax returns, pay stubs, or other financial documents. This documentation will help show the lender that you can make the monthly payments on the loan.
- Gather all sources of information about your income, such as your paycheck stubs, bank statements, or other financial records that indicate your income.
- If you cannot show employer records, work with your lender to verify your self employment income.
- Your lender may request income verification from all sources for several months and up to two years. Provide all data requested or reach out to your human resource manager for help.
- Provide copies of your tax returns as verification of your income over some time.
- Learn how much you can spend on a home based on how much your lender can lend to you.
- Answer any questions your lender has about your income or sources of it, as this shows reliability.
Knowing what your monthly mortgage payments will be for the life of the loan brings stability to your life, which can help you budget and plan for other expenses. With a fixed-rate mortgage, your interest rate will not change over the life of the loan, even if market interest rates rise, and this can save you money if interest rates rise after you get your loan.
- Consider what a fixed rate mortgage could mean to you, such as a monthly payment that is the same every month for the entire length of your loan.
- Discuss various fixed rate loan options available from lenders you are likely to qualify for, including A lenders, B lenders, and others.
- Look for the lowest interest rate loan possible, as this is the most expensive part of obtaining a loan.
- Lock in the interest rate with your lender. This gives you time to work to find a home and to win the bid on it so you can buy the property.
Looking For a Great Private Mortgage Deal in GTA?
Frequently Asked Questions (FAQ)
- 5.25%
- The interest rate you negotiate with your lender plus an additional 2% Let our team help determine if you qualify for a loan with or without the stress test.
- The housing market in some cities is hot. That may mean that buying a home is more expensive than a few years ago. It is not likely that home prices will fall significantly in the future, and they may rise, though.
- The mortgage market is important to consider. Standard and private mortgage interest rates remain in good position. Interest rates are lower now, meaning your monthly payment and how much you will spend on a loan is less now than it may be if those rates rise in the future.
- Finding an alternative lender is possible today, more so than most expect. That means you can choose a lender that works for you, including our mortgage brokers, credit unions, or a private lender mortgage. This gives you options.
What Can I Do Before Applying to Better My Chances of Getting a Loan?
Credit Report
Check your credit report and gather a copy of your credit report from Equifax and TransUnion, the two major credit bureaus in the country. Review your credit report carefully, and be sure all information on it is accurate and matches your account balances with your lenders. If you see any inaccuracies, try getting them taken care of immediately. That could help to speed up your ability to obtain a mortgage loan later. Your lender will need to look at your credit report before it agrees to approve you for a loan. Removing errors ensures they have a clear picture of your financial habits.Define Your Budget
Your mortgage lenders will work to best understand what your qualifications are and then provide you with a recommendation of how much you could borrow. However, it is always essential for you to be sure you feel comfortable with the loan you obtain. To help with this process, consider these tips:- Calculate your income from all sources
- Determine what all of your expenses are, including living costs and all utilities
- Determine what all of your other debts are
- Create a budget that allows you to plan for every expense you have, including entertainment costs and things like clothing purchases
- Determine how much is left over from your income after deducting all expenses to see how much you could spend on a mortgage payment each month
Determine Your Monthly Housing Costs
Your monthly housing costs will include your mortgage payment, any property tax you must pay, your heating costs, and 50 percent of your condo fees if purchasing a condo. Most lenders want to be sure that your monthly housing costs should not be more than 39% of your gross household income. This percentage is called your debt service (GDS) ratio. It is something your lender may talk to you about when it comes time to apply for a loan.- Add up all of the purchases you made in the last month. Use your credit card statements, bank statements, and other receipts to verify this information.
- Determine what your income is for the month. You can include all sources you wish to here.
- Determine if your housing expenses exceed the 39% threshold many lenders have.
- If you are unsure if you meet this requirement, consider ways to boost your income or reduce your costs.
- Work with your lender to determine if you qualify for a loan with this percentage.
Determine Your Debt Load
Another factor that typically plays a role in your ability to qualify for a loan is your total debt load. Lenders usually do not want to see your debt loan of more than 44% of your gross income. Your total debt loan is your total monthly housing costs and all your other debts added to it. This may include any other lines of credit, credit card balances, car loans, child or spousal support, student loans, or other debts you have. If your total debt loan (TDL) exceeds 44%, you may still qualify for a loan, especially through some private lenders. However, you need to understand what this means to your financial health. The higher your debt loan is, the more risk you take on more debt than you can afford to repay.Let Our Team Help You Today
You have a lot of information in front of you, which means you should be able to decide on the right loan for your needs, right? It is rarely that easy because there are so many factors to consider from individual lenders. That is why we encourage you to work with our team. We will guide you through learning your options, applying for, and then choosing a mortgage loan. Here’s what you can do now.
- Contact us and let us know what you are thinking about purchasing. We
can also help you with mortgage refinancing and home equity loan options. - Let us gather information on your income, expenses, and credit report to help us learn which
lenders may be a good option for your needs. We will work with you to ensure you apply to the
individual lenders that may be best suited for your situation. Your credit score, down payment,
and income determine what you can expect to pay. - Get some quotes. Let us provide a quote to help you choose a mortgage term and rate that is
best for your needs, whether that is from a private lender, traditional lenders, or others. You have
to pay interest, but we aim to help you keep that low.
We will then go to work with you. With fast and easy approval, we can ensure you get all of the information you need to secure your loan. You should feel confident working with a team that has years of experience and exceptional support for you throughout the borrowing process.
You are not alone in this process, and we have your best interests in mind. All it takes is a
moment to work with our mortgage lenders to find the loan you need. Contact us now to get started
