When you purchase a home, one of the largest investment for most people, it is very important to get the lowest rate possible as that will determine the size of your monthly payment. We are able, as Mortgage Brokers to save you over $15,000 on a five year term on a $300,000 principal. It is alone worth to hire MortgagePRO.

Importance of the right Product!

A realtor can assist you through the home buying process, a MortgagePRO and Associates will be able to assist you in choosing a mortgage that suits your needs; personal and financial. There are many mortgage products offered by various lenders which is why we highly recommend discussing your goals, both short and long term with us. There are many things to consider when choosing a mortgage. Do you want long term mortgage payments? Are you planning on moving in a couple of years? Are interest rates expected to increase or decrease? These are just a few of the questions you should discuss with us before choosing a mortgage product.
Once you have discussed with us your short term and long term life plan, we would be able to narrow down the selection of mortgage products that are suitable for you. Ultimately the decision is yours, our job is to make you feel comfortable with your decision by offering advice and options that we believe will benefit you both personally and financially.
Most Popular Products:
Fixed Rate – a fixed rate mortgage keeps the interest rate locked for a specific period of time. The interest rate is adjusted at the end of the term when the mortgage renews. Lenders offer different prepayment privileges allowing for quicker repayment, however, lenders do charge penalties on early payouts.
Variable Rate – a variable rate mortgage or adjustable rate mortgage allows the interest rate to fluctuate with the mortgage prime lending rate. Generally these loans are initially set up with payments based on the current interest rate.
Conventional – a conventional mortgage is a loan for no more than 80% of the purchase price or appraised value of the property, whichever is less.
High Ratio – a high ratio mortgage is one where the borrower is contributing less than 20% of the value of the property as the down payment. These mortgages must be insured against default through the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Insurance (GE) or Canada Guaranty. The insurance premium will be added to the mortgage amount.
Private Mortgages- generally used to obtain a privately funded mortgage when the bank turned down your application for various reasons. High interest rates and mostly one year interest only terms. Used as a tool to repair credit rating and consolidate debt and ensure to move your mortgage to a low interest institutional lender at the end of the day. Planning for a solution is important, MortgagePRO will discuss you these products.
It is also another reason to use the services of a mortgage broker.

If we can't do it, nobody else will!