Benefits of CVE Mortgage Group and how we can help you save money refinancing or when its time to renew your current mortgage. Services include Home Mortgage Loans, Bad Credit Mortgages, Refinancing Mortgages, Mortgages for 1st Time Home Buyers
CVE Mortgage Group Inc. Ontario is a proud member of Verico Mortgage Brokers Network serving clients Ontario wide. CVE Mortgage Group prides itself on being a local leader in Mortgage Brokering and providing each and every client with a personalized approach catering to their specific needs. At CVE Mortgage Group we are experts in a vast array of mortgage situations ranging from first time home buyers to financing mortgages for those with credit blemishes. Best of all, we work for you – not the lender- to find you the best possible solution for your specific financial situation!
First Mortgage – First Time Home Buyers in Ontario
Are you a first time home buyer or require a first mortgage and live in ontario? Our mortgage brokerage can connect you to a network of over 100 Ontario mortgage lenders all competing to renew your mortgage at lowest possible rate.
If the bank said no or you have bad or poor credit we can still help you get a mortgage as a first time home buyer in city.
If you have horrible credit, bankruptcy, mortgage arrears, property taxes owing, power of sale, self employed or on pension or disability….
We can still Help!
Contact us today toll-free at 1-888-934-1118 to speak with your local mortgage professional specializing in first time home buyers in Ontario.
We also specialize in providing the following mortgage solutions in Ontario:
Second Mortgages, Debt Consolidation, Mortgage Refinancing, First Mortgages, Commercial Mortgages, Residential Mortgages, Home Equity Lines of Credit, Commercial Loans, Bad Credit Loans, Mortgage and Tax Arrears.
Getting a Mortgage
Once your Offer to Purchase has been accepted, go to see your lender. Your lender will verify (and update, if necessary) your financial information and put together what’s needed to complete the mortgage application. Your lender may ask you to get a property appraisal, a land survey, or both. You may also be asked to get title insurance. Your lender will tell you about the various types of mortgages,terms, interest rates, amortization periods and, payment schedules.
Depending on your down payment, you may have a conventional mortgage or a high-ratio mortgage.
A conventional mortgage is a mortgage loan that is equal to, or less than, 80% of the lending value of the property. The lending value is the property’s purchase price or market value — whichever is less. For a conventional mortgage, the down payment is at least 20% of the purchase price or market value.
If your down payment is less than 20% of the home price, you will typically need a high-ratio mortgage. A high-ratio mortgage usually requires mortgage loan insurance. CMHC is a major provider of mortgage loan insurance. Your lender may add the mortgage loan insurance premium to your mortgage or ask you to pay it in full upon closing.
Your lender will tell you about the term options for the mortgage. The term is the length of time that the mortgage contract conditions, including interest rate, will be fixed. The term can be from six months up to ten years. A longer term (for example, five years) lets you plan ahead. It also protects you from interest rate increases. Think carefully about the term that you want, and don’t be afraid to ask your lender to figure out the differences between a one, two, five-year (or longer) term mortgage.
Mortgage Interest Rates
Mortgage interest rates are fixed, variable or adjustable.
Fixed Mortgage Interest Rate
A fixed mortgage interest rate is a locked-in rate that will not increase for the term of the mortgage.
Variable Mortgage Interest Rate
A variable rate fluctuates based on market conditions. The mortgage payment remains unchanged.
Adjustable Mortgage Interest Rate
With an adjustable rate, both the interest rate and the mortgage payment vary, based on market conditions.
A closed mortgage cannot be paid off, in whole or in part, before the end of its term. With a closed mortgage you must make only your monthly payments — you cannot pay more than the agreed payment. A closed mortgage is a good choice if you’d like to have a fixed monthly payment. With it you can carefully plan your monthly expenses. But, a closed mortgage is not flexible. There are often penalties, or restrictive conditions, if you want to pay an additional amount. A closed mortgage may be a poor choice if you decide to move before the end of the term, or if you want to benefit from a decrease of interest rates.
An open mortgage is flexible. That means that you can usually pay off part of it, or the entire amount at any time without penalty. An open mortgage can be a good choice if you plan to sell your home in the near future. It can also be a good choice if you want to pay off a large sum of your mortgage loan. Most lenders let you convert an open mortgage to a closed mortgage at any time, although you may have to pay a small fee.
Amortization is the length of time the entire mortgage debt will be repaid. Many mortgages are amortized over 25 years, but longer periods are available. The longer the amortization, the lower your scheduled mortgage payments, but the more interest you pay in the long run. If each mortgage term is five years, and the mortgage is amortized over 20 years, you will have to renegotiate the mortgage four times (every five years).
A mortgage loan is repaid in regular payments — monthly, biweekly or weekly. More frequent payment schedules (for example weekly) can save some interest costs by reducing the outstanding principal balance more quickly. The more payments you make in a year, the lower the overall interest you have to pay on your mortgage.
Closing day is the day when you finally take legal possession and get to call the house your home. The final signing usually happens at the lawyer or notary’s office.
These are the things that happen on closing day:
Your lender will give the mortgage money to your lawyer/notary.
You must give the down payment (minus the deposit) to your lawyer/notary. You must also give the remaining closing costs.
Pays the vendor
Registers the home in your name
Gives you the deed and the keys to your new home
Hiring a Mover
When planning your move, friends or relatives may be able to recommend a professional moving company. Don’t forget to ask the mover for references. Ask the mover for an estimate and outline of fees (do they charge a flat rate or hourly fee?). Once you’ve chosen a mover, ask them to come to your home to see what will be moved in case the estimate needs to be changed.
You’ll want to ensure that your belongings are insured during the move. Your home or property insurance may cover goods in transit. Call your broker or insurance company to be sure. Ask if you are fully covered. Many moving companies offer additional insurance coverage. Be aware that professional movers are not responsible for items such as jewellery, money, or important papers. Move these yourself to keep them safe.
If you decide to do your own packing, keep in mind that you will need the proper materials, and that packing can take up a lot of time.
On moving day, go through the house with the van supervisor and give him (or her) any special instructions. The supervisor will note the condition of your goods on an inventory list. Go through the house with the supervisor to make sure the list is complete and accurate. When the van arrives at your new home, mark off the items on the mover’s list as they are unloaded. If you paid for the movers to unpack boxes and remove packing materials, remember that they will not put dishes or linens into cupboards.
Moving day is almost always tiring. But, planning ahead will make the transition as smooth as possible.
The amount you spend depends on your decisions about many things. Here are some to think about:
Do you want to hire professional movers?
If so, will it be a large company or a smaller local moving company?
Will you need to buy insurance to protect your items in transit?
If you plan to move yourself, will you rent a vehicle?
Will your current auto or home insurance policy cover your items during the move?
Will you have to pay utility companies a fee to connect their services in your new home? Are there other utility charges (such as a deposit)?
Changing the Locks
When you move into your new home you’ll want to change the exterior door locks for security. After all, you want only the people you choose to have the key to your new home. You can change the locks yourself or call a locksmith to do the job.
Both your old home and your new home should be given a thorough cleaning at moving time. Whether you’re buying cleaning supplies and doing it yourself, or hiring someone to clean for you, the costs can really add up. Plan for this expense.
You might want to re-paint, replace some light fixtures, refinish the floor, re-carpet, or do any number of other decorating tasks. Plan your budget, and consider postponing some projects for a period of time.
If your offer to purchase didn’t include appliances, and if you don’t have your own, you will have to buy them when you move into your new home. Some appliances might have installation charges.
Tools and Equipment
When you own your own home, you can no longer call the landlord to do repairs. You’ll need to own some basic hand tools and possibly some gardening and snow clearing equipment.
You need the help of a mortgage professional to make the right decisions.
Home Purchase Advice & Services
Shop all the Banks
Self-employed / New to Canada
Lower your monthly payments
Most homeowners simply sign the lenders renewal without shopping for the best rate and terms.
We shop for you, no charge
No cost switch program
Canada’s best prepayment options
Mortgage refinance can prove beneficial in several ways.
Get cash out for any purpose
Consolidate high interest credit cards
Lower your monthly payments
Renovations and home improvements
Programs for self-employed
Canada’s best prepayment options
Home Equity Loans
You need the help of a mortgage professional to make the right decisions.
Many programs to help you
Easy access to low interest loans
Start a new business
Renovations and home improvements
Education, Invest for retirement
Canada’s best prepayment options
Mortgage Broker Ontario
Are you looking for a mortgage in Ontario? Your CVE Mortgage Broker can connect you to a network of over 100 Ontario mortgage lenders all competing for your mortgage business in city, allowing you to find the right mortgage solution at lowest possible rate.
If the bank said no or you have bad or poor credit, CVE Mortgage Broker Ontario can still help you find the right city home loan solution.
We can Help!
Contact us today at 1-888-932-1119 to speak with your local CVE Mortgage Broker professional servicing the province of Ontario:
Your CVE Mortgage Broker specializes in providing the following services – Second Mortgages, Debt Consolidation, Mortgage Refinancing, First Mortgages, Commercial Mortgages, Residential Mortgages, Home Equity Lines of Credit, Commercial Loans, Bad Credit Loans, Mortgage and Tax Arrears.
Ontario Mortgage Broker Solutions
A private mortgage is a type of mortgage loan whereby funds can be sourced from another person or business rather than borrowing from a bank or other finance provider.
Private mortgages were once commonly put in place by solicitors in rural locations throughout the United Kingdom, where the solicitor put borrowers and lenders together and protected the arrangement by using the borrower’s property as security.
With increases to competition and regulation introduced during the 1980s under UK Prime Minister, Margaret Thatcher, private mortgages became less commonplace – their prominence has however returned in recent years due to the decline in traditional means of finance.
A second mortgage is a lien on a property which is subordinate to a more senior mortgage or loan. Called lien holders positioning the second mortgage falls behind the first mortgage. This means second mortgages are riskier for lenders and thus generally come with a higher interest rate than first mortgages. This is because if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Commercial loans can have multiple loans as long as the equity supports it.
When refinancing, if the homeowner wants to refinance the first mortgage and keep the second mortgage, the homeowner has to request a subordination from the second lender to let the new first lender step into the first lien holder position.
A second mortgage can be structured as a fixed amount to be paid off in a specific time, called home equity term. They can also be structured like a credit card giving the borrower the option to make a payment less than the interest charged each month.
Due to lender guidelines, it is rare for conventional loans for a property having a third or fourth mortgage.
In the terms of foreclosure a second lien holder can start the foreclosure process when a homeowner stops making payments. The second lien holder has to satisfy the first mortgage balance before they could collect on the second mortgage balance.
In situations when a property is lost to foreclosure and there is little or no equity, the first lien holder has the option to request a settlement for less with the second lien holder to release the second mortgage from the title. Once the second lien holder releases themselves from the title, they can come after the homeowner in civil court to pursue a judgement. At this point, the only option available to the homeowner is to accept the judgment or file bankruptcy.
Generally, when considering the application for a second mortgage, lenders will look for the following:
Significant equity in the first mortgage
Low debt to income ratio
High credit score
Solid employment history
Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt but occasionally refers to a country’s fiscal approach to corporate debt or Government debt. The process can secure a lower overall interest rate to the entire debt load and provide the convenience of servicing only one loan.
Debt generally refers to money owed by one party, the debtor, to a second party, the creditor. It is generally subject to repayments of principal and interest. Interest is the fee charged by the creditor to the debtor, generally calculated as a percentage of the principal sum per year known as an interest rate and generally paid periodically at intervals, such as monthly. Debt can be secured with collateral or unsecured.
Although there is variation from country to country and even in regions within country, consumer debt is primarily made up of home loans, credit card debt and car loans. Household debt is the consumer debt of the adults in the household plus the mortgage, if applicable. In many countries, especially the United States and the United Kingdom, student loans can be a significant portion of debt but are usually regulated differently than other debt. The overall debt can reach the point where a debtor is in danger ofbankruptcy, insolvency, or other fiscal emergency. Options available to overburdened debtors include credit counseling and personal bankruptcy.
Other consumer options include:
debt settlement, where an individual’s debt is negotiated to a lesser interest rate or principal with the creditors to lessen the overall burden;
debt relief, where part or whole of an individual debt is forgiven; and
debt consolidation, where theindividual is able to acquit the current debts by taking out a new loan.
Sometimes the solution includes some of each of these tactics.
Refinancing may refer to the replacement of an existing debt obligation with another debt obligation under different terms. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as, inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower’s credit worthiness, and credit rating of a nation. In many industrialized nations, a common form of refinancing is for a place of primary residency mortgage.
If the replacement of debt occurs under financial distress, refinancing might be referred to as debt restructuring.
A loan (debt) might be refinanced for various reasons:
To take advantage of a better interest rate (a reduced monthly payment or a reduced term)
To consolidate other debt(s) into one loan (a potentially longer/shorter term contingent on interest rate differential and fees)
To reduce the monthly repayment amount (often for a longer term, contingent on interest rate differential and fees)
To reduce or alter risk (e.g. switching from a variable-rate to a fixed-rate loan)
To free up cash (often for a longer term, contingent on interest rate differential and fees)
Refinancing for reasons 2, 3, and 5 are usually undertaken by borrowers who are in financial difficulty in order to reduce their monthly repayment obligations, with the penalty that they will take longer to pay off their debt.
In the context of personal (as opposed to corporate) finance, refinancing multiple debts makes management of the debt easier. If high-interest debt, such as credit card debt, is consolidated into the home mortgage, the borrower is able to pay off the remaining debt at mortgage rates over a longer period.
A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.
Commercial mortgages are structured to meet the needs of the borrower and the lender. Key terms include the loan amount (sometimes referred to as “loan proceeds”), interest rate, term (sometimes referred to as the “maturity”), amortization schedule, and prepayment flexibility. Commercial mortgages are generally subject to extensive underwriting and due diligence prior to closing. The lender’s underwriting process may include a financial review of the property and the property owner (or “sponsor”), as well as commissioning and review of various third-party reports, such as an appraisal.
A home equity line of credit (often called HELOC and pronounced Hee-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called aterm), where the collateral is the borrower’s equity in his/her house (akin to a second mortgage). Because a home often is a consumer’s most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses. HELOC abuse is often cited as one cause of the subprime mortgage crisis.
A HELOC differs from a conventional home equity loan in that the borrower is not advanced the entire sum up front, but uses a line of credit to borrow sums that total no more than the credit limit, similar to a credit card. HELOC funds can be borrowed during the “draw period” (typically 5 to 25 years). Repayment is of the amount drawn plus interest.
A HELOC may have a minimum monthly payment requirement (often “interest only”); however, the debtor may make a repayment of any amount so long as it is greater than the minimum payment (but less than the total outstanding). The full principal amount is due at the end of the draw period, either as a lump-sum balloon payment or according to aloan amortization schedule.
Another important difference from a conventional home equity loan is that the interest rate on a HELOC is variable. The interest rate is generally based on an index, such as theprime rate. This means that the interest rate can change over time. Homeowners shopping for a HELOC must be aware that not all lenders calculate the margin the same way. The margin is the difference between the prime rate and the interest rate the borrower will actually pay.
HELOC loans became very popular in the United States in the early 2000s, in part because interest paid is typically deductible under federal and many state income tax laws. This effectively reduced the cost of borrowing funds and offered an attractive tax incentive over traditional methods of borrowing such as credit cards. Another reason for the popularity of HELOCs is their flexibility, both in terms of borrowing and repaying on a schedule determined by the borrower. Furthermore, HELOC loans’ popularity may also stem from their having a better image than a “second mortgage,” a term which can more directly imply an undesirable level of debt. However, within the lending industry itself, a HELOC is categorized as a second mortgage.
Because the underlying collateral of a home equity line of credit is the home, failure to repay the loan or meet loan requirements may result in foreclosure. As a result, lenders generally require that the borrower maintain a certain level of equity in the home as a condition of providing a home equity line.
Many mortgages in the United States are non-recourse loans, while mortgages in countries such as Canada are generally recourse loans. “Nonrecourse debt or a nonrecourse loan is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable.” A HELOC may be a recourse loan for which the borrower is personally liable. This distinction becomes important in foreclosure since the borrower may remain personally liable for