Whether you’re a visitor to Toronto, a 1st time home buyer, or planning to purchase a second home, the best mortgage agent in Toronto can offer tailored advice, competitive rates, fast service, and assist you get an ideal mortgage solution.

If you want to own a home, mortgage agents can help you to:

  1. Connect as you’d Like

Mortgage agents help to connect you with lenders the way you’d like. Whether it’s meeting at your work place, home, or anywhere else that’s suitable for you, they make it happen. The best mortgage agent in Toronto will answer calls and emails on your behalf, ensuring that the process of getting your new home is easy, quick, and hassle-free.

  1. Customize Mortgages that Suits Your Needs

Mortgage agents are professionals who look out for your needs and best interests. They take time to spot potential lenders, customize solutions that deliver what you have in mind, and understand the important details for you.

  1. Get Valuable Recommendations

Having been in the mortgage industry for decades, the best mortgage agent in Toronto has many contacts of the best lenders with the best deals in Canada. They will assist you to locate and purchase your dream house with ease.

Mortgage brokers assist borrowers to connect with potential lenders. They can pick out the best mortgage agent in Toronto for you or anywhere globally. It depends on the borrower’s interest-rate needs and financial situation. Mortgage brokers also collect paperwork from borrowers and pass it to the mortgage lender for approval purposes and underwriting.

Importance of getting the Best Mortgage Agent

Getting the best mortgage agent in Toronto prevents you from making costly makes when getting a mortgage. The mortgage industry features various products from financial institutions, and it’s important to have guidance from professionals. Mortgage agents explain the discernments between the various products, the rates, and the repayment periods. These agents assist you to pick the best product that will work for your own good.

Types of Mortgages Available in Toronto

The main determining factor when it comes to mortgages in Toronto is your risk tolerance. The following are some of the common mortgage loans from the most trusted and reliable lenders in Toronto:

  1. Fixed Rate Loans

The interest rate remains constant for the whole term. You can choose the open fixed rate loans (6 -12 months) or the closed fixed rate loans (3 months -10 years). For the open fixed rate loans, you don’t incur any repayment charges if you repay the whole loan once. It’s an ideal loan if you’re planning to sell your home. On the other hand, closed fixed rate loans have lower rates than open loans, but you incur prepayment charges if you repay your loan before maturity.

  1. Loans with Variable Rates

The interest rate can go down or up depending on market fluctuations; this helps you save money since you pay lower interest rates when the rates go down. Additionally, you benefit from capped rates that cushion you against increased rates. You must commit yourself to a 5 year term, and you incur prepayment charges if you repay the loan before maturity. Loans with variable rates are more advantageous than open term loans, in terms of rates.

  1. Made-to-measure loans

The loan features various products; variable and fixed. It also allows you to add a home equity line if need be. Additionally, this mortgage loan enables you to enjoy stable repayment rates and paying less when the rates go down. Fixed made-to-measure loan has two options; (6-12 months, or 3 months – 10 years). The variable rate portion runs for 5 years.

Before choosing a mortgage loan, you need to find the best mortgage agent in Toronto to help you analyze the different mortgage rates in the market.

How to Accelerate Mortgage Loans Repayment in Toronto

The best mortgage agent in Toronto will advise you on the best repayment options. There are different ways that you can accelerate mortgage repayment:

  1. Paying More Frequently

If you start repaying your mortgage more frequently, say weekly or biweekly as compared to monthly, you can pay less interest and repay the borrowed capital more quickly. If you aren’t sure about how to go about it, enlist services from the best mortgage agent in Toronto to help you in the process; it can be confusing if you have never taken a mortgage before.

  1. Make Extra Payments

When your repayment date is due, you can make extra payments; this amount must be less than or equal to the regular repayment amount (including interest and principal). All you need to do is to sign in to your mobile banking app or online bank and submit the extra payment.

  1. Repay your Mortgage Early

During the repayment year2 period, you can pay up to ten percent of the mortgage principal without incurring fees3; the refund is made in 1 or more payments. If you’re on a closed loan plan, you aren’t allowed to repay the whole amount before maturity. If you want to repay the whole amount before maturity, you must pay additional fees to your bank.

To calculate the amount you can repay early, make early payments, or calculate the cost of partial or full refund, ask for assistance from the best mortgage agent in Toronto or visit your mobile banking app or online bank for details.

  1. Repay your Mortgage using your Rewards Plan Points

You can repay your mortgage using points earned from your Rewards Plan. For instance, some lenders will calculate your Rewards Plan Points as follows:

12,000 points can repay $100.

In case your mortgage term expires, you are allowed to pay off as much as you want before renewing your loan. Always consult a professional before making any decisions that could result in unwanted or unnecessary costs.

When do you Pay for Mortgage repayment Charges?

You will be charged for mortgage repayment charges if you:

  • Renegotiate the conditions and terms of the mortgage before the term ends
  • Refinance your loan before maturity
  • Prepay the whole mortgage amount before maturity
  • Prepay over 10 percent of the initial principal within a year
  • Choose to transfer your mortgage to a different financial institution

Final Say

The good thing about using the best mortgage agent in Toronto when buying a house is that they have the knowledge and skills to negotiate better rates than you. It’s your responsibility to analyze the financial situation of your lender, possible tax consequences, and the eligibility of the product before settling on one.