How It Works
Buying a House or Refinance Your Mortgage
If you are looking to be pre-approved for any of our unique mortgage products, we will start by verifying your eligibility for those products, either for a simple mortgage or to refinance your mortgage. Asim Ali and his team will take the time to let you know what mortgage you will be able to afford. We take into consideration your salary, any criteria from lender/insurers and we will be able to tell you what will be your monthly mortgage payment.
There is a lot of different benefits to long-term and short-term mortgages depending on what are your needs. Our mortgage brokers will find the best program available for your specific needs and explain each and every cost related to buying a home or refinancing your mortgage.
We are able to lock a mortgage interest rate for 120 days while we are browsing different options for you. The best thing about this is that it will guarantee that you will have this rate or even better. That means that if the market rates are dropping, so will your locked-in rate. On the other hand, if the rates go up, your is already locked for those 120 days. We are here to ensure that you will receive the best rate for your mortgage or your mortgage refinance.
Different Mortgage Types & Mortgage Refinance
It is not an easy task to choose between a fixed rate and a variable rate for your mortgage, we understand. This choice will be greatly influenced by how tolerant to risk you are and your financial ability to withstand a change of rates. The market conditions are also a big part of the decision between the two options.
If you are more of a conservative person, you might prefer to go with a fixed rate for your mortgage or mortgage refinance. This option is always more appealing to people who are managing a tight budget and people who are looking for more stability in their mortgage payments.
If you want to take advantage of lower mortgage rates, you might be interested in variable mortgage rates. These mortgage rates are calculated on an ongoing basis. Depending on the market and the economy, this option might save you a lot of money or be a little bit more costly.
Your credit score is an important factor in your mortgage rate. When you borrow capital or make payments, the lender will send the transaction information to the reporting agencies. These reporting agencies will generate a credit report and create your credit score. That score will create an appeal to those lenders and dictate your monthly payments. Your score will vary between 900 and 300 and the higher it is, the better!
Your credit score is interpreted as a reflection of your lifestyle and your ability to make payments on time. Having a good credit score is vital to your financial well-being. It will affect what kind of house you can buy, your ability to borrow money from the bank or in some case the job you can get.
Mortgage Refinance & Mortgage Term Length
When it comes to choosing your term length, there is a lot of factors to keep in mind. If your mortgage rate is too high for your budget, you right want to consider taking a longer-term so you can afford the payments if the rate increases.
If you are looking to invest in real estate property, you should most likely think long-term. Going this route will allow you to have a steady monthly payment, giving you the opportunity to accurately project your future building revenues.
Our mortgage brokers understand that it is not an easy task to find the right mortgage for you, but we are here to help! We take the time to analyze your unique situation, your risk tolerance and your financial statements to make sure that we have the right mortgage for you. Save some money by calling us today.
5% Down Payment On Your Mortgage
You need a minimum of a 5% down payment with any mortgage, but what if you do not have that 5%?
We have options available that will let you borrow that 5% down payment from a loan or a line of credit. Don’t worry, you will still get the best rate that is available! We are here to help you every step of the way.
Setting up a line of credit/loan is an amazing way to buy a house with a low interest rate without having to save money for years. In many situations, the interest on the loan will be lower than the future interest rates you would have had to pay on your house if you had waited to get that 5% down payment.
Let the Asim Ali Mortgage team provide you with your no down payment mortgage now!
Mortgage Payment Frequency
In Canada, your mortgage will usually be amortized on a 25 to 35 years term. If you are willing to make a few sacrifices in your lifestyle, you might end up paying less interest on your mortgage. One of the options you have to do so is to start making weekly or bi-monthly payments instead of monthly payments. By doing this, you can lower the mortgage term and lower the amount of interest you will pay over the years. It can also lower the number of years you will be paying your mortgage.
If you have a promotion at work or if you simply have access to more capital, you can invest that money in your mortgage to make your balance drop more quickly. Mortgage lenders will allow you to make extra payments to lower your mortgage balance.
Are You Self-Employed?
If you are self-employed and you want to buy a house, you might run into some difficulty obtaining financing for a mortgage or a mortgage refinance. It can be quite complicated for a new business owner or a self-employed person to show some long-term incomes, and that will affect their “credit risk” for lenders, even if your finances a stable.
You are in luck! We have a solution for you if you want to buy a house or a vacation home. Give us a call today to learn more about our mortgage solutions and mortgage refinance options.