BANK VS. BROKER
The broker works for you. The bank doesn’t.
The right mortgage is a critical factor determining long-term savings. The value of a professional mortgage broker comes from having someone who objectively works for you and is not limited to mortgage product offerings from one source; like a bank.
Advice on choosing the right mortgage option considers interest rate, payment privileges, payment penalties, long term savings and much more.
Take a look at the differences between my services & the bank’s services
Second mortgage - what it is?
A second mortgage is a secured loan that sits behind your existing mortgage - which means your first mortgage will be left untouched - but lets you extract equity from your property. At Mortgage Architects Professionals, we can help you borrow a second mortgage on residential as well as commercial properties.
If you've got some equity built up in your property, then we can help you tap in to your existing dormant equity, whether your credit is excellent or blemished.
Benefits of a second mortgage
A second mortgage can help you get rid of high-interest debt and improve your credit score. But second mortgages are also widely used to help with a whole range of other financial needs. The possibilities are unlimited — and with a second mortgage, your dreams are powered by an asset you already own.
We specialize in second mortgages for the following reasons:
- Home Renovation and Construction
- Working capital for your business
- Debt Consolidation and Credit Repair
- Short term / bridge financing
- Collections, judgments, and personal debts
- Property, personal tax, or mortgage arrears… and more!
Your How to Guide to Renewing your Mortgage
REMEMBER, YOU'RE IN THE DRIVER'S SEAT
You’ve got a track record as an owner, and lenders will want your business and will compete for it. That’s where a mortgage broker can really help. Your first step is to connect with us. With low interest rates and a growing selection of innovative mortgage solutions, you could potentially save thousands by shopping around.
Our independent Mortgage Brokers know what’s going on in the marketplace, and can connect with over 50 lenders to find the best interest rate and options for your renewal. After all, a lower rate can save you big time in costs over the life of your new mortgage.
DO THE MATH
You’ll be offered a number of loan options, so discuss them with your Mortgage Broker and choose one that best suits your needs. Over and above considering the lowest rate, discuss whether a fixed or adjustable rate is better for your situation.
ASK FOR MORE
There will be a few fees and costs associated with this process, such as legal and administrative costs for transferring the mortgage, as well as a mortgage discharge fee. Your Mortgage Broker can ask to have these costs absorbed – it’s worth asking because it’s competitive out there.
SIT BACK AND RELAX
That’s it. Once your renewal is completed you can sit back and give yourself a pat on the back (and your Mortgage Broker too).
BANK VS. BROKER
Want choice? Don't use a bank, use a broker!
One of the greatest advantages of using a mortgage broker is getting access to over 50 lenders. A bank will only offer you access to their products, while a mortgage broker can offer you more choices through multiple lenders. With this vast product selection, brokers help homebuyers and owners get the best mortgage for their needs.
What is the best mortgage?
- The right rate
- The right mortgage privileges
When selecting the right lender your broker will consider:
- Rate - variable vs. fixed
- Payment flexibility
- Pre-payment privileges
- Restrictions, fees and penalties
- Mortgage portability or assumability
- Qualifying with no income verification (self-employed)
Focusing on a rock-bottom rate can mean higher fees and penalties with more restrictive terms when you want to move, refinance or use your mortgage for a debt consolidation. A mortgage broker will give you a sound evaluation of product choices and together will help you decide what option suits your need.