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What is a Pre-approval?
We highly recommend that you get pre-approved before you start your property search. It is a FREE service and will allow you to: narrow down your property search to within your price range, have the confidence to negotiate your purchase, understand what your mortgage payments will be, and lock in a rate for up to 4 months while you search for a property.
Property Transfer Tax?
This tax is charged by the Provincial Government and is collected by your lawyer at closing. Each Province varies as to the amount but it is usually a percentage of the purchase price. For example in British Columbia, the amount the purchaser must pay is 1% of the first $200,000 and 2% of the balance.
Fixed or Variable?
A Closed or Fixed Mortgage offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying. A Variable Rate Mortgage allows you to take advantage of today’s low Prime Rate. Most variable rate products are set either at Prime or slightly below. We typically recommend going with a fixed rate for rental properties and variable rates for your primary residence; however, the rate you choose is completely up to you and what you’re comfortable with.
It is important to maintain an excellent credit history if you are interested in applying for a mortgage. You can improve your credit by paying your bills on time and by keeping your credit account balances below 75% of the authorized limit. It is best to make the minimum payment instead of missing payments altogether.
I have had Gary and his team work with several clients of mine recently, all of whom have been very pleased with Ronin Mortgage Brokers' services. As a Realtor, it is important that my clients are taken care of, and not left out in the dark. He is always working to get the best rate, and terms possible (even if it is not through him!). Gary had mentioned to me the other day, that for certain deals, it is better to go to certain banks to get a loan or mortgage, as he cannot always compete or get the best deal for a client. In those cases, he will let the client know. When looking to get a mortgage or refinance, give Gary a call.
With my busy schedule, Ronin mortgage was able to get my mortgage approval at ease. They shopped for the best rates for me without having me go shop around in my own time. They were very efficient and their service was fantastic! I highly recommend them to anyone i know.
I knew absolutely nothing when it came to purchasing my first condo. I was referred to Ronin Mortgage through a friend. They were so patient with me while answering the millions of questions I had. They also got me the lowest rate. Now I'm a proud homeowner. Thanks Ronin Mortgage!