why use a mortgage broker
There are a number of reasons to work with a broker which include : access to many banks, credit unions and private lenders, knowledge to help you understand mortgage products/terms and flexible days/times to be available on your schedule. But more importantly, we work for you with your best interests. We're here to get you the best mortgage available with the goal to pay it off as soon as possible
Our Mortgage Process
ASSESS
We'll review your current financial situation and ask the right questions upfront. We'll also want to gather documents needed so there's no surprises along the way.
Apply
With all the information on hand, we'll then go to our network of lender and find the 'right' mortgage for your situation. In most cases, we'll have an answer back to you within 24 hours.
Sign
Once approved, we'll sit down and go through all the terms and conditions plus answer any questions that you may have. We want to
make sure that your confident with the chosen mortgage.
Purchases
The purchase of a home is the largest, single purchase most people make during their lifetime. At Coastal Key, we want to make every buyer aware of the many
mortgage options available prior to their purchase and closing date. Lenders are regularly launching new products and programs, making it easier to get into a new home
sooner. Interest-only loans, self-employment programs, rental & vacation purchase programs plus a host of other innovative financing alternatives are being created to make
home ownership a reality. If you have excellent credit, Coastal Key has access to the very best products and rates available. Alternatively, if you have less than perfect
credit, we also have flexible alternative financing to help you get into the housing market.
Pre-approvals
A pre-approval is a mortgage amount held for a client at a specific rate for typically 90-120 days. There is however a difference between a rate hold and a firm pre-approval. A rate hold is very important during times of increasing rates, it is only holding a rate, rather than fully pre-approving the client and their required documents.
Once you are pre-approved, the only thing left to approve is the property. We strongly encourage our clients to get pre-approved because it is imperative that you understand your maximum mortgage amount and the corresponding monthly payment. The amount you will be pre-approved for will depend on your credit score, income and down payment. To find out what you can qualify for, please give us a call or send us an email at info@coastalmortgages.ca.
Refinance
When does it make sense to refinance? Sometimes it’s to take advantage of
lower interest rates or to consolidate higher interest debt, but there are many
other reasons to refinance. Do any other situations apply to you? Find out by
seeing if you answer “yes” to one or more of the following questions.
Do you need money for a major expense or home repair/renovation?
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Do you need to consolidate a 2nd mortgage? +
Is your monthly payment straining your budget?+
Has your employment situation changed? +
Has your credit rating improved? +
Has your home appreciated in value? +
transfers
When coming up for renewal, you need to be aware of the steps involved and options available. The best time to start exploring your options will be as early as 120 days
from renewal date and no later than three weeks out. The first step should be to contact your existing lender and ask for their best rates but be prepared for them not be
very competitive. The next step would be to contact our office to address your current situation and a summary of the savings you will receive by moving your mortgage
to a new lender with better rates/terms.
