Your Route To The Best Mortgage
Whether you are a first-time buyer or an experienced buyer with excellent credit, Mortgage Route has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!
Your Route To The Best Mortgage
Whether you are a first-time buyer or an experienced buyer with excellent credit, Mortgage Route has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!
Long-Term Commitment
The importance of careful consideration, planning, and ensuring financial stability to meet the ongoing mortgage payments.
Collateralized Loan
The collateral aspect of a mortgage provides a level of security for the lender, which allows for lower interest rates compared to unsecured loans.
Amortization
Mortgages typically follow an amortization schedule, which outlines the repayment plan over the loan term and the payments made by borrower.
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Empowering Your Financial Future through Mortgage Solutions
In this ever-changing economic landscape, securing your financial future has never been more important. At Mortgage Route, we are dedicated to empowering individuals like you to take control of their financial well-being through our comprehensive mortgage solutions.
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Residential mortgages are loans for purchasing or refinancing residential properties.
Commercial Mortgages are loans for purchasing or refinancing commercial properties.
Non-traditional sources of financing that exist outside of traditional banks and financial institutions.
A home loan with an easy and affordable way of replacing an existing mortgage with a new one.
Renewals is renewing an existing mortgage loan with the same lender or a different one.
Who have recently immigrated or relocated to Canada to establish permanent residency or citizenship.
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Frequently Asked Questions
A fixed-rate mortgage has an interest rate that remains constant throughout the loan term. This means that the monthly payment amount stays the same, providing stability and predictability for budgeting.
The minimum down payment requirement varies depending on factors such as the type of mortgage, the borrower's creditworthiness, and the lender's guidelines. In many cases, a down payment of at least 3% to 5% of the property's purchase price is required. However, a larger down payment, typically 20% or more, can help avoid the need for mortgage insurance and may provide more favorable loan terms.
Mortgage pre-approval is a process where a lender evaluates a borrower's financial information to determine the maximum loan amount they are eligible to borrow. Pre-approval provides buyers with a clearer understanding of their budget and strengthens their position when making offers on properties. It shows sellers that the buyer is serious and financially capable of securing a mortgage.
- Closing costs: These are fees associated with the mortgage application, such as appraisal fees, title search fees, legal fees, and loan origination fees.
- Mortgage insurance premiums: If the down payment is less than 20%, private mortgage insurance (PMI) or other mortgage insurance options may be required, which adds to the monthly payment.
- Property-related costs: These may include property taxes, homeowner's insurance, and potentially mortgage escrow accounts for the payment of taxes and insurance.
- Interest: The interest charged on the mortgage amount is a significant cost over the life of the loan.
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