Mortgage Broker London Ontario

Mortgage Success Story

“We wanted to pull some money out of our house to pay off debt and do some renovations. Me and my husband were advised by our bank to find a Mortgage Broker. After leaving a few messages with some other Brokers we found online we finally called Mark.

I sent him a text and to my surprise he got back to me almost immediately.

Long story short, within a few weeks we paid off our credit cards and had money left over to re-do the kitchen and enjoy the summer. I would highly recommend that you call Mark for all of your mortgage needs!!”

While the terms Mortgage Broker and Mortgage Agent are similar, and Mortgage Brokers and Mortgage Agents fulfill many of the same functions, it is important note that there is in fact a difference.

Mortgage Brokers are only allowed to obtain their Broker License after completing at least two years as a Licensed Mortgage Agent. Following two years of Mortgage Agent experience applicants must then complete two Phases of further education, followed by an examination, after which they can apply to be a Licensed Mortgage Broker.

According to Canadian Mortgage Trends the main difference between a Mortgage Broker is that, “…a mortgage broker is a firm or person licensed to deal in mortgages and employ mortgage agents” while “A mortgage agent is an individual authorized to deal in mortgages on behalf of a mortgage broker.”

London Ontario Home Prices

The housing market in London has been red hot in recent years, with home prices going up nearly 10 percent in some areas. Given the rise in home prices the use of a Mortgage Broker will enhance the affordability of your home. As Mortgage Brokers tend to get lower Mortgage Rates, and have access to lower rates through credit unions, you can expect a lower qualifying rate for conventional purchases. This will allow you qualify for bigger mortgage, and therefore a higher home price.

What Does a Mortgage Broker Do?

From your initial one-on-one meeting, to mortgage application, shopping or the Best Mortgage Rate, I try to make the Mortgage Process as smooth as possible!

Current Mortgage Rates in London Ontario are very low compared to historical standards. By using the mortgage rates of Mortgage Broker, rather than one of the big banks, you will save thousands of dollars regardless of the mortgage term. In an ideal scenario, under a 5 year fixed closed mortgage term there is upwards of $8,000 in savings, which will translate into a much lower monthly mortgage payment.

Fixed Rate Mortgages

As shown above with the best Mortgage Rates in Ontario, using a Mortgage Broker will save you thousands on a Fixed Rate Mortgage. With a Fixed Rate Mortgage you can rest assure that your monthly mortgage payment will not go up or down over the life of your term. Whether it is a 5 Year Fixed Mortgage Rate with a 25 year amortization period or a Ten Year Fixed Rate with a 30 year amortization period, your monthly mortgage payment will never change.

Variable Rate Mortgages

In contrast to the static monthly mortgage payments inherent in Fixed Rate Mortgages, the monthly mortgage payment with Variable Rate Mortgages changes based on the Prime Rate of the Bank of Canada. While closed mortgage rates are historically very low, you can save even more money with a variable rate mortgage.

Currently the Lowest Variable Mortgage Rate is Prime-1.05, with the Prime Rate being 3.95 – This means on a Variable Mortgage the current mortgage rate would be 2.9 percent. Compared to the 5 year Fixed Mortgage Rate of 3.05 a Variable Rate Mortgage is very attractive.

Should you decide to refinance your mortgage prior to the end of the mortgage term the mortgage penalty is much less with a variable rate mortgage than it is with a closed rate mortgage. With Variable Rate Mortgages the penalty is equal to three months interest. In contrast, with Closed Rate Mortgages the penalty is the greater of three months interest or the Interest Rate Differential (the difference between the current mortgage rate and the posted rate at the time of the mortgage application).

For more on the pros and cons of Fixed Rate Mortgages and Variable Rate Mortgages see the How Do I Get a Mortgage Guide.

Open Mortgages

In contrast to Fixed or Variable Rate Mortgages, Open Mortgages do not have a penalty for repaying early, enabling you to payout your mortgage at anytime without penalty. Although the Mortgage Rates on these types of loans are typically higher, they do enable some flexibility in the repayment of your mortgage.

Contact Mark Mitchell – Mortgage Broker London Ontario

Mortgage Broker London Ontario – Fastest Response Time

I understand that when you have questions about your Mortgage that a a few hours to receive a response can seem like an eternity! I specialize in providing a fast response time to all inquiries, questions or comments. My Yelp Page shows an average of 10 minute turnaround time for all responses.

As I do with all of my clients, when we are awaiting a response from the mortgage lender we will touch base every day just to keep in constant contact. I believe in keeping my clients well appraised of the status of their applications. Nothing is worse than not being in the know!

Please Feel Free to Call or Text me at (519)860-2102.

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