We are the Infinite Mortgage Solutions Team, and we have almost two decades of expertise in the mortgage sector. We will go above and above for you, assisting you in obtaining the best mortgage rates and conditions, completing a safe mortgage application, and addressing any of your inquiries and worries.
Our customized mortgage options can fit your demands depending on your unique financial condition because we have access to a wide network of lenders.
In Canada, there are typically two options for obtaining a mortgage: through a bank or a certified mortgage advisor.
Licensed mortgage professionals send millions of dollars worth of mortgage business to Canada’s biggest banks, credit unions, trust companies, and financial institutions every year, giving their clients access to hundreds of mortgage products. In contrast, a bank only offers the products from their institution!
Clients gain from this trust, security, and confidence in knowing they are receiving the finest mortgage for their requirements. Making an informed purchase choice with expert advice is essential, whether you’re buying a property for the first time, pulling out equity from your house for investment or pleasure, or simply having your current mortgage renewed
Mortgage brokers work as liaisons and transaction facilitators between the mortgage borrower and the lender. Lenders do not employ them. A mortgage broker does the hard part of obtaining a mortgage for you: search for the product that best suits your needs and get the best mortgage rate based on your specific situation. Brokers have access to most bank-based lending institutions and particular mortgage lenders.
Infinite mortgages work for you, the borrower! None of our associates are employed by any lender or third party. Even better, the lender who funds your mortgage will pay us, so our service means no fees to you!
Nothing infinite mortgages are paid a finders’ fee by the lenders that we place your mortgages with – not by you, the borrower. Our compensation is affected mainly by the loan’s size and the term’s length. 99% of the time, we do not charge our clients a fee. Occasionally, however, and with full disclosure in advance, we may need to charge a fee if we secure specialty financings, such as a second mortgage, commercial mortgage, or some other unusual circumstance.
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Nothing infinite mortgages are paid a finders’ fee by the lenders that we place your mortgages with – not by you, the borrower. Our compensation is affected mainly by the loan’s size and the term’s length. 99% of the time, we do not charge our clients a fee. Occasionally, however, and with full disclosure in advance, we may need to charge a fee if we secure specialty financings, such as a second mortgage, commercial mortgage, or some other unusual circumstance.
Infinite mortgage clients generally have a high income (whether self-employed or conventionally employed) and strong credit. That being said, we can also sometimes arrange mortgages for people with slightly tarnished credit.
Closing costs are any costs associated with obtaining and closing a mortgage. They can include (but are not limited to) legal, appraisal, survey, and realtor fees. Don’t forget the cost of moving!
Mortgage lenders generally allow you to use 32% of your monthly income to go toward mortgage payments and 40% toward other debt payments. Some newer guidelines will enable us to use up to 44% of your income. Please use our mortgage calculators to determine what you can afford to pay for a home.
It would help if you had a lawyer because final mortgage documents are legally binding. Also, lawyers are the individuals who take care of things such as land title transfers. They are also authorized to hold money in trust and distribute funds to the appropriate places (such as your previous mortgage lender when paying out an existing mortgage or the sellers of the home you are purchasing).
The requirement of an appraisal is a standard condition for any conventional mortgage (more than 20% down payment), as the mortgage won’t be insured. The lender wants to ensure that you are paying a fair market price for the property you are purchasing (i.e., you aren’t paying $290,000 for a home worth $250,000). From the lender’s perspective, they don’t want to lend $290,000 if all they can recuperate in the event of default is $250,000 (not that you would default on your mortgage payments, but it’s a base that the lender wants to cover). Another reason for an appraisal is that lenders want to see that the property you are purchasing is quality.
A high-ratio mortgage refers to a mortgage in which the borrower has a down payment between 5% – 20%. These mortgages require mortgage default insurance.
Variable interest rates are generally expressed by a bank’s prime rate, which the bank sets from time to time. A bank’s prime interest rate may change at any time.
Changes to a bank’s prime rate are sometimes described as increases or decreases in basis points. A basis point represents 1/100th of one percent (0.01%). For example, if 50 basis points increase interest rates, they were raised by 0.5%. The term basis point value denotes the change in the interest rate about a basis point change.
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Buying a home is one of the biggest financial decisions most people will ever make. For first-time home buyers, it can be an overwhelming process.
