Mortgage Kitchener – Expert Mortgage
Finding a mortgage in Kitchener if you have bad credit, no credit, are self employed, or unemployed, is easy when you choose Expert Mortgage. We are a mortgage brokerage that is one of Canada’s largest, and we work with a trusted network of over 400 private and institutional lenders. Just because you have a poor credit score or no credit at all, doesn’t mean that you can’t obtain your dream home. Expert Mortgage can help you make it a reality. If you already own a house or property, and are looking to remortgage, learn more on how we help our Kitchener clientele..
Using Expert Mortgage vs. Banks / Institutional Lenders:
Many people do not realize that some the lowest mortgage interest rates are not given by the main high street banks. There are many different lenders that provide mortgages often at better interest rates than the banks. The obvious choice of homeowners is to go to their own bank to get a mortgage in Kitchener. But, this doe snot necessarily mean that you will get the best interest rates.
Also, borrowers who have bad credit, no credit, are self employed or unemployed, or even past bankrupts are unlikely to be approved by the banks. People in these situations needing to do a debt consolidation or requiring home equity loans, will often get turned away by the banks. That is why using a mortgage broker is often a better option.
Here are different types of mortgages that could apply to you in Kitchener:
Fixed Rate Mortgage:
With a fixed rate mortgage, the interest rate remains the same throughout the term of the loan. When you take out a fixed rate mortgage, you know exactly how much the loan will cost you, which is good for planning purposes.
Adjustable/Variable Rate Mortgage:
The interest rates on an adjustable rate mortgage in Kitchener are linked to the Canada’s Central Bank’s base rate. The lender adjusts your mortgage rate or mortgage term accordingly when the Central Bank’s rate changes. The mortgages differ from fixed rate mortgages in that the interest rate may be changed (raised or lowered) during the mortgage term. With an ARM, you are able to keep the monthly payments as low as possible.
Open and Closed Mortgages:
With an open mortgage, you get the flexibility to repay the loan at any time without penalty. You can prepay, renegotiate or refinance before maturity. Closed mortgages in Kitchener don’t have the flexibility to prepay, renegotiate or refinance before maturity. If you wish to pay this mortgage early, the lender may require to pay a hefty penalty.
For more information about a mortgage in Kitchener from Expert Mortgage, feel free to give us a call today!