Home Purchase

Purchasing a property privately or through a real estate agent can be a stressful experience. To add to the difficulty, there are many mortgage products to choose from, and you may not know where to start. As mortgage professionals, we are here to educate and guide you through the process every step of the way to ensure you receive the best mortgage product available to suit your financial needs. Repeat buyers have gone through the mortgage process before, however, this can be an overwhelming experience for a first time home buyer.

As a first time home buyer, the property you are about to purchase is probably the largest single purchase, and biggest investment decision you will ever make. Allow us to help you through the confusing maze of lender options, mortgage documentation, and terminology you will deal with through this process.

The team at UPTOWN Mortgage Group Inc. is constantly up to date with the fast changing mortgage market, and will be able to find you a lending solution that best suits your requirements quickly and efficiently, no matter the situation. With electronic access to various lenders we will ensure that you receive the best rate for the product of your choice.

To complete a mortgage application, please visit our Apply Now link or call us at 905-553-2912, and a mortgage professional will get back to you within 2 business days of reviewing your application. Upon review we may provide a mortgage pre-approval which will indicate an estimate for financing given your current situation. Furthermore, we will ensure that you understand all elements of the mortgage process before you sign anything. No surprises, no disappointments; at UPTOWN Mortgage Group Inc. we make it our responsibility to disclose everything to our clients.

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Refinancing

There are many reasons why you might want to refinance, or increase your existing mortgage. Maybe to consolidate non-mortgage debt, to finance improvements to your home, or to combine existing mortgages. There are many factors to consider when refinancing your mortgage.

Here's What You Need To Know:

1. Consolidate other debt
   
   Most unsecured debt is priced by your bank at a higher rate than your mortgage in order to compensate them for the higher risk of loss if you default. For many people it only makes sense to use available home equity to pay out this debt as it typically reduces interest costs. If the total of the existing mortgage and the debt to be refinanced is less than 80% of the value of your home, and if you qualify in terms of income and credit standing, you should typically be able to refinance your first mortgage.
   
   
2. Renovations and home improvements
   
   If you want to spend a significant amount of money on improving your home, you may be able to take out a lot more equity than you realize! We can advise you through this process. All three insurers – CMHC, Genworth and Canada Guaranty, will insure new mortgages which are “topped up” for this purpose, when the total of your current mortgage and the new funds exceeds 80% of the current home value. Not all improvements are eligible. For example, pools and spas are typical “over-improvements” which may not qualify for a high-ratio equity take-out. Of course, if the total requirement is less than 80% of your home’s current value, you should have little trouble getting the “top up” you need – regardless of the degree of luxury you plan to add.
   
   
3. Combining existing mortgages
   
   Where the combined mortgages result in one “high-ratio” mortgage: if neither (or none) of the mortgages you’re combining was ever insured, but combining them results in a high-ratio situation, you’ll be required to pay an insurance premium. You need to look closely at the total savings the combination will give you, in order to determine whether this is financially all worth the while.
   
   Where the combine mortgages result in a new “conventional” mortgage: high ratio insurance is not required. As long as you qualify with your income and credit standing, the team at UPTOWN Mortgage Group Inc. will help you achieve this quickly and conveniently.
   
   In both cases there is one critical consideration which causes the failure of many such refinances: the new mortgage often requires a reduced cash flow needed to service the now consolidated debt. Many who go through this process not only absorb the cash flow savings into an improved lifestyle, they either re-incur debt that they paid out, or incur debt for which they now qualify or both. It is important to approach such a consolidation/ re-combination of obligations with the clear and focused goal of applying all savings toward paying for the mortgage. Otherwise, the new mortgage could be a burden, rather than a solution.

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Switching Your Mortgage

Most people are unaware of the legal effect of switching lenders. When you renew a mortgage you are essentially starting the process again, discharging the existing mortgage, taking out a new one, and beginning the whole payment process, albeit at a lower principal amount. As such, you should treat this as just as important a process as the first time you arranged the mortgage. Remember your situation will most likely have changed since then, and you will require a different product with different terms attached to suit your situation.

The form that you are holding in your hand from the lender who did your previous mortgage financing (renewal letter), has a rate that probably is not as competitive as it could be. Don’t let the hassle from the first time you negotiated dictate you just signing the form and sending it back to the lender – it will most likely cost you in the form of higher rates.

The lenders count on 70% of renewals to come from clients just signing the renewal form and mailing it in – they are not forcing you – but they are preying on the human nature to embrace convenience. However, let us do the work for you – the same convenience, at a much lower cost to you and a product and term that will suit your current situation. The fact is that it is likely another lender will give you what you want at a rate you want – there are no legal implications to you switching.

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2nd Mortgage

A second mortgage can be used to reduce your monthly debt payments, make home improvements or free up cash for whatever you want.

Like a home equity loan or others of its type, the lender requires it to be secured by a second mortgage lien.

Because the lender is at a higher risk in case of default (since they will not receive any money from the sale of the house until the first lender is paid, and if there is no money left over, they would lose their money), the interest rates are higher.

You can also use a second mortgage for consolidating high-interest credit card debts by reducing your rates and payments and converting compound interest into simple interest.

For more information, please contact us.

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Construction Financing

Construction Financing by definition is a means of which a client can obtain financing on a short term basis for the purpose of a new home/ commercial construction, or renovation. Traditionally, construction financing is not offered by most financial institutions, and that is where UPTOWN Mortgage Group Inc. can assist to bridge the period of construction to completion. We offer several options to the customer, including a pool of private lenders that specialize in Construction Financing.

Feel free to contact us to discuss these financing options.

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Mortgage Protection Plan

Life is complicated and comes with its own set of ups, downs, twists and turns - some good, some bad and some that we consider to be major life events.

Birthday, graduation, your first car, your first kiss and of course buying your home - these are just a few of those milestones you will never forget! Buying a home is likely one of the single largest purchases you will make in your lifetime. It is also an investment in you and your family's financial future...an investment that needs to be protected.

Prepare for life's complications - plan ahead!

The great thing about life's milestones is that, in one way or another, you planned for them or knew they were coming. It's the unexpected events that can cause you the most stress.

What would your family do if something unfortunate happened and they were left to make the mortgage payments on their own?

Mortgage Protection Plan provides a quick, easy and affordable solution

Mortgage Protection Plan protects your investment while helping secure your family's financial well being in the event of death or disability of you and/or your spouse. Make the simple choice to protect your mortgage with life and disability insurance with Mortgage Protection Plan® today.

You will never be singled out for a premium increase, and coverage is portable with your mortgage

You will not lose your coverage (or have to re-qualify) no matter how many times you change homes or lenders in the future - and premiums (based on your original mortgage amount & amortization period) don't increase with changes in health or because you get older.

It is easy and protection is immediate!

You can rest easy knowing that your coverage begins the minute we receive your application and premium payment information.

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Home Equity / Line of Credit

Refinancing, whether it be a relatively straightforward refinance of your existing mortgage balance, or utilizing your home equity for any other purpose desired, is a strategic financial decision that requires the assistance of a mortgage expert to get you the best deal from the hundreds of options available. Whether you want to:

• Lower your monthly payment
• Consolidate debt
• Make home renovations
• Pull cash out of your home
• Increase your flexibility with a credit line
• Break your mortgage

We can offer you expert advice on the mortgage strategy that suits your needs.

For more information, please contact us.

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