All your Mortgage Questions answered!

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All your Mortgage Questions answered!

There are different types of mortgages available to home buyers in Pickering – Ajax – Whitby. Lez Gomez has helped thousands of people get approved for their first, second or even third mortgages. Lez Gomez and his team have counseled many people to improve their credit history and score.

For many newcomers in Canada getting a mortgage for residential and commercial properties is a difficult task. We help you understand all the finer terms and legal conditions of the contracts. Over the past 15 years, we have helped many new Canadians and immigrants just like you to buy a home in Toronto and anywhere in Canada.

My team and I are licensed mortgage brokers working with a large pool of private funds. This unique pool of funds allows us to provide high-quality mortgage solutions to people in all types of financial positions. Whether you have a good, bad or no credit we have a mortgage solution for you in Pickering. One of the most asked questions we get “can you tell us which mortgage is best for us?”

There are so many different mortgage products and it is hard for people to decide which one to choose among them. Below is a general breakdown of various mortgages solutions available to buyers in Pickering;

Conventional / Low Ratio Mortgages

This is a popular product among people who have a chunk of money saved for their down payment. This mortgage is only available to those buyers who have 20% or more of the down payment of the purchase price. A low-ratio mortgage does not normally require additional mortgage protection insurance.

High Ratio Mortgages

A High-Ratio Mortgage is the mortgage solution for those buyers who do not have a 20% down payment at the time of purchase of the property. In this contract, the borrower is contributing less than 20% of the purchase price of the property. These types of mortgages must have mortgage protection insurance through Canada Mortgage and Housing Corporation (CMHC), Genworth Financial or Canada Guarantee; the three mortgage insurance companies in Canada.

Open Mortgages

An open mortgage allows you the flexibility to repay the mortgage at any time without penalty. Open mortgages usually have shorter terms. Occasionally open mortgages are offered on some variable rate/longer terms as well.  The mortgage rates for open mortgages are typically higher than on closed mortgages with similar terms. 

Closed Mortgages

For people who are self-employed and have a varied source and duration of income, we can help them get approved for mortgages. Lez Gomez offers personalized mortgage solutions for you which are best suited with your financial life.

A closed mortgage is a mortgage agreement that cannot be prepaid, renegotiated or refinanced before maturity, except according to its terms. The rate for these types of mortgage solutions is one of the lowest offered all types of mortgages. But there are quite a few conditions adhered to this contract. We advise our clients about each of these conditions and help them make smart long and short term decisions.


Fixed-Rate Mortgages

The interest rate of a fixed-rate mortgage is determined and locked in for the term of the mortgage. Lenders often offer different prepayment options allowing for quicker repayment of the mortgage and for partial or full repayment of the mortgage.


Variable Rate Mortgages (VRM) / Adjustable Rate Mortgages (ARM)

In this mortgage solution, the interest rate can change any time during the term of the contract. Generally, these mortgages are initially set up like a standard loan, based on the current interest rate. The mortgage is reviewed at specified intervals and if the market interest rate has changed, either changing the size of the payment or the length of the amortization period (or a combination of both), the lender then alters the mortgage repayment plan.

Unlike the big banks, we talk to our clients and consciously help them to get on the right financial paths. If you have been denied before because you do not fit the textbook, we can still help you achieve your dream of being a homeowner in Pickering.

For your all mortgage-related questions and concerns call us today and get approved today! Lez Gomez offers one-stop personalized mortgage solutions for home buyers in Pickering – Ajax – Whitby.

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