Mortgage Services
First-Time Home Buyers
My specialty is helping first-time home buyers. It’s extremely rewarding to be part of the process and seeing the joy and excitement of buying a first home brings to my customers. I pride myself in being available to them every step of the process, beginning to end. Buying your first home can be intimidating but don’t worry, I’m always available to help.
As a Mortgage Broker, I can help you navigate the complex world of home financing. I’ll work with you to understand your financial situation and goals, and then I’ll shop around to find the best mortgage rates and terms available. With my expertise, you can feel confident that you’re getting the most out of your first home purchase.
Get Pre-Approved For Your Next Mortgage
A mortgage pre-approval is an important step in the home buying process for anyone looking to purchase a home in Canada.
I will advise you about the documentation you will need to supply upon conditional approval of your mortgage. Any conditions must be met for your mortgage to be fully approved. Pre-approvals are subject to your continued good credit and are usually good for 60, 90 or 120 days depending on the lender.
Construction Mortgage
A construction mortgage is generally an all encompassing construction loan. If you want to build a custom home or vacation property, I can help!
A construction mortgage, which is also called a builder’s mortgage, lets you access the entire amount of your mortgage in predetermined stages during the construction of your home. Construction mortgages are typically disbursed in installments as you make progress with your construction project. Instead of receiving the full amount of the mortgage upfront, you receive it gradually as you complete different stages of the construction process.
Rental Property Mortgages
Mortgages for rental properties are for homes intended to be rented out to tenants. The process of obtaining a rental property mortgage is similar to that of an owner occupied mortgage but with a higher down payment, usually 20 percent. Rental income will be used in calculating the affordability of the mortgage and in qualification. This is considerably different than a second home which is one that you or a family member will occupy periodically – see Second Home or Vacation Property below.
Refinancing
Equity is a powerful thing and many individuals will refinance their home to pay for large expenses, to consolidate debt, or to go on the vacation of a lifetime. Big expenditures like this take a toll on your household cashflow but by refinancing, you can leverage your equity and not be cash strapped. Understanding refinancing options as well as the pros and cons is important so contact me any time and I can walk you through the process.
Are you carrying a lot of debt? Paying high-interest costs? Consolidating your debt into one loan can save you money! With one simple payment, your finances are better organized and will save you time.
Reasons why to consolidate
- Save money on interest costs
- With a lower rate, you will save money on interest and can pay your loan off faster
- One simple payment
- With only one payment to worry about, your finances will be simplified and more organized
- Saves you time without the worry of multiple loans
- Lower rate
- A lower interest rate can be obtained by using the equity in your home
Reach out to an agent today to discuss Debt Consolidation.
Depending on the amount of equity in your home (the value of your home minus any debts secured against it) you may qualify for an equity line of credit. A home equity line of credit is secured against your home making the rates much lower than traditional unsecured lines of credit from your bank. They can be used for a variety of things, such as:
- Renovations
- Investing
- Debt consolidation
- Dream vacation
- Wedding
- Money that is available at any time for anything you’d like
Having funds readily available when you need them provides you with financial piece of mind. The fact that it’s a lower rate is a bonus. Contact one of our CENTUM mortgage brokers today to get started!
In the past, home equity was something not realized financially until you sold your home. Today, you have access to the equity at any time and can leverage it for consolidating debt, home renovations, topping up RSP’s and other large purchases.
It is important to understand how much equity you can access and the costs associated with that transaction. At CENTUM, we are here to help you use that home equity to best suit your needs.
Accessing the equity in your home can have a positive financial impact. Knowing how and when to exercise this option is where one of our CENTUM mortgage brokers comes in. Contact us today to gain access to your home equity!
With a CHIP Reverse Mortgage, it gives you the option to take the equity from your home while continuing to own it. The housing market is hot and majority of someone’s wealth is usually tied up in their home. We understand that when it comes to retirement, sometimes your income takes a hit. With the CHIP reverse mortgage you can supplement your income with the equity within your home and remain in control of your home including the title staying in your name.
What is a Reverse Mortgage?
A reverse Mortgage lets you remain in your home and access up to 55% of the equity. Instead of making mortgage payments each month, you will receive tax free monthly payments. The loan will never exceed the fair market value of your home so it will not be a burden to yourself or your family. If your family wants to purchase the home, they only have to pay the accumulated loan amount and not fair value of the home.
How to Get a Reverse Mortgage
Simply talk to a CENTUM mortgage broker and meet the following criteria:
- Yourself and spouse need to be 55 years of age or older
- Your home is the primary residence
- The location has to be preapproved by HomEquity Bank and be in their lending territory
Reverse mortgages have been a popular option for the past 25 years. It is a great way to supplement your income and access the equity within your home. All you have to do is continue with homeownership duties; pay your taxes, stay current on your insurance and if you currently have a mortgage, make those payments. Yes, you can have both!
A reverse mortgage has endless benefits and really can postively impact your life. Talk to one of our CENTUM mortgage brokers today to get qualified for a CHIP Reverse Mortgage.
Using your mortgage prepayment options can drastically reduce the total amount you spend on your mortgage and shorten the time it takes to pay it down. Even paying a little more each month can make a huge difference.
Anytime you increase your payments, the excess that you pay per payment goes directly into the principal portion of your mortgage. This is a great way to drastically reduce the interest you will have to pay over the term of your mortgage.
Typical prepayments allow you to add between 10% to 20% of your payment amount to each payment, depending on your lender. Let’s say you just paid off a loan and now have those additional funds available each month.
Here’s an example of prepayments being used on a typical mortgage:
All calculations are based on a $400,000 mortgage with a 5 year term and 25 year amortization at a rate of 2.59% with monthly payments.
No Prepayments:
Monthly payments: $1,809.84
Principal paid over 5-year term: $60,836.51
Interest paid over 5-year term: $47,753.89
Mortgage amount remaining: $339,163.49
Years remaining on mortgage after 5 years: 20 Years
Adding a 15% Prepayment:
Monthly payments: $2,081.32
Principal paid over 5-year term: $78,201.00
Interest paid over 5-year term: $46,678.20
Mortgage amount remaining: $321,799.00
Years remaining on mortgage after 5 years: 15 years & 9 months
As you can see, the mortgage was reduced by $17,364.49 and saved $1,075.69 in interest! The mortgage term was reduced by 4 years and 3 months in only 5 years! All for an additional $271 per month.
Making a large payment can be a great option for paying down your mortgage. Whether it’s a Christmas Bonus, an inheritance or maybe even pulling an amount from an investment, lump sum payments help you reduce the amount of interest you will be required to pay on your mortgage.
If you decide that prepayments are for you, you can achieve mortgage freedom sooner than ever!
Contact one of our CENTUM mortgage brokers today and let’s set your goals into motion.
Mortgage Renewal
Your current mortgage provider may not be offering you the best deal so it’s a good idea to get a second opinion. Call me 403.894.8836 and I’ll do the rate shopping on your behalf to get you the best deal. And most of the time, moving your mortgage to another provider won’t cost you anything.
About six months out from your mortgage renewal your current lender will send you a renewal notice. As easy as it would be just to sign that notice and continue with the conditions, it’s important to ensure that you are getting the best rate and mortgage. Let us do a quick review to make sure you are exactly where you should be.
Your renewal date is a fresh start and if there’s another lender that’s able to provide something that better suits your needs for the next term, we’ll find it. There is an assumption that you should just renew, but take the time to review all your options. Make sure you reach out to one of our CENTUM mortgage brokers to review your mortgage renewal!
There’s no better time to negotiate than when a lender is hoping to keep you as a client for another term. Upon renewal, your mortgage lender may reach out and offer you a variety of options. One of our CENTUM mortgage brokers can help negotiate the renewal terms if you don’t have the time or comfort level for it.
Bottom line, we’re here for any mortgage renewal advice. We’re always looking out for your best interest.
Rates can be volatile in nature. Fortunately, if rates are about to rise the media loves to speculate on what is going to happen giving us all a little warning. Even if those warnings don’t cross your path, one of our CENTUM mortgage brokers are here to check in and evaluate your current mortgage.
Depending on the type of mortgage you have, you may incur a penalty if you decide to break your mortgage early. In some cases when rates are about to go up, it can make sense to break the mortgage terms and secure the current rate. It is our job to crunch the numbers, find you the right mortgage and make sure it’s financially worth it.
Don’t take risks with your most valuable asset. At CENTUM, we are here to help.
Second Home or Vacation Property
You’ve purchased your home and now you’re looking for that second property. Whether it’s a place to put your feet up on the weekends or maybe you want to buy a home for your family/kids to live in while attending school in a different community. I can guide you through the process every step of the way. With access to a variety of lenders and products I’ll find what you’re looking for. Did you know you can buy a second home with as little as five percent down payment?
Commercial Mortgages
Commercial lending can be daunting and sometimes difficult but rest assured I have the knowledge, expertise and connections to get the mortgage you need. I will guide you through the steps and procedures to make the result one you can be satisfied with and also saves you money.
Cost of a Mortgage Broker
Chris Marriner’s mortgage broker services are free. You don’t need to worry about payment because the lender/bank pays him for his work and this pay is not charged to you in any way because it comes out of the lender’s profit.
*In very rare circumstances when a client doesn’t meet conventional lending guidelines, fees may apply
Cost of a Mortgage Broker
Chris Marriner’s mortgage broker services are free. You don’t need to worry about payment because the lender/bank pays him for his work and this pay is not charged to you in any way because it comes out of the lender’s profit.
*In very rare circumstances when a client doesn’t meet conventional lending guidelines, fees may apply
Cost of a Mortgage Broker
Chris Marriner’s mortgage broker services are free. You don’t need to worry about payment because the lender/bank pays him for his work and this pay is not charged to you in any way because it comes out of the lender’s profit.
*In very rare circumstances when a client doesn’t meet conventional lending guidelines, fees may apply
Contact Chris Marriner
Send me a message using the form below or give me a call at 403.894.8836
