With interest rates at a record low, many people are considering a new mortgage or looking into refinancing their current mortgage. With the vast array of lending options available for residential mortgages, it can be helpful to meet with a mortgage broker for help exploring all of the options.
Mortgage Brokers or Traditional Bank
Choosing to work with a mortgage broker over a traditional lending institution has a few benefits. Experienced mortgage brokers like Kash Toor, CEO of Mortgage Partners Corporation, have access to a wide variety of institutional and private lenders. Kash and his team are able to find innovative financial solutions that are well-suited for each individual client.
“Mortgages from traditional banking institutions can be difficult or complicated to secure,” says Kash. “We pick up a lot of work from the major banks as their stringent rules for qualification process makes it tough for applicants. In this case, we are always able to provide the alternative solution and ensure that the client has options.”
Professional Responsibilities of Mortgage Brokers
According to Kash, the role of a good mortgage broker starts with educating the client and continues until the final mortgage is secured. “Preparing the client ahead of time is the biggest responsibility for us and our team,” he says.
The team at Mortgage Partners Corporation makes sure their clients understand the basics of mortgages, refinancing and all of the costs associated with these types of transactions.
Understanding Costs Associated with Purchasing a New Build and Previously Owned Homes
Kash believes that his clients need to understand all costs associated with their house purchase. They should understand that the costs associated with purchasing a newly built home can be different than when purchasing a previously owned home.
“Some costs that you should be prepared for and consider are appraisal, home inspection, property tax hold back, land transfer tax, development levy, grading deposit, water/hydro hook up, legal fees, title insurance and mortgage transaction fees from the lender,” says Kash.
Previously owned homes can have slightly different costs associated with the purchase. Potential buyers must make sure that the value of the property is supported by their lender.
According to Kash, “The buyer must also make sure there are no notices of security registered on the home for water tanks, furnaces, skylights, etc. These can be costly assumptions made by the purchaser if not disclosed in advance.” Potential buyers must also consider the costs associated with home inspection, appraisal, land transfer tax, legal fees, title insurance and disbursements.
“Purchasing a new home in resale is very different from a new build purchase and being prepared ahead of time for all costs associated with the transaction allows you to have peace of mind,” says Kash.
The commitment that the Mortgage Partners have to their clients does not stop until all the paperwork has been filed and the mortgage transaction is complete. “We have a professional responsibility that if we take on a client or a file, we ensure the completion right through to funding.”
Clients’ Needs Come First
Kash and his team at Mortgage Partners Corporation put their clients’ needs first. “At the top of each and every transaction, privacy and confidentiality come first,” he says. “Product suitability and due diligence results in a timely funded transaction and a happy client.”
Mortgage Partners Corporation has funded over $200 million in residential mortgage transactions. “I am very happy and proud of running a successful and growing fully independent brokerage with now over 5 locations, including Vaughan, Richmond Hill, and North York.”
Mortgage Partners Corporation serves South Simcoe, providing mortgages, commercial loans, private lending and debt consolidation services. For more information, visit their website at mortgagepartners.com. Contact the team by calling (905) 703-7399 or email them at [email protected].