Paramjit s. Girn – Mortgage Delivery Guy Mississauga

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Paramjit S. Girn

Welcome! Besides preparing quality content, we help Mississauga, Brampton, Toronto and GTA residents leverage their time and banks money efficiently to make them mortgage free quicker. Having said that, allow me to invite you to meet our licensed mortgage broker expert for an eye opening, no obligation session. Everyone who attends it, loves it. We are almost certain you will too. Don’t forget to down load your mortgage calculator app before you leave today.

First Mortgages

Did You Know 80% Home Owners Do Not Know how are their First Mortgages registered on Title of Their own property?

This article is an attempts to clarify the fundamentals of first mortgages and associated liens and their impacts on first time home buyers and other mortgage seekers in Mississauga, Brampton, and Toronto area.

To legalize the dead pledge, a lien, legal claim on a property is registered against the title of the property at land registry office. First, second or third mortgages signifies the priority status of the lender to claim a property in case of default. This means the lender who has registered first mortgages has the first right to take over a property irrespective of the amount owed.

Due to relative safety of the lenders money they tend to charge lower interest rates on first mortgages. There are a lot more lenders beside major 5 banks, who compete for your first mortgage business. They all offer very similar mortgage rates & what you may find strange is that some of these mono-lenders are owned by the major Canadian banks.

Surprisingly around 80% of home owners are not aware of type of liens lenders are registering their properties. Ask your mortgage broker and your real estate lawyer to explain you the real difference between two types of liens related first mortgages. They are known as Standard and Collateral Liens.

Standard Liens on Mortgages: This is the most liberating lien on a real estate. Standard liens allow you to pay off and change lenders at relative ease.

Collateral Liens on Mortgages: This lien on other hand is restrictive. It does not allow transfers. Some lenders offering first mortgages at rock bottom mortgage rates use this type of lien. Via this type of lien lender registers up to 125% of the value of a real estate. In case of arrears or late payments banks can raise the mortgage rates. It enables you the access to extra cash without going through approval process again however you are stuck with the same lender. You can’t choose another lender for extra cash. In general collateral liens are associated with rock bottom first mortgage rates.

First Mortgages – The Way to Go For Real Financial Freedom.

Whether you are a tenant or are in the business of accommodating tenants in your real estate, the most effective way to accomplish your goal to financial freedom is via mortgages. However you have to be smart about it. Due to recent credit crunch, it is evident that lenders have become very selective when approving loans, which has devastated many home buyers. We have designed a proprietary which allows us to offer your mortgage business to the lenders who prefer profiles similar to yours. This strategy drastically lowers the possibility of your application being rejected by the lender.

Recent Changes in the arena of First Mortgages;

Effective Jan 01, 2017, every federally regulated bank providing first mortgages (new purchases and Refinancing) to real estate borrowers will make the borrowers go through Mortgage Stress Test at the mortgage rate of 4.99%.

Mortgage Stress Test is nothing new to Canadian mortgage arena. It was implemented on Oct 17, 2016 where Canadian Banks/ lenders were check the borrowers affordability by using mortgage interest rate of 4.64% with 25 Years amortization on first mortgages with less than 20% down payment.

In case you like to checkout your mortgage monthly payments with new mortgage stress test rate of 4.99%, you should download our premium mortgage calculator app for your smart phones. Realtors love it, so will you!

Never think first mortgage to be just a huge loan

We personally believe, mortgages are the most critical factor of financial planning, retirement planning and last but not least debt free living in Ontario Canada. If you are looking for a mortgage broker for your home or next rental property in Toronto, Mississauga, Brampton and surrounding area book Your Free Strategy Session to discuss and/or design a customized mortgage solution above and beyond just lowest mortgage rates.

In case you like to checkout your mortgage monthly payments with new mortgage stress test rate of 4.99%, you should download our premium mortgage calculator app for your smart phones. Realtors love it, so will you!