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Mortgage Financing

No Stress, No Paperwork,

No Really.

START THE MORTGAGE PROCESS

Not ready to commit just yet? That's okay! Have a look around our website!

James explains why you should work with us!

(and why we want to work with you!)

Getting a mortgage can suck. But It doesn't have to.

We've got your back, the whole way.

With our expertise and know-how, we'll help you save time, reduce stress, and find the mortgage and lender that is right for you. But don't just take our word for it... here's some nice things people have said about us.

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Here's our proven award winning process.

Loewen Group is number #1 mortgage broker burlington

We get to know you.

Our online process makes this easy and convenient. Invest minutes now and we’ll invest hours in helping you move forward. It's that simple.

Best mortgage broker in burlington ontario

We find the right mortgage.

Your agent will prepare a lender comparison report, outlining the best mortgage for your unique mortgage needs. 

Loewen Group is Best mortgage broker burlington

We seal the deal.

We ensure all documents needed are gathered and guide you through digital signing with a custom, personalized video that explains everything.

Loewen Group is Best mortgage Agents burlington

We're by your side.

You're financing is complete. Our commitment to be with you as long as you have a mortgage. We're available to answer any questions! 

Loewen Group Team Photo they are best mortgage broker in ontario

We find the mortgage that suits you. Fact.

We're a team of mortgage broker experts, based in Burlington and ready to help you move forward with your mortgage. Whether you live here, Hamilton, Halton, Oakville, Mississauga, Toronto or somewhere else in the GTA area, we have your back.

Unlike the sales person at your bank, we aren't accountable for profit with a single solution. This truly allows us to take your best interests into account. 
 

MEET OUR TEAM

Smarter not harder video series

Level up your financial knowledge

Smarter not harder with James Loewen is a video series aimed at tackling financial literacy for Canadians who are looking to grow their net worth. As mortgage financing is a huge part of that, have a watch through some of the videos. You never know, something you learn could completely change your life! 

SHOW ME THE EPISODES

Let's run some qualification numbers.

Start by telling us where you're at in your home buying journey.

Guy thinking about mortgage broker services.

Exciting times! Let's find out how much you'll be able to afford once you decide to buy.

Broker assisted in securing a key mortgage for the home

Great! Let's find out whether you'll be able to afford to buy it!

Would you rather play with real numbers instead? Try out our mortgage calculator.

But please don't be fooled by numbers on a calculator, the best place to start is with a pre-approval. Click the Start Here button when you want to make it real!

RUN SOME NUMBERS

What can we help with?

Whatever your mortgage needs, we have a solution for you!

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We regularly add resources to our website so you can stay informed.

Recent Interest Rate Hikes on Canadian Mortgages

Canadian Mortgage Rates: Navigating the Rise

By james loewen • 25 Oct, 2024
How rising interest rates are impacting Canadian mortgages. Explore strategies to manage affordability, refinancing, and private mortgage options.
canadian-mortgage-rate-forecast-2024-2025

Canadian Mortgage Rate Forecast: Trends for 2024 & 2025

By james loewen • 19 Sep, 2024
Find the latest Canadian mortgage rate trends and forecasts for 2024 and 2025. Learn about factors influencing rates, potential risks, and strategies for securing the best mortgage deal.

Mortgage Renewal Tips & Tricks

By james loewen • 26 Aug, 2024
Best Time to Renew Your Mortgage: A Step-by-Step Guide Your agreement with a lender is in force for a predetermined amount of time when you obtain a mortgage. This is known as the mortgage term, and it may be as short as a few months or as long as five years. If you don't pay off the entire sum at the end of each term, you have to renew your mortgage . To fully repay your mortgage, you'll probably need more than one term. It may surprise you when the letter telling you that it's time to renew your mortgage comes in the mail. Your bank says that if you sign now, you'll be okay for an extra five years. How to prepare? Here are some strategies to help you deal with potential rate increases: Lock in Your Rate: If you want certainty and anticipate an increase in interest rates, consider switching to a fixed-rate mortgage at the time of renewal. Compare Rates: Turn down the first renewal offer from your current lender. Looking around could help you find a better deal because different lenders might offer varying rates. Lower the Principal Amount Owed on Your Mortgage : You want to consider paying off your mortgage entirely if at all possible. This suggests that you won't pay interest on as much of your money. How to Get the Best Rates on Mortgage Renewals To obtain the greatest mortgage renewal rates, one must be prepared, time their moves carefully, and use strategy and luck. Getting the best rates requires for first time home buyer Hamilton a quick start and aggressive negotiating. You can obtain the best bargains by using the following advice: Boost Your Credit Score: If you are a more desirable borrower and have a higher credit score, you could be able to get lower interest rates. Reduce Debt: Reducing your debt-to-income ratio can also make you a more appealing borrower and lower your interest rate. Look Around: Don't accept the first offer you receive from your lender as is. Compare the rates being given by several lenders to make sure you're getting the best deal. Because they know you will haggle, lenders often start with a greater offer. Never be afraid to ask for a better offer or a lower cost. Mistakes to Avoid When Getting a Longer Mortgage Even though many homeowners refinance their mortgages on a regular basis, mistakes can still happen. The following common pitfalls should be avoided when renewing your mortgage: Waiting Until the Last Minute: You may feel under pressure to accept an offer that isn't the greatest one that is accessible to you if you wait until the end of your term to renew. Instead, start the process as soon as you can to give yourself ample time to shop around, negotiate, and select the best mortgage for your needs. Not Carrying Out Any Investigation: By completing your homework, you can compare offers from several lenders and perhaps receive a better deal. Disregarding the Fine Print: Every mortgage has particular conditions and limitations. Verify that you have read and understood these terms. Completely Pay off your mortgage: You can also choose not to renew your mortgage and, by just making the payments, become mortgage-free. You could require legal aid to complete the deal, and you might have to say goodbye to housing payments by paying your lender the discharge fee. Why Do Mortgages Come Up for Renewal? Mortgages are frequently designed with shorter durations, ranging from one to ten years, in contrast to some loans that continue until they are completely repaid. Every term has specific terms and conditions attached to it. Since your previous term, the market has probably altered, and the interest rates on offer now are significantly higher. Perhaps your family's needs have changed, your income has increased, or you have new financial objectives. Your decision to renew is influenced by all these circumstances, which might transform an ordinary event into one that could be strategically advantageous. How to Approach Your Current Lender Now that you have a clearer understanding of your objectives and the market for mortgage rates, it is time to get in touch with your existing lender's mortgage department. The most important thing to find out from your present lender is what their lowest renewal rates are. Lenders frequently have a range of rates (floor to ceiling rates) that they can provide; they won't provide the lowest floor rate if they fear losing your business. This can be done with the help of mortgage broker Milton . Considering this, inform your present lender of: That you're looking for the greatest deal That you are aware that there might be some optional pricing available; and inform them that this is their opportunity to win your business, not after you have already put in the effort to locate a better renewal deal elsewhere. Talk to them in a kind and courteous manner, letting them know that you appreciate them so far and that you want to give them every chance to retain your business. Conclusion Keep in mind that it's time to renew your mortgage when your existing term is about to end. This is a strategic opportunity as well as a mere formality. You can safeguard your financial future by taking charge of the issue and being informed about your options. Getting multiple quotes is advisable for any significant purchase. For quotes, it is therefore worthwhile to check with at least one, if not two, additional mortgage broker Burlington or lenders. This can be an excellent area to concentrate on because a broker that offers online mortgage renewals typically produces a highly competitive rate.
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FAQs

Got a question? We’re here to help.

  • What is a Mortgage Broker Agent?

    A Mortgage Broker Agent in Burlington is an independent professional that will work with multiple lenders to find you a mortgage that will suit your needs. They will find a lender with the best rates and terms for your situation. There is usually no fee to work with a mortgage broker if you qualify under standard lending guidelines. Instead, the Mortgage Professionals in Burlington gets paid a commission or finder’s fee from the lender. If there is a fee, this will be disclosed and documented up front.

  • Why use a Mortgage Broker?

    Mortgage planners, also known as mortgage broker, are independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs.


    A mortgage broker’s primary expertise is locating funding for mortgage financing. They know where the best rates can be found including Private Mortgages in Hamilton and Second Mortgages in Burlington. What’s more? They have the knowledge and experience required to present a proposal for financing to a lender in the best way possible ensuring optimal results.


    Intermediaries

    Mortgage Brokers are not employees of a lending institution, therefore brokers are not limited in the product they can offer you. Brokers seek out the best lender package to suit your specific situation, whether it’s with a Chartered Bank, Trust or Insurance Company, or even from Private Funds.


    There is a wide assortment of options and features available to home buyers today. Shopping around takes a lot of time and effort. The mortgage application process in today’s very competitive marketplace intimidates many Canadian home buyers. It pays to work with the Best Mortgage Professional in Ontario that will represent you and ensure the mortgage you get is the one best suited to your needs.


    Choosing the wrong mortgage can cost you thousands of extra dollars. Mortgage brokers are trained professionals who can help you save thousands by choosing the right mortgage.


    Expertise

    Mortgage brokers negotiate for a living and understand the mortgage market in fine detail. The interest rate alone makes up a very small part of the total contract and there are many other considerations to be mindful of when organizing your mortgage. A broker has the expertise to know which lender to place your mortgage with and how to ensure your terms and conditions are optimal. It has been said that in Canada there are two types of buyers. Educated buyers and victims. Don’t be a victim; deal with a mortgage professional who further provides Mortgage Assessment Program and get the right advice up front!


    Superior Rates

    Mortgage brokers are in daily contact with lenders and know which applicants and property types attract favorable interest rates from one institution, but higher rates at another. Some lending institutions, in fact, accepts mortgage submissions from mortgage brokers directly.


    Interest rates and lender appetites for certain types of loans can change daily depending on several economic factors. The size of an institution’s portfolio in a particular type of mortgage, for example, can change their willingness to lower rates and attract new business. Your Mortgage Broker keeps current and knows which lender to approach first. As a result, mortgage rates obtained by brokers are the best available at the time of placement.


  • What are the costs of obtaining a mortgage?

    Some of the costs associated with obtaining a mortgage are legal fees, appraisal, home inspection, and utility hook-ups. We usually recommend that you have approximately $2,500 set aside to complete your property purchase.

  • What is the difference between insured and conventional mortgages?

    Your mortgage is insured when you have less than 20% to put as a down-payment on your purchase. By law, banks cannot lend more than 80% of the value of the home unless it is insured by CMHC (Canada Mortgage and Housing Corporation), Genworth, or Canada Guaranty. These insurers protect the lender against default. An insurance premium is charged and is added to your mortgage amount. A conventional mortgage is when you have 20% or more to put as a down-payment on your purchase. In most cases, there is no insurance premium charged. Occasionally, the lender may still need/want to have the mortgage insured through CMHC, Genworth, or Canada Guaranty depending on the location of the property or type of property being purchased.

  • What are the costs of the CMHC, Genworth, or Canada Guaranty Premiums?

    The amount that would be added to your mortgage will depend on the amount you have put as a down payment. The premium is a percentage of the mortgage amount. You can visit our Mortgage Qualifier calculator to see the current premiums and run your own scenario.


    Your amortization is how long your payments are spread out. You can amortize your mortgage all the way up to 30 years, and even to 35 years with some lenders.


  • Why is getting a pre-approved mortgage so important?

    Getting a mortgage pre-approval is important for many reasons. It is important to know what purchase price you are qualified for before you go home shopping, this will ensure you are looking in the right price range. You need to ensure that you can comfortably afford not only your mortgage payments but all of the other costs of owning a home, such as property taxes and utility bills. If you have not owned a home before, these amounts may be a bit surprising. Your Mortgage Professional will help you take a look at the entire picture. You need to ensure that you will qualify for a mortgage based on the lender’s criteria. If there are issues, it is better to discover them at the pre-approval stage so that you and your mortgage professional can work on fixing those issues prior to your search for a home. If you are not able to qualify for a mortgage at this time, we can assist you in taking the steps necessary to qualify for a mortgage in the future.

  • Once I am pre-approved for a mortgage, I will have no problem obtaining a mortgage, right?

    It is important to note that a pre-approval qualifies you as the applicant. Your mortgage professional will have confirmed your income, credit and down-payment at this stage. However, we are not able to pre-approve the property you will be purchasing. This is still subject to lender/insurer approval. Therefore, it is important that you always put a “subject to financing” condition on your offer to purchase. Your real estate agent will assist you in writing the offer to purchase. Also, a pre-approval is only valid if there is no material change in your financial situation and the supporting documentation matches what has been verbally communicated. If something has changed since you received your pre-approval (i.e. changed jobs, acquired new debt etc.) you can also approach a knowledgeable Mortgage Broker in Ontario so that they can review your file and can provide you invaluable assistance throughout the process. 

  • What happens when I find a home?

    Once you find a home, you and your real estate agent will write an offer to purchase. 


    Once the negotiations have been completed, your real estate agent will forward a copy of the offer to purchase and property highlight sheet to your mortgage broker. They then submit the mortgage for final approval to the lender. 


    Once the lender/insurer approval has been obtained, the lender will send a mortgage commitment to your Mortgage Broker outlining the details of the approval along with any paperwork that may still be required. Your mortgage broker will then contact you to go over the approval and ask you for the paperwork required to complete the mortgage file. 


    Once the paperwork has been received and approved by the lender, your mortgage file will be complete and you can remove your “subject to financing” condition on your offer to purchase. 


    Once you have removed all of your other conditions, such as “subject to home inspection”, you have purchased your home! Your next step will be to go to your lawyer to sign the legal paperwork required in order to complete your purchase. You should expect to go to the lawyers approximately 10 days prior to the possession date. When you go to your lawyer, you will be expected to bring the remaining down-payment and monies to cover the closing costs. Closing costs can include property tax adjustments for the property, title insurance, legal fees and disbursements, among other things. These funds must be in the form of a certified cheque or bank draft. 


    Once you have completed the paperwork at the lawyers, you will then wait to take possession of your home on the possession date negotiated. On possession day your lawyer will receive the funds from your lender and they will send the funds over to the seller’s lawyer along with your remaining down payment and property tax adjustment. 


    Once these funds are with the seller’s lawyer, the seller will release keys to you. If you are using a real estate agent, the agent will get the keys from the seller or seller’s agent and will typically meet you at the new home. You will do a quick walk through with your real estate agent and Mortgage broker in Burlington to ensure everything is as agreed and you can then start moving in. 


    Congratulations!

  • Can I still go through my bank with my broker?

    Yes, letting a mortgage broker represent you to your own financial institution can often result in a better rate than you could get on your own.

  • How do Brokers get better deals than many banks?

    The lenders who work with mortgage brokers include traditional sources such as chartered banks, trust companies, corporate funds and private pension funds.


    Brokers and banks actually work together and the broker channel can be a very useful source for banks to lend their money. In addition, banks understand that brokers are shopping the entire market and know where to get the best rates. As a result, banks often allow brokers to lend their money at a lower rate than the bank will offer directly. Lending high volumes of money at lower rates is still very profitable for the banks.


    For best results always call your Broker first.


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