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The Mortgage Brokers Homebuyers Trust

Mortgages, like anything else, become less intimidating the more you know about them. That’s why we at Platinum Financing Solutions are offering this page of basic information about mortgages. Our experts answer these and other questions for you.

Why Work with a Mortgage Broker?

As your mortgage broker, our job is to listen to your needs and dreams. Then we will find a mortgage that helps you achieve everything, simply and affordably.


Just as an insurance broker finds you the best deal on insurance, a mortgage broker finds you the best deal on a mortgage by working on your behalf for your best interests.


Independent Advice
Because we provide mortgages from various lenders, you're not tied to one lender or one type of mortgage and we work for your benefit, not the lender's. This allows me to offer you more choices, and more competitive rates. Because I don’t work for any one lender, we will present you with different options that fit your needs and together we’ll decide which mortgage is best
for you and your financial future. No pressure. No ulterior motives.


More Mortgage Choices
Through our Mortgage Market technology, we have electronic access to over 50 major lenders in Canada, so we're able to offer you highly competitive rates that are among the best in the industry. We will ensure that you get the most attractive rate currently available to you.


Access to Our Wide Lending Network
We work hard to get you a competitive rate by leveraging our wide lending network. Fast, convenient, local service. We are here to keep your mortgage moving forward. What's more, you're working with a local business person with ties to the communities where they do business.


Specialized Knowledge
Through training and certification, we have a good understanding of available products, features, and rates. We're also great at explaining the sometimes complex industry specific language in everyday terms, so you know exactly what you're getting into.


Reputable Lenders
We deal with reputable and established Canadian financial institutions. Plus, we have access to mortgage specialist-only lenders who offer competitive rates and features that you may not find at your local financial institution.


Let us help you find the best deal on your mortgage.
Let's talk today!


The right mortgage for you isn't necessarily the one that offers the lowest rate, but rather a complete package of terms, conditions, rates and fees that fit your specific short- and long-term financial goals.

A mortgage specialist will strive to understand your needs and explore options that are relevant to you.

Canadian Mortgage and Housing Corporation Genworth Canada Canada Guaranty

Selecting the Right Mortgage

The right mortgage for you isn't necessarily the one that offers the lowest rate, but rather a complete package of terms, conditions, rates and fees that fit your specific short- and long-term financial goals. A mortgage specialist will strive to understand your needs and explore options that are relevant to you.


Some of the basic choices in selecting a mortgage include:


Conventional vs. High-Ratio Mortgages
A conventional mortgage equals no more than 80% of the appraised value or purchase price of the property, whichever is less. A high-ratio mortgage is usually for more than 80% of the appraised value or purchase price. It's often referred to as an NHA mortgage because it is granted under the provisions of the National Housing Act and must, by law, be insured through a mortgage insurance provider. The insurance premium as well as application, legal and property appraisal fees are paid by the borrower.


Closed vs. Open Mortgages
Closed mortgages generally offer lower interest rates than open mortgages of the same term, but open mortgages let you pay off as much as you want, any time, without penalty - which could save you a bundle in the long run.


Short Term vs. Long Term
The term you select is important. Short term mortgages are appropriate if you believe interest rates will be lower at renewal time. Long term mortgages are suitable if you feel current rates are reasonable and you want the security of budgeting for the future. This can be especially important for first time homebuyers.


Fixed Rate vs. Variable Rate
Identifying whether a fixed or variable rate mortgage is best for you is an important decision. The truth is that no one can accurately forecast what the future holds in the financial markets 3 to 5 years from now. So assessing whether a fixed or variable rate mortgage product is best for you requires an understanding of your personal financial plan and ability to handle market fluctuations.


Fixed rates are based on the yield on Canadian government bonds and will not change during the term of your mortgage. This buffers you from increases in market interest rates and allows you to budget precisely for whatever term you select - from one to as many as 25 years.


Variable rate mortgages fluctuate with the market. Variable rates are essentially determined by institutional prime lending rates, which are influenced by the Bank of Canada's key interest rate. So you receive a discount or surcharge on prime based on what your lender is offering at any given time.

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Lenders

Platinum Financing Solutions works with over 50 banks, trust companies and financial institutions to find you the best mortgage. Some of the lenders that we regularly work with include:


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Contact Us

120 Watline Avenue, Unit #5,

Mississauga, ON, L4Z 2C1


Phone: 416-930-5257

Fax: 416-352-1223


mortgage@platinumfinancing.ca

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