Looking for a Mortgage in Orangeville?
Orangeville is a great place to live as it’s offers a friendly community driven town outside the busy city and offers a convenient location amongst the beautiful Dufferin County countryside.
We arrange many Orangeville mortgages (about half are first time home buyers) and refinancing. I have access to at least 70 lenders and 100 alternative lenders. As an Orangeville mortgage broker I work for you, the client, not a bank! That is a key distinction, having a relationship with clients allows me to help throughout your lifetime. As you move from one home to the next, plan for renovations and life changes, I can help you free up capital and reduce monthly debt obligations along the way. My goal is to help keep your monthly payments as low as possible.
With the recent rise in interest rates we see a growing demand for people needing help as they are coming up for their mortgage renewal. This ability to refinance or consolidate debt in Orangeville helps you navigate monthly costs and could even pull some equity from your home to ease the financial burden.
If you are a young family trying to buy a home in Orangeville, just do it!
“The best time to plant a tree was 20 years ago and the second best time to plant a tree is right now.”
Buying real estate in Orangeville is a great investment
Orangeville homes are only going to increase in value for these reasons.
- There is a lot of immigration, and people, most new to Canada can’t afford to live in the city
- With remote work and flexible part-time remote work becoming more of a normal thing, people are realizing that they don’t have to live in the city. It’s more expensive there and the quality of life is nowhere as good as in areas like Orangeville and Kitchener-Waterloo
Reasons to buy home
- 100% of a rent payment goes out the window every month, with mortgage payments a good chunk of the payment goes to the principal.
- You are not going to renovate an apartment while you will improve a home you own and that lets you live in a nicer place and increase the value of the home with your time and money.
- Homeowners have 40 times more net worth than renters
- Stability, you are not going to get evicted from your own home
Reasons to refinance
- Get a better interest rate
- Consolidate debt
- Pull cash from your home equity
- Renovation, large purchases, life changes
- Lock in a different interest rate
Ready to Move?
If you have made the decision to move you need to get Pre-Approved before you look at homes in Orangeville. Most real estate agents will ask for this. I will help you get pre-approved and give you a great idea of your monthly carrying costs before you buy.
How much down payment?
If you are a first time home buyer you need to have a down payment. This equates to 5% of the first $500k of your purchase price and additional 10% on anything exceeding $500k up to $999k. If the purchase price is about one million then 20% down is required.
Banks will want to see that you have an additional 1.5% of the purchase set aside for the closing costs
How many years of income history do I need to show for a mortgage?
- For Salaried income all we need is a job letter and a current paystub, that’s it
- For hourly or commissioned/bonused income the banks like to see your last 2-years T4s as well
- For self-employed people, we usually need bank statements for the last 6 to 12 months.
There are lots of options for self-employed people. In fact, there are mortgage lenders who specialize in financing self-employed people. They don’t ask for tax statements!
Their mortgage interest rates are about the same as the banks, but there can be small fees to get the mortgage set up so please contact me first.
There are special rules in place to help people who are New to Canada purchase a new home. Contact me to find out how to take advantage of some of these special rules
Q + A
I am finding my mortgage expensive, Should I sell my Orangeville property, can you help refinance?
Never, ever sell without having another home to buy. If you sell and get out of the Real Estate market you may never be able to get back into the market.
If you are finding things expensive, come to me to figure out ways to reduce your monthly payments and the stress. Refinancing is almost always an option, but there are other options that I can give someone as well (Like switching banks etc.)
If we bought a home in Orangeville a few years ago but are worried about increased interest rates at renewal can you help us refinance?
Yes, I can find cheaper solutions for you when you come up for renewal. Not just that but there are usually no costs to take advantage of a cheaper, less expensive solution.
If I want to renovate my home, is there a financing option for that?
Yes, there are options for financing renovations for your home, but be careful, some options can be very expensive. Come to me first.
If I am turned down by the bank because I bad credit, can I get a mortgage?
Yes! Firstly, there are about 7 big banks in Canada but over 70 mortgage lenders. Most people have not heard of these other mortgage lenders because all they do is mortgage financing, they don’t have retail branches, so they are not as visible.
These other lenders are much more “Common Sense” lenders and will give you financing if the story makes sense.
These other lenders typically have better rates, and the penalties to get out of a mortgage are thousands of dollars less than what the big banks charge (oh on that note about 7 out of 10 mortgages taken out at banks will be paid out before their full term is up and that triggers the penalty. I often wonder if banks make more profits on penalties than on the interest they charge?