Stratford Mortgage Broker

Home Mortgages

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I am partnered with the top Banks, Broker Exclusive Mortgage Companies, Credit Unions and Trust Companies. We also have a large portfolio of private lenders if you have difficult credit circumstances.

Home Mortgages for Purchase
If you have a strong credit history with a credit score of at least 600>, typically you have been able to purchase a home with as little as 5% down with a maximum amortization of 25 years. However the new government rules have brought about alot of changes in the industry this year making it very difficult for people to qualify. Most people need higher credit credit scores and more income to qualify for the same amount they would have the year before on the same income. With the new "Stress Test" we have to qualify anyone applying for a mortgage at the Bench Mark rate which is currently 5.34% or 2% above contract rate, the higher of the two.
So please contact me prior to making an offer or waiving your financing conditions so I can work the figures to ensure it works.

Down Payment Required
This will depend on your income and what monthly debts you are paying. Anyone with less than 20% must qualify for Mortgage default insurance through CMHC, Genworth or CG. The premium is added to the mortgage and included in your mortgage loan amount and monthly payments.

New mortgage rules as of January 1st, 2018
Anyone putting 20% of more down must qualify at the bench mark rate, whereas at this time you can stil qualify at the contract rate. What this means is that you will need more income to qualify for the same amount that you did before.

Types of properties we finance
- Single family homes, owner and non-owner occupied up to a 4-plex.
- Acreages- House plus value of certain acreage
- No mobile homes or prefab homes.
- Commercial and Commercial mixed use, 5-plex plus

Mortgage amounts and values
Most of the lenders and mortgage companies through our broker channel have minimum loan amounts and values and in some cases restrictions on loan to values in smaller populated areas. If your purchase is under $100,000 and the location of your purchase is in a smaller density area, please contact us first so we can ensure we can finance the property.

Mortgage Interest Rates and Fees
Mortgage interest rates will vary depending on your individual credit situation. If you qualify for Bank financing you will receive the best rates with no lender or broker fees. If you have had some credit issues in the past you will likely be placed with a finance company or private lender. In which case lender and broker fees will apply.

Mortgage pre-approvals
If your just starting to look the best place to begin is with a pre-approval so you know exactly what you qualify for. Depending on your credit we can most times lock in your interest rate for up to 120 days while you go house hunting.

QUICK LINKS to apply for a Mortgage ONLINE

PCS or Laptops
Mobile Application
Downloadable PDF Application

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Toll Free: (866) 592-0516 Fax: (866) 407-5702 Mailing Address: 321-356 Ontario Street, Stratford, ON N5A 7X6