SERVICES

In order to provide you with our complete range of services, we have drawn up a “ Question and Answer “ Summary.

We sincerely hope, you will find this useful. However, in case you desire any further information or clarification, kindly do not hesitate in letting us know, and we shall be pleased to answer your queries.

Q: WHY DO YOU NEED A BROKER?

This is a very common question in the minds of several potential buyers. We would like to clarify that in the midst of close competition between banks and other lending institutions, it becomes more complex for
an average buyer to decide, whom he should approach for mortgage finances, and which type of mortgage will be best suited for his needs   It is for this reason, the services of SM FINANCIAL MORTGAGES are necessary, since they are highly skilled professionals to the core.

Personal Service:   We always request a “one on one” meeting with our clients in our office, at a mutually agreed date and time, as each individual client has a different requirement. As Brokers, we deal with more than 30 lending institutions, and therefore have a wide selection of over 100 products to choose from.

*We represent you and not the lender. We can therefore negotiate a more beneficial deal for you, since, we as brokers, have the “practical” experience and authority to take such helpful actions.

*Our Agents remain updated with the latest trends in the market, and can therefore advise and offer you competitive rates for the product, which suits your needs.

 *There is no consultation fee whatsoever, and you can discuss your requirements with us, in two or three sessions, so that all your queries and doubts are clarified, before applying for a mortgage. This, in itself, is a big advantage.

Pre-qualification:  Based on your financial needs, we will help to provide you with a “realistic” price range, which can pre-qualify you in your mortgage application. We ensure that the proposed mortgage is within the reach of your personal earnings, and it blends comfortably with your life style.

Feedbacks: We keep a constant follow up and ensure that this works out smoothly to your satisfaction. Our co-ordination is therefore with the lender, lawyer, appraiser and any other professional, necessary to close the deal.

Costs: Our professional services are absolutely free. if you qualify for the mortgage. However, if for any reason, your application is not approved, we will in that case, charge you a reasonable cost for rendering professional services. as per Government Laws, which need a written statement of mortgages, before the client signs various documents.

Please note: All terms and conditions are personally explained by us, in our meetings, so that the entire project, gives you a “clear cut” picture. Our basic aim is to provide “stress free” mortgage consultations, on the best available rate and terms, thereby giving you  the pleasure of buying a new home, through SM Financial Mortgages.

Q: FIRST TIME HOME BUYER

It is a known fact, that a first time home buyer is always nervous and curious to find out a number of facts and figures. This is definitely understandable; after all buying a house is a “very important” decision in one’s life.

We therefore recommend that this decision should only be taken, with the help, assistance and guidance of seasoned professionals, like we have in SM Financial Mortgages.

Our aim is to keep you relaxed and tension free, so that the entire process of home buying is carried out in a very convenient and friendly manner.

Our Agents will be more than happy to look after you and provide answers to the following, most commonly asked questions:

1) What are the basic requirements to get a “first” mortgage?

2) How much down payment is necessary, and whether you can use your RRSP to meet this requirement. ?

3) You would also need to know about the “other” expenses involved, in order to obtain a “first” mortgage.

4) Based on the details and requirements given to us in our meetings, we can inform you about the maximum amount of mortgage, you can qualify for.

5) We will also advise the time period, normally required for obtaining this finance, and whether CMHC insurance is applicable in your case or not.

6) Finally, we will let you know the most favorable “term period” of this mortgage, which will be based on your needs and requirements.

MORTGAGE PRE-APPROVAL

Before buying a house, a “pre- approval” of your property mortgage is essential. This will give you an indication of the price range of your home, as well as the monthly payment and the corresponding interest you will have to pay.

A pre-approval gives you a 120 days guarantee, since during this period, your interest rate will remain     “protected”, and in case there is an increase in the rate, the same will not be applicable to you.

Moreover, a pre-approval mortgage provides you the ability to negotiate any offer on your home purchase. This will enable you to make a definite offer, which the seller of the property, will consider as a more serious proposition. A better deal for your proposed property, is therefore assured, when have a “mortgage pre-approval”.

MORTGAGE RENEWAL

A few months before the term of the first mortgage is about to end, you will receive a notice from the lending institution, requesting for a renewal.

We strongly recommend that before doing so, please do give us an opportunity to discuss, as it is quite possible, that with the help of our influence and field experience, we can try and get you, a still better rate, than your first mortgage.

This exercise should be carried out, even if it’s 3 or 4 months before the renewal date -earlier the better!

REFINANCING

Because of prevailing low interest rates, it is decidedly better to borrow money from your home equity, rather than paying higher rates on other loans.

Refinancing helps you in debt consolidation, renovation and home improvements. You can always request for our support and guidance, and our expertise is at your disposal.

Whenever, you are planning to get a SECOND or THIRD MORTGAGE, please do let us know, and we can contact the right type of lenders, who specialize in offering attractive rates for 2nd or 3rd mortgages.

Since such type of products is not advertised by lenders, the majority of buyers are not aware of this benefit.

Since we have a good, strong hold in the market, we can undoubtedly assist you to get a substantial price saving, so that you can enjoy the benefits of our experience and professionalism.

COMMERCIAL MORTGAGE

We have a wide range of resources for providing commercial mortgage, and can help you to get mortgages in the purchase of commercial buildings, gas stations, restaurants, hotels or motels, strip plazas or any other type of commercial ventures, in which you are interested. Business loans or business line of credit can also be arranged, with our contacts.

Of course, this is rather a complex process, and will definitely require a series of meetings with us, which can be arranged on any date and time convenient to you.

Please do give us a call, whenever the need arises.

MORTGAGE TERMINOLOGY

We feel. It’s always better to be familiar with ‘day to day’ phrases used in mortgage parlance. Keeping this in mind, we give below some items of common glossary, which we hope will be useful.

Adjustments in Rate Mortgage: The most common adjustments are for a gap of one, three or five years.

Amortization: This pertains to making equal payments on a regular monthly basis for the outstanding balance on your loan. The borrower has to pay both interest and principal with each equal monthly payment.

Application Fee: When applying for a loan, the borrower has to pay a certain fee to the lender. This  payment, of course, does not guarantee, that the loan will eventually be approved. This is the lender’s fee for rendering professional services.

Property Value: This is organized by an “appraiser”, whose findings are based on recent sales figures of similar properties.

Balloon Loan: This is a fixed rate mortgage for a given number of years i.e. 5 or 7 years, and has to be paid off in full in one single payment. Such type of loans is now being frequently used, by those expecting to sell or refinance their property within a specified time period. 

Broker: The basic function of a Broker is to arrange funds and negotiate contracts on behalf of the client.
All brokers charge a fee or receive a commission for the services rendered.

Deed: This is a legal document, which relates to the transfer of ownership of the property from the seller to the buyer.

Escrow Account: The fees charged on this account can be of any amount from a few hundred dollars to a thousand dollars, based on the purchase price of your home. These fees represent preparation of all legal documents, connected with your property.

Equity:  This applies to the difference between the current market value of the property and the balance of ll outstanding dues.

Finance Charges: This covers the total amount of your loan and includes all interest payments for the duration of the loan; any interest you have paid at closing; your origination fee and any other charges, which you have paid to the lender. However, this does not cover fees for title search, credit report or appraisal charges.

Gross Monthly Income: This is mostly used for calculating whether the borrower qualifies for a particular loan, since his income pertains to the total amount, a borrower earns per month, without taxes.

Hazard Insurance: Insurance Companies can protect the insured from losses, such as Fire, Vandalism, Storms, Earthquakes, or any other natural calamities.

SALIENT FEATURES OF OUR SERVICES

SM FINANCIAL MORTGAGES provide you with a “Shopping Combo” covering all your mortgage needs, thus giving you a saving on time, and money, along with lots of convenience and ‘homely’ service.

1. Pre-qualification can even be done over phone, if all related documents are given to us at one time.

2.  We can try and get you a mortgage up to 100% of your purchase price.

3   We can try and get you a mortgage, even if your credit is not very satisfactory.

4    There is absolutely “no charge” for our above referred services.

CAPABILITIES:

Since we have a lot of influence in our industry, many lenders offer us attractive and favorable rates.  This important benefit is therefore passed on to you as savings in the purchase of your property.

All agents working with SM FINANCIAL MORTGAGES are highly skilled professionals. We therefore, spare no pains whatsoever to help and assist you in getting a home mortgage, irrespective of what your situation is.

Our motto is:  DO IT RIGHT AND GET IT DONE!

A trial alone can convince you of our capabilities.