Latest Mortgage Rates
|Updated October 27, 2014||0.0 %||0.0 %|
|Variable ARM||2.4 %||2.8 %|
|1 Year Closed||2.99 %||3.09 %|
|3 Year Closed||2.69 %||3.19 %|
|5 Year Closed||2.79 %||3.29 %|
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Toronto Mortgage Broker for Mortgages in Toronto
Why use a Toronto Mortgage Broker
If you're buying a home in Toronto then it will not be far stretched to say that you will need a mortgage. Question is did you know that there is a difference between mortgage brokers and the bank loan officers? If you do not know the difference, there is actually a big difference and that you have a choice in which one you use.
Think of your Toronto mortgage broker as a scout. Brokers find and evaluate home buyers who desire to obtain financing, analyzing each client’s credit situation differently so that they are able to determine which lender is the best fit for that particular clients needs. The mortgage broker submits the home buyer's application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good broker can find a lender for good, bad, or no credit. The clients credit will not stop them from obtaining a Toronto mortgage if they are dealing with an experienced broker.
When dealing with a bank no matter what employee you work with all, employees of the bank work to sell and process mortgages and other loans originated by their employer. They often have more than one type of loan to choose from, but all loans originate from one lender; the bank. The loan officer within the bank will take your application and see if the bank has a home loan that suits your needs. If your personal credit is approved then the bank will move forward. If your credit is denied then the process ends and they no longer try to find you other options. A Toronto mortgage broker will try other avenues and lenders if the first lender tells them no or gives them an unfavorable response.
loans. The first loan is the amount the mortgage broker is able to secure you and the second is the amount the bank offers you. The Toronto mortgage broker loan will charge 6% in interest a year; the bank is offering a loan charging 6.5% interest a year. The half a per cent difference on a $150,000 home loan over 25 years, can cost the client an extra $13,900 if the client chooses the more expensive loan from the bank.
In 1834, with 9,000 residents the ‘City of Toronto.’ was incorporated. The population continued to expand to the extent that when Canada became a country in 1867, the city was home to 50,000. By 1900, 250,000 people lived here. Today, Toronto is Canada’s largest city, the heart of the nation’s commercial, financial, industrial, and cultural life, and is one of the world’s most liveable urban centres.
With 2.5 million people living in Toronto proper, and about five million in the Greater Toronto Area, about half of the province’s people live in the metropolitan area. There’s a large and thriving multicultural population, and more than 100 languages can be heard on the streets.
Toronto is a major international centre for business and finance. Generally considered the financial capital of Canada, Toronto has a high concentration of banks and brokerage firms on Bay Street, in the Financial District. The Toronto Stock Exchange is the world’s seventh-largest stock exchange by market capitalization. All of the Big Five banks of Canada are headquartered in Toronto, as are a majority of Canada’s corporations.
The city is an important centre for the media, publishing, telecommunications, information technology and film production industries; it is home to Thomson Corporation, CTVglobemedia, Rogers Communications, and Celestica. Other prominent Canadian corporations in Toronto include Sun Life Financial, Four Seasons Hotels, the Hudson’s Bay Company and Manulife Financial.
Although much of the region’s manufacturing activities take place outside the city limits, Toronto continues to be an important wholesale and distribution point for the industrial sector. The city’s strategic position along the Quebec City-Windsor Corridor and its extensive road and rail connections help support the nearby production of motor vehicles, iron, steel, food, machinery, chemicals and paper. The completion of the St. Lawrence Seaway in 1959 gave ships access to the Great Lakes from the Atlantic Ocean.
Toronto Planning and Initiatives
See Toronto Agenda For Prosperity for current Toronto economic development plans.
Toronto’s Waterfront Development - Waterfront development planning initiatives.
Visit Toronto’s City Initiatives home page for more information.
Toronto Property Taxes
Toronto has the lowest property tax rate of any city within or surrounding the GTA. Toronto does unfortunately have it’s own land transfer tax which is structured very similarly to the Ontario land transfer tax. Click the link to view the most recent Toronto property tax rates.
If you are currently looking for financing in Toronto it has never looked like a better time to get financing. Rates are at an all time low and the housing market has proven over the last 12 months how resilient our market is. The prospects are especially bright if you are a first time home buyer.
About Trillium Mortgage
Name: Amanda Cluett
Tel (Local): 416-524-5432
Tel (Toll-Free): 1-877-5 RATES 1