Using our ServicesThe advantage is this, we know which lender is right for you and more often than not can negotiate a better deal which usually means a better rate. Furthermore we purposely do not advertise interest rates simply because the rate is relative to the clients credit worthiness. Just because an attractive rate is advertised does not mean you will qualify. Don't be fooled by the hype.
Mortgage brokers cannot shop your deal for the best rates. All broker/lender infrastructure require the broker to input a specific lender. Mortgage brokering is all about relationship with the various lending entities and knowing what each lender is offering. The advantage Cirrius has from other Brokerage Firms is its 30 years of experience and the endless solutions created over that period. If you don't qualify for the best rate, we can find alternative solutions. Whether you are looking for a mortgage to purchase a home, refinance it or take out equity the process is pretty well the same but can be confusing and intimidating to even the most savvy individual.
Tips to successful financing
Know Your Finances
Determine how much you can afford to spend monthly. While you may qualify for one amount, it might be too high for your budget.. Set a monthly dollar amount that you feel comfortable committing to. Don’t forget to figure in additional costs, such as insurance, taxes, maintenance, interest, and principle. Do you want to live for your house, or live a travel lifestyle?
Check your Credit Report
While any lender can quickly run your credit report, you should acquire a copy first. It is very important to know your beacon score. This score is downgraded every time your credit is checked by someone other than yourself. Too many enquiries will reduce your beacon score which will then cause you to qualify for a higher rate of interest. If your beacon score is below 700, look for any errors in the credit reporting, any R2 and up, especially R9′s. Then, you’ll know exactly what is on the report and can address any dubious or inaccurate items. Be sure to clear up any financial problems that you can before requesting financing. We can guide you if you need assistance.
Fees to Consider
If you have excellent credit, stable income that can be verified, money in the bank with all your debts covered many times over, you might not need to worry about any fees except closing costs with your lawyer. However if your circumstances are not as solid as the Institutions would like, fees may be charged. The main ones to consider are appraisal, broker fees and title insurance.
- Income Verification
- Notice of assessments
- Pay stubs
- Property details
- Existing mortgage details
- Credit Card statements
- Letters of Incorporation
- Leases for rental properties
- Realty tax statements for other owned property
- Mortgage statements for other owned property
- T1 Generals for owners of multiple residences
If you are a Real Estate Investor
Prepare your investment binder with a list of all properties owned. Provide detailed information on the rental income, mortgages, utilities and include approximate current values. It is important to keep this information up to date and accurate.