Mortgages, Collingwood, ON | BlueRock Wealth Management

With our assistance, you’ll soon find that mortgages aren’t as confusing as they may seem.

If you are confused about mortgages, you aren’t alone. With so many different types, terms, rates, and other things to consider, it isn’t just a matter of completing an application and hoping you get approved. Here at the BlueRock Wealth Management, we provide the answers you need, and as your mortgage broker, we work for you to get you the results that best complement your financial goals in Collingwood, Ontario. The four major categories of mortgages include first and second mortgages, refinancing or renewing, and a home equity line of credit.

First Mortgage- A first mortgage is used to secure a new property, whether that is your personal residence, a vacation home, investment property or commercial building. When you are just getting started on a 15- or 30-year mortgage, it is important to get the best rate. Let us put our negotiation skills to work for you to save you thousands over the life of your mortgage.
Second Mortgage- A second mortgage is designed to turn the equity you have in your home into a lump-sum cash payment you can use for a wide variety of options. We’ll discuss your financial goals and provide you with the right solutions to achieve them.
Refinance- Whether it is time to renew your mortgage or you want to refinance to more favorable terms, we’ll handle the negotiations for you so you’ll gain the most benefit for the long-term.
Home Equity Line of Credit- If you do not need to draw the entire amount of the equity in your home at once or your need for cashflow is short-term, a home equity line of credit can make more sense than a second mortgage. This type of loan lets you pull money as you need it and pay it back based on the terms of your loan.

If you have additional questions about mortgages or would like us to act as your mortgage broker to obtain one of these types of mortgages, don’t hesitate to contact us.

FAQs About Mortgages

It would be an understatement to say that we get a lot of questions about mortgages here at the BlueRock Wealth Management. Pretty much everyone who purchases a property in Collingwood, Ontario needs to become acquainted with how mortgages work and how to choose the right one for their lending needs. The majority of questions are specific to the borrower’s situation, but there are a few questions that we can answer because they apply to the majority of cases.

What factors affect interest rates and other terms for mortgages?

There are many things that lenders look at before quoting a rate to you or even approving you for a loan. Each lender has their own underwriting process and criteria, but for the most part, all factors are part of determining the risk they are taking in lending to you. How much you can put down, your financial history, your credit score, your length of employment, your income, your savings, and other indicators of your financial health are commonly considered. Available interest rates are also affected by the larger economic picture at the time of your application.

Why should I work with you instead of just going to my local bank to discuss mortgages?

We work for you and will negotiate your loan or mortgage to get you the best terms for your circumstances. Even if you have a great relationship with your banker, we can often get you an even better result. You have nothing to lose by at least having us see what we can accomplish for you.

Aren’t mortgage brokers just for people who can’t get conventional mortgages?

Not at all! While we are good at helping people who have credit issues, it is an excellent practice for everyone to use a broker to shop around for great rates for you and negotiate the best price for you. We can help you get in a position where lenders are competing to become your lender, so you’ll have more choices and can enjoy a better outcome.