As your highly trusted mortgage broker in London Ontario, we work for YOU to find the right solution to fit your budget.
As your highly trusted mortgage broker in London Ontario, we work for YOU to find the right solution to fit your budget.
Hi I'm Paul Garrett, a lifetime entrepreneur, spinal cord injury warrior, and a firm believer in second, third (and many more) chances.
My goal as your friendly local mortgage broker in London, Ontario, is finding the right mortgage or refinance option for YOU. Let's work together to make your future brighter!
- As a private mortgage broker, we've access to 50+ lenders! Your bank has products!
- Unbiased lenders opinion, since we always get paid the same amount, regardless.
- Access to some of the lowest mortgage rates in Canada!
- More specialized knowledge and in-depth experience of mortgage financing.
Please Note: Some conditions may apply. Rates may vary from Province to Province. Rates are subject to change without notice. Posted rates may be high ratio and/or quick close which can differ from conventional rates. *O.A.C. & E.O
We are residential mortgage experts! Regardless of whether you are a first time homebuyer, need mortgage refinancing or some other type of mortgage help, we have a residential mortgage financing solution that will fit your budget.
We also offer flexible and affordable mortgages and mortgage renewals in London, Ontario, and surrounding area. As a private mortgage broker with access to 50+ lenders and some of the lowest mortgage rates in London, Ontario, we can find a mortgage renewal solution that better fits your lifestyle and budget.
A reverse mortgage accesses equity from your home. With reverse mortgages in Canada, we can access up to 55% of your home's value.
Want to know how much you will have to pay on your monthly mortgage payments? Check out our Mortgage Payment Calculator.
As your highly trusted local London mortgage broker, we work for You, not the bank. Garrett Mortgages offer private mortgages with some of the lowest mortgage rates in Canada, since we have access to 50+ lenders. Contact us today to get started on a brighter future!
Still have questions? Check out our Frequently Asked Questions or Mortgage 101 pages.
With access to 50+ lenders, as your highly trusted local mortgage broker in London, Ontario, I will find the mortgage that best fits your lifestyle:
First-time home buyer?
Self-employed? New to Canada?
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I'm a lifetime entrepreneur, a spinal cord injury warrior, and a firm believer in second, third (and many more) chances. My goal as your trusted local mortgage broker in London, Ontario is finding the right mortgage or refinance option for YOU. Let's work together to make your future brighter!
Email Paul at paul@garrettmortgage.ca if you can't find an answer to your frequently asked questions.
A reverse mortgage accesses equity from your home. With a reverse mortgage, we can access up to 55% of your home's value.
These two terms are often interchanged, but they are two separate concepts. Mortgage renewals occur once the mortgage term has expired and you sign on to another term with your current lender. Contrastingly, refinancing is the process of breaking your current contract to enter a new contract with either the same or a different lender. To learn more, check out our Simple Guide to Understanding Mortgage Renewals in Canada or visit our Mortgage Renewals page.
Fixed Rate Mortgage: The interest rate on a fixed-rate mortgage is set for a pre-determined term, usually between 6 months to 25 years. This offers the security of knowing what you will be paying for the term selected.
Variable Rate Mortgage: A mortgage in which payments are fixed for a period of one to two years although interest rates may fluctuate from month to month depending on market conditions. If interest rates go down, more of the payment goes towards reducing the principal; if rates go up, a larger portion of the monthly payment goes towards covering the interest. Most open variable rate mortgages allow prepayment of any amount (with certain minimums) on any payment date, up to a maximum total amount per year.
Should you go with a short or long-term mortgage? A longer-term mortgage is worth considering if you have a busy life and don’t have time to watch mortgage rates. Our 4, 5 and 7-year mortgages let you take advantage of today’s rates, while enjoying long-term security knowing the rate you sign up for is a sure thing.
If you want to keep your mortgage flexible right now, you can explore a shorter-term mortgage that usually allows you to take advantage of lower rates and save.
Discover the broker advantage. Mortgage brokers work for You, not the bank. We offer private mortgages at some of the lowest rates in Canada, since we have access to 50+ lenders! Contact us today to get started on a brighter future!
To determine ‘affordability’ you need to know your taxable income, the amount of debt outstanding and the monthly payments you make. Assuming it is a principal residence you are purchasing, calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation.
Now calculate 40% of your taxable income and deduct all of your monthly debt payments, including car loans, credit cards, lines of credit payments. The lesser of the first or second calculations will be used to determine how much of your income may be used towards housing-related payments, including your mortgage payment. These calculations are based on lenders’ (typical) guidelines.
In addition to considering what the ratios say you can afford, make sure you calculate how much you think you can afford. If the payment amount you are comfortable with is less than 32% of your income, you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don’t leave yourself 'house poor'. Structure your payments so you can still afford simple luxuries.
A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.). The results of the inspection should be provided to the purchaser in written form, in detail, generally within 24 hours of the inspection.
A pre-purchase home inspection can add peace of mind and make a difficult decision much easier. It may indicate that the home needs major structural repairs which can be factored into your buying decision. A home inspection helps remove a number of unknowns and increases the likelihood of a successful purchase.
A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.). The results of the inspection should be provided to the purchaser in written form, in detail, generally within 24 hours of the inspection.
A pre-purchase home inspection can add peace of mind and make a difficult decision much easier. It may indicate that the home needs major structural repairs which can be factored into your buying decision. A home inspection helps remove a number of unknowns and increases the likelihood of a successful purchase.
Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, Genworth Financial Canada or Canada Guaranty, approved private corporations. This insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80%. The insurance premiums, ranging from 0.50% to 3.75%, are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance.
A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price, a loan to value of or less than 80%, and does not normally require mortgage loan insurance. If your down payment is less than 20% of the purchase price, you will generally require a high-ratio mortgage with mortgage loan insurance.
Depending on the circumstances surrounding your bankruptcy, generally some lenders would consider providing mortgage financing.
A pre-approved mortgage provides an interest rate guarantee from a lender for a specified period of time (usually 60 to 90 days) and for a set amount of money. The pre-approval is calculated based on information provided by you and is generally subject to certain conditions being met before the mortgage is finalized. Conditions would usually be things like ‘written employment and income confirmation’ and ‘down payment from your own resources’, for example.
Most real estate professionals will want to ensure you have a pre-approved mortgage in place before they take you out looking for a home. This is to ensure that they are showing you property within your affordable price range.
In summary, a pre-approved mortgage is one of the first steps a home buyer should take before beginning the buying process.
London, Ontario, Canada
Paul Garrett Mortgage Broker Centum Future Group Inc. License #M20002651 Brokerage #10465 226-927-1677 paul@garrettmortgage.ca
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