Ancaster Mortgages


Ancaster Mortgage Broker

Call your local mortgage representative and get your mortgage pre-approval before you start your home search. Having a pre-approval in hand can ultimately result in more bargaining power when it comes time to make your offer.

If you are refinancing, let at Mortgage Medics find you the best mortgage rates. In Hamilton, Ancaster, Burlington call at :(905) 847-6611

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Mortgage Brokers in Burlington, Ancaster, Hamilton

Whether you are shopping for a home loan, need to refinance or are buying a new home, a mortgage broker that knows the ins and outs of the lending industry in and around Ancaster, Hamilton and Burlington can help saves hundreds or thousands of dollars over the life of a loan at no cost to the borrower.

 

Ancaster is a lovely community on the Niagara Escarpment in the Greater Hamilton area of Southern Ontario.

ANCASTER SCHOOLS

Ancaster schools include include Fessenden Public Elementary School, Rousseau Elementary, and C.H. Bray (k to Grade 6).

The Ancaster Senior Public School is for grades 7 and 8.

Ancaster Meadow public elementary students (k to grade 8) has a different program.

Catholic schools are St. Ann's, St. Joachim's and Holy Name of Mary students (k to grade 8) and they transition to Bishop Tonnes Secondary School.

Mortgages Ancaster FAQ

Frequently asked mortgage questions by residents of Ancaster include:

What is a mortgage or home loan?
A Mortgage is a legal contract made between a willing lender and a borrower which uses equity in real property as collateral to secure the loan. The lender can take possession of the property if the borrower fails to meet their repayment obligation.

What is a mortgage refinance?
Mortgage refinancing is when a borrower uses money from a refinanced loan to pay off an existing home loan in order to benefit from lower interest rates, restructure the financing or take money out of their built up equity.

What is a home equity loan?
A home equity loan lets the homeowner take out a secured loan based on the current appraised value of their property less any open mortgage amount and other secured loan balances. Homeowners have varying needs for borrowing on the equity of their homes including renovations, remodelling, investing, debt consolidation, college education, and the financing of other large cash outlays.

What is a home equity line of credit( HELOC?)
Home equity lines of credit or HELOCs give homeowners access to an open line of credit and interest only accrues on the amount outstanding rather than having to borrow a large fixed sum. In many ways a line of credit is more flexible with regards to repayment terms than an outright home equity loan.

What is the difference between a mortgage broker and a mortgage banker?
A mortgage broker is an entity that understands the local mortgage market, has resources that go above and beyond just shopping the best rates at banks. Mortgage brokers arrange the vast majority of home loan transactions. Mortgage brokers have access to hard money lenders and other options for those with bad credit, self-employed individuals or other special situations.

What is a fixed rate mortgage?
A fixed rate mortgage is a home loan with a fixed interest rate and fixed monthly payments that do not change over time. This may be a little misleading since most fixed rate loans are issued for a 5 year period at which time the mortgage resets to the current fixed rate, which could be significantly higher.

What is the adjustable rate mortgage?
ARMs or adjustable rate mortgages, vary their monthly payments by the current interest rates. If rates go up, so do mortgage payments, if rates come down, mortgage payments decrease. Typically an adjustable rate is lower than a fixed rate mortgage since it comes with less mortgage rate risk for the lender.

Call Mortgage Medics for your mortgage questions.