Call Email

Mission 35

Refinancing Your Mortgage

Are you a current homeowner with your mortgage term coming to an end? Have you been paying way more on interest than what current rates are going for today? Well, if this is you then our team at Mission35 Mortgages is here to help.

If you own a property and already have a home loan, you could qualify for a mortgage refinance. So, to help you get started, your local Hamilton mortgage agents have listed the benefits of refinancing your current mortgage.

What Is A Mortgage Refinance?

Refinancing your mortgage means you replace your existing mortgage with an entirely new one. Your old mortgage will be entirely paid off so you only have to worry about making payments on your home once a month.

Benefits Of Refinancing Your Mortgage

Many homeowners choose to refinance their Hamilton mortgage so they benefit from the current low interest rates. If you applied for a loan when rates were at an all-time high, you could potentially save hundreds of dollars every month just by refinancing. This could help you decrease your debt and save more money every pay period.

You can also choose to refinance your existing mortgage if you are wanting to change your amortization period. If your loan term is coming to an end and you do not have the funds to pay your loan off entirely, you could extend your amortization period through a mortgage refinance. You could also shorten your amortization period if you originally applied for a 30-year mortgage but are interested in changing to a 15-year mortgage.

How To Qualify For A Mortgage Refinance

If you are looking to refinance your mortgage, be sure and have a good credit score and a stable income. It is also important to have at least 20% of the equity in your home. Your home?s equity builds overtime whenever you make a payment towards your mortgage.

Contact Us

For more details on refinancing your Hamilton mortgage or if you would like to get started on your application today, please contact the Mission35 Mortgages team at 905-574-5255.

Why Your Mortgage Renewal May Get Denied and How to Avoid it

If you are a current homeowner and your amortization period is coming to an end you may be wondering whether or not you should renew your Hamilton home loan. You may also be wondering if your application can be denied when you apply for a renewal.

So, to help provide some clarity, your local mortgage broker in Hamilton with Mission35 Mortgages have listed why exactly your mortgage renewal may get denied and how to avoid it from happening.

What Is A Mortgage Renewal

A mortgage renewal is when you extend the term of your current mortgage. This occurs if you have not fully paid off your loan and need to extend your term in order to do so. Once your amortization period is coming close to an end, your broker should send you an offer in the mail seeing if you are interested in renewing your mortgage. Once you receive this offer, fill out this form with all of your current information.

Mortgage Renewal Qualifications

In order to qualify for a mortgage renewal, there are a few simple factors you should be aware of. Regardless if you are going to renew your mortgage with your current broker or if you are considering working with a different company, your finances are still going to be reviewed. Most all mortgage brokers in Hamilton will run a credit check on your financial history and they will consider how much debt you have accumulated over the years.

If you have a good credit score, a stable income, and you made consistent payments every month on your mortgage, then you should have no problem getting your mortgage renewal request approved.

If you are not in the best financial situation and your current broker has denied your application for a mortgage renewal, then you may want to consider applying to a trust company or a different mortgage broker that specialises in poor credit scores and low incomes.

Contact Us

If you would like to receive more information on what to do if your mortgage renewal request has been denied please contact your local mortgage broker in Hamilton with Mission35 Mortgages at 905-574-5255.

Hamilton Market Update

Before you begin the Hamilton mortgage application process, it is important to be familiar with your finances and know what type of home loan you can afford. This is especially important since housing rates are constantly fluctuating.

Purchasing a home may be the biggest expense you have ever, therefore, it is important to not only be organized with your finances but to also be familiar with the current residential market trends. Comparing past housing prices to current ones can help give you a better idea of where market prices might head in the near future.

So, to provide some assistance, our team at Mission35 Mortgages have listed the most current market update for the Hamilton area.

Market Update

According to the Realtors Associate of Hamilton-Burlington, the market trends in Hamilton have been drastically changing over the past year. In July 2018, the number of listings for residential homes was 1,009 units, which is a 6.9% decrease from the July 2017 amount of 1,078 units. The number of sales (617 units), however, increased by 1.8% compared to the previous year?s sales (606 units).

The average sale price for residential homes in Hamilton is $509,639, which is a 7.6% markup from the previous year?s average sale price of $473,684. The median sale price also increased from the July 2017 price of $429,400 to $480,000. This increase in average and median sale price suggests that the housing prices are going to continue to get more expensive, which means now would be an excellent time to lock in a rate for a Hamilton mortgage before they get more expensive.

For the number of times homes are listed for, the average days on the market in July 2017 was 24 days and increased by 25% the following year to 30 days. The median days on the market for July 2017 was 20 days and jumped an additional 10% to 22 days by July 2018. This suggests that home buyers are taking more time to consider their options before they make a decision to close on a home.

Contact Us

If you would like to know more information on the current market trends or learn about different Hamilton home loans available, please contact the Mission35 Mortgages team 905-574-5255.

Top Mortgage Myths Debunked

If you are a first-time homebuyer, there are a few things you need to be aware of in the mortgage world before you begin your Hamilton mortgage application. So, to help you get started, our team at Mission 35 Mortgages have provided the top 5 mortgage myths and debunked them.

#1. The Maximum Amortization Period Is 30 Years

Although a 25-year and 30-year mortgage are the most popular choices in Canada, you can also obtain a 35-year or a 40-year mortgage. To do so, you will need to have paid at least 20% of your down payment on any uninsured loan, then you will be able to apply for a mortgage that has an amortization period greater than 30 years.

#2. A 5% Down Payment Is Required and Cannot Be Borrowed

Although you do have to pay at least 5% towards your down payment in order to be approved for a Hamilton mortgage, you are able to receive this amount through a cash-back mortgage. A cash-back mortgage is a loan where the borrower can receive 5% cash back once their loan has been approved. The homebuyer can then use this amount to pay for their down payment.

#3. Canadian Mortgages Are Not Tax Deductible

You can take out a second mortgage on your home and use this money to pay for an investment or business property. You could even buy yourself a vacation home and when not in use, you can put that property up for rent. In Canada, you are able to deduct mortgage interest on investment or business properties, therefore, you could be reaping the tax benefits on an investment property while also enjoying a vacation home for you and your family.

#4. Mortgage Brokers Are Expensive

Mortgage brokers actually do not charge a fee for their services. In fact, all their services are done for free since they do not get paid until a loan is agreed upon and signed for. Therefore, if you are working with a broker and are unhappy with their services, you can choose to work with another Hamilton mortgage broker without having to pay your original broker a fee.

#5. My Personal Bank Will Offer Me The Lowest Rates

Banks are actually more likely to offer you a higher rate than a mortgage broker because the banks take advantage of their customers. Since you already give them your business, these bankers know you are more likely to agree to a higher rate because you are loyal to the company. Do not fall for this trick and instead, shop around compare different rates before you agree to work with your current bank.

Contact Us

For more information on top Canadian mortgage myths, or to get started on your Hamilton mortgage application today, please contact the Mission 35 Mortgages Team at 905-574-5255.

Mission35 on CH Morning Live!


Mission35’s own Brian Hogben was proud to have been asked to share some insight into the mortgage process by CH Morning Live. During the episode that aired on Tuesday, July 31, 2018, Brian Brian explained more about the growing trend of refinancing for home improvements and debt consolidation.

Check out the video for more information, or feel free to give us a call to speak with an experienced Hamilton Mortgage Broker about your home financing options!

5 Important Things to Look For in a Mortgage Broker

As a first-time homebuyer, there are a few things you need to consider before you being the Hamilton mortgage application process. The first is trying to decide if you want to work with a mortgage broker or not. Once you decide they are the best ones to facilitate your home loan, you should begin talking with different brokers in your area to find the right fit.

To help you get started, our team at Mission 35 Mortgages has listed five important things you need to look for in a mortgage broker.

#1: If They Will Work In Your Best Interest

Not every Hamilton mortgage broker is out there to work in your best interest. You need to be aware of their intentions and see if they genuinely want to help you find a great mortgage for your financial situation, or are they only trying to make money.

Here at Mission 35 Mortgages, we always put our customers first and we will not stop working until you are completely satisfied with your mortgage choice.

#2: If They Offer The Best Rates

The best mortgage broker will work with multiple different lenders and negotiate on your behalf to ensure you get the lowest interest rates on the market. Talk with different brokers before you make your decision and compare their rates with each other so you know which mortgage professional will give you the best deal.

#3: If They Can Educate You

It is no secret that the Hamilton mortgage application process can be confusing. With countless different options available on the market you can?t be expected to know every single detail about every mortgage. Therefore, you want to be sure and choose a broker who is knowledgeable about these different options and can help educate you so you can confidently choose the best one that fits your financial goals.

#4: If They Have A Good Personality

You want a broker who will be easy to work with throughout this long process. If their personality clashes with your own, this might be a sign that they are not the best person for you to work with.

#5: If They Will Work With You Even If You Have Bad Credit

Your local Hamilton mortgage broker should not turn you away just because you have bad credit. Instead, they should work hard to ensure you still get to fulfill your dreams of becoming a homeowner.

Here at Mission 35 Mortgages, we understand that not everyone has a perfect financial record and we will overcome any obstacles to help you find affordable rates for your mortgage.

Contact Us

For more useful tips on what to look for in a mortgage broker, or to get started on your application today, please contact the Mission 35 Mortgages team at 905-574-5255.