By : Radu Arvatescu
Whether you are building a business from the ground up or need financing for expansion, you’ll eventually need to consider retail store mortgages in Ontario.
The process of buying a mortgage can be taxing on your time, resources, and finances. You essentially have two choices. You could complete the process alone to the detriment of your daily business tasks, or, you could offload the complexities of a mortgage to a professional broker.
Using a broker’s services for retail store mortgages in Ontario will bring significant benefits, the most important of which we will explore below.
Buy a Mortgage Faster with Better Rates
If you’ve been in business for a few years or even a few decades, you probably take pride in your work ethic and independence. At the same time, you likely know when to leverage the skills of others for tasks that you don’t have the time or expertise to perform.
Buying retail store mortgages in Ontario is one of those cases when it pays to have some outside help.
Brokerage services are offered for a fee, which can range from 1% to 2% of the total mortgage value in most cases. While not insignificant, the fee is easily offset by two key benefits:
- A broker can get your mortgage application processed faster.
- You will gain access to competitive rates that lenders are unlikely to offer directly.
Lenders prefer to do business with brokers because it’s more cost-effective to deal with a relatively small pool of trained professionals than it is to deal with individual customers. Brokers understand the mortgage market, they know the terminology, and they compile applications that are built for success.
Brokers also maintain strong relationships with the top lenders and even some of the smaller lenders that you might not discover on your own. This results in more choice when shopping for a mortgage.
Choice Matters When Buying Retail Store Mortgages in Ontario
Can you imagine the time that it would take to explore your mortgage options with five, let alone ten, fifteen, or twenty individual lenders? Most banks and mortgage companies offer the bare minimum of term and rate information online. You could send multiple emails and spend hours on the phone before even determining the mortgage that a lender is willing to offer you.
Multiply this by the number of lenders in Canada or even just in Ontario and you’re left with an enormous task!
You do need to shop around for the best mortgage rates. The unfortunate reality is that you likely don’t have the time to do it.
A mortgage broker can do this for you, returning several potential packages within a few days of your first consultation. Choice matters because you will be able to explore different terms with compelling interest rates. Individual lenders may offer more significant benefits for higher deposits. All the variables can be broken down by a mortgage broker.
Even the Submission Process is Easier
A broker will compile all your documentation to present when applying for retail store mortgages in Ontario. They know what lenders are looking for, so you won’t waste time with the usual back and forth. If you hire a broker, they will explain to you in simple terms what you need to provide, and they can assist you if you get stuck anywhere in the process.
Ultimately a broker works for you and is invested in your needs. They aren’t lenders. Their fee is based on successfully finding a mortgage package that you are happy to accept.
Work with a broker and you’ll enjoy better rates, simplicity, and a fast track towards a mortgage that suits your unique circumstances.
Lowest Residential Mortgage Rates in Canada*
|Term||OUR RATE||TD Bank Rate|
|3 Year Fixed/ 25 yrs||5.89%Promo||6.53%|
|4 Year Fixed/25 yrs||5.54% Promo||6.32%|
|5 Year Fixed/ 25 yrs||5.39% Promo||5.81%|
|5 Year Variable/ 25 yrs||6.20% Promo||7.15%|
|5 Year Fixed/ 30 yrs||5.99% Promo||6.39%|
|5 Year Variable/30 yr||6.80%||7.25%|
|3 Year Fixed/30yr||6.64% Promo||6.81%|
|**NEW RENTAL 5 Year Fixed /30yr||6.44% Promo||6.44%|
|** NEW RENTAL 3 Year Fixed /30yr||6.68% Promo||6.68%|
Updated: DEC 05 , 2023
* Current promotion rates may provide an additional 0.05% discount or may be anytime discontinued at the Lender discretion.Some condition may apply.Rates may vary between geographic regions and the posted rates on this website may not be available in your area.TD Bank rate used for comparable are the rate listed in the Broker Chanel Portal by TD Canada Bank at the date above. Please contact our MCI office for more details and current promotions.
LOWEST REGULAR RATES IN CANADA* * Current promotion rates may provide an additional 0.10% discount. Rates may vary between geographic regions and the posted rates on this website may not be available in your area. Please contact our MCI office for more details and current promotions.