The average mortgage loan in Brampton is $211,380. As you know, there are many different types of mortgage options available. Ranging from first-time home buyers to construction loans, there is a mortgage option for whatever you require.

We’ve highlighted the top types of mortgage inquiries received in Brampton according to SuperBrokers and with each type of mortgage, we also explained what it is and how we can help you with it.

  1. 17.6% – Mortgage Pre-Approvals

The most common type of mortgage inquiry in Brampton is for pre-approvals. A pre-approved mortgage is when a lender provides the borrower with an interest rate that is promised for a certain amount of time at a set cost. The typical amount of time is often 60 to 90 days and many brokers actually prefer to deal with clients who have a pre-approved mortgage as it helps them get an idea of what borrowers can generally afford when looking for a new home. As a borrower, this not only allows you to know what you can afford, but it also lets you lock in a rate for a specific amount of time and protecting you from any type of rate fluctuation.

  1. 16.2% – Mortgage Renewal

If you’ve obtained a mortgage previously you are going to be in need of a renewal at some point. Renewing a mortgage can be just as important as getting your first one.

The truth is that many people who are up for a renewal often just agree to re-up with the same rate and terms as their previous mortgage. However, you shouldn’t. By talking to one of us at Lotus Loans, we’ll help you realize how your home equity has grown and how we can lower your rate. Additionally, we’ll set you up with a better package where you can off your mortgage faster.

  1. 15.8% – Refinance/Debt Consolidation

Third on the list are mortgage refinance/debt consolidation inquiries. Refinancing a mortgage allows people to create some room and ease some debts. Refinancing a Brampton mortgage can benefit our clients by obtaining a lower fixed rate, consolidating many different debts into one, pay off other debts and more. At Lotus Loans we will review your current situation with you and see if it is a proper time to refinance. We look at your long-term well-being and make sure that you are set up properly with low rates.

  1. 14.5% – First-Time Home Buyer

Purchasing a home for the very first time can be intimidating. There are many factors that come into play when buying a house and it is important that you know all of your options. Each one of us at Lotus Loans is a Brampton mortgage broker who ensures you are properly looked after in one of the bigger financial decisions of your life. How much mortgage can you afford? What option is best for you? We have all the answers.

  1. 14.3% – New Home Purchase

Brampton’s market is extremely competitive as many buyers are battling for their dream home. With our help, you will be better prepared to not only get the home you’ve always wanted but also be financially set moving forward. We’ll help you select the appropriate mortgage option based on your life situation and get you a competitive rate.

These are the most common types of mortgage inquiries in Brampton. At Lotus Loans and Mortgages we offer solutions to all of these plus much more. Whatever your Brampton mortgage needs are, one of our team members will get you headed in the right direction. Reach out to us today!

Source: https://www.superbrokers.ca/stats/canadian-mortgages/ontario/brampton-mortgages.phtm