Devon Jones
Scarborough, Toronto & Mississauga Mortgage Broker
Helping Scarborough, Toronto & Mississauga Secure the Right Mortgage, the Right Way
Helping Scarborough, Toronto & Mississauga Secure the Right Mortgage, the Right Way
The process of buying a house, refinancing, renewing it, or using the equity in your property usually involves more decisions than most people anticipate. A good mortgage should have a competitive rate and be suitable for your income, the property in question, your monthly budget, and your future plans.
My name is Devon Jones, and I act as a Sunlite Mortgage broker for Toronto, Scarborough, Mississauga and people all over Ontario. I have been getting people approved for mortgages for almost 30 years and have arranged over $3 billion in mortgage financing. With Sunlite Mortgage, I collaborate with over 60 lenders, including banks, credit unions, trust companies, monoline lenders, alternative lenders, and private mortgage providers.
If you are buying a home, understanding your financing before you negotiate can make the process easier. A Sunlite Mortgage pre-approval can help establish a realistic price range based on your income, debts, down payment and credit. The lender will still need to approve the property after you have an accepted offer.
When you are buying your first home, the purchase price is only part of the budget. Your down payment, land transfer tax, legal fees and other closing costs also affect how much cash you need. Understanding those costs before you begin looking can help you buy a home with confidence when the right property becomes available.
The best opportunity may also be a home that needs work. Financing a purchase together with eligible improvements can give some buyers another way to enter the market. Our mortgage payment calculator can also help you compare purchase prices, rates, and amortization periods before you make an offer.
A standard mortgage application works well when income, credit, and property all meet conventional lenders' guidelines. Many financially capable borrowers have circumstances that need a different approach.
If you are self-employed, legitimate business expenses can reduce taxable income even when the business is performing well. Credit problems can also remain on your credit report after your financial circumstances have improved. In that situation, getting a mortgage with damaged credit depends on understanding what happened, what has changed and which lenders are prepared to consider the application.
A consumer proposal creates another set of lending considerations. Homeowners with substantial equity may also have equity-based mortgage options, while a private mortgage can sometimes provide short-term financing when there is a clear plan for what happens next. The goal is not to move quickly into a more expensive mortgage. It is to understand why the traditional application does not work and then find the most appropriate available solution.
Your financial needs can change long before you are ready to move. You may have accumulated higher-interest debt, need money for renovations, want to invest in another property or need more flexibility in the household budget.
A homeowner in Birch Cliff, Lakeview or East York may still have an attractive first mortgage while carrying credit cards and a line of credit at much higher rates. Replacing the first mortgage could make sense, but it is not the only option. We may compare refinancing your mortgage with consolidating higher-interest debt, taking out a second mortgage, or using a home equity line of credit.
The aim is to enhance your financial situation without having to give up those parts of your current mortgage which are still working well.
Mortgage needs often become more complex as your finances grow. When financing an investment property, rental income, existing mortgages and the lender's treatment of the overall portfolio can affect your ability to qualify for the next property.
Business owners buying or refinancing income-producing real estate may need a commercial mortgage, while a new project may require construction financing with funds advanced as the work progresses. Borrowers with significant investments or real estate may also have access to high-net-worth mortgage options when taxable income does not fully reflect their financial position.
Retirement brings a different challenge. A homeowner in Port Union, Mineola, or Davisville Village may have substantial equity but find that mortgage and other debt payments take too much from monthly pension income. For some eligible homeowners, a reverse mortgage can provide access to home equity without the requirement of regular mortgage payments. Our reverse mortgage calculator can help illustrate how the mortgage balance and remaining equity may change over time.
A competitive mortgage rate matters because it affects both your payment and the amount of interest you pay. You can review current mortgage rates and use our mortgage calculators to compare different financing scenarios.
The lowest advertised rate, however, is not always the least expensive mortgage over time. Prepayment privileges, penalties, portability and refinancing restrictions can matter if you move, refinance or change lenders before the end of the term. Comparing the complete mortgage helps you understand what you are agreeing to before you sign.
For many traditional residential mortgages, the lender pays the mortgage broker’s compensation, so the borrower does not pay a separate brokerage fee. Alternatively, private, commercial and other specialized transactions may involve borrower-paid fees. When fees apply, they are explained and disclosed before you proceed.
Sunlite Mortgage is licensed in Ontario through the Financial Services Regulatory Authority of Ontario, Brokerage Licence 13304. You can also access government and regulatory information through our mortgage links of interest.
Helping you find the right mortgage.
Devon Jones
Mortgage Broker for Toronto, Scarborough & Mississauga
