Hamilton Mortgage Brokers (And Where to Find Them)

Hamilton's Growing Population of Mortgage Brokers

And What it Means for You

The web is flush with people who are interested in attracting your attention to discuss home financing and their ability to be your mortgage broker in Hamilton, or mortgage agent.

The Truth is: Experience Counts

 

When we sift through all of the different mortgage companies in Hamilton, we're really going to have to focus on important factors that really distinguish between the herd. Some companies are rather new, and that doesn't give us much to work with in terms of track record and authority.

That's not to say they're not good at what they do. It's just one factor of many that you can choose from in addressing the quality of your mortgage broker in Hamilton, Ontario.

Newer agencies could have experienced players on their teams, but why the switch? Why the new branding? It's worth asking, especially when it comes to something that impacts your life for the long haul - Your home financing.

About The Romano Mortgage Group in Hamilton, Ontario

The Romano Mortgage Group in Hamilton has been a cohesive independent team of mortgage professionals that has grown from a single individual in the 1980's to a half a dozen of Hamilton's finest.

This multi cultural and diverse mix of financial professionals that make up the group bring decades of combined experience, as well as linguistic backgrounds that allow for communication within various languages and cultural segments.



As more and more cultures become integrated into western culture, it's important to be able to communicate with them to pass on the benefits of home ownership and the various terminologies that go along with it.

Area of Coverage: From Stoney Creek to Burlington

The Romano Mortgage Group covers Hamilton and the neighboring communities of Ancaster, Stoney Creek, Dundas, and Burlington. Within this vast area, you're able to connect with a local mortgage professional to arrange your home financing in a way that works for you.

The group's different team members can address your needs and can even travel to you to help with documents and explanations of some of the finer points of getting your mortgage.

The Finer Details of Home Ownership

Owning a home doesn't have to be difficult. Often the media makes it seem like owning your home has to be difficult and a hassle. It doesn't. From beginning to end, getting a mortgage can be quite easy. Most of the stress just comes from thinking about owing someone else money for an extended period of time.

To put it into perspective, it's a choice you have to make. Most of us do not have the ability to magically pull $300,000 out of nowhere and buy a home straight up.



That means we need to introduce a third party to help pay for the home. Under this scenario, it's either own a home with the help of others - or don't own a home at all - and continue to live at home, or rent. We all know the perils of renting, so the clear winner of this comparison is that it's worth it to get a mortgage.

Transfer a Mortgage from Another Lender to Save Money

If reading about an experienced broker in Hamilton has you convinced that you need to switch your financing to the Romano Group, there's a few things you need to consider before making the move.

When switching from one mortgage provider to another, you have to be sure you're going to be getting a better interest rate, and you may have to inquire with your current bank or institution about any potential penalties.

Most times there will be some sort of mortgage discharge fee. This can range wildly depending on the remaining principal balance of the loan.

However, if the interest rate is significantly lower on your new mortgage, it may be worthwhile to absorb the penalty and then free up the extra cash after every payment.


Important Notes if Refinancing

Refinancing can operate similarly to moving from institution to institution. There can sometimes be a penalty for breaking a prior term early. Though if staying with the same lender, they can often forgive, or nix that fee.

It's a nice gesture to do especially if the goal of the mortgage refinancing is to save money each month, and achieve a better interest rate. At the Romano Mortgage Group, we want you to feel like family, so you won't see this from them.

Coming to Terms with Terms and Amortization

When discussing plans for your next Hamilton Ontario based mortgage, you're going to have to give special attention to key components that make up your new loan:
  • Term - The length of the agreement to pay down the mortgage at the currently agreed upon interest rate.
  • Amortization - The length of time it would take to pay down the principal if the current payments were to persist.
It is possible to get an ideal combination of term and amortization so that you are effectively paying down your mortgage even faster than another combination.

Look at the differences you can experience with the difference between say a 5 year term, and a 25 year amortization compared to a 3 year term with a 17 year amortization.

Of course this would all depend on the difference between variable and fixed mortgages, which is a whole other matter!

Closing Summary and New Mortgage Closing the Deal

The Romano Mortgage Group is here to provide value for you, the mortgage holder. We want you to feel comfortable with the options you've made, and the decision to work with us.

Closing the deal on your mortgage with us as your mortgage broker in Hamilton may be just a matter of signing your name (many times), but working with us becomes something that can be a helpful part of the march towards owning your home for yourself.

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