Mortgage Broker Toronto , North York | Approved Mortgage Brokers

Who We Are?
Why Trust Approved?
Something For Everyone

Who We Are?
At Approved Mortgage Brokers, we are a FSCO licensed mortgage brokerage firm offering different services in Toronto and North York. We offer mortgage pre-approval, renewal, and refinancing to people with different credit histories. We are not your average mortgage broker – our mortgage solutions are tailor-made to match our clients’ unique circumstances and needs. We offer both individual and commercial mortgages. Our services include second mortgages, residential mortgages, private mortgages, commercial mortgages, self-employed mortgages, mortgages for rental properties, first-time homebuyer mortgages, new-to-Canada mortgages, construction mortgages, and mortgage refinance. Other services on offer are equity takeout, home equity line of credit, unsecured line of credit (both business and personal), business-equipment-financing, and mortgage transfers.
Why Trust Approved?
You First: When we are negotiating or managing process with credit agencies, real estate agents, lawyers, lenders, and anyone in between, we always put your interests first. We have a big network with these professionals, which enables us to get the best possible deal for you. We work for you and not for a particular lender. Loan officers in big banks work for their banks only on a permanent or commission basis and they will, therefore, push to you their products, even if they don't suit you. You Save Money: You need not worry about incurring additional costs from hiring us. We get our commission from the lender, not from you. You also save money since the first consultation is free. Your Own Broker: When you come to us, we will assign a mortgage broker Toronto or mortgage broker North York to you. Your broker will guide you through the entire process. We understand that most mortgage seekers are frustrated not knowing when the deal will “close” and about industry jargon. Your broker will be there to ensure the correct accounts are paid out and to ensure all documentation is in order and is collected.
Something For Everyone
We assist clients get different products, appreciating that they have different income levels, needs, and circumstances. From our mortgage refinancing to rental property mortgage services, we have something for everyone. Our solutions help you refinance, consolidate debt, rebuild your credit, and lower the rate of your mortgage. Quick Turnaround: We endeavor to get your mortgage in a timely manner. In most cases, the mortgage or the refinance will be approved the same day if you engage us. You do not have to constantly chase our agents or the lender for answers. Getting a good mortgage can be time and energy-consuming since it means visiting different lenders to compare their offers and filing endless paperwork. This can interfere with your work and social life. More than just Mortgages: Other than help you get a mortgage at a good rate, we also offer additional related services. These include debt relief services to help you reorganize your debt, home equity line of credit, business-equipment-financing, and unsecured line of credit. Helping you get special mortgage features: The mortgage industry in Toronto, North York, and Ontario, in general, is very competitive. Different mortgage lenders offer different special features to attract and to retain clients. These features include covering registration and appraisal costs, giving you back percentage cashback, loyalty programs like frequent flyer points, portable mortgages, expandable mortgages, assumable mortgages, step mortgages, and even giving you cash to cover your relocation. We will help you get the mortgage with the best features, but of course without overlooking the fine print. Call us today or fill our online form for a mortgage broker Toronto or mortgage broker North York to start you on your journey towards property ownership.

Looking for Mortgage Broker in Toronto & North York?

Mortgages are often the biggest debt that individuals incur in their lifetime and they usually take between 15 and 30 years of monthly payments. So, what is a mortgage? Mortgages are financial transactions wherein debtors charge their personal or real properties to creditors as security for their debt. The term is usually used for property purchases. The properties are then returned to the debtors on condition that they pay the debt within the stipulated period. In Canada, you have to pay a down payment upfront before you can get a mortgage. The down payment is subtracted from the total mortgage amount. For loans equal to or less than $500,000, the down payment is 5% of that amount. For amounts above $500,000,
the excess amount is multiplied by 10% and the figure added to $25,000. Before you can qualify for a mortgage, the lender requires you to go through a pre-approval process. This is where a mortgage broker like Approved Mortgage Brokers comes in because issues like the applicable interest rates, the loan duration, and how much you qualify for are discussed at this stage. You can get a fixed-rate or a variable-rate mortgage. Variable-rate mortgages are more popular in Canada since they allow for the fluctuation, either upwards or downwards, of the interest rate based on how the economy is doing. At Approved Mortgage Brokers, we will also help you choose between a fixed and a variable payment option. Fixed payment options are whereby you make a fixed monthly payment irrespective of interest rate changes while variable payment options are
dependent on the Canadian Central Bank interest rates. There are also “convertible” variable-rate mortgages where the creditor can shift to a fixed rate. We always advise our clients to go for fixed rates since this shields them from financial pressure. If you already have a mortgage and the mortgage term is near, a mortgage broker will help you negotiate for a lower interest rate. This could be after 1, 3, or 5 years within the amortization period.

Second Mortgage
Residential Mortgages
Commercial Mortgages
Home Equity Line of Credit
New to Canada Mortgage
Unsecured Line of Credit
Self Employed Mortgage
Private Mortgage Lending
Mortgage Refinance

Second Mortgage
If you have a mortgage, the law allows you to take a second mortgage. You can get up to 80% of your property’s appraised value, less the balance on your existing mortgage.
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Residential Mortgages
A residential mortgage helps an individual own property. The lender gives the borrower the money to buy the property and the loan is secured by a lien of the property.
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Commercial Mortgages
Buying commercial real estate is expensive because of the size of properties needed to run commercial activities and because of the often prime locations where these properties are situated. This necessitates commercial mortgages.
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Home Equity Line of Credit
Home Equity Line of Credit or HELOC is a type of home equity loan where a lender puts a revolving amount of credit at your disposal secured by your home equity. Home equity is the value of your home less the outstanding mortgage. If your home is worth $600,000 and your outstanding mortgage is $500,000, your home equity is $100,000.
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New to Canada Mortgage
If you have a mortgage, the law allows you to take a second mortgage. You can get up to 80% of your property’s appraised value, less the balance on your existing mortgage. Contact Approved Mortgage Broker for a free consultation.
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Unsecured Line of Credit
According to the Financial Consumer Agency of Canada, there are 5 lines of credit available namely secured line of credit, unsecured line of credit, home equity line of credit, student line of credit, personal line of credit.
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Self Employed Mortgage
Approximately 15% of the workforce in Canada is self-employed. According to CMHC (Canada Mortgage and Housing Corporation), you are self-employed if you run a sole proprietorship, a partnership or an incorporated company.
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Private Mortgage Lending
With a private lender, you will be borrowing money not from a bank or a trust, but from another person. In 2018, Canada had between 200 to 300 active alternative lenders holding $13 billion to $14 billion of the outstanding mortgages in Canada, compared to between $11 billion and $12 billion the previous year and less than $10 billion in 2016.
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Mortgage Refinance
Mortgage refinance is the replacement of the original mortgage with a new one that has different terms. The money you obtain from the second mortgage is used to pay off the first mortgage.
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A Brief History of the Mortgage Industry in Canada
Taking on a mortgage is the easiest and the most common way Toronto residents can own their own homes. This has been the case for a long time, with the industry dating back hundreds of years. Over the years, mortgages have evolved from ensuring that repayments provide protection and benefits to the landowner to a system in which both the lender and the borrower can be confident entering a transaction.
Since 1946, the Canada Mortgage and Housing Corporation (CHMC), set up by the National Housing Act which has been selling mortgage insurance in mortgages where buyers are putting up less than 20% of the price of the new property to protect lenders incase of default.
An Interest Rates Climbed
The mortgage products we know of today were brought about by the inflation of the 1970s. As interest rates climbed, there was a need to move from fully amortized loans since they were not reflecting the interest rate changes. Partially amortized mortgages, which are the most common type of mortgage in Canada today, protect both the borrower and the lender from market fluctuations. 20 and 30-year terms were replaced with 1, 3, and 5-year terms amortized across 20 to 25 years. In 1992, the Canadian Government introduced the Home Buyer's Plan, allowing Canadians to draw money from their RRSPs (Registered Retirement Savings Plans) tax-free to buy a home. The amount ($25,000) is meant to allow you to pay for all or part of
the down payment. If you choose to go for this option, you will have to pay the amount back in 15 years, otherwise, you will attract tax penalties.
Mortgage Brokerages, Lenders and Administrators Act
Under the 2006 Mortgage Brokerages, Lenders and Administrators Act, the Ontario Government in 2008 made a requirement that all individuals and businesses who conduct mortgage brokering activities to be licensed with the FSCO (Financial Services Commission of Ontario), keeping in mind that 51% of all transactions by first-time homebuyers go through mortgage brokers and agents, according to a 2016 CMHC survey. This has fostered professionalism, competition, and consumer protection in the industry.
One such mortgage brokerage company is Approved Mortgage Broker.

What our CLients Say

Approved

Hamed Nouri ★★★★★
It’s always a pleasure working with Mr Asnaffi. He made everything very clear and helped decide to go with variable rate. Got great mortgage rate and whole process was easy and clear. I would absolutely work with him again.
sahar ameri ★★★★★
For various reasons, our mortgage situation became very tricky as our closing date approached. The AMB team was incredibly helpful in getting us through this difficult time. They were professional, insightful and worked with us to not only secure our mortgage but to get us an excellent rate for our new home.
I cannot state how much we appreciated their support and service. Highly recommended!
Ehsan Hamidi ★★★★★
We've used Approved mortgage brokers recently for a relatively complicated refinancing project. People of AMB made the process smooth and painless. Everybody was super helpful and very knowledgeable. We closed on time without any surprises. I would highly recommend AMB for any mortgage needs
Emre ATEŞ ★★★★★
It was great working with Approved mortgage brokers to get our refinance done. best rate and smooth process. I look forward doing it again!

Your Trusted Mortgage Broker in Toronto & North York – Approved Mortgage Brokers

Looking for Mortgage Broker in Toronto & North York?

A Brief History of the Mortgage Industry in Canada

An Interest Rates Climbed

Mortgage Brokerages, Lenders and Administrators Act