So you've found what you feel is your dream home. Where do you turn to find the best possible Mortgage? David McGlade has the answer.
The Ministry of Finance Licensed Mortgage Broker has been doing business in Carleton Place for a decade. For the past Four years, his company, McGlade Financial Services, has been lending it's expertise to those requiring professional advice regarding the mortgage industry.
" A mortgage can be the largest investment an individual can aquire in their lifetime " David says.
" Getting the lowest qualifying rate can make a huge difference in one's financial future "
McGlade Financial deals with all lenders -- banks, trust companies and investment firms. The local home buyer can be assured they will receive the best available rate, David says.
Unlike some financial institutions, McGlade sees each individual seperately and is dedicated to each client. It's that personal touch which has seen the industry grow to the point that today, with almost one quarter of all mortgages originating with a mortgage broker.
David recommends the best time to see a Broker is " when purchasing a home or your current mortgage comes up for renewal. In most cases there is no charge for a straight change over.
" Using the equity in your home to assist with education, debt consolidation or simply a family vacation are also issues McGlade Financial can advise you on."
His son, John McGlade, BA/BBA, is an Investment Advisor with Nesbitt Burns and is available for investment advice.
 Maureen BruntonMortgage Agent
Tel:(613) 257-5083
Fax:(613) 257-2122
147 Bridge Street, Carleton Place.
|
Why use a Mortgage Broker
Mortgage Brokers are trained Professionals who can arrange the mortgage best suited to your individual needs.
Mortgage Brokers deal primarily in mortgage financing and are experts in their field.
Mortgage Brokers have access to a multitude of mortgage lending institutions and investors to assist in arranging the financing required.
Mortgage Brokers have access to equity-oriented investors who may assist in your financial needs, even if you do not qualify for traditional institutional financing.
Many mortgage brokers work extended hours, and may even meet with you in the comfort of your home or office.
Residential / Commercial Services
A Mortgage Plan tailored to your needs
90 Day Rate Committment
With volatile mortgage rates, we can help you
No Brokers Fees (on accepted credit)
No Fee Mortgage Transfers
Pre-Approvals
Free Appraisals
Or, if you are looking for an Investment Opportunity with an excellent rate of return, call us...
What a Mortgage Broker can do for you
Prime Residential / Commercial Financing at the best available rates and Pre-Payment priveledges.
Mortgages arranged for borrowers who don't quite fit the traditional lending mould.
Industrial / Commercial Financing at competitive rates.
Construction Financing, Bridge Financing, Business Financing.
Purchases, Re-Financing, equity take-outs, debt consolidation, investment financing, lines of credit.
Using a Mortgage Broker means Professional Service
All Mortgage Brokers in the Province of Ontario are registered with the Ministry of Financial Institutions.
We, at McGlade Financial Services are trained Professionals dedicated to the advancement of the mortgage industry through education, government liaison, and a code of professional conduct.
At McGlade Financial Services we are committed to the protection of our clients.
Interest on a mortgage is the single most expensive drain on your future. Keeping that in mind, we, as your Broker will shop around for the best possible rate through many different lenders.
Legal Aspects of your Real Estate Transaction
You have just entered into an Agreement of Purchase and Sale to buy a new home or to sell your present home. The following is a brief summary of the steps that will be taken by your Lawyer to complete the transaction.
PURCHASE
Searches:
Your Lawyer will receive a copy of the Agreement of Purchase and Sale from either you or your Real Estate Agent and will conduct the following searches:
1. Title
2. Water
3. Hydro account status
4. Consumers Gas account status (if applicable)
5. Zoning compliance
6. Hydro work orders
7. Writs Seizure and Sale
8. Tax Search (realty taxes)
For rural properties, the following searches will be conducted:
9. Septic
10. Well water
11. Unregistered Hydro easments
SURVEY
Your Lawyer will also require a building location survey of the property by which he/she can determine whether or not one is available prior to entering into the Agreement of Purchase and Sale. The cost for the preparation of a new survey is approximately $750 - $1000.
MORTGAGE
If you are obtaining a mortgage or mortgages in order to finance your purchase, your Lawyer will obtain instructions from the mortgagee and will prepare all mortgage documentation.
INSURANCE
You should attend to obtaining insurance for the property, to be effective on the date of closing. It will be necessary for your Lawyer to obtain a binder from the insurance company confirming the details of coverage and the mortgagees interest.
ADJUSTMENTS
Prior to closing your Lawyer will receive a Statement of Adjustmentfrom the Vendor's Solicitor. This statement provides for adjustments made to the purchase price, i.e. deposit paid, tax adjustments, cost of a full tank of oil (if applicable). There may be other adjustments.
CLOSING
Prior to closing your Lawyer will ask that you come in and sign the documents required and to provide a certified cheque for the balance due on closing.
On the date of closing your Lawyer or their Agent will attend at the Registry Office. A sub-search of the property will be conducted in order to ascertain that no documents have been registered or judgements filed, affecting the property, subsequent to the initial title search done. Certified cheques will be exchanged for an executed deed and other documents as well as keys for the property.
LAND TRANSFER TAX
Land Transfer Tax is paid to the Treasurer of Ontario on every real estate purchase. Where the purchase price is less than $250,000 land transfer tax is calculated as one half of a percent on the first $55,000 and one percent of the balance. A quick calculation is to multiply the entire amount by one percent and subtract $275.
For example, on a purchase price of $110,000 :
$110,000 x .01 =$1100
$1100 - $275 = $825
FEES & DISBURSEMENTS
Fees:
Fees vary depending on the fee structure of the solicitor as well as the complexity of the transaction.
Disbursements:
|
|
Water arrears certificate
Zoning compliance
Ontario Hydro work order
Consumers Gas (if applicable)
Tax Certificate
Title Search (approx)
Executions (approx)
Registration of Deed
Registration of Mortgage
Miscellaneous (approx)
(courier, postage, photocopies, long distance )
Transaction Levy to Law Society
Hydro arrears
Registration opf Discharge(s)
|
$30
$25 - $100
$30
$10.70
$25 - $30
$120
$44 - $99
$50
$50
$100
$50.25
$15
$50
|
SALE
Your Lawyer will receive a copy of the Agreement of Purchase and Sale. Your Lawyer will deal with requisitions raised by the Purchaser's solicitor, as well as prepare the Statement of Adjustments and direction for funds, specifying the manner in which the funds due on closing are to be made payable. Should there be a mortgage or mortgages to be discharged, your Lawyer will request pay-out statements from the mortgagee. Should the existing mortgage be assumed by the Purchaser, then an assumption statement would be requested.
Your Lawyer will receive all documentation received by the Purchaser's solicitor and attend with you upon the signing thereof.
Upon closing your Lawyer will attend at the Registry Office in order to meet the Purchaser's solicitor and exchange keys and documents in return for certified cheque(s).
After closing, will attend to the registration of discharge(s) of mortgage and confirm same with the purchaser's solicitor.
Subsequent to the closing of your transaction, either purchase or sale, your Lawyer will provide a reporting letter detailing the particulars of the transaction and providing copies of relevant documentation.
Fill out the form below and a Representative from McGlade Financial will respond via email or by Telephone.
All information will remain confidential and will not be given to any Third Party without your prior consent.
Give David a call for Today's best Interest Rates.
McGlade Financial Services
147 Bridge Street, Carleton Place, ON. K7C 2V6
Tel: 257-5083
Toll free : 1-800-688-0094
Fax: 257-2122
