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Consider these questions before buying a house

Buying a house is one of the biggest investments in many people’s lives. In Toronto, the commercial mortgage rates are dependent upon few factors. However, it should not instill anxiety or fear in your mind. For whatever length of time that you recognize what’s in store, you’ll be set to turn into a fruitful mortgage holder. The following inquiries and answers tell you what you have to know before settling on this significant choice or consulting with a Toronto mortgage broker.

toronto mortgage broker

What is the minimum credit score required?

Since guarantors audit total advance documents and evaluate money related hazard in general, the FICO assessment acknowledgment relies upon the bank. Be that as it may, it, commercial mortgage rates in Toronto as a rule, takes at least a score 660 is necessary for you to apply for a home loan. Lower scores don’t nullify a home loan, however, they will attract higher interest rates. Banks may make exemptions in the event that you have significant investment funds or little debt.

Where to begin?

Before applying for a home loan, you may ponder for what you can qualify. It is the contact a lender before any bank or home loan agent. The procedure includes two stages: prequalification and preapproval. While numerous clients utilize the two terms conversely, they are different from each other.


Prequalification breaks down data given by purchasers by means of telephone or web and doesn’t include any confirmation nor cost. Since there’s no credit check, it won’t bring down your score. During this procedure, a Toronto mortgage broker can explain contract alternatives and prescribe the best ones. You will get a prequalified advance sum that is exclusively founded on figures given. While it doesn’t ensure approval, this letter capacities as the base prerequisite when making offers later on.

What is Preapproval?

Preapproval requires an application, a credit check, and confirmation of financial foundation. The objective is to determine a purchaser’s reliability and his capacity to pay back an advance sum. This procedure may cost a couple of hundred dollars and requires accommodation of all supporting documentation. It will yield a composed restrictive duty for a particular advance sum, and you may almost certainly lock in the financing cost. With regards to making offers, buyers lean toward a preapproval over a prequalification.

mortgage brokers in Toronto

Can I afford what I See?

Getting a pre-affirmed advance sum doesn’t really mean you should search for a home of that price. Monthly payment of home loan ought not to surpass one-fourth of one month’s salary. Remember that this total includes fees charges and taxes. Request that the Toronto mortgage broker figure the monthly scheduled installment for you, or you should use an online mortgage calculator.

Minimum Down Payment required?

The initial installment works as a verification of your pledge to make all installments on schedule. While you can utilize savings or money acquired by other legal means, you can’t finance this. Paying more amount as down payment can lower your interest rates significantly, eliminating any amount to pay as private mortgage insurance and even reduce the monthly payments.

Before choosing to go house shopping, these tips can help set you up. Make a point to deal with any credit issues in advance. Keep in mind that a home accompanies upkeep costs, so plan to have a secret stash available to cover fixes.

Merchant Cash Advance Regulation: What You Need to Know

Are you an owner of a café in Toronto in dire need of a loan? Well, if you need some considerable financing quickly then it can be intimidating to wait around for your respective bank or lender to approve the loan.

Thankfully, there is the solution of opting for a merchant cash advance. But even this procedure needs careful consideration. Unless, you are aware of the kit and caboodle of merchant cash advances, and the regulations related to this method can get expensive.

So, to ensure that you know what you’ll be dealing with, this article will talk about merchant cash advances, and discuss if there are regulations to deliberate.

merchant cash advance

Merchant Cash Advances and Their Workings

Your merchant cash advance Canada is nothing like a regular business loan. In fact, it is more like a sale. Let’s assume that your café is in need of an infusion of $25,000. Your merchant cash advance provider will then give you this money at hand, in exchange for a portion of your future debit and credit card sales.

The portion to be repaid will be determined upon the factor rate as quoted by your selective company. This factor rate stands between a range of 1.2 to 1.5, which signifies the amount that’ll be taken by the agency as interest or fee.

This factor rate is normally determined as per the risk assessment. Let’s say your service provider is confident that’ll you’ll have enough sales to repay his debt. Then the factor rate for your merchant cash advance Canada will be low. However, if your service provider feels that your sales are unsure, he/she will levy a steeper factor rate.

This will ensure the service provider that you will under any circumstance cover the payment on time.

Now, merchant cash advances, unlike normal loans are tricky, and previously there weren’t any regulations. This is why; small business owners often faced issues with merchant cash advances.

From high APR’s to debt dangers to steep daily payments, these conditions are making businesses skeptical of these merchant advances. Here comes the question of regulation.

Merchant Cash Advance Regulation: Why isn’t there any?

Loans are subjected to interest rates, but most loans in Canada and elsewhere are bound by legal state laws that constrain them from charging high-interest rates. As mentioned, your merchant cash advance Canada isn’t a loan, but a sale. Therefore, as per the statements issued by New York State Judge, as these aren’t loans the service providers are not subjected to follow the lender’s regulations.merchant advance in Canada


Is there a Possibility of Merchant Cash Advance Regulation?

The need for alternative lending is becoming increasingly popular hence; non-bank lenders are kept under inspection. Nevertheless, as mentioned since these are sales, the interest rate levied by the service provider can be malleable. However, the legal sectors are working to embrace more strategies for avoiding future federal regulation.

Yet, there is still hope that soon there might be alternative means to ensure that these providers charge less rate and opt for industry-wide rate revelation.

Thus, all in all, if you are considering opting for merchant cash advance Canada, pick a reputed service provider, and calculate your pricing structure to APR beforehand. This will help you pick affordable options when it comes to these advances. Good luck!

Why people invest and buy gold online instead of offline?

Investors all across the world know that gold is one of the greatest investments. The options can be considered for buying the gold and you must know that online retailers are safer as well as the simple option for you to buy gold online. Here we are listing out the best reasons for buying the gold online rather than getting it offline.

  1. Research- When you buy the gold through online you are easily able to reach to online merchant in a better way. There are many things to consider when purchasing the gold and it will be difficult for you to consider all about your options when buying the gold from the nearby retailer. Buying through online permits you in looking up to every option carefully and will let you make the right decision. Also, you will get to know the reviews that will tell you about the plus points and negative points of the various online gold dealers.
  2. Costing- The online retailers of gold is offering more competitive pricing than the nearby physical locations can provide. The online retailers can deal in bulk than the local one and it means that they are able to lower the premium on the prices that they change. When you buy gold online you know that you are not paying for the pricey above your head to the market merchant. The price comparison online is simpler instead of making the calling to every market merchant now and then.
    buying gold online
  3. Assortments- When you buy the good quality of gold items online; you will get to choose it from the best possible assortment of gold alternatives. The gold can be acquired in the coins, bars, and bullions. The gold coins are available from different homelands that are coined in dissimilar existence. Different coins are having own gold purity levels and distributions. Gold bars are available in various sizes and weights. The physical stores don’t have much gold products to choose from.
  4. Pressure-free shopping- When you think of buying the gold online, you can plan in advance about your budget for the investment in the gold and can stick on it. The local gold dealers pressure the investors to spend the money on the bullion than they had meant to invest. As gold is the barely credible investment, it is a lot easier for the salespeople to motivate the buyers in buying the gold than they are ready for the investment at the time. When you are shopping the gold via online there the need of meeting overly enthusiastic sales person. You can be fully confident about the purchases and buy the gold at own swiftness without feeling greatly hassled.
  5. Convenience- Shopping online is faster and convenient compared to the shopping at the location of retailers. It is true in case of buying gold. When you aims at buying the gold in a small amount every time price drop, you will save time and energy making the purchases online from the home comforts. You can look at the gold, the price at any time and buy those at any time as the internet never turns off.

These are the reasons why people buy gold online only.