Better Mortgages. Better Lending.

Get the mortgage you deserve today and make your dream home a reality.

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Our Mortgages are truly magical!

Make your mortgages magical – We work closely in partnership with clients to help them gain a competitive edge. Whether you’re buying, selling or looking for potential new income generating property options, you’ve come to the right place. If you’re ready to get started, we’re ready to roll up our sleeves and get to work!

Excellence in every step

Our team specializes in residential mortgage lending with an emphasis on challenged buyers. With our collective mortgage expertise, we analyze your credit, risk tolerance, fiscal limitations, income, work and business history—whatever is needed—to match each client with the right product at the right lending institution at the right price with the right terms! The bottom line is this: we do everything we can to make sure you get exactly what you need. One of our goals is to respect and prioritize your time. Because we focus on the details, we assure you that nothing is overlooked, so there’s absolutely no reason for your closing to be delayed.

 

More than just great mortgage lending rates

A low lending rate is great but there’s much more to it than that. When you work with me, I take the time to ensure I get you into the best mortgage solution possible.

Speed matters. Which is why I can determine if you’re approved quickly.
I offer products and services designed to put my clients first. Always.

Testimonials

“I’ve known Martin for nearly 15 years. I have done work for him as a service provider and have also received invaluable advice from him on numerous occasions. He works incredibly hard to find innovative financing solutions – if it can be done, he can do it.”

Jeremy L.

Frequently Asked Questions

Need Help? Check out some answers below!

1. Magical Mortgages is the premier mortgage agent in Southern Ontario.

2. No other mortgage agent has a better, more trustworthy reputation.

3. Low rates with smooth and fast closings.

4. Tailor-made solutions to your specific unique circumstances.

5. We have a rent-to-own or HomeToOwnH20.com.

6. A co-ownership as two alternative programs if we can’t get you a mortgage.

7. We are mortgage agents that make getting your mortgage an easy, stress-free experience. 8. Cashback often makes or breaks the transaction.

9. Helps achieve successful qualification under GDS and TDS ratios.

10. Cashback options from the bank of up to 3% (of the 97%) high ratio insured mortgage amount may be used to cover closing costs or repay debts.

11. With a credit score of 650 or more, all you need up to $500,000 is 5% down and 10% over that up to $1 million.

12. Cashback cannot be used toward the down payment.

Call now at (416) 524-5518

Serving Markham, ON and the surrounding area.

These are some variables:

1. Property taxes

2. Condo Fees

3. Property location

4. Your current debts car loans, student loans, credit cards owed to CRA etc

5. Your tenure at work

6. Your credit scores

7. Your down payment

8. A simple rule to calculate the mortgage amount you may be entitled to: Your combined annual gross income X by a factor of 4.5

So the income of $100,000, entitles you to a mortgage of approximately $450,000+ down payment = Purchase Price.

A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.). The results of the inspection should be provided to the purchaser in written form, in detail, generally within 24 hours of the inspection. A pre-purchase home inspection can add peace of mind and make a difficult decision much easier. It may indicate that the home needs major structural repairs which can be factored into your buying decision. A home inspection helps remove a number of unknowns and increases the likelihood of a successful purchase.

A minimum down payment of 5% up to $500,000 ($25,000) and 10% over $500,001 up to $1,000,000 is required to purchase a home, subject to certain maximum price restrictions. In addition to the down payment, you must also be able to show that you can cover the applicable closing costs (i.e. legal fees (usually 1.5% of the price) and disbursements, appraisal fees (about $400), inspection fees (about $400). and a survey certificate, where applicable). Regardless of the amount of your down payment, at least 5% of it must be from your own cash resources with a minimum history of 90 days or a gift from a family member. It cannot be borrowed. Lenders will generally accept a gift from a family member as an acceptable down payment provided a letter stating it is a true gift, not a loan, is signed by the donor. Where the mortgage loan insurance i provided by Canada Mortgage and Housing Corporation (CMHC), the gift money must be in the your possession before the application is sent in to CMHC for approval. Mortgages with less than 20% down must have mortgage loan insurance provided by either CMHC, Canada Guarantee or Genworth.

Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, Genworth or Canada Guarantee, an approved private corporation. This insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80%. The insurance premiums, ranging from .50% to 3.75%, are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance.

Where child support and alimony are paid by you to another person, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for. Where child support and alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender.

CCB (Canada Child Benefit) about $450 is paid by the government for each child under 16. Lenders allow this to be added to your income.

Depending on the circumstances surrounding your bankruptcy, generally some lenders would consider providing mortgage financing.
Where child support and alimony are received by you from another person, generally the amount paid may be added to your total income before determining the size of mortgage you will qualify for, provided proof of regular receipt is available for a period of time determined by the lender.

Subject to qualification, yes. In fact, even purchasers with

1. 5% down may qualify to buy a home and make improvements to it.

2. There are three insurance companies that do high ratio insured mortgages to cover the purchase price of a home;

2.1 CMHC Canada Mortgage and Housing Corporation

2.2 Genworth Mortgage Insurance

2.3 Canada Guarantee Mortgage Insurance Company

3. Such insurance allows for a minimum 5% down payment and

4. Can pay for immediate major renovations or improvements that the purchaser may wish to make to the property.

5. This option eliminates the need to finance the renovations or improvements separately. Some conditions apply. Where the improvements are deemed to be structural, the mortgage loan insurance premium is increased by .50% over the standard schedule. For information on mortgage loan insurance premiums see high-ratio home mortgage financing.

Most lenders will accept down payment funds that are a gift from family as an acceptable down payment. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan. Where the mortgage requires mortgage loan insurance, Canada Mortgage and Housing Corporation (CMHC) requires the gift money to be in the purchaser’s possession (about 30 days) before the application is submitted. Where mortgage loan insurance is provided by, this is not a requirement. See ‘what is mortgage loan insurance?’ for further information.

Lenders will often guarantee an interest rate to you as much as 120 days before your mortgage matures. And, as long as you are not increasing your mortgage, they will cover the costs of transferring your mortgage too. This means a rate promised well in advance of your maturity date, thus eliminating any worries of higher rates. And if rates drop before the actual maturity rate, the new lender will usually adjust your interest rate lower as well. Most lenders send out their mortgage renewal notices offering existing clients their posted interest rates. The rate you are being offered is usually not the best one. Always investigate the possibility of a lower interest rate with the lender or another lender. If you don’t you may end up paying a much higher interest rate on your renewing mortgage than you need to.

1. To locate the most appropriate mortgage for your financing.

2. We pride ourselves on listening and getting to learn about your story. We know where the best rates can be found.

3. All mortgage brokers have the same pool of lenders so ask questions to feel comfortable with your agent.

4. We present a proposal for financing to lenders in the best way.

5. When you go directly to a bank that refuses you, you may have your credit drawn multiple times to your detriment.

6. By using brokers, your credit is only drawn once allowing the broker to apply to many lenders on the same credit draw.

7. Mortgage Brokers work hard for YOU and NOT the banks!

8. Brokers are not limited in the product they can offer you. Brokers seek out the best lender package to suit your specific situation, whether it’s with a Chartered Bank, Trust, Credit Union, or Private Funds.

9. There is a wide assortment of options and features available to homebuyers today. Shopping around takes a lot of time and effort. The mortgage process within today’s very competitive marketplace intimidates many Canadian homebuyers. It pays to work with a mortgage professional who will represent you and ensure the mortgage you get is the one best suited to your needs.

10. Choosing the wrong mortgage can cost you thousands of extra dollars. Brokers are trained professionals who can help you save on your mortgage dollar.

Very few home buyers have the cash available to buy a home outright. Most of us will turn to a financial institution for a mortgage the first step in a potentially long-standing relationship. But even with a mortgage, you will need to raise the money for a down payment. The down payment is that portion of the purchase price you furnish yourself. The amount of the down payment (which represents your financial stake, or the equity in your new home) should be determined well before you start house hunting. The larger the down payment, the less your home costs in the long run. With a smaller mortgage, interest costs will be lower and over time this will add up to significant savings.

Most lenders now offer insured mortgages for both new and resale homes with lower down payment requirements than conventional mortgages – as low as 5%.

We can often get you a 3% cashback for you to use towards reducing any debts or covering the closing costs. Low down payment mortgages must be insured to cover potential default of payment.

There are ways to reduce the number of years to pay down your mortgage. You’ll enjoy significant savings by: Selecting a non-monthly or accelerated payment schedule Increasing your payment frequency schedule Making principal prepayments Making Double-Up Payments Selecting a shorter amortization at renewal

Today, about 50% of first-time home buyers use their RRSP savings to help finance a down payment. If you are a first-time home buyer, the Home Buyers Plan (HBP) allows you to withdraw money from your Registered Retirement Savings Plan (RRSP) tax-free to make your down payment. The HBP is administered by the Canada Revenue Agency (CRA). There are certain conditions you must meet to be eligible for the HBP. For more information, contact CRA at www.cra.gc.ca. How much can you withdraw? – You can withdraw up to $25,000 from your RRSP – If you buy the home together with your spouse, partner, or someone else, each of you can withdraw up to $25,000, for a total of up to $50,000. – The withdrawal from your RRSP does not need to be included in your income on your annual income tax return, and no tax is taken off the money you withdraw. What is the payback period? – You don’t have to start paying back the money to your RRSP until two years after the purchase of the home. – You must pay back all withdrawals from your RRSP within 15 years by making RRSP deposits each year, starting the second year following your withdrawal. CRA will determine what your minimum yearly repayment will be and will notify you once you need to start repaying the amount. – If you do not repay the amount due in a given year, it is included in your taxable income for that year and you’ll have to pay income tax on this amount. source: Financial Consumer Agency of Canada

First and foremost, you have to make sure you have enough money for a down payment – the portion of the purchase price that you furnish yourself. To qualify for a conventional mortgage you will need a down payment of 20% or more. However, you can qualify for a low down payment insured mortgage with a down payment as low as 5%.

Secondly, you will require money for closing costs (up to 1.5%) of the basic purchase price. If you want to have the home inspected by a professional building inspector – which we highly recommend – you will need to pay an inspection fee. The inspection may bring to light areas where repairs or maintenance are required and will assure you that the house is structurally sound. Usually the inspector will provide you with a written report. If they don’t, then ask for one. You will be responsible for paying the fees and disbursements for the lawyer or notary acting for you in the purchase of your home. There are closing and adjustment costs, interest adjustment costs between buyer and seller and (depending on where you live) land transfer tax – a one-time tax based on a percentage of the purchase price of the property and/or mortgage amount. Finally, you will be required to have property insurance in place by the closing date. And you will be responsible for the cost of moving. Remember, there will be all kinds of things you’ll have to purchase early on – appliances, garden tools, TV and internet connections, cleaning materials etc. So factor these expenses into your initial costs.

The length of mortgage terms varies widely – from six months right up to 10 years. As a rule of thumb, the shorter the term, the lower the interest rate the longer the term, the higher the rate. While four or five year mortgages are what most home buyers typically choose, you may consider a short-term mortgage if you have a higher tolerance for risk, if you have time to watch rates or are not prepared to make a long-term commitment right now. Before selecting your mortgage term, we suggest you answer the following questions: 1. Do you plan to sell your house in the short-term without buying another? If so, a short mortgage term may be the best option. 2. Do you believe that interest rates have bottomed out and are not likely to drop more? If that’s the case, a long mortgage term may be the right choice for you. Similarly, if you think rates are currently high, you may want to opt for a short to medium length mortgage term hoping that rates drop by the time your term expires. 3. Are you looking for security as a first-time home buyer? Then you may prefer a longer mortgage term, so that you can budget for and manage your monthly expenses. 4. Are you willing to follow interest rates closely and risk their being increased mortgage payments following a renewal? If that’s the case, a short mortgage term may best suit your needs.

Needless to say, you’ll have financial responsibilities as a home owner. Some of them, like taxes, may not be billed monthly, so do the calculations to break them down into monthly costs. Below you will find a list of these expenses. The Mortgage Payment For most home buyers, this is the largest monthly expense. The actual amount of the mortgage payment can vary widely since it is based on a number of variables, such as mortgage term or amortization. Property Taxes Property tax can be paid in two ways – remitted directly to the municipality by you, in which case you may be required to periodically show proof of payment to your financial institution; or paid as part of your monthly mortgage payment. School Taxes In some municipalities, these taxes are integrated into the property taxes. In others, they are collected separately and are payable in a single lump sum, usually due at the end of the current school year. Utilities As a home owner, you’ll be responsible for all utility bills including heating, gas, electricity, water, telephone and cable. Maintenance and Upkeep You will also have to cover the cost of painting, roof repairs, electrical and plumbing, walks and driveway, lawn care and snow removal. A well-maintained property helps to preserve your home’s market value, enhances the neighbourhood and, depending on the kind of renovations you make could add to the worth of your property.

A longer-term mortgage is worth considering if you have a busy life and don’t have time to watch mortgage rates. Our 4, 5 and 7-year mortgages let you take advantage of today’s rates, while enjoying long-term security knowing the rate you sign up for is a sure thing. If you want to keep your mortgage flexible right now, you can explore a shorter-term mortgage that usually allows you to take advantage of lower rates and save.

A longer-term mortgage is worth considering if you have a busy life and don’t have time to watch mortgage rates. Our 4, 5 and 7-year mortgages let you take advantage of today’s rates, while enjoying long-term security knowing the rate you sign up for is a sure thing. If you want to keep your mortgage flexible right now, you can explore a shorter-term mortgage that usually allows you to take advantage of lower rates and save.
A mortgage in which payments remain variable through a term. When rates are low, variable rates are lower than fixed rates because lenders expect rate increases. If interest rates go down, more of the payment goes towards reducing the principal; if rates go up, a larger portion of the monthly payment goes towards covering the interest. Open variable rate mortgages allow prepayment of any amount (with certain minimums) on any payment date.
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