You Could Potentially Save Thousands On Your Mortgage Per Year
Apply for a home loan online today!
We cater to self-service users who want to apply for a home loan online and provide one on one support whenever needed.
When You Work With Nicole Reyes You Can Reap The Benefits!
Apply Online
It's simple and we can get you pre-approved in the same day
Review the Terms
Work with an experienced loan officer to review the terms of your loan.
Reap the Benefits
Finalize and go forward with the purchase or refinancing of your home!
What Do You Need Help With?
First Time Home Buyers
Self-Employed Mortgages
Investment Mortgages
Mortgage Refinancing
Also Popular:
Debt Consolidation
Mortgage Process
Mortgage Calculators
Mortgage Pre-Approval
Don't let applying for loans overwhelm you. We've got the solutions that make the process easy!
We Are More Than Just Lending Professionals
We understand that applying for a first-time home loan or a mortgage refinance loan can be stressful and overwhelming. We make it easy.
- We are upfront and transparent about every step of the process. There are no hidden fees or hidden meanings!
- In our book, clients come first. No matter what that means, we will work tirelessly to get you the best mortgage solution possible!
Get Started Today!
Don't wait any longer to figure out your lending situation. Let us help you through the entire process!
We value our clients and work hard to help them in any way we can.
REFINANCE
We are here to help you with your debt consolidation, renewals or refinancing needs!
PURCHASE
We offer fast closing, completely cloud based, also offer adjustable rate mortgages or a 30 year fixed-rate!
SUPPORT
We are with you every step of the way. work hard to get you the mortgage solutions that work with your needs!
Simple and Secure
Our digital mortgage technology makes applying for a mortgage for both a Home Purchase or a Refinance quick, easy and secure. The technology allows us to ensure our clients receive the best loan customized to their specific needs.
Hear From Our Clients
We've helped many with their mortgages and first-time home loans!
I have to say I haven't met anyone as willing and kind unless there sure money in it for them. Nicole is a gem of a person.
Angela McKinney
Nicole was very prompt, professional, and courteous. She made the loan process as smooth as possible. She answered all questions in a clear, easy to understand manner.
Zander Ion
Nicole went the extra mile to make sure I was informed and confident with every step of the process. Great communication and very friendly.
Madelynn McCoscco
Nicole was very helpful explaining the loan process and was prompt when returning calls. She was always available, even after hours. I felt comfortable and knew she had my best interest in mind.
Louis White
Frequently Asked Questions
Have a question about how we can help you?
Check out the questions below to see if we can quickly answer your question!
What Types Of Loans Do You Offer?
There are multiple types of home loans. Some of the most common mortgage loan types you might see include:
Conventional loan: The most common type of loan, conventional loans conform to Fannie Mae and Freddie Mac’s guidelines.
VA loan: VA loans are government-backed loans for eligible members of the armed forces, veterans and qualifying surviving spouses.
FHA loan: FHA loans are government-backed and have looser income and credit requirements.
Jumbo loan: A jumbo loan is one that falls above local conforming loan limits. Usually, that’s $647,200, but it’s higher in Alaska, Hawaii and high-cost areas. Loan limits also go up if you have more units. It’s important to shop around because lenders often have their own standards and jumbo loan offers.
Non Traditional Loans: Hypotec offers a wide variety of non traditional products so we can service our clients and all there needs at any level. These products include: Self-Employed loans, Investor Programs (no tax returns required), Bridge Loans, Foreign National Loan Benefits.
Know your loan type and ask your lender which types of loans they offer. Ask which types of loans would qualify for a refinance as well. This will help you get the most for your money and set you up for payment success
What Types Of Refinances Are There?
There are different types of refinances. The two most common are:
Rate-and-term refinances: Your mortgage rate is the percentage you pay in interest on your loan. Your mortgage term is the length of time you must make payments on your loan. As the name suggests, a rate-and-term refinance changes the rate and term of your mortgage loan. For example, you can refinance a 15-year mortgage to a 30-year term. When you refinance your rate or term, your monthly payment changes without changing your principal balance.
Cash-out refinance: A cash-out refinance allows you to accept a higher loan balance in exchange for taking cash out of your home equity. For example, let’s say you have a $100,000 principal balance on your loan and you want to pay off $20,000 worth of credit card debt. A cash-out refinance would allow you to take out a loan worth $120,000 and your lender would give you $20,000 in cash.
Ask your lender about the types of refinances they offer. Then ask about the benefits and drawbacks of each.
What Do I Need To Qualify For A Refinance?
Every lender has their own standards that you must meet to qualify for a refinance. Ask your lender what standards you must meet in the following areas:
Credit score: Your credit score is a three-digit number that represents your experience managing credit and loans. Your lender should be able to tell you the minimum credit score you need to qualify for each type of loan.
Debt-to-income (DTI) ratio: Your DTI is a percentage that tells your lender how much of your money goes to regular, recurring expenses. You’re less likely to have savings and more likely to miss a mortgage payment if you have a high DTI. Your lender should be able to show you how to calculate your DTI and tell you the maximum DTI you need by loan type.
Home equity: Your home equity is the percentage of your loan principal that you’ve paid off. Most lenders require that you have at least some equity in your home before you can refinance. Your lender should be able to tell you how to figure out your current home equity as well as how much equity you need to qualify for a refinance.
What’s The Difference Between Interest Rate And APR?
The terms “interest rate” and “APR” are often used interchangeably. However, the truth is that these rates aren’t actually the same thing.
Your interest rate is the base percentage that you pay on your loan.
Your annual percentage rate (APR) is your interest rate plus any applicable fees and closing costs associated with the loan. When you see two percentages listed side by side, the APR will always be the higher number. This means you should focus on finding the lenders that offer the lowest APRs on comparable rates for the same loan programs.
How Will This Refinance Affect My Monthly Payment?
The type of refinance you choose will affect your monthly mortgage payment. Your monthly payment will go down if you refinance to a lower APR and keep your term the same. If you refinance to a longer term your monthly payment will go down, but you’ll pay more in interest over time. If you refinance to a shorter term your monthly payment will increase, but you’ll own your home sooner.
Your monthly payment usually increases when you take a cash-out refinance. In addition, if your refinance leaves you with less than 20% equity in your property, you may have to pay for private mortgage insurance (PMI). PMI is a special type of protection that partially insures your lender if you happen to default on your loan. This can add considerable dollars to your monthly payment, so make sure your lender tells you if they have a PMI requirement.
Ask your lender how the refinance you’re considering will affect your monthly payment. Your lender should be able to take a look at your loan details and give you a close estimate of what you’ll pay monthly.
You should work with a refinance lender that will service your loan in-house if at all possible. This makes it easier to get in contact with your lender if you have a question or concern about your loan.
How much does a home actually cost?
Deposit
DUE 24 HOURS AFTER CONTRACT ACCEPTANCE
Typically the deposit amount is determined based on the purchase price in our market. It's common for 5% of the purchase price. It must be delivered by bank draft. This will become part of your down payment and is not an additional fee.
Down Payment
DUE AT CLOSING
The amount you will need for a down payment is determined by the type of loan you qualify for. Insured (CMHC/Genworth) loans are less than 20% whereas conventional loans are a minimum of 20%. Ask your preferred mortgage broker for options available. Down payment also includes your deposit.
Home Inspection
DUE AT TIME OF INSPECTION
We always recommend hiring a home inspector, as you never truly know the real condition of the home from just the outside. The cost ranges from inspector and details such as size of home and if there's a pool. Payable by credit card or cheque. This is an additional fee.
Appraisal
DUE AT TIME OF INSPECTION
Like home inspections, appraisals also range on the appraisers and size of the home. They are hired by the mortgage broker to ensure that the property is worth what they are lending to the borrower.
Closing Costs
DUE AT CLOSING
Closing costs are the fees included legal work for such things as the title and mortgage broker services. They range from a percentage to a flat fee based on purchase price.
IMPORTANT You will pay for a home inspection report and an appraisal report (if financing) which is nonrefundable, even if you do not end up buying the home.
What Types Of Closing Costs Can I Expect?
Closing costs are the third-party fees paid at the close of a real estate transaction due at closing (hint the name). The buyer closing costs usually total 2% - 5% of the final sale price which may include but not limited to:
Lawyer Fees - paid to the lawyer for their services.
Mortgage Broker Fees - these fees are generally paid by the lender upon successful completion, or in a lot of cases paid by the financial institution.
Homeowners Insurance - required by most mortgage broker, you will typically pay your premium for one year.
Mortgage Insurance - typically required if your down payment is less than 20%.
Title Insurance - a one-time fee, required to protect you in case the seller doesn't have full deed to the property.
Property Taxes - included in lawyer fee adjustments. they are prorated and adjusted by the lawyer and other years are paid to the municipality separately.
Land Title Fees - included in lawyer fee adjustments.
Home Appraisal Fees - only paid at closing if not paid for in advance (if applicable).
Condominium Dues - if your home has a homeowner's association, you will pay one month's dues upfront at closing (if applicable).
*please check with your mortgage broker for the full scope of what your actual closing costs will be.
What Is A Closing Disclosure?
Depending on when you got your original mortgage loan, you may be familiar with the Closing Disclosure process. You’ll receive a Closing Disclosure 3 business days before you close on your refinance. It will include information about your new term, your APR and any closing costs you must pay. You must acknowledge that you had the chance to read and review your Closing Disclosure to your lender before they can schedule your closing meeting.
Ask your lender how you’ll receive your Closing Disclosure and how you can acknowledge it. Also ask your lender to walk you through the closing process. They should be able to tell you what to bring to closing, who will be there and what will happen in the meeting.
CONTACT US NOW!
Save Thousands On Your Mortgage Per Year
Hypotec Inc.-NMLS# 331734
www.nmlsconsumeraccess.com
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Contact Us
nicole.reyes@hypotec.com
Nicole Reyes-NMLS# 2253293
Cell: (710) 389-1454
Work: 844-HYPOTEC (497.6832) Ext: 2237
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