Choose Your Mortgage
There are so many lenders with so many different rates, products and policies that it is so important to call your mortgage professional so that you have access to all the information available. Did you know that you can purchase a home with no-down payment or refinance your home up to 90% loan-to-value. The are so many special programs available that make it possible for almost anyone to realize their dream of homeownership or make the equity in there home work for them. Call me for more details on any of the programs available.
- Home Purchase
- Mortgage Renewal
- Refinance & Lower Your Payments
- Pre-Approvals
- Other Great Financing Programs
Mortgage Renewal or Transfer
Is your mortgage coming up for renewal?
Don't be too quick to sign the renewal form sent from your current lender. Generally this is not the lowest rate or best product that could be offered. Unfortunately over 70% do just sign the renewal letter and send it back to their lender, thus incurring higher interest charges, and causing you necessary costly changes down the road. As your mortgage professional I will automatically contact you at least 120 days before your current mortgage renews to discuss your options.
You want to renew/ transfer your mortgage to the lender who offers the best product/ rate for you. Most lenders offer a ?no cost, or low cost? transfer or switch. I can negotiate with your current lender or find a new lender who will offer the most competitive rates, thus, maximizing your savings and reducing overall costs.
Refinancing and Lowering Your Mortgage
There are many reasons you may be looking at refinancing your mortgage. You may want to keep your mortgage balance the same and simply take advantage of today's low rates. Or you may wish to consolidate debts, make improvements to your home or garden, purchase a vacation home or investment property or top up your RRSP's etc? Let me negotiate with your current lender or switch to a new lender who will give you a better rate or product for you.
Example Of How A Refinance Can Save You Money!
Current Mortgage:
$225,000 @ 6.5% 5 year term, 25 year amortization
Monthly payment $ 1,507
Interest paid over 5 years $68,950
New Mortgage:
$250,000 @ 4.90% 5 year term, 25 year amortization
Monthly Payment $ 1,440
Interest paid over 5 years $57,308
(rates subject to change)
Pre-Approvals
Obtaining mortgage financing is one of the most important steps in the home buying process, but it can also be the most complicated. To make it easier, we recommend you get pre-approved for financing before looking for a home.
Pre-approval helps you:- Determine what you can afford. Knowing your price range makes it easier to shop around for houses with confidence. You will be able to make an offer right away.
- Secure today's mortgage rate for 90-120 days. Locking in protects you from any mortgage rate increase for up to 120 days. If mortgage rates should fall during this time, you will still be able to take advantage of any decrease.
- Speed up financing agreement turnaround. During the pre-approval process, you will be preparing all the documents you will need to obtain approval once you've decided on a house. Having these documents ready may give you an advantage over others who are bidding on the same property. And your pre-approval letter reassures the seller that you are able to obtain financing should your offer be accepted.
Other Great Financing Programs
No-Down-payment Programs
There are a number of no-down payment programs available. The programs vary with each lender and you need to consult with me to determine the best one for you.
Self-Employed Programs
There are a number of programs available for Self-Employed and Commissioned sales people who have good credit and can not meet the minimum GDS / TDS requirements based on verifiable income. You can obtain up to 90% financing with as little as 10% down payment. All lenders have different guidelines so let me find the right lender for you.
Vacation Home / Second Home Financing
You can now purchase a second home or vacation property with as little as 5% down. Call me for more details.
Equity Lending
There are many lenders that will provide mortgage financing based on equity alone. This may be an option for you if you have past credit issues or verifiable income is a bit of a challenge. Given all the different programs available please call me to discuss your options.