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Mortgage Refinance Option
With the big increases we have seen in the value of properties over the past few years, most home owners are sitting on a significant amount of new equity. Canadians are also sitting on more debt then ever before as well, this is why our Mortgage Refinance Option or debt consolidation mortgage is the perfect choice to put your financial house back in order. Our debt consolidation mortgage is quick, easy and all costs can be covered by the new mortgage, so no out of pocket expenses; did we mention the lowest mortgage rates in Canada?
We refinance for debt consolidation, second home purchases, asset enhancement, home renovations and pretty much every other reason imaginable. Many clients also refinance their mortgage simply to get a lower interest rate or to extend the length of their amortization to lower their monthly mortgage payments due to changes in their personal situations.
If you are one to get confused by mortgages, all the numbers and interest rates, let us work with you to show you how much money you can save by refinancing your mortgage. Many clients feel overwhelmed by their debts and payments and they don't need to be, with longer amortizations and the best mortgage rates in Canada, we can bring your payments back in line and consolidate your debt into one simple payment.
Keep in mind you must be a home owner for this mortgage option. We can refinance up to 95% of the value of your home, so if you are stressed out over high payments, call us today or apply online and we will get your financial house in order with a new mortgage at today's lowest mortgage rates.
Product Options
Variable Rate Mortgages
Variable rate mortgages fluctuate with the banks prime lending rate. The discount off of prime that you receive can fluctuate with market conditions and what each lender is offering at any given time. When going this route however there are some things you need to understand about the product and this is where a professional mortgage advisor can help you out.
Is a variable rate mortgage for you?
- Do you have room factored into your budget if your mortgage payments were to go up? (How is your rate tolerance?)
- Do you follow the mortgage rates to know if or when you should lock into a fixed product? (We have you keep in touch with us for regular updates on what is happening with both the fixed and floating terms when you take a variable rate mortgage).
- What would your rate be if you chose to lock in at some point? Is that discount in line with the wholesale rates available in the market? If it's a certain discount off of the going rate, is it in line with what is being discounted today on that product? (Some lenders offer good discounts off of prime on the variable portion, but don't offer any discount off posted rates should you choose to lock into a fixed term product and you are locked in for 5 years; we help you avoid this trap).
Fixed Term Products
Fixed term mortgages are those which have interest rates that are locked in for the full term of the mortgage. When you shop for a fixed term product, the biggest differences will come in the interest rate and pre-payment privileges. We offer the best wholesale rates available in Canada today. We have terms as short as 6 months and as long as 25 years, and we can work with you to find the right term based on your specific situation, one size does not fit all! We also think ahead to the end of your term and try to put you with lenders that will offer you their best rates on renewal as well (see Lender for Life Option).
HELOC (Home Equity Line of Credit)
Our HELOC Option is the next generation of mortgage, a hybrid of sorts. Within your HELOC you can hold fixed terms, variable terms and lines of credit individually or all at the same time!
Want to borrow some money to invest, buy a car or send the kids to school? Separate them all for ease of accounting. Can't decide between long or short term, do both! The HELOC Option is not just a mortgage, it's a valuable tool in your overall financial plan!
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