For most people, purchasing a new home should be an exciting experience. Whether you’re a first-time purchaser or a seasoned veteran, today’s marketplace offers you literally hundreds of options. With competing financial institutions all vying for their share of the market, it can make this process complicated and perhaps a little confusing for many. Choosing the right mortgage Broker and the right mortgage product can save you thousands of dollars.
Let me help you to understand the financing process and provide you with the knowledge and unbiased opinions to help me become your trusted advisor and help with you through the mortgage financing process.
Many homeowners consider refinancing when interest rates start dropping, or if there is a change in a person’s financial situation. A good rule of thumb suggests that if interest rates are more than ½% lower than your current interest rate, then perhaps it is worth considering to refinance your mortgage. Conventional wisdom may suggest that choosing a lower interest rate will save you money, but it is possible to save much more by picking the right mortgage product. You should never consider any single variable on its own when choosing a mortgage, but rather look at all the options and considerations before making your decision. When choosing a mortgage strategy, we need to identify how long you plan to stay in your home, how you will be using your new found equity, and whether refinancing now supports your overall financial goals. One of the most important items to identify is how quickly will you recover any prepayment penalties, legal fees etc. associated with refinancing your mortgage and what direction interest rates are expected to move in the future.
We welcome the opportunity to discuss how I can help design a mortgage that is customized to fit your specific needs and the timing has never been better than right now!
If you are already an existing client of ours, then you know that we keep you informed as to when your mortgage is coming up for renewal. By being well informed ahead of time, you will be better prepared to take advantage of any new products available in the market-place since the last time your mortgage was registered. Whether you return to the same lender, or put your mortgage on the open market for other lenders to compete for it... You should speak with us.
If you are not already a client of ours and your mortgage is up for renewal shortly, don’t take it personally if your current lender has offered you a renewal agreement with higher interest rates than you are seeing elsewhere. We call it their “laziness test” and your lender is betting that you will not take the time to comparison shop and they are hoping you will end up signing into a mortgage with interest rates that are higher than necessary.
Reviewing your current mortgage and renewal options to find a mortgage product with the best rate and terms can save you thousands of dollars so plan ahead and don’t wait!