Become a renewal superhero today!
A real world example of how your renewal can impact your bottom line:
Purpose: A newly separated father wanted to renew his mortgage and consolidate debt without incurring penalties
Challenge: Client became separated so he could no longer use his wife’s income at renewal and was in a new job with a lower income than his previous employment. To stay afloat, he had taken out second mortgage on his home and and used credit cards to stay afloat. Due to the separation, he also had to pay $737 in child and spousal support.
Solution: We were able to use his home equity to pay out the second mortgage, rolled his credit card debt into the buyout and negotiated a new mortgage that rolled his debt and mortgages into one thereby cutting his monthly debt payments in half. To celebrate, he took his kids on a vacation for the first time in many years and started RESP savings plans for their education.
Liabilities: $308,000, 1st mortgage $232,000, 2nd $20,000 in credit card debt
Monthly payment: $2,574
New Mortgage: $312,000
New payment: $1,344
Your home is probably your most valuable asset, but how many times have you actually looked at other options when refinancing your home? If your mortgage renewal is approaching, now is the best time to look at mortgage options and competitive rates available to you.
Did you know over 70% of homeowners will send back their renewal letter without asking any questions! Your home is probably your most expensive purchase yet how many lenders have you visited to discuss your mortgage options in comparison to how many dealerships you may have visited when buying your car?
It's not all about the rate
Most Canadians think a low mortgage rate is good, but the big mistake many people make is focusing solely on a single number. There are a lot of other conditions attached to a mortgage that will affect how much the mortgage will actually end up costing you. A mortgage broker can offer advice and options to help you get ahead. We work only for you and your needs!
Perhaps your mortgage needs have changed since you purchased your home and you might want to use your mortgage to:
- consolidate high interest debt with your mortgage to increase your cash flow or;
- fund tuition for a family member for post secondary education from the equity in your home or;
- tap into some of your home equity for a renovation project or to purchase a cottage or vacation property.
Are you confident you will get the best rate at renewal with the options that will allow you to take advantage of your life goals?
Having multiple lenders compete for your business is a great way to ensure you get the best mortgage for your situation. We deal with multiple lending institutions, including major banks, credit unions, trusts and other national and regional lenders, which means we can use our significant negotiating power to find you the best mortgage to fit your specific needs.