Buying Your First
Home.
Here are some of the questions you may want answers
to:
- How do I know I'll qualify for a mortgage?
- What mortgage term is best in today's market?
- Do I have the right to select my amortization?
- Who has the most competitive mortgages?
- Where will I find the advice I need?
When you're pre-approved, you've got one less detail
to think about.
Having your mortgage financing pre-approved means you can
shop more confidently. You can put in a more aggressive
offer, present the seller with more attractive terms, and
negotiate a better price!
Pre-approved mortgages.
Yes, a pre-approved mortgage can save you money. But not
all pre-approved mortgages give you the freedom you need.
Your consultant will sit down with you and discuss your
financial circumstances and your dreams for your home. We'll
put together a recommendation, and shop it around for you
until we find exactly the right mortgage for you, with the
most competitive terms and rates.
Shopping around at renewal time is vital. But why
do all the work yourself?
Most Canadians simply accept the posted rate their bank
offers them at renewal. But that's just not an intelligent
way to use your hard earned money. We shop every available
financing source to find you the best available rate and
features. We can even pre-approve a rate up to 120 days
before your renewal, so you don't have to worry about rates
rising.
Mortgage Renewals.
Even if your mortgage doesn't come up for renewal any time
soon, there's still a very good reason to speak to your
consultant. As rates and market conditions change, your
current mortgage may be costing you more than it should.
It's possible that we can find another option for you that's
so attractive it makes breaking out of your current mortgage
cost-effective. But the only way to know for sure is to
sit down with your consultant and discuss your current situation
and future goals.
Equity Take Out Mortgages let you use your Home
Equity the way you want!
Equity take out mortgages are receiving a lot of attention
these days. A large number of Canadians have realized that,
after 15 or more years of home ownership, their mortgage
balances are now very low or even paid off! This means their
largest single asset may be a large amount of equity tied
up in their home. While it’s nice to be “equity
rich”, it’s also nice to have flexibility with
where that money is invested.
This is the reason for the renewed popularity of the “equity
take out” mortgage.
“Equity take out”
financing is available for various purposes such as:
- Home renovations
- Major investments
- Second properties such as cottages
- Boats
- To make an RRSP top up contribution (allowed by Revenue
Canada)
- And more!
The equity take out mortgage comes in two forms: the traditional
fixed rate mortgage or a variable line of credit option.
The traditional fixed rate mortgage provides stability in
interest rates for a predetermined amount of time (such
as a 5 year mortgage). It has limited prepayment options,
with a 10-15% prepayment per year being standard.
On the other hand, the variable line of credit option has
a fluctuating interest rate which is usually based on your
lending institution’s prime rate and can change at
any time. Flexible prepayment options make this form of
financing attractive.
For more information on equity take out mortgages,
contact
us.
