Your mortgage term has almost ended, what’s now?
The end of the term is not only an opportunity to improve your rate, but also to review with us, all your changing circumstances and needs and get a mortgage that flexibly addresses the new aspects. This itself will save you furthermore than a rate alon will do!
Should I switch? I heard it's the least expensive option
Saying that, in order to switch your mortgage, all it’s parameters besides the new rate, should be kept as is. There won’t be any change to the amount and amortization. For you, it sometimes means missing out on a big opportunity to leverage on your money, when there is no outstanding penalty. You may be able to pull equity for investment opportunities, consolidate bad debt into good and cheap one and control your monthly payments.
Questions about renewal/transfer/switch mortgage? We can help!
Can I transfer my current mortgage to my new homeIn Canada, people tend to move frequently, sell and buy homes. Some mortgages restrict the transfer from the sold house to the new one purchased, to less than 60 days, which means you have to coordinate the sale and the purchase dates. When it’s a simple transfer with no additional funds, most banks won’t charge you a penalty or will charge you and reimburse later. In most cases, there is a need in new funds, or the individual's circumstances have changed. Then it's important to look at the numbers and compare refinance vs transfer.
I did my mortgage with a credit union. Are there any limitations or penalties to transferring my mortgage?With Credit unions, it might be difficult to transfer a mortgage as they act within specific geographical boundaries. If you have a more complex mortgage (with a line of credit or cashback, for instance) or need more money, the game changes. In most cases you’ll be better off looking for a new mortgage, that will save you much more. An extra attention should be given to the new mortgage regulations that came into effect in 2018. Under those regulations, porting a mortgage as is, becomes sometimes impossible, as the new lender has to reapprove the mortgage under much restricting rules
Why do most borrowers avoid “mix and Blend”?Because when considering a Mix and Blend with current bank, you should compare two scenarios: The first is to take a new mortgage with a new lender, while paying the penalty. The second is to stay with the current lender and mix your old mortgage terms with new mortgage terms offered by them. In this case there is no penalty. We frequently see, after calculating both scenarios that the client is better off taking a whole brand new mortgage .
Can I roll in my refinance or switch costs to the new mortgageWhen you refinance, the answer is: yes. When you switch from lender to lender just to improve the rate you won’t be able to borrow more to cover the costs. This means that the cost of penalty and legal fees will be paid directly by you.
By the end of the term, how do I decide whether I’m better off switching my mortgage, transferring it or renewing by refinancing?It’s easy. Once you get your bank’s renewal offer, just send it to us. We’ll review it, look at your finances, listen to you, your desires, wishes and plans, and calculate your numbers. We do a comprehensive review, so your decision will take everything into account. Feel free to approach us, as you are at the time to act, time with no penalty, no restrictions, just more choices to do the best for yourself.
Focused mortgage approval process
COMPLETE OUR FORM
All it takes 1-2 minutes to send us your form. You can expect a response from us within 24 business hours. We’ll set up time for a quick phone conversation to determine how we can help you. Once we see we can get you the value you need, we will collect all information needed to immediately submit your file to specific lenders.
Our process begins with us collecting your supporting documents, things like ID’s, tax documents etc. We need these so that when we contact a lender on your behalf, they will not only approve you, but will also take the next step and confirm your income in order to offer you a fully guaranteed mortgage commitment. Giving us your documents upfront serves you in that we are able to perform a focused search among 40+ lenders and find you a tailored mortgage solution, the best mortgage rate and best mortgage terms.
A mortgage can be arranged within very short notice. Our record is set today at 11 hours from initial call to funding for a private mortgage, and 5 business days from the first call until the keys were in our client’s hands, for a conventional mortgage(!). Having said that, it is always better to take the needed time to properly lead a controlled and focused process. We are here with you along the way and long after you conclude it, as we constantly oversee the market to discover opportunities for our clients to cut costs.
Your total monthly payment
NOTE: ALL MORTGAGE CALCULATOR RESULTS ARE APPROXIMATE VALUES. Please call us for your exact mortgage calculation.
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