TYPES OF MORTGAGES
:: Buying a New Home
This can be an exciting time for you and then we brokers hit you with 17 different names for mortgages and ask you to get a pre-approval for one of them.
Pre-approvals are important. Applying can be easy!
Tell me if you have a down payment or not, your job status (can you verify income).
Whatever the case, apply for a pre-approval today and we will let you know what terms we can get for you.
Remember, we negotiate for you.
~~ APPLY NOW ~~
:: Renewals
The question we often get is why use a broker for a renewal my lender has already approved. For years I dealt with the same auto insurance company because they sent me an automatic renewal notice. It was easy. I just sent them money and my insurance stayed in force. I decided to shop around and saved myself hundreds of dollars.
The same scenario holds true in the lenders market. The big push for low interest rates is to attract new customers. The lenders existing clients are often used to increase their average yield. Make sure your bank is offering the lowest rate and mortgage best suited for your needs. How do you do this? Let me check my group of lenders to see whom will offer you the very best rate/best mortgage.
Its easy and simple. You only make one call.
~~ APPLY NOW ~~
:: Second Mortgage
A second mortgage is an efficient way to obtain funds for renovations, consolidation, purchases etc. when it is not feasible to refinance.
Although 2nd mortgage rates are higher than conventional or high ratio 1st mortgages it is wise to ask your broker if your average rate would be better with a second than incurring the cost of penalties caused by paying out the existing first.
A second mortgage is a temporary fix and its term will coincide with the expiration of the first mortgage at which time paying it out or refinancing is probably your best solution. Remember a good broker will lay out the scenarios for you and let you decide if refinancing is in your best interest or if a temporary fix is the solution.
~~ APPLY NOW ~~
:: Refinancing
Almost the same rules apply to refinancing as buying a new home. There are a multitude of good reasons to refinance your mortgage:
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Your current interest rate is high;
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You need extra finances either for investments, consolidation, renovations or whatever extraordinary expenses you have.
It is up to you in cosultation with your broker to determine if it is cost efficient for you to pay out an existing mortgage and refinance or if borrowing the money on a shorter term and leaving an existing mortgage is for you. As stated previous perhaps a small second mortgage that you can pay out short term is in your best interest.
Whatever reason you have to refinance, remember if this is your home, and not just a step towards your home or an investment property you should devise a step by step plan to be mortgage free.
Trust a broker with experience to direct you through the hoops.
~~ APPLY NOW ~~
