Mortgage Refinancing Made Easy

First Time Buyers use Mortgage Brokers! CMHC shows 44% use Mortgage Brokers.

CMHC has shown that currently 44% of all first time homebuyers use the resources that only a Mortgage Broker can offer. Generation Y: Also called Echo Boomers (Sixty million strong have grown up on the internet). They do their homework before buying and are savvy when it comes to finances, they want to know the rates and other costs associated with home ownership.

It makes sense for them when buying real estate to use a Mortgage Broker. WHY?... They can apply online, get access to “what if “ scenarios and other need to know information. They want answers quickly, are loyal when a Mortgage Agent demonstrates the skills and understanding they need to make the biggest purchase of their lives.

Service and Price are important to them. The GOOD news is they share information good or bad.

Busy lives call for quick solutions and secure on-line Mortgage applications provide the opportunity for both. In the comfort of your own home, you can research and apply for a pre-approval and through my office receive the information with-in hours.

Efficient knowledgeable, secure service and some of the best rates in Canada, it’s a combination first time buyers want and need!

A Guide to Your New Home Warranty is available from Tarion. Down Load here (pdf) booklet

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Mortgage Refinancing Made Easy

Paying out an existing mortgage by arranging a new one to take it’s place is considered to be a refinance. This can be done using the same Lender or a different Lender.

Reasons for a Refinance:

Debt Consolidation can wrap all your monthly debts into one lower rate, lower payment amount.
A decrease of mortgage payments can be achieved by refinancing and extending the Amortization. The maximum Amortization in Canada is now 35 years for purchase transactions. For those with 20% equity or more a 40 year Amortization is possible.
Equity can be borrowed form the home to buy Investments to diversify your financial portfolio and take advantage of Stock Market conditions.
Renovations actually increase the value and livability of your home.
Quality insulation, a pool, updating interior finished all increase value and enjoyment.
Some Homeowners use their existing equity as a down payment to buy a Recreational home or even a Rental for future investment and diversification of their portfolio
There are times when it makes sense to buy high cost items and finance them at the very low rates that are offered through a mortgage.
Special occasions are often high cost and can’t be financed in any other ways. Taking advantage of existing equity to pay for education costs for a child or assist in making a dream wedding or vacation possible is an option when the equity supports it.
Refinance for the purpose of reducing a mortgage rate is the most important to assess before proceeding. It can carry a heavy penalty depending on the remaining number of months that the existing mortgage has and the difference in the interest rate it may or may not be cost effective.