Ryan Anderson - Your "Motivated" Mortgage Broker!

ryan.anderson@mortgagegrp.com 204-479-0775

Wednesday
August 21, 2019
1 Year Closed : 2.69 %
3 Year Closed : 2.69 %
5 Year Closed : 2.59 %
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Your Mortgage is coming due, so what are your options and what do you need to know?

 
 

Banks don’t offer you the best rate upfront. Typically banks or lenders will contact you a few months ahead of time with an offer or renew. It's usually with a higher rate, sometimes no discount at all, hoping that you’ll simply sign and stay with them. Whether it's boring or not a priority, a high percentage of home owners simply pay a higher rate than they have to. A recent Bank of Canada study confirms that consumers that use a mortgage broker on renewal save on average 19 basis points. (2013)  Having a mortgage broker do the research and negotiate on your behalf can make a huge difference. Avoid the bank roll over trap, and contact an experienced licensed mortgage broker for a second opinion. I can advise on what you were offered and tell you how it compares to current rates that are available. I can also lock rates 120 days away, while still getting a lower rate right up to the date.

 

      You can switch to a new mortgage at no costs. When you first purchased your home, there were additional fees, including legal and perhaps appraisal fees. When you switch over your mortgage upon renewal, there are no fees, including legal or an appraisal (upon OAC). It's simply a straight transfer/switch from one mortgage to another, while locking in a lower rate. (with no new money added)  Also, if you already paid a CMHC, Genworth or insurance premium when you purchased your home, there could be options not to pay it again. Several banks and even other mortgage representatives, are not aware that you can port your insurance premium from one mortgage to another and in some cases, from one property to another. That alone can save you thousands of dollars and most do not have access to all 3 insurers to do this. 

 

      It could be an opportunity to consolidate debt, add money for improvements or pay down the balance faster.  Renewal can be a great time to determine your needs moving forward as things could have changed.  It could be time to consolidate debt into one payment, or perhaps increase your payments and eliminate years off your mortgage. See Refinancing for more information or click here - http://www.ryana.ca/custom3.asp.

 

      Whether you're thinking of moving up or downsizing, refinancing to consolidate debt or renewing, I'm happy to assist and answer questions about breaking your term early, and what options you have. Contact me today!

 

 

 


 
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