MORTGAGES • Homeowners

Renewing or Refinancing

Mortgages

MORTGAGE RENEWAL

Renew your Mortgage

Renewing your mortgage is an opportune time to reassess your needs and ensure the mortgage works for you, not the lender. Rate is the easy part, but not all mortgages are created equal. Let’s look at the whole picture, adapting the term, payments, and privileges to your advantage.

No Cost

There is no cost when renewing your mortgage. The goal is to put more money back in your pocket.

Easy & Convenient

We make the renewal process easy. Online, over the phone or in person, with flexible availability.

Save Money

Renewing early may save you thousands. With current market rates, renewing your mortgage early at a great rate may be advantageous.

Expert Advice

Get expert, unbiased advice. We do not work for the bank. We work for you for free!

Pay Down Faster

Let us show you how to pay your mortgage quicker and be debt-free!

More Options

We do all the homework for you, comparing all the major lenders and securing a mortgage that fits your needs.

MORTGAGE REFINANCING

Access Your Homes Equity

Canadian mortgages vary based on their loan-to-value, the current mortgage balance over the home’s current value.

The home is the asset that secures the mortgage loan. The more that is owed relative to its value will dictate the type of mortgage needed.

In the eyes of the bank, it’s all about risk. The main factor is the property loan-to-value, among other variables, such as Credit Scores, Income, and debt.

This is where the National Housing Act allows for a purchase with a lower down payment, as low as 5% of the purchase price. To achieve this, the mortgage must be insured to alleviate the risk from the bank, with the insurance premium passed onto the homeowner.

Over time, as you make regular payments, the mortgage balance decreases, and the home’s equity increases. When the loan-to-value drops below 80%, we look at tapping into this equity. After all, this is the smartest way to borrow, meaning it has the lowest cost or less interest paid.

Equity Chart

TYPES OF REFINANCING

Your Home’s Equity

Refinancing could be the right option if you want to take equity out of your home for a large project, lower your interest rate or consolidate debts to save on interest. As a mortgage broker, I will assess your mortgage needs to determine the best product for you.

Refinance

A New Mortgage

Refinancing is a great way to consolidate debts and access funds with the lowest cost of borrowing. Access up to 80% of your home’s equity for projects.

HELOC

Home Equity Line of Credit

A HELOC will allow access to up to 80% of your home’s equity but through a line of credit. This is a great way to access funds when you need them.

Reverse Mortgage

Senior Living

A Reverse Mortgage lets you remain in your home and access up to 55% of your home’s value to finance your retirement.

M FACTORY

Mortgage News

Too Early For Rate Decrease: Bank Of Canada

Too Early For Rate Decrease: Bank of Canada

The Bank of Canada’s Governing Council is hesitant to pinpoint when they might begin easing interest rates, as indicated in the summary of discussions from their January 24 meeting.

Mortgage Porting Bring Your Mortgage With You

Mortgage Porting: Bring Your Mortgage With You

Suppose you are committed to a five-year mortgage term with two years left until renewal. However, recent changes in your life, such as a new job offer requiring relocation or the need for more space due to a growing family, necessitate an early exit from

Real Estate Upswing In December

Real Estate Upswing in December

After an uneventful November and the tension of a cooling year-end market, the national real estate figures for December have defied expectations. A surprising upswing of 8.7% monthly compared to November, with 38,135 property transactions. On an annual basis, sales activity saw a 3.7% increase.

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