Renewing A Mortgage
Majority of the usual mortgage applicants or simply those whose mortgages are up for renewal tend to be hasty in signing forms, sending it back to the respective lender. Problem is, usual result includes a higher rate and an unsuitable mortgage product. Allow Don Johnstone to do the work for you as he can guarantee that you get the best possible rate and product designed especially for you and your needs. To sign up for our Mortgage Renewal Registry, click here.
If you want to renew your mortgage or perhaps switch to another lender who could give you a better rate, you should know that most lenders now offer “no cost” or “low cost” switches. This is a smart and better way in reducing your interest costs. We can take care of all the details, as well as negotiate on your behalf with your existing lender—even find you a new one with competitive rates.
Don can help you find the best product tailor-fitted to your needs, and at the best rate possible! We will do all the research you’ll need to help you avoid the confusion and frustration of going through all the options available.
What type of mortgage should you choose? These are some things to keep in mind:
Long-Term Mortgages
Any term longer than 3 years is considered as “long term.” Because long-term rates are often higher than short-term rates, you may not want to choose this option. However, locking you in will help you avoid exposure to rate increases. can assist you and help identify if this option is suited for you.
Split-Term Mortgages
A split-term allows you to minimize you interest rate. An example of splitting is when you’re given a $200,000 mortgage, splitting into an even 40,000 segment, each with terms of 6 months, 1-, 2-, 3- and 5-year terms negotiated at the current best rates. Too much information at once? Talk with us!
Mortgage Payment Changes
Most mortgages now allow amortization to be adjusted by increasing payment on closed terms by 10–20% per year, once annually.
Mortgage Prepayment Options
Many lenders allow making a lump sum payment, usually 10–20% of the original balance. Also, many mortgage products include a “double up and skip-a-payment” feature. This feature allows you to save on extra mortgage payments, at which time you can “skip” payments if you need to. Ask Don for advice today!
Short-Term Risk and Variable
If you are prepared to take a risk, and current rates are low and stable, you can actually pay a lower rate with a short-term mortgage. You can simply choose your term for every 6 months or float your rate against prime with the option of locking into a longer term at a later date to play safe. This, however, is not for everyone as sudden rate movements can have an impact on your payments. Worry not if all these sounds alarming for Don can assist you and help identify if this option is suited for you.
Mortgage Payment Frequency
Presently, mortgages often come with the option to pay at a frequency that matches your cash flow, whether weekly, bi-weekly, or semi-monthly. A benefit of this “accelerated” weekly and bi-weekly payment is that by dividing a regular monthly payment into two and four, respectively, and deducting it at the new interval, extra payment against the principal is made per year.
Take advantage of our renewal registry now and get the best possible rate held for up to 120 days prior to your renewal!
Want to know if a Second Mortgage may be right for you?
- Has your bank has turned down your loan request?
- Are you unable to obtain financing from other sources?
- Are you self employed or unable to verify your income?
- Have you had some credit problems in the past?
- Do you need money quick and for a short term?
- Do you need to consolidate debts to avoid high interest rate credit cards?
We have direct access to both institutions and private lenders of second mortgages for quick response and fast funding.
The funds available on your second mortgage depends solely on how much you need, the current value of your home, the existing mortgage(s) on your property and your capability to repay the mortgages. For quick answers to your questions and to complete your second mortgage application, apply or contact me today!
No Obligation | No Down Payment | No Problem!
Orangeville Office
193 Broadway,
Orangeville, ON
L9W1K2
Real Mortgage Associates Inc.
578 Upper James Street, Hamilton,
Ontario L9C 2Y6 Hamilton
Contact Info
- (519) 362-0353
- sohidon@gmail.com
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