March, 2020 |

Most people are unaware of the benefits when you use a Mortgage Broker, most people think they are only there for people with Bad Credit or if you have been declined by the Bank or of you need Private Financing. Well, let me just tell you that it is not true. I have been a Broker for many years and I have helped all types of clients in many situations with their Approval. But let me share with you three great benefits when you use a Mortgage Broker.

Great Rates

Did you know Brokers have access to Multiple Lenders who they send business to on a daily basis? Because of this volume, they send to the multiple Lenders they work with, Brokers can access and negotiate Great Rates and even get access to Special Limited-Time Rates not available to the public. These Rates are Exclusive to Brokers and their clients.

Brokers have great rates for all types of clients and their unique situations, even if you have excellent credit, bad credit, are self-employed or have been declined by the Bank. There is no need to worry a Broker can help you with finding the Best Rate for your situation from the many Lenders who they work with. The easiest way to get the Best Rate is to just contact a Broker.

Service

A Broker works for you, the client and it is the Broker’s job to represent you to the Lenders. It is important to remember that Brokers work for you and not the Lenders, so that means they will always look out for your best interest and put your needs first before anyone. Brokers go above and beyond for their clients to ensure they are getting the best service possible for their Financing. This means your Broker is available when you are, so if you work from 9am to 6 pm during the weekdays, a Broker can work around your schedule to get you Approved. If you live a fast-paced life or work the long hours then it makes perfect sense to work with and use a Mortgage Broker.

Options

Did you know that Brokers have access to up to over 50 Lenders, which include most of the Major Banks, Credit Unions, Alternate Lenders, and Private Lenders? With so many Lenders available to choose from, a Broker is ready to help with and find a Approval for almost any situation and provide you the Best Options that work for your situation. So that means if you are looking to Buy a Home, Refinancing, Renewal, looking for an Equity Take Out, Debt Consolidation or even a Home Renovation then it is in your best interest to work with a Broker for your Approval.

Mortgage refinancing is a common strategy that Canadians use to lower their interest payments, consolidate their debt, save money, or access their home equity. But is it really a good idea? The answer is, that it depends on a few factors. Refinancing could save you a lot of money over time, but then again it might not. Or there may be other mortgage strategies that make more sense in your situation.

To determine whether mortgage refinancing is a good idea for you, you should sit down with your mortgage broker and let them calculate a few scenarios for you. In general though, here are a few of the factors you will need to look at in making your decision.

How much interest can I save?

If interest rates have fallen since you applied for your current mortgage, then refinancing could save you thousands of dollars over the time you own your home. And if you are using your mortgage refinance to consolidate high-interest debt, then the savings will be even more substantial.

How much of a penalty will I pay?

In order to refinance your mortgage, you will have to break your current mortgage early which usually means you will have to pay a penalty. The farther away you are from your renewal date, the higher that penalty will be. If you are close to your renewal date, refinancing may make sense. If you recently renewed your mortgage, then another strategy such as a second mortgage may be a better option for you.

How disciplined am I?

If you are using mortgage refinancing to consolidate debt, then it is important that you can be disciplined enough not to run up your credit cards or line of credit again. If you do, you could be in a worse situation than before you refinanced. Consider putting a budget together to see if refinancing can really be the start of a long-term solution for you or if you should be seeking out other financial counseling.

If you think mortgage refinancing might be for you, you should sit down with an experienced mortgage broker to help you make your decision. To schedule a FREE consultation, contact one of our professionals at Expert Financial Corporation @ 416-302-5776

Most homeowners when they first sign on to a new mortgage don’t give a lot of thought to renewing or refinancing their mortgages. But eventually, when their mortgage term is up (most mortgage terms in Canada are five years although they may also be longer or shorter), the time will come for them to renew.

Because the words mortgage renewal and mortgage refinancing sound similar, some homeowners make the mistake of thinking that they are the same thing. This, however, is incorrect. While both mortgage renewal and mortgage refinancing involve getting a new mortgage, they have some very important differences.

What is mortgage renewal?

Mortgage renewal occurs when the term of your current mortgage is up but you still have money owing on your home. Usually, you will get a notice from your lender a few months or so before your term ends informing you that the term is up and offering to renew your mortgage for another term at a rate determined by the lender.

As a homeowner, you have the option to sign and send back your mortgage renewal letter or shop around to see if you can get a better rate or more favorable terms from another lender. It is strongly encouraged that you work with a mortgage broker at mortgage renewal time to ensure that you get the best rate and terms for your situation.

What is mortgage refinancing?

Mortgage refinancing happens when you decide to get a new mortgage before the term on your current mortgage expires. This means you will have to break your current mortgage early.

While mortgage refinancing in most cases will cause you to have a financial penalty by the lender for breaking your first mortgage, there are some good reasons why homeowners may choose to do this. Often people refinance their mortgages when interest rates have dropped significantly or when they wish to access money from their home equity (to consolidate debt, pay for a home renovation, etc)

It is strongly advised that if you are considering refinancing, you do so with the help of a mortgage professional who can determine whether you will be able to save enough in interest payments to offset the financial penalty for breaking your mortgage.

Are you interested in mortgage renewal or mortgage refinancing? Expert Financial Corporation can help you with both! Contact us today at 416-302-5776 to Book an appointment for a FREE consultation.