Mortgages                    

Mortgage Refinance and Renewal

When you consider a mortgage refinance for debt consolidation you may be looking at paying your mortgage off sooner than if you continued with your current financial situation.  Carrying balances on high interest credit cards, personal loans or lines of credit  while paying your mortgage may mean you are paying too much interest.  If consolidated at a lower rate you will save money and also be able to take advantage of any pre-payment arrangements your mortgage lender offers saving even more money.  The following are some of  the main reasons Canadians refinance their homes

  • Debt consolidation
  • Investing 
  • Purchase a vacation property
  • Education

Mortgage Renewal

When your current lender sends you a mortgage renewal notice in the mail, they most likely will quote you some rates that are available to you.  A good question is: are those rates the best rates available?  You have always paid your mortgage as agreed and never caused any problems so why shouldn't it be the best rates.  The best adage is the old adage "Buyer Beware".  Know what you are getting into.  The best advice is to find what the best rates are, and what your credit rating is about 3 to 4 months before your mortgage is up for renewal.  This way  you are prepared for any changes and will look forward to the best rate available to you.  A mortgage broker will seek out and guide you through this process so it is almost as simple as signing that renewal but you know you are getting the best rate available.


Things to remember

When you are going to refinance or move your mortgage from your current lender, ensure your credit lines are all current and not overlimit.  To get the best rate you need a good credit rating and  being late or over limit will hurt your ability to get the best mortgage.  Plan to look at your situation about 4 months before you renew or refinance, this way you will be prepared for any problems that might arise.




Having a mortgage broker arrange your mortgage increases your financial options.  Most times you do not pay for this service; you save time and money.