FAQs
Below are some of the most frequently asked questions I receive from my clients. If you have a question, that is not listed please reach out and let’s discuss.
Refinancing
Refinancing can provide several benefits depending on what you are trying to achieve including:
- Consolidating high-interest debt
- Accessing equity (cash) in your home
- Lowering your interest rate
Depending on where you are within your current term and your lender – it can be advantageous to break your current mortgage. By refinancing, you could end up saving $1,000’s in the long run.
It may be easier to work directly with your current lender, however this is a prime opportunity to explore your options and determine the best possible product. A quick call with me could result in $1,000s in savings. Lenders are always looking to attract new clients and have aggressive promotions to earn your business
Mortgage Renewal
As a mortgage agent, I am not bound to a specific financial institution which allows me to shop countless lenders, finding you the best possible solution which suits your needs and will save you money.
It may be easier to work directly with your current lender, however this is a prime opportunity to explore your options and determine the best possible product. A quick call with me could result in $1,000s in savings. Lenders are always looking to attract new clients and have aggressive promotions to earn your business.
Comprehensive Pre-Approvals
To fully understand what you can afford to purchase; you should obtain a comprehensive pre-approval.
During the application process for the pre-approval, we will discuss all income sources, current debt(s), down payment, marital status, etc. to capture a complete snapshot of your current financial situation. Once obtained, we will issue a pre-approval based on your current situation, which is valid for up to 90 days.
If there are any major changes to your life (credit card application(s), line(s) of credit, auto loan application(s), job changes, co-signing for someone, etc.) following the receipt of your pre-approval, it will be void.
Denied by Your Bank
You are not alone and yes; I may be able to help.
I have worked with countless clients who have also experienced this. With some creative thinking and planning, there may be options available with for you. Give me a call, and after a discussion and submission of an application we’ll be able to review your options and if we can bring your dreams to life.
Mortgage rates are ever changing, with lenders running ongoing promotions and incentives to attract new customers.
However, there are consequences to the best/lowest rate, which are important to consider. Certain mortgage products will not include key benefits which can protect you throughout your mortgage term.
Benefits of using certain mortgage products over others, can include:
• Prepayment Privileges
• Payment Vacations
• Bridge Financing
• Refinancing Options
• Porting Options
• The ability to change your payment date
• The ability to change your payment frequency
These benefits may only cost you the equivalent of a few coffees a month but could save you $1000s in the long term
Mortgages for Entrepreneurs
Like yourself, I am also self-employed and understand the challenges you are facing in qualifying to borrow funds. I have many different ideas and options available to suit a variety of situations – give me a call and after a quick discussion and application, I can advise on how you can achieve your goals.
Investment Properties
If you are feeling inspired after watching various TV shows about rental/vacation properties and have decided you also want to enter this market, it may be more feasible than you think.
You will need at least a 20% down payment and 2%-3% for closing costs, I have worked with many clients to map out and fund secondary properties. Give me a call today to complete an application and we can determine what funds are available to you and how to best move forward.