Mortgages are not one size fits all! Your goals, lifestyle and future may require a mortgage with specific features that aren’t available through your own bank. Speaking with a mortgage professional to assess your situation and find you the best mortgage from the RIGHT lender could save you a lot of time and money down the road.
Switch/Transfer – Is your mortgage up in the next 120 days? Do NOT sign a renewal agreement before discussing your options and rates. Switching banks, with little or NO cost to you could save you tens of thousands of dollars. Call us today to discuss your options and the process.
Refinance– If you have equity in your home greater than 80% of its currently market value, you have access to funds that can be used to pay off higher interest debt or maybe even to invest. Equity is an important asset that you can make work for you.
Income Property– Purchasing an income property could be a good way to guarantee you a monthly income and to supplement your retirement goals. If you would like to purchase a new home and turn your existing home into a rental, you are able to have an investment property with as little as 5% DOWN PAYMENT!
Vacation/2nd Home- Purchase that vacation home you’ve always wanted or even a 2nd home for you family with as little as 5% down. Consider using the equity in your current home to purchase that cottage you’ve always wanted, or a house for your children while they’re away at school.
Reverse Mortgage – A reverse mortgage is specifically designed to help aging homeowners stay in their home longer. With CHIP you do not have to make any payments (interest or principal) for as long as you and your spouse live there. If you are 55 or older and would like to be relieved of the burden of a mortgage payment and still be able to stay in your home, a CHIP reverse mortgage might be for you!
Cash Back – Cash back mortgages, usually up to 3% are available for customers who would like a bit of extra money available after taking on the expense of a new home. Cash back can also be used to pay down some debt on closing to help qualify for that perfect home.
HELOC – A home equity line of credit has many advantages, and will allow you access the available equity in your home as you need it. It is essentially a cross between a line of credit and a second mortgage and gives you the flexibility to access your home’s equity a little at a time, or all at once at competitive interest rates. You will have access to your funds through an account and just like a credit card, you only pay interest on credit being used. Some lenders offer global limits that allow your credit limit to increase AS your principal is being paid down. Talk about flexibility?
Purchase Plus Improvements- This is a perfect opportunity for homebuyers to increase the value of their new home immediately and mortgage the improvements WITHOUT having to wait until there is enough value and equity to refinance. How does it work?
- Purchase a new home and get quotes for the work to be complete
- Get an approval from us for the house in its condition upon purchase along with additional funds to be released after work is complete
- Complete the quoted repairs using whatever means you are comfortable with
- After the work is completed, provide receipts or have a quick inspection done
- Your lawyer releases the previously approved amount for the renovations
- Make your mortgage payments based on the home purchase amount with the cost of repairs added in at the lowest possible mortgage rate available.
