Top Mortgage Broker in North York, Toronto
Mortgage Renewal Services
Signing on the dotted line without understanding all your mortgage choices is a classic mistake most people make when opting for Mortgage Renewal. It is always wise to do some research, compare your options and do a self-assessment on where you are in your life to analyze if your mortgage aligns with your lifestyle, financial position and future goal.
Here are some Mortgage Renewal tips:
Consider your current financial goals
Review your financial goals before signing on your Mortgage Renewal document. Make sure that your current provider can offer a mortgage product that suits your needs.
Start to shop around early
Preparing for mortgage renewal takes planning. If you want to ensure you get the best rate, you should start looking around at other mortgage rates and options about four months prior to your mortgage expiration. In real life too, the early bird gets the worm!
Ask for a better mortgage rate
Remember, you have a choice to agree on the same terms or revise them. If you don't wish to renew your mortgage with the same lender, it’d be wise to move to another lender who offers a better value.
At Mortgage Transit Inc., we care about your peace of mind. We make your Mortgage Renewal process easy and stress-free. Our aim is to make sure that our clients get the best rate and terms when it is time to renew the mortgage. We work with various lending institutions, and this gives us significant negotiating power to find the best deal to fit your specific situation.
So, don't wait for a renewal letter from your lender. Contact us today!
Home Equity Loans
If you find yourself in a position where you require a large amount of money for your goals, such as a home renovation, wedding, purchase of a new car or an investment, as a homeowner with an excellent mortgage payment history, you can opt for using your home’s equity to obtain a low-interest loan.
A Home Equity Line Of Credit, or HELOC, is a type of loan in which the borrower uses their home equity as collateral. Because you are using an asset to guarantee the debt, the amount you can borrow can be large, and your interest rate will be lower than a credit card loan or personal lines of credit.
Here are some benefits of a Home Equity Loan:
- It has lower interest rates than other loans. They usually come with a fixed interest rate.
- It is one of the simplest ways to get a large sum of money in a short amount of time
- It may be tax-deductible, which means home equity loan is removed from the taxable income, thereby lowering the overall tax expense liability.
- It is also helpful for the lender as they have a tangible asset they can repossess. If the borrower fails to pay the debt, the lender gets ownership of the house.
Opting for a Home Equity Loan requires assistance as the process itself can be complicated. Mortgage Transit Inc is here to work with you and provide an affordable borrowing solution.