More Than Just A Rate

August 30, 2024 | Posted by: Sharon Patton

Is your mortgage one of the 315 billion dollars in mortgages that are due for renewal in 2025?

Your Mortgage is More than Just Rate!

There are so many other factors to consider when it comes to the biggest financial investment you have. Let's take a look at what else is important to consider when it comes to renewing, refinancing or even getting your first mortgage.

Finding a monthly mortgage payment that fits into your budget is key. We need to take a look at your monthly expenses and ensure that you are on track to make those payments and secure your financial future.

When it comes to your mortgage it is important to know the benefits of the terms and conditions that come with it. We need to consider your pre-payment options and your penalty should you need to break your mortgage. Also, is your mortgage is portable? This could save you a penalty and secure your existing interest rate.

When it comes to a purchase, we need to consider the location of the property. There may be limited lenders based on the location. This is something we can look at and explore your options before you start your house search.

When it comes to your mortgage you need to consider your amortization.
Amortization is the length of time it takes to pay off a mortgage in full. The amortization is an estimate based on the interest rate for your current term.

Some products are limited to a 25-year amortization, whereas others offer a 30-year. With rates being high, a solution could be to amortize your mortgage over a longer length of time to manage the payments until the term is completed.

When it comes to a new or existing investment property there are various things to consider beyond rate. Not all lenders are created equal, and how they view investment properties vary. How rental income is calculated varies by lender, location of the property, and the number of properties you can finance. As an expert, when in comes to rental properties, we can explore the options and come out with the right solution for your financial portfolio.

No matter where you are in your current mortgage, homeownership journey, or investment portfolio we are here to look beyond the rate for you. Our focus is on your budget, cashflow, and financial security. With over 50 lender partners and various options available when in comes to the terms of your mortgage, we will secure you the best option for your financial future.

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Looking forward to connecting with you soon.

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