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Rate Protection

At renewal time, we are now able to lock in a rate for you for as long as four months. Exploring your renewal options early allows you to remove the rush and stress of renewals. Often clients receiving that last minute reminder from their lender feel they have no option but to remain with that lender. 

Our free no-obligation consultation can help you see what your wisest move will be.

Although a mortgage is one of their most important financial decisions, many Canadians don't put as much thought into renewing their mortgage as they should. We, however, see your mortgage renewal as a unique opportunity to make sure it reflects your current needs. Are you considering paying off your high-interest credit card debt or loans, or are you interested in financing a home renovation, dream vacation, recreational or investment property?

Other changes ? The products are more flexible. I recently had a client come in who was in a regular fixed 5 year term mortgage and it was coming up for renewal. I had been in discussions with them prior to our meeting and it was clear their mortgage was not meeting their needs:

Both clients are self employed and there is no consistency as to when the income comes in, they generate a monthly income but amounts vary.

I helped them explore a variety of options and we agreed they would benefit from a product called The Matrix:

The Matrix Mortgage gave them the flexibility of a traditional mortgage with the option of either a fixed or variable rate together with the flexibility of accessing up to 80% of their home equity through a revolving line of credit (LOC). So, as the principal on the fixed portion is paid down, the equity automatically becomes available on the LOC.

This gives my clients the perfect product to meet their needs: the freedom to access their own equity when they need it also the freedom to make extra payments on the balance, in advance and without penalties!

You may have read about the new limits on mortgages this year from Jim Flaherty. Call and find out how they may affect you:

• Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.
• Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.
• Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.