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Mortgages

Things to Discuss with Your Broker

Talking with your mortgage broker about your ideas, thoughts, questions, and goals are one of the best things you can do to get the best mortgage for you. There are so many types of mortgages and how they are set up and if your mortgage broker doesn’t know some things then they won’t be able to ensure that they are giving you the best mortgage options to chose from. The more you understand the better it will be. Having a mortgage is one of the biggest investments that people have and it should be given the time to make sure it’s the right one. When you start to discuss things with your mortgage broker, it may lead to other questions that were not thought of that could change what type of mortgage you would benefit most from. Some people want to pay down their mortgage faster, some want to treat it as an investment for tax purposes, while others want to leverage it to get more investments. Those are just three types of ideas that people want from their mortgage. Each one of them would be better set up on a different type of mortgage to maximize what it is that they want from it.

Some things you should discuss with your broker:

  • What type of rate should I take: fixed or variable?
  • Should I be considering a re-advancable mortgage at this stage?
  • How can I pay off my mortgage faster?
  • How can I write off the interest on my principle residence?
  • What is the best payment for me? (monthly, semi-monthly, bi-weekly, weekly)
  • What is the Smith Manoeuvre?
  • Does the lender collect property taxes for me?
  • What is TDMP
  • What is a Frozen VRM payment?
  • What is the new qualifying rate and how does this affect me?
  • How can I subscribe to Jessi’s video blogs?

Reminders

  • We can only new refinance a for a maximum of 90% Loan to value (LTV)
  • If you are including commissions, overtime and bonuses in your annual income your will need to also show last 2 years Notice of Assessments to confirm income.
  • Just because you are refinancing, doesn’t mean you can’t lock in a rate. We can hold a rate for you up to 120 days which gives you time to get things together.

Why use a mortgage broker?

YOUR lending institution will only advise you on their own product. You could visit every institution out there, one by one if you had time......

Or, you can talk to talk to a mortgage broker who will shop for the best mortgage for you from all available lenders including many you would not usually think of on your own. 

 

Are there fees for your services?

NO! There are no fees on conventional mortgages as we receive payment for placing the mortgage from the financial institutions, however, in some circumstances lender/broker fees may apply.

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