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Mortgage rates
You might feel anxious about how today's interest rates could impact your mortgage. Even a one percent increase in interest rates can result in hundreds, or even thousands, of extra dollars in your monthly expenses.
That where we come in. Having the backup of a mortgage brokerage like The Mortgage Coach, we have access to a variety of products, programs and most importantly competitive rates. That being said, we work hard on getting you the best rates possible based on your application.
Keep on saving with Rate Insurance!
You can rest assured that I will do my best to secure the most favorable rate for you, but why I also have is a system that monitors your unique mortgage requirements and any fluctuations in rates that can create an opportunity to help you save money.
Amortization
Amortization refers to the duration required for the complete repayment of your debt. In light of the multitude of rate specials available in today's market, lenders have made the decision to decrease the maximum amortization period from 30 years to 25 years. This adjustment results in an increase in your monthly payment amount.
Prepayment privileges
Prepayment privileges are a valuable feature that allows you to pay off a portion of your mortgage principle before the scheduled due date, without incurring any penalties. However, it's important to note that when you opt for certain rate specials offered by lenders, you may lose the right to prepayment privileges. In such cases, the mortgage is often referred to as a "no-frills mortgage."
Sale only clause
One crucial aspect that lenders may hide in the fine print is the sale only clause. This clause effectively locks you into their institution for a predetermined period. With a sale only clause in place, you are unable to refinance, alter the terms of your mortgage, or transfer it to a new property unless you sell your current home. This restrictive clause raises questions about the uncertainties that life may present over the next five years. Can you confidently assert that you won't need to modify the terms of your mortgage during this time?
Term
When it comes to your mortgage, choosing the right term length is crucial. I understand the importance of finding a term that aligns with your financial goals and provides the stability you need. Lenders offer a wide range of mortgage terms, including 1-year, 2-year, 3-year, 4-year, 5-year, 7-year, and 10-year options. Whether you prefer the flexibility of an annual reassessment or the peace of mind that comes with a longer fixed interest rate period, we have the perfect solution for you. I am here to guide you through the purchase or renewal process and help you make an informed decision. I ensure I find the ideal mortgage term that suits your needs and ensures a secure financial future.
Portable
Having a portable mortgage means you have the flexibility to transfer your current mortgage to a new property if you decide to move. Unfortunately, many lenders revoke this right when offering rate specials. However, for those lenders who do extend this privilege, they typically require the new property to be at least 98% complete in terms of construction for all above-grade floors.
Assumable
An assumable mortgage allows a qualified borrower to assume your existing mortgage. This is an advantageous option if you wish to get out of your mortgage before the term ends without incurring a penalty. By assuming a mortgage, the new borrower can benefit from a below-market interest rate (in case rates are currently higher) and save on legal costs associated with creating and registering a new mortgage. The process of assumption involves a straightforward amendment to the mortgage document registered on the property's title.ng market starting to stabilize and prices on the rise, now might be the perfect time to make your move. The good news is that the Canadian government has introduced a new program to help first-time homebuyers save for their dream home - the First Home Savings Account (FHSA).
Get the rate you deserve!
We are dedicated to offering you the most favorable rate tailored to your unique situation from our wide selection of partner lenders.
The recommended first step is completing your pre-approval application.