Mortgage Options to Maximize Rate Savings when Renewing or Consolidating Debt

In this article, we’ll explain the options for clients that already have a mortgage at the time of renewal or, wish to free up equity for investments or consolidate debt.

Getting the Best Rate at Renewal Time

When your current mortgage comes up for renewal, did you know that you have the option of getting a better rate, often at no charge to you?

We can shop around for you and transfer or switch your mortgage to another lender to get a better rate for you.  If you are not looking for any additional funds, many lenders will pay your closing fees and incorporate penalties if you want to renew your mortgage early.

This also does not affect your current government insurance provided by CMHC, Genworth Canada, or Canada Guaranty.

Do not allow one lender to decide what you will be paying on your renewal.

Mortgage Refinancing to Get Additional Funds

You also have the option of refinancing your current home to allow you access to some of the equity to invest, purchase another property, or to pay off debt with high-interest rates and lower your total monthly payments.

Current mortgage rules allow you to refinance your existing property back up to 80% loan to value. (simply meaning 80% of the appraised value of the home.)

This allows you to use that Equity for:

  • Debt Pay Down- Save yourself Thousands in Interest and Lower your Monthly Payments
  • Provide money for a Down Payment on another Property
  • Investments or Funds to assist a Family Member
  • Additional funds to live on if on a Fixed Budget

How Do I Find Out My Options?

Because each renewal and refinance deal are different, your best way to find out your options is to contact us, and we can discuss your options.

Using a professional mortgage broker at the time of renewal can save you money in interest payments.  Accessing equity in your home can also allow you to adjust your monthly budget, save money on interest, and allow you to invest in yourself or a family member.

Contact us online or call/text 780-991-1600 so we can answer any questions on how you can take advantage of One on One personalized pre-qualification.

Fixed rates and variable rates are still very attractive, and it’s currently a buyer’s market, so there are a lot of fantastic opportunities awaiting!