What services can a South Shore mortgage broker provide?

When do you need mortgage broker South Shore services? When can a South Shore mortgage broker help you? We’ll outline the top four events that should cause you to consult with a mortgage broker.

When You Need a New Mortgage

A South Shore house is the biggest purchase and investment most of us ever make. You cannot afford to rush to the bank and take the first mortgage they offer to you. A mortgage interest rate a few fractions of a percent higher will cost you thousands of dollars more over the life of the loan. A moderately higher interest rate due to less than ideal credit, an irregular income or high debt load will cost you tens of thousands of dollars. You also run the risk of being rejected for a home loan by mainstream mortgage lenders if you are self-employed, poor credit or want to buy an unusual property. A mortgage broker South Shore based will be able to connect you with local lenders who will invest in the community, no matter what type of home you want to buy.

You should contact a South Shore mortgage broker to learn what mortgage rates, fees and terms you could qualify for. The consultation doesn’t cost you anything. In a worst case scenario, you know that your bank is offering you market rates and generous terms. On the other hand, you might learn how to qualify for a home loan without having to put 20 percent down and take out private mortgage insurance.

When You Have to Refinance Your Mortgage

There are many reasons you may need to refinance your mortgage. You may want to refinance your variable interest rate loan into a fixed rate mortgage, but your current lender won’t offer you the lowest interest rates. You may be unable to afford the current loan payment, but your lender won’t allow you to refinance the loan with a longer amortization period. Perhaps you took out a home loan when interest rates were high, and you want to lock in today’s interest rates before your mortgage comes up for renewal. Or you qualified for a mortgage, but the lender charged you a high interest rate. Refinancing the mortgage may generate a penalty for breaking the current mortgage, but it may be worth it in lower payments or reduced interest paid on the loan balance over the life of the loan.

When You Need to Tap into Home Equity

There are plenty of reasons South Shore residents may need to tap into their home equity. Taking equity out of your home to pay for renovations is one. Paying off high interest debt like credit cards and car loans is another. You may want to pull money out of your primary residence to buy an investment property or put a down payment on your dream home. These loans are considered riskier than buying a primary residence, and some lenders won’t aid you in this process. However, a mortgage broker can help you find a competitive loan, whether you’re going to take out a second mortgage against the property or refinance the current loan and take cash out.

When Your Mortgage Is Up for Renewal

Most Canadians make the mistake of not shopping around when their mortgage is up for renewal. They just renew the mortgage with their current lender. Yet this is the only time you can switch lenders or refinance with the current lender without paying a penalty. You can’t afford not to shop the market with the help of a South Shore mortgage broker. A mortgage broker South Shore banks respect may be able to negotiate a better loan on your behalf, too, when dealing with your current lender.

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