When should you engage a Saint Leonard mortgage broker?

Most people think that they can only use one of the mortgage broker Saint Leonard services when they buy their first home. And it is true that they should contact a mortgage broker when preparing to buy a new home. A mortgage broker can help you qualify for a new home loan, complete the paperwork, shop rates and choose the right mortgage terms. However, there are other occasions when you should engage a Saint Leonard mortgage broker.

Mortgage Renewal

One of the benefits of Canadian mortgages over the United States mortgage market is that Canadian lenders allow you to renew your mortgage contract. The mortgage amortization period is the amount of time it takes to pay off the loan. This could be anywhere from five to twenty five years. However, most mortgages renew every five years. You are able to switch lenders, refinance your mortgage or negotiate more favorable mortgage terms at that point. Yet the majority of home owners simply renew their mortgage, often failing to even try to negotiate for a better interest rate with their current lender. Note that a mortgage broker can help you negotiate a lower interest rate, lower fees or an open mortgage with your current lender as well as shop around for a better deal.
A side benefit of shopping around for a better mortgage rate is that this information may force your Saint Leonard mortgage lender to offer better terms if you decide to stay with them. A mortgage broker could come with you to negotiate the better mortgage terms, if you give them permission to do this.

Mortgage Refinancing

Your current lender may be the best choice when you’re refinancing an adjustable rate mortgage to a fixed rate mortgage, assuming you want to accept their terms. A mortgage broker is probably the best choice when you need to refinance your mortgage and change the loan terms. If you think you should qualify for a much lower interest rate than the mainstream lender is offering, a mortgage broker can help. If you want to extend the loan term to lower the monthly payments or shift to an open mortgage, a mortgage broker can aid you in finding a lender that will support the change. A mortgage refinancing may be the best way to put a large lump sum against the mortgage while lowering the interest rate if you have a closed mortgage.

Debt Consolidation

A mortgage broker can assist you when you want to consolidate your debt and leverage your home equity. For example, a mortgage broker may be the only person to help you refinance a first and second mortgage, rolling them into a first mortgage though you’ll have little equity left in the home. A mortgage broker can assist you with cash out refinances so you can renovate a house or pay off unsecured debt.
Mortgage brokers are also an option if you want to take equity out of your home to invest. This might mean taking money out of your home to build a mortgage helper or mother-in-law suite on your current property. Or it may mean borrowing against the home equity to put a down payment on land you’ll eventually build your dream home on. Talk to a mortgage broker Leonard residents recommend so that you can afford to buy the property you have your eyes on.

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