Homebase Mortgages

Know Your Options for Mortgage Refinancing

\"mortgageA lot of us hope that customer loyalty will pan out but sadly this just isn’t the case. A recent Bank of Canada study showed that Canadians who are faithful to the same lender usually get the short end of the stick. New customers reap the best deals, while old customers are considered established and are not the “rainmakers” that make the bottom line shine. A successful lender depends on a steady flow of new business; so if you want to make sure that you’re getting the deal that’s right for you, you’ll want to work with one of our Toronto mortgage brokers. Don’t pay more than you have to!

Always Find Out What Deals Your Lender Has

Right from the start you’ll need to make sure that you can’t get a good deal from your current lender. Lenders you’ve been working with for a while aren’t as likely to give you the best deal – after all they already have your business. Don’t be afraid to try negotiate with your current lender; you can try to get them to reign in your interest-rate, your monthly payments, and give you fairer terms this time around. Many will cave when you threaten take your business elsewhere, some just won’t. That’s what it’s time to start looking at your other options.

Do Your Research and See What’s out There

New lenders are more likely to give you a better deal, but you’ll want to watch out for introductory rates! The first thing you’ll want to do is find out what the prime interest rate is; from here you can add a few points to get an idea of what kind of interest rate you can expect to get. The better your credit score the better terms you’ll be able to get from a lender.

From there you’ll want to start looking at what lenders in your area are offering. Check out mortgage calculators and really figure out if you can save by mortgage refinancing. You have to know that there will be closing costs and the life of your mortgage will get extended – so it may not be the best deal for you if you just want to save a few bucks. You’re going to want to have a clear plan of action before you talk to a lender.

Is It Really the Right Choice for You?

Getting the right mortgage refinancing deal is a lot of work – but when you work with us as your Canada mortgage broker you’ll have help. We know the best lenders to work with, the ones to avoid, and how to structure the deal to make sure you’re really seeing savings you can use every day. There’s no point in refinancing your mortgage if you’re not going to end coming out on top, and that’s why we work hard to help you save money. If you’re drowning in debt and you’re ready to move on, give us a call! We’ll help you find the right deal today. 

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Homebase Mortgages