higher rates avoid unsuitable products and terms don't be part of the
coming up for renewal? Don't be too hasty in just signing the form
and sending it back to the lender. Many mortgage holders do just that,
and the usual result is a higher rate and a mortgage product that might
not be best suited to their interests.
do the legwork for you we will find you a very competitive rate and product
to suit your interests. Click here to sign up for our
Mortgage Renewal Registry.
wanting to renew/switch your mortgage to another lender who will most often
give you a better rate, most lenders now offer "no cost or low cost switches.
Invis can take care of all the details for you and help you negotiate with
your existing lender or find a new lender who will give you very competitive
rates. Get us working for you today. In addition, here's how switching
works along with important related information.
happens legally when you switch?
people are unaware of the legal effect of switching lenders. When you renew
you are essentially starting the process again discharging the existing
mortgage, taking out a new one, and beginning the whole payment process,
albeit at a lower principal amount. As such, you should treat this as just
as important a process as the first time you arranged the mortgage. Remember
your situation will most likely have changed since then, and you require
a different product with different terms attached to suit your situation.
provinces a switch of the current or lower balance requires only a simple
assignment of interest in the mortgage to be executed by all parties and
registered on title. This assignment also attaches the specific terms that
will have legal effect, and replaces those of the transferring institution.
So even though the old mortgage is still registered on title, all those
old terms and conditions registered by your previous lender will be completely
replaced by those of your new lender under the assignment of interest.
the form that you are holding in your hand from the lender who did your
previous mortgage financing has a rate that probably is not as competitive
as it could be. Don't let the hassle from the first time you negotiated
lead you to just signing the form and sending it back to the lender it
will most probably cost you in the form of higher rates.
count on renewers just signing the form and mailing it in they are not
forcing you but they are preying on human nature to embrace convenience.
However, let us do the work for you the same convenience, at a much lower
cost to you and a product and terms that will suit your current situation.
The fact is that it is likely another lender will give you what you want
at a rate you want there are no legal implications to you switching.
strategy for renewing
experienced homeowner and borrower, you are probably already very familiar
with the mortgage products and services of your current lender. It could
be to your advantage to use another lender. Contact us today to help you
make the switch. As well, here's some important information to keep in
type of mortgage should you choose?
more than ever, there are numerous mortgage options available. Don't
help you find the best product for your needs and negotiate you the best
rate. We do the research for you, enabling you to avoid the frustration
and confusion of having to do it yourself, and explain the available options.
terms and payment options should you choose?
risk and variable
6 month, 1, 2 and 3 year (open, closed and closed-convertible) 4, 5, 7
and 10 year closed
3, 4 and 5 year (open, closed, closed-convertible and capped)
Combination of all possible terms (6 month through 10 years)
RRSP: A specialty mortgage rate term optional within CMHC guidelines.
Invest your own RRSP funds into all or part of your home mortgage.
and payment options should you choose?
depends on what you want. We will assess your personal situation and needs
to find the best mortgage for you at the best rate.
are low and stable, and/or you are prepared to take a risk, you can generally
pay a lower rate with a short-term mortgage. You simply roll over your
term every 6 months, or float your rate against prime, with the option
of locking in to a longer term at a later date. This is not for everyone,
however, as sudden upward rate movements can have a significant impact
on your payments. You may want to discuss this with us.
3 years or longer is considered "long term" in today's economy. Because
long-term rates are usually higher than short-term rates, you may not want
to choose this option. On the other hand, by locking in you will avoid
exposure to rate increases. You'll have the comfort of knowing exactly
what your payments will be and youll be able to manage your budget accordingly.
which allows you to minimize or hedge your interest rate risk by splitting
your mortgage into five parts. For example: A $150,000 mortgage could be
split into five $30,000 segments with terms of 6 months, 1, 2, 3 and 5
years negotiated at today's competitive rates. The average rate would rise
or fall much more slowly than changes in the market, however, as only the
shorter terms are affected by even the most volatile rate movements over
the first few years. Confused? Talk with us.
lenders allow you to make a lump sum payment usually 10% to 20% of the
original principal balance. In addition, many mortgage products now include
a "double-up and skip-a-payment" feature. This lets you "bank" extra mortgage
payments for a rainy day, at which time you can "skip" them if you need
to. Ask us to advise you on your options today!
mortgages now allow the amortization to be adjusted by increasing the payment
on closed terms by 10% to 20% per year, once annually.
mortgages now come with the option to pay your mortgage at a frequency
that matches your cash flow weekly, bi-weekly or semi-monthly. The added
benefit of the "accelerated" weekly and bi-weekly payments is that by dividing
a regular monthly payment into two or four respectively, and deducting
it at the new interval, an extra payment a year is made directly against
of our renewal registry! Register now and we will guarantee you the best
rate 120 days prior to your renewal. You can register up to four years
in advance - just fill out the form below.
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