Real Estate Magazine - November 2022

2022 a huge year for mortgage renewals

By Cait Holmes

Here are the top seven things you can do to get the best mortgage renewal.

1. Start early

When being proactive in stead of reactive, you can see if there is anything on your credit score or lifestyle that can be modified to ensure you are positioned for the best renewal. The most op tions will be available in the last year of your mortgage. For example, there can be an inaccuracy in your credit report or you may be consid ering an income/job change that would impact options.

2. Don’t just sign the re newal offer

Lenders can change terms

of your mortgage, and the renewal you are signing can cost up to four per cent of your equity if you are with the wrong lender for your current life stage.

3. Seek the best terms

The terms are most im portant and with all terms, moving or selling is the only reason most people think they would ever break a mortgage; this is simply not the case. A change in the in terest rate market, divorce, health, job change, invest ment opportunity and many other reasons contribute to a future modification being beneficial.

The lender can have a high er prime than anyone be cause they know the cost to

leave outweighs staying the course. Lenders are smart with their calculated risks, and this is not something they have an obligation to disclose.

5. Don’t be a victim

Remember, your lend er has a bias. Their job is to handcuff you so they can make as much profit off you as possible.

6. Don’t shop by yourself

Do not shop each lender on your own; it takes points off of your credit score. All lenders have different rates based on your score and you want to position yourself to get the best. By using a mortgage professional, they can shop multiple lenders, protecting your credit using only one application, while the rate variation can be on average a half a percent.

7. Beware of online rates

Any monkey can post a rate online and you can drive yourself crazy looking at something that does not exist. In today’s complex mortgage market there are significantly different rates based on insured versus un insured mortgages, switch

versus refinance, purchase or renewal, principal resi dence versus rental, salary or self-employed, 600 cred it score or 700 credit score, amortization of 25 years to 30 years, type of property, condo versus house, and leased land or freehold.

Variations can mean a dif ference in the thousands of dollars. Like diagnosing a medical condition, you can’t go online; you have to put in the appropriate application and supporting documents to verify which options are available that will result in the lowest borrowing cost.

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Cait Holmes is a mortgage broker in the qathet region.

looked after your home. Let me help you to showcase all the best about it! I’m ready to make suggestions about how to dress it up for market and then bring in our tools for getting an online virtual tour done for every listing. An upbeat video featuring the high points is great for social media and for the majority of buyers looking online. Exceptional professional photography is an eye-catching callout to the many buyers looking in our area. Call or text me for a market evaluation.

Robert

Katya

With over 25 years in the industry, I understand the issues and decisions facing buyers, sellers and tenants of commercial real estate and I work with my clients to manage or resolve these issues so the desired results can be achieved.

For a confidential discussion about your commercial, industrial, or institutional real estate requirements (the purchase, sale or leasing of non residential property), or even just to ask a question you might have on these topics, feel free to call Nick Bodie at 604.353.9468 or email: nickbodie@royallepage.ca

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LOT

Currently

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in Winnipeg, grew up in Lake Tahoe, settled in Toronto

2021 when I finally got back to the west and found Powell River. We moved frequently as a family, Dad was a land developer so you could say real estate is in my blood. Following his path has proven to be a great way to combine all of my life

Project Management for Bell Canada and educating fellow yoga and pilates

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Katie is a licensed REALTOR® and part of the 460 Realty, Powell River team. Starting out as an administrator at 460 Realty Powell River office really kick started Katie’s real estate career and since then she has developed a passion and determination for real estate.

Katie guarantees that her clients are set as high-priority with their interests always above hers and she is fully invested in helping them sell or buy their home.

we quickly approach the Fall

of

(and end of the

Whether it’s watching your

go off to College/University, starting a new

many Canadians and their families find that they are about to experience some

that requires

completing those

renovations that you had planned on doing over the

or sitting down and finally looking at that mortgage renewal paperwork that is due in 30

planning your upcoming

Whatever reason may be, you may find yourself in a position that requires a discussion with a mortgage professional in order to effectively navigate these changes. Unlike your bank branch which is only able to offer you

and

based on their

Mortgage Brokers such as Jeremy Garth are able to tailor your

and

to your

and future

by matching what you want with the best applicable bank/lender. When you speak with Jeremy Garth, it’s the equivalent to you walking into a “Shopping Mall of Mortgage Lenders”, meaning you will be getting the best rate and product to suit your existing and future goals and needs. If you would like to chat further about what options are available to you, Jeremy Garth is happy to help. Bringing eight years of mortgage industry experience to the table, he can help you put together a plan for your mortgage so you can be confident that your current and future goals and needs will be met.