Mortgages and Financing: Mortgage Management
Refinancing your mortgage
Refinancing To Use the Equity In Your Home
Thinking of renovating your home? Want to consolidate debt? We make it easy to use the equity in your home to help achieve these goals. It’s a lower cost way to borrow allowing you to access additional funds by adding them on to your existing mortgage.
With a HELOC, you can borrow up to 90% of the appraised value of your home, minus the remaining mortgage balance.
You’re in the driver seat
you can use the money whenever you want, for whatever you want, including:
- Home Renovations
- Investing in your child’s education
- The Purchase of another property
- The purchase of an automobile or a boat
- Pay off other high interest debt.
Renewing Your Mortgage
Our mortgage specialists are here to help you get the best mortgage offer and a mortgage that’s tailored to your needs. They’ll discuss all the important issues including what is the right mortgage term for you and how to pay down your mortgage sooner.
Looking at the Big Picture
Whether you’re renewing for the first time or the last, it makes sense to look at your overall financial situation. You should think about what’s important to you and how much risk you are willing to take with your mortgage - and how likely it is that you’re going to move in the near future.
The Right Mortgage Options for You
Renewal time is also a good opportunity to explore all the mortgage options that are available. We offer flexible payment options whereby you will be enabled to pay down your mortgage sooner when you have excess cash flow.
Renewing Prior To Maturity?
If you’re mortgage is within 120 days of the maturity date of your mortgage, you can lock in at current rates.
Pay Down Your Mortgage Faster
Knowing your choices pays
If you use all of our mortgage features to their fullest, you could prepay as much as 20% or more of your original mortgage balance each year.
Each of the following features is designed to help you build your home equity faster and save money over the life of your mortgage.
Increasing your monthly payments
>>>>> When you establish or renew your mortgage, you can increase the amount of your mortgage payments to shorten your amortization period.
You’ll be surprised to see how much faster you can pay off your mortgage and the shorter pay-off period can save you thousands of dollars in interest over the life of your mortgage!
During the term of your mortgage, you may be anticipating an increased cash flow that you could use to pay down your mortgage. Once in each 12-month period, you can choose to increase the amount of your mortgage payments by as much as 10%, without administration fees. and the increased payment amount goes directly toward reducing your principal. You continue these increased payments for the remainder of the term, unless you wish to increase them again after another 12 months.
If mortgage rates drop, you can take advantage of the opportunities to reduce your amortization period at renewal time. You can simply go on making the same regular payments after you renew at a lower interest rate. Less of your payment will go toward interest, so you’ll be paying off more of the principal a truly painless way to save money!
Accelerating Your Payment Schedule
>>>>> Many lenders will allow you the choice of payment options
- Accelerated bi-weekly
- Accelerated weekly
You also have the freedom to choose the day of the week or date of the month your mortgage payment is due, so you can schedule your payment to coincide with your paycheque - a convenient budgeting feature.
Choosing a shorter amortization
>>>>> If you choose a shorter amortization period, you can save a lot of money and live mortgage-free sooner.