Regardless of the resolutions that you’ve committed to, sometimes the best way to get moving with new commitments is to start with an easy win!
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What is a Mortgage Switch or Mortgage Transfer?
A mortgage switch or transfer program allows you, the borrower to move your current mortgage “as is” ( same amount and amortization) to a new lender. Since mortgage switches and transfers are becoming one of the more popular sources of revenue for some lenders, there are great incentives for you, the borrower, to switch lenders. In addition to a lower rate, the new lender will usually cover legal and discharge fees as an extra incentive to move. Why would you want to switch your mortgage to a new lender? Because of two Reasons: either for a better rate or better product. At renewal time, your lender will typically send you a letter either 6-months or 120 days before your mortgage matures. At that time, you will need to commit to a new term and commit to a new interest rate. Most of the time, the bank’s offer is in the letter they send, and they will ask you to circle your choice and mail it back to them. But how do you know if your lender is offering you their lowest rate? Well, this is our job, as Mortgage Brokers, to advise you free of charge, of the other options that are out there currently available to you. We can easily assess your situation, and based on your needs we can offer several solutions that will best work for your situation. And if staying with your current lender is one of them, we’ll tell you that too! For more information on mortgage switches and transfers, reach out to me! You can email me at [email protected] or call me at 647-893-2535.
It doesn't make much sense, does it? Why would the buyer with the smaller down payment (and therefore the riskier borrower) would benefit from lower rates?
In the case of a separation, it is possible to structure a new mortgage that allows you to purchase the property from your ex-spouse for up to 95% of the property’s value. Alternatively, if your ex-spouse wants to keep the property, they can buy you out using the same program.
Here are some common questions about the spousal buyout program:
Something that can get you motivated! Something that can be completed easily, with little work on your part!
That’s exactly what you’re thinking isn’t it? …”Which of those resolutions can be done easily?” “Where is this so called ‘easy win’?” |
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