There are many opportunities during the life of your mortgage to review your options and ensure that your financing is the best it can be and will help you reach your personal financial goals.

 

RENEW:

You should start to review your mortgage options at least 4 months before your mortgage comes up for renewal.  Most lenders will just send you a standard mortgage renewal letter with posted (high). Unfortunately, most borrowers will make a choice, send the form back, and end up paying much more interest than was necessary.  This is an optimal time to review your mortgage options because at maturity your current lender cannot charge you prepayment costs to switch your mortgage to a different lender with a better mortgage offer.

 

• LOWER RATES:  Rather than renewing on your bank's terms, let us negotiate the best rate for you with a lender who values your business.

• BETTER TERMS:  At renewal you have an opportunity to ensure your financing meets your current needs.  The RIFG team can assess your situation and find you the best solution.

 

REFINANCE:

After several years of home ownership and a strong real estate market, you have likely built significant equity in your home.  Loans secured by real estate are offered the lowest rates and we can show you how to optimize the increased value of your home by refinancing for:

 

• Investments:  There are tax advantages to borrowing for investment purposes.  Are you thinking of topping up your RRSPs, expanding your non-registered portfolio, or purchasing additional real estate?

• Debt Consolidation: Consumer loans, lines of credit and credit card balances are charged much higher interest rates than mortgages.  Utilize the equity in your home to payoff outstanding credit balances and reduce your monthly payment and interest costs significantly.

• Other Options:  Fund your child's education, travel, purchase of vehicle, boat or RV.......if you have a need, we can help you find the funds.

 

REPEAT BUYER:

As a repeat buyer you are in a stronger financial position than when you first purchased your home.  You have equity in your existing residence, stable employment, higher income, established credit history, a record of mortgage repayment, and thus more options are available to you.  We can prepare a custom financing package that takes advantage of all of these strengths.  Perhaps you would like to retain your first home as an investment property - in many circumstances we can make that a reality as well.  Let a RIFG Advisor review your options with you.