If you refinance, your existing mortgage is replaced, so your rate will likely change. A HELOC can be a standalone product or part of a readvanceable mortgage.
Will accessing my equity affect my current mortgage rate? Read More »
Refinancing often involves getting a new mortgage for a larger amount to access a lump sum. A HELOC is a revolving line of credit you can draw from and repay as needed.
What’s the main difference between refinancing for equity and a HELOC? Read More »
Generally, you can borrow up to 80% of your home’s appraised value, minus your outstanding mortgage balance. Specific amounts depend on lender policies and your qualifications.
How much equity can I typically access from my home? Read More »
In most cases, for a straightforward renewal or switch, the lender who ultimately gets your business pays a commission to the broker. This means there’s typically no direct cost to you for our services.
How does a mortgage broker get paid for helping with renewals? Read More »
We can still help. By knowing what other lenders are offering, we can often negotiate a more competitive rate or better terms with your existing institution on your behalf.
What if I just want to stay with my current lender but get a better deal? Read More »
Potentially. These can include appraisal fees, legal fees, and discharge fees. However, sometimes the new lender covers some costs, or savings from a lower rate outweigh them. We’ll help you assess this.
Not always. Lenders often present a standard renewal offer. There may be better rates or terms available, especially if you work with a mortgage broker who can access multiple lenders.
Will my current lender automatically offer me the best rate? Read More »
It’s wise to start exploring your options 4-6 months before your current term expires. This gives you ample time to compare and make an informed decision without feeling rushed.
When should I start thinking about my mortgage renewal? Read More »
These can include legal fees, land transfer taxes (if applicable in your province/municipality), appraisal fees, and home inspection costs. It’s important to budget for these.
What are “closing costs” besides the down payment? Read More »
