As the pandemic lingers, you may find yourself wondering if your financial situation is going to get better or worse? This has been one of the most asymmetrical recessions in history. The Mortgage Centre Guelph has helped people consolidate debts into their mortgages, while others are purchasing their first home or moving to a bigger home.
Regardless of your financial situation, The Mortgage Centre Guelph can help most people. If you want to “get ahead” no matter what your financial situation, their team will give you the advice you need to do that.
Here are some tips from the Mortgage Centre Guelph’s Mortgage Broker, Sandra Lastovic to get you started:
If you find you have too much debt beyond your mortgage you can consolidate this debt into your mortgage to lower your overall payments.
We can do a simple cashflow analysis for you to determine if there is a short-term and long-term savings benefit of rolling some of your debts into the mortgage. The most common question I get from clients, “Should I put my debts into my mortgage or a secured line of credit?”. I find, in most situations, putting debts into your mortgage makes better financial sense. Why? Mortgage interest rates are compounded less frequently than lines of credit or even credit cards. Interest rates will generally also be lower. You can then divert the monthly payments you’re making to this consolidated debt and pay less interest! PHEW! You’ll have your mortgage paid down in no time!
Want to take advantage of lower rates through an early renewal or moving to a bigger home?
We’ve contacted most of our clients whose mortgage rates were 2.5% or higher as there was normally an advantage to paying the penalty on the mortgage and getting the lower rate. You can pay the penalty on the mortgage if you have the cash OR just roll it into the mortgage.
For those of you who are thinking about selling your house, the housing market will continue to be strong into the spring and summer. Although you’ll get top-dollar for your sale; you may find it tricky to purchase. You may find that in order to purchase a house, you can’t have a financing condition, because you are bidding on a house that has multiple offers. We’ll coach you through this process and have had many clients successfully buy houses. It’s also super important to get pre-approved and provide your income documents up-front so we can do a thorough review for you and you feel confident moving forward.
Whatever your questions are regarding mortgages, The Mortgage Centre Guelph can help. For more information, visit skipthebank.ca or contact Sandra here.