Over the years owning a home has become part of the Canadian Dream. Not only is a home the largest investment for most people, but also a building that becomes the centre of family and social life. However no matter if you are doing it for the first time or not, buying a home can be a daunting task. There are many regulations and procedures to which a buyer has to pay close attention.
Clearview Mortgage Group is here to make sure no mistakes are made during the process and that you end up with the best possible terms. Helping hundreds of people get a home loan every year, this high volume of loans means that we are able to bargain with lenders for the for lower rates. In most cases the rates we will be able to get you will be significantly lower than what you would get if you went directly to a bank saving you thousands of dollars over the life of your mortgage. Also taking into account our experience and our network of connections, you can contact us for help or advice no matter what stage in the mortgage process you are. We are here for you!
In today's modern world life without taking out loans seems unimaginable. Whether we are taking out a mortgage, car loan, student loan, or just using our credit card, loans have become a thing of everyday life. Loans however are not made equal, and mortgage loans tend to have the lowest interest.
Using this fact you can choose to consolidate your other debts into your mortgage and save money. For example a 20 thousand dollar loan on a credit card can cost you 300 dollars a month, while after being consolidated to your mortgage, you could end up paying as low as 37 dollars on the same loan. That is a saving of 3 500 dollars in just one year!
Who does not want to save on the monthly payments they make on their mortgage? As the markets fluctuate and interest rates change, the current interest rates which are available can turn out to be substantially lower than what you are paying now. Of course there are other factors which have to taken into consideration such as the penalty for breaking off a current mortgage. To illustrate the idea we will tell you about John who called Clearview Mortgage office at the start of 2010. John had a 310 000 dollar mortgage and was paying 1 800 every month.
After the refinance his payment was reduced to 1 200 every month and the penalty he had to pay in the amount of three month of interest was added to his mortgage. Since his wife lost her job that year, the money he was able to save was of great benefit to him. At Clearview Mortgage we help many people every year in similar situations.
Equity in your home could be taken out in order to finance a renovation, pay tuition for a child's education or to make a large purchase. It is a convenient way to get additional money without taking out high-interest loans.
Unfortunately this is the area in which people put the least thought into. Too many individuals after the term of their mortgage has passed sign the document their bank sends them to renew for another term instead of first finding out if what they are signing are the best possible terms.
More often than not the rates provided on the renewal are not market competitive and people make a huge mistake by signing the contract. We advise all our previous clients to call us the day they get their renewal letter in the mail. The phone call costs them nothing other than a few minutes of their time and could potentially save them money. A difference in interest of only 0.5% can save you around 5000 dollars during the 5 year life of the contract.