Refinancing Your Home

Life happens. Whether you are facing financial emergency, wanting to improve your financial situation, put more into your investment portfolio or simply wanting to spoil yourself with a long overdue trip, mortgage refinancing can be the answer – when done properly!

Renewing Your Mortgage

When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is around 3 months remaining on your term. While nearly 60 percent of borrowers simply sign and send back their renewal without ever shopping around for a more favourable interest rate, this is actually the best time to check out your options.

Since your term is ending, this is a great time to shop the market or redo your mortgage WITHOUT PENALTY! If you have been wanting to switch your mortgage from fixed to variable-rate (or vice-versa), or want to move to a different lender or try for a lower rate, your DLC Mortgage Professional can help!

Do be advised, if you are considering switching lenders, you will need to inquire about any existing life insurance or other policies that you have, as this could be affected if you change lenders. You should also be aware that and NEW insurance could be more expensive as you are re-applying and your circumstances (age, health) will have changed since your initial mortgage term and insurance plan was signed.

A Dominion Lending Centres Mortgage Professional can help answer all your refinancing questions – and more – as well as shop the market to find you a better rate! With access to over 90 lenders, they are able to quickly compare mortgage rates and products and help you make the switch!

Reverse Mortgage

Reverse mortgages continue to gain popularity for Canadian homeowners aged 55 plus. One reason for the increased popularity of the reverse mortgage is simple necessity. Many retired Canadians are looking for options to increase their cash flow either by paying-out other debts, or by accessing cash to help with everyday life expenses. In addition, Canadians have a growing preference to remain in their homes for as long as possible. Doing so may require costly renovations and upkeep. Whatever your need, a reverse mortgage might be a great solution!

Not Sure?

If you are an existing homeowner but not sure the best option for you, contact Dominion Lending Centres-The Morris Team today for expert advice.