Effective December 15th, 2024, significant changes to Canadian mortgage rules will provide new opportunities for homebuyers, including higher default insurance limits. The maximum home purchase price eligible for default insurance has been raised from $1 million to $1.5 million. Additionally, select borrowers will now have access to default-insured mortgages with 30-year amortization periods. These changes aim to make homeownership more attainable for Canadians in a competitive housing market.

In this blog, we’ll explore what these updates mean for you and why GLM Mortgage Group is your go-to partner for navigating these opportunities.

What’s Changing in Default Insurance Eligibility?

Default insurance protects lenders when borrowers are unable to meet their mortgage payments. It also allows buyers to purchase homes with smaller down payments. Until now, only homes priced up to $1 million were eligible for default insurance. However, starting December 15th, the threshold will rise to $1.5 million, opening doors for buyers in higher-priced markets.

Down Payment Requirements

The down payment rules remain the same but now apply to homes priced between $1 million and $1.5 million. Here’s how they break down:

• 5% for the first $500,000
• 10% for the portion between $500,001 and $1.5 million

For example, to purchase a $1.5 million home:

• 5% of the first $500,000 = $25,000
• 10% of the remaining $1 million = $100,000

Total minimum down payment: $125,000

This means buyers can now purchase a $1.5 million home with a down payment as low as $125,000, a massive improvement in accessibility for those looking to enter or upgrade in today’s market.

Introduction of 30-Year Amortizations for Default-Insured Mortgages

Another major update allows some borrowers to access a 30-year amortization for default-insured mortgages. Previously, insured mortgages were limited to a maximum 25-year amortization.

Who Qualifies for a 30-Year Amortization?

Borrowers eligible for this extended amortization include:

1. First-Time Home Buyers: New buyers can now reduce their monthly payments by spreading their mortgage over 30 years, making it easier to afford their first home.
2. Purchases of New Builds: Those buying newly constructed homes can take advantage of this option, encouraging homeownership and supporting housing development.

This change helps reduce monthly mortgage payments, making homeownership more affordable, particularly in high-cost markets like Vancouver, Toronto, and other major Canadian cities.

Why These Changes Matter

1. Broader Market Access

Raising the price threshold for default insurance enables buyers to access homes in higher-priced markets without needing a 20% down payment. For example, instead of requiring $300,000 for a $1.5 million home, buyers can now qualify with as little as $125,000.

2. Lower Monthly Payments

The introduction of a 30-year amortization reduces monthly payments for eligible buyers, allowing them to manage their cash flow better while still entering the housing market.

3. Increased Affordability for New Builds

Encouraging purchases of new builds with 30-year amortization will support Canada’s housing supply, which is a critical step in addressing housing affordability challenges.

The GLM Mortgage Group Advantage

Navigating these rule changes can be overwhelming, but with GLM Mortgage Group, you’re never alone. Here’s how we can help you take full advantage of these updates:

1. Expert Advice on New Rules

We stay ahead of regulatory changes to help you understand how they impact your homeownership journey. Whether you’re upgrading to a higher-priced home or looking for a first-time buyer advantage, we’ll guide you every step of the way.

2. Tailored Mortgage Solutions

Every buyer’s situation is unique. We assess your financial goals, current circumstances, and eligibility to create a personalized mortgage plan that takes advantage of these new rules.

3. Access to a Wide Network of Lenders

GLM Mortgage Group partners with a variety of lenders, ensuring you get the best rates and terms. Whether you need higher default insurance limits for a high-value home or are looking for a 30-year amortization, we’ll connect you with the right options.

4. Support for First-Time Home Buyers

First-time home buyers face unique challenges. With the new 30-year amortization option and higher default insurance limits, our team will help you unlock the door to your dream home while keeping your finances on track.

5. Seamless Application Process

We make the process of applying for a mortgage stress-free. From pre-approval to finalizing the deal, we handle the details so you can focus on your future home.

What Should You Do Next?

If you’re considering purchasing a home or exploring your options under these new rules, here are the steps you can take:

1. Determine Your Budget
   Use a mortgage affordability calculator to see how much you can afford under the updated rules.
2. Consult with a Mortgage Expert
   Speak with a trusted mortgage professional at GLM Mortgage Group to discuss your unique situation.
3. Get Pre-Approved
   A pre-approval gives you a clear idea of what you can borrow and strengthens your position as a buyer.
4. Explore Your Housing Options
   With the higher price limit and 30-year amortization options, you may have access to homes that were previously out of reach.
5. Finalize Your Mortgage Plan
   Work with GLM Mortgage Group to secure the best rates and terms for your mortgage.

Why These Changes Are a Big Deal

With Canadian housing prices continuing to rise, these rule changes address some of the biggest barriers to homeownership. By raising the default insurance price threshold and introducing 30-year amortizations for select borrowers, the government is creating pathways for more Canadians to achieve their homeownership dreams.

Your Trusted Partner: GLM Mortgage Group

Understanding and leveraging these changes can make a significant difference in your home-buying journey. That’s why it’s crucial to work with a mortgage professional who understands the market and can tailor solutions to your needs.

At GLM Mortgage Group, we pride ourselves on our client-focused approach. We’re here to simplify the process, secure the best terms, and ensure you feel confident in every step of your mortgage journey.

Contact us today to learn more about how we can help you navigate these exciting changes, higher default insurance limits, and turn your homeownership dreams into reality.

This blog is designed to inform, engage, and highlight GLM Mortgage Group’s expertise in guiding clients through these new opportunities. Let me know if you’d like to refine it further!

The post Big News for Homebuyers: Higher Default Insurance Limits and 30-Year Amortizations appeared first on GLM Mortgage Group.

Recent announcements from the Office of the Superintendent of Financial Institutions (OSFI) and updates to insured refinancing rules have introduced pivotal changes for Canadian homeowners. These changes—removal of the stress test for uninsured straight mortgage switches and insured refinances for secondary suites—are designed to create opportunities and flexibility for borrowers.

Whether you’re considering a lender switch or exploring ways to enhance your home, understanding these changes is crucial. At GLM Mortgage Group, we specialize in breaking down complex financial regulations to help you make informed decisions. Let’s delve into the details and explore how these updates can benefit you.

Removal of the Stress Test for Uninsured Straight Switches

The removal of the stress test for uninsured (conventional) mortgages being switched to a new lender is a game-changer. Previously, borrowers looking to switch lenders for better terms or rates had to qualify under the stringent stress test rules, even if no additional funds were being borrowed.

What Does This Mean for Borrowers?
If you’re switching your mortgage to a new lender without increasing the loan amount, you’ll no longer need to meet the stress test qualification. This rule applies to both uninsured and default-insured (high-ratio) mortgages, making it easier for homeowners to:

• Access more competitive mortgage rates.
• Save money on interest without the burden of requalifying under strict conditions.

By removing this barrier, homeowners gain more freedom to explore their options, fostering a more competitive lending market.

Insured Refinances for Secondary Suites: Unlocking Opportunities

Homeowners looking to construct secondary suites can now access insured refinances with a loan-to-value (LTV) ratio of up to 90%, based on the property’s “as improved” value. These refinances also feature a maximum property value cap of $2 million and allow for amortization periods of up to 30 years.

Why Is This Significant?
Secondary suites—such as basement apartments or backyard cottages—can provide:

• Additional Income: Renting out a secondary suite can offset your mortgage costs.
• Improved Home Value: Renovating your property to include a suite enhances its market appeal and resale value.
• Flexible Living Arrangements: Multi-generational living or hosting family becomes more manageable.

The option to refinance with an insured loan of up to 90% LTV significantly reduces the upfront financial burden, allowing more Canadians to embrace this opportunity.

Key Benefits for Canadian Homeowners

1. Increased Affordability: Whether switching lenders or building a secondary suite, these updates make homeownership and home improvement more financially accessible.
2. Streamlined Processes: Borrowers can avoid the stress test during a straight switch, eliminating a significant obstacle.
3. Greater Flexibility in Refinancing: The ability to access up to 90% LTV offers significant leverage to homeowners aiming to improve their properties.

How GLM Mortgage Group Can Help

Navigating the intricacies of mortgage regulations and securing the best options can be overwhelming. That’s where GLM Mortgage Group excels. Here’s why you should turn to us:

1. Expert Guidance on New Rules
   We stay ahead of regulatory changes to ensure our clients understand how these updates impact their options. From analyzing the benefits of lender switching to exploring insured refinance opportunities, our experts are here to provide clarity.
2. Tailored Solutions for Every Borrower
   At GLM Mortgage Group, we know every homeowner’s situation is unique. Whether you’re looking to switch lenders or fund a secondary suite, we’ll craft a mortgage strategy that aligns with your goals.
3. Unmatched Access to Lenders
   Our extensive network of lenders ensures we can secure competitive rates and terms for your mortgage needs, whether insured or uninsured.
4. Seamless Refinancing for Home Improvements
   With access to insured refinance programs for secondary suites, we help you tap into your home’s potential while minimizing financial stress.

Straight Switch or Secondary Suite: What Should You Do Next?

If you’re a homeowner considering your options, here’s what you can do:

1. Evaluate Your Current Mortgage:
   Is your current lender offering competitive terms? If not, a straight switch could help you save.
2. Assess Your Property’s Potential:
   If your property is suitable for a secondary suite, refinancing up to 90% LTV can provide the funds to make your vision a reality.
3. Speak to a Mortgage Expert:
   Discuss your unique circumstances with a trusted advisor to determine the best path forward.

Why These Changes Matter in Today’s Market

In a volatile housing market, having flexibility and options is crucial for homeowners. The removal of the stress test for straight switches and the introduction of insured refinances for secondary suites empower Canadians to take control of their financial futures. These changes signal a shift toward more borrower-friendly policies, creating opportunities for savings and property enhancements.

Trust GLM Mortgage Group to Navigate These Changes

When it comes to understanding and benefiting from these regulatory updates, you need an experienced partner on your side. At GLM Mortgage Group, we specialize in simplifying the mortgage process and finding the best solutions for your unique needs.

Whether you’re ready to switch lenders, refinance for a secondary suite, or simply explore your options, we’re here to help. Let’s unlock your financial potential together.

Contact us today and take the first step toward smarter mortgage solutions.

The post Major Mortgage Rule Changes in Canada: What They Mean for You appeared first on GLM Mortgage Group.

Following our exploration of recent changes to Canada’s mortgage regulations in Part 1, we’ll continue delving into how these new measures can benefit Canadians and insured mortgages. Part 2 covers further mortgage reform details, including the expanded 30-year amortization, the $1.5 million insured mortgage cap, and supporting policies in the Canadian Mortgage Charter, Renters’ Bill of Rights, and Home Buyers’ Bill of Rights. Each initiative provides opportunities for homeowners, first-time buyers, and renters, especially those facing affordability barriers. Let’s examine how these updates can help you achieve your real estate goals and how GLM Mortgage Group can guide you through the process.

1. Government Expands Insured Mortgage Cap and Amortization Options

In recognition of Canada’s changing housing market, the government has made pivotal updates to insured mortgages, addressing two main areas of concern:

• Raising the Insured Mortgage Cap: Effective December 15, 2024, the cap on insured mortgages will increase from $1 million to $1.5 million. This change reflects the reality of higher housing prices in major cities, where entry-level homes often exceed the previous cap. By raising the limit, more Canadians can now secure insured mortgages with lower down payments (less than 20%), making homeownership more accessible.
• Expanding 30-Year Amortization: The 30-year amortization option, which was introduced for first-time homebuyers on August 1, 2024, will soon apply to all buyers of newly built properties, effective December 15, 2024. This extension aims to lower monthly mortgage payments, offering financial relief to homebuyers who may find shorter terms unsustainable.

These updates reflect the government’s ambition to balance home affordability with housing supply—a mission GLM Mortgage Group wholeheartedly supports.

How GLM Mortgage Group Can Help You Leverage the New Mortgage Cap and Amortization

GLM Mortgage Group specializes in helping clients navigate mortgage options. With the new insured mortgage cap, GLM can help you explore possibilities for homes in high-cost areas that may have been previously out of reach. Our advisors understand the complexities of insured mortgages and can assist in identifying the best options based on your down payment and financial situation. For those interested in a 30-year amortization, GLM can show you how this longer-term option can align with your monthly budget and long-term goals.

2. Canadian Mortgage Charter: Protecting Homebuyers’ Rights

The Canadian Mortgage Charter aims to safeguard borrowers and foster a competitive mortgage market. Key components of this charter include:

• No Requalification Requirement: Borrowers with insured mortgages can now switch lenders at renewal without facing a stress test. This ensures that Canadians with insured mortgages can shop for the best rates and products, giving them more options and increased savings.
• Mortgage Hardship Relief: The Charter establishes guidelines for lenders to provide relief to borrowers experiencing financial hardship. This could mean payment flexibility, rate restructuring, or other adjustments to help struggling homeowners avoid foreclosure.

With these protections, the Canadian Mortgage Charter brings increased security to Canadian homeowners. At GLM Mortgage Group, we advocate for borrowers’ rights, ensuring our clients know their options and have access to favorable terms and conditions.

GLM Mortgage Group’s Support for Mortgage Switching and Hardship Relief

For clients looking to take advantage of the new flexibility to switch lenders without requalification, GLM Mortgage Group’s network of lending partners allows us to shop around for competitive rates. Additionally, if you’re experiencing mortgage hardship, we can guide you through relief options offered under the new Canadian Mortgage Charter, helping you navigate lender discussions and maintain stability in challenging times.

3. Renters’ Bill of Rights: Making Renting Fair and Transparent

Canada’s Renters’ Bill of Rights introduces protections to create fairer rental markets. It aims to combat high rent costs and mitigate renter displacement due to “renovictions” (evictions for renovation purposes). Some of its proposed features include:

• Protections Against Unfair Rent Hikes and Evictions: Provincial cooperation is underway to address tenant concerns around rent affordability and unjust evictions. These measures are intended to promote stability and fairness in the rental market.
• Standardized Lease Agreements: By encouraging consistent lease agreements nationwide, the government seeks to clarify tenant and landlord rights, reducing misunderstandings and making the rental process more transparent.

While these reforms benefit renters, they also benefit landlords by establishing clearer guidelines for leasing. For clients with rental properties, GLM Mortgage Group can provide insights on these new policies, helping you adjust to and benefit from a fairer rental market.

GLM Mortgage Group’s Services for Landlords

GLM Mortgage Group works with property owners to navigate rental property financing and optimize investment outcomes. We can help clients secure financing for new investments, explore options for refinancing, and provide guidance on the impact of the new Renters’ Bill of Rights on property management.

4. Home Buyers’ Bill of Rights: Improving Transparency and Fairness in Home Buying

The Home Buyers’ Bill of Rights is another notable reform aimed at improving fairness and transparency in Canada’s housing market. Its provisions include:

• Making Price History Available: One goal is to make price histories accessible on title searches, empowering buyers to make informed offers.
• Prohibiting Blind Bidding: The Bill of Rights includes proposals to curb blind bidding, which has driven up home prices by obscuring competitors’ offers. By addressing this, the government hopes to lower price inflation and create a more accessible market.

These protections add new layers of fairness, making the home-buying process more transparent. GLM Mortgage Group values transparency and is dedicated to helping clients navigate the home-buying journey with confidence.

GLM Mortgage Group’s Role in Home Buyer Advocacy

Our team at GLM Mortgage Group is well-versed in the intricacies of purchasing a home and the financial considerations involved. We guide clients through each step, ensuring they understand not only the financial aspects but also the legal implications of purchasing a home under the new Bill of Rights provisions.

5. Additional Government Support for Home Buyers and Renters

Beyond these significant policy updates, the federal government has also introduced:

• The Tax-Free First Home Savings Account (FHSA): This account enables first-time buyers to save up to $8,000 per year, up to a lifetime limit of $40,000, tax-free. Contributions to an FHSA grow tax-free and can be withdrawn without penalty to fund a down payment.
• Expanded Home Buyers’ Plan (HBP): The HBP has been enhanced to allow first-time buyers to withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP), tax-free, to support a down payment.

These tools offer Canadians further financial support as they save for homeownership. GLM Mortgage Group can guide clients in integrating these options into their savings plans, ensuring they make the most of available resources.

Maximizing Savings with GLM Mortgage Group

GLM Mortgage Group provides personalized financial advice to help clients optimize these government programs. Whether you’re exploring the FHSA or considering withdrawing funds from an RRSP, we’ll show you how to use these savings tools effectively.

Final Thoughts: Empowering Canadians in the Housing Market

Canada’s latest mortgage reforms represent a promising move toward making homeownership and renting more accessible and fair. The expanded insured mortgage cap, 30-year amortization, Canadian Mortgage Charter, and new bills of rights for renters and home buyers collectively aim to reshape the housing landscape for Canadians.

At GLM Mortgage Group, we’re committed to guiding our clients through these changes. Our expertise, extensive lender connections, and personalized approach make us a trusted partner for home buyers, homeowners, and investors. Reach out to GLM Mortgage Group today to discuss how you can benefit from these reforms and start building your path to homeownership or rental investment success.

The post Insured Mortgages: Part 2 of Last Week appeared first on GLM Mortgage Group.

In a monumental shift aimed at making homeownership more accessible for now and the future, the Canadian government and the Office of the Superintendent of Financial Institutions (OSFI) have recently introduced sweeping reforms to the nation’s mortgage rules. These changes include an end to stress testing for certain borrowers and the introduction of a 30-year mortgage amortization for first-time buyers and purchasers of new homes, among other updates. While these policy adjustments signify progress, understanding how to leverage these new opportunities best is essential. GLM Mortgage Group, a top mortgage advisory service, is here to help Canadians make the most of these unprecedented changes.

This blog delves into two major announcements: OSFI’s elimination of the stress test for lender switching and the federal government’s recent expansion of mortgage amortization and price caps. We’ll explore how these changes impact Canadian homebuyers and highlight how GLM Mortgage Group can support you through this evolving landscape.

1. OSFI’s Stress Test Removal: A New Dawn for Borrowers

Historically, Canada’s stress test required borrowers, including those switching lenders at the time of mortgage renewal, to qualify at a higher interest rate, usually the greater of 5.25% or their contract rate plus 2%. This requirement was often seen as a barrier for borrowers looking to find competitive rates, especially with alternative lenders. In response to mounting industry feedback, OSFI announced it will eliminate the stress test requirement for borrowers switching lenders at renewal—meaning that as long as the loan amount and amortization schedule remain unchanged, borrowers can bypass this extra hurdle.

How This Affects Canadian Homeowners

With the stress test no longer applied during lender switching, homeowners will have more flexibility to shop for better rates when renewing their mortgages. This not only boosts market competition but also gives borrowers the power to secure more favorable terms without the fear of requalification.

2. Federal Reforms: Expanding Amortization and Price Caps

In addition to OSFI’s stress test announcement, the federal government has rolled out significant mortgage rule amendments, effective December 15, 2024. Here’s a quick overview:

• 30-Year Amortization for New Builds and First-Time Buyers: As of August 1, 2024, first-time buyers and Canadians purchasing newly built properties now have the option for a 30-year amortization on insured mortgages. This reform allows buyers to reduce their monthly payments, offering much-needed relief amid Canada’s high housing costs.
• Increase in Insured Mortgage Cap: To reflect current housing market realities, the government has raised the insured mortgage cap from $1 million to $1.5 million. This increase, effective December 15, 2024, allows more Canadians to qualify for insured mortgages, which require smaller down payments (below 20%) and generally offer better interest rates.

These changes are designed to make homeownership more achievable, particularly for younger generations and first-time buyers, and contribute to the government’s ambitious goal of constructing nearly 4 million new homes.

GLM Mortgage Group’s Take on the Reforms

GLM Mortgage Group welcomes these amendments as an important step forward for Canadians. As a client-centered mortgage advisor, GLM can guide clients through these new opportunities and help them navigate the mortgage market. These updates, especially the 30-year amortization and raised price cap, provide substantial new options for first-time homebuyers—a demographic often challenged by affordability issues.

Why Working with GLM Mortgage Group Matters

Navigating the mortgage landscape can be complex, especially in light of these new regulations. GLM Mortgage Group offers expert advice and personalized support to make the most of these changes. Here’s how we help:

1. Expertise in Mortgage Switching and Rate Negotiation

With the stress test requirement lifted for lender switching, now is the perfect time for borrowers to assess their options. GLM Mortgage Group’s team can help clients find the best rates and terms when switching lenders, ensuring they maximize their mortgage savings. Our expertise in negotiation and our relationships with various lenders allow us to secure the most favorable rates for our clients.

2. Guidance on Insured Mortgage Options and the New Cap

The increase in the insured mortgage cap from $1 million to $1.5 million provides significant new opportunities for buyers in high-cost areas. GLM Mortgage Group understands the nuances of insured mortgages and can guide clients through the qualification process. We help clients understand their down payment options and tailor solutions to meet their needs, even in competitive markets.

3. Support for First-Time Buyers and 30-Year Amortization Planning

One of the most exciting aspects of the recent reforms is the extension of the 30-year amortization to first-time homebuyers and new-build purchasers. GLM Mortgage Group specializes in helping first-time buyers navigate the mortgage process and can assist them in taking advantage of this extended amortization period, which lowers monthly payments and reduces financial strain.

Additional Federal Measures Supporting Buyers and Renters

Alongside the mortgage rule changes, the government has introduced the Canadian Mortgage Charter, Renters’ Bill of Rights, and Home Buyers’ Bill of Rights to make housing more fair and transparent. These initiatives aim to create a more level playing field for buyers and renters alike by:

• Allowing Insured Borrowers to Switch Lenders without a Stress Test: With the Canadian Mortgage Charter, insured borrowers now have the freedom to switch lenders at renewal without requalification, fostering competition and potentially lowering rates.
• Renters’ and Home Buyers’ Rights: These blueprints are designed to increase transparency, curb unfair practices, and provide broader protections for both renters and buyers across Canada. In collaboration with the provinces, the federal government plans to implement protections against evictions, standardize lease agreements, and require the disclosure of price histories, which ultimately contribute to a more balanced housing market.

GLM Mortgage Group: Your Partner in Homeownership

In a rapidly changing mortgage landscape, having a trusted partner like GLM Mortgage Group is essential. As a top mortgage brokerage in British Columbia, we are committed to helping Canadians navigate these reforms, whether it’s securing a mortgage, switching lenders, or making the most of the new amortization options. GLM Mortgage Group provides:

• Personalized Mortgage Planning: We take time to understand our clients’ unique financial situations and help them find the best mortgage options that align with their long-term goals.
• Access to Diverse Lending Options: GLM’s extensive network includes banks, credit unions, and private lenders, giving clients access to a range of products tailored to their needs.
• Step-by-Step Guidance: From initial consultation through closing, we ensure clients feel supported and informed, making the home-buying process smooth and stress-free.

Final Thoughts

These recent changes signal a promising shift in Canada’s mortgage policies, offering hope to aspiring homeowners facing affordability challenges. For Canadians ready to buy, switch lenders, or explore new builds, GLM Mortgage Group provides the knowledge and support necessary to navigate these changes effectively. Contact us today to discover how we can help you make the most of Canada’s new mortgage landscape and achieve your homeownership dreams.

In Part 2, we’ll explore further government initiatives and additional support measures designed to help Canadians attain and maintain homeownership. Stay tuned!

The post Navigating Canada’s New Mortgage Reforms with GLM Mortgage Group: Part 1 appeared first on GLM Mortgage Group.

Investing in real estate can be a rewarding yet complex process you go through. Whether you’re diving into rental properties, flipping houses, or purchasing a vacation home, making informed decisions is key to success. That’s why surrounding yourself with a team of experts is crucial. Among the most important team members for real estate investors are a skilled lawyer and a knowledgeable mortgage broker. These professionals bring specialized expertise to your ventures, helping you mitigate risks, navigate legal complexities, and seize the best financing opportunities.

In this blog, we’ll explore the powerful roles that lawyers and mortgage brokers play in real estate investment ventures and why their guidance is essential for long-term success.

Building Your Power Team

Real estate investment isn’t just about finding the right property; it’s about assembling a team that can guide you every step of the way. A successful team often includes a mentor, an accountant, a realtor, a home inspector, a lawyer, and a mortgage broker. Each professional brings unique knowledge to the table, helping you optimize your investment strategy.

In past discussions, we’ve highlighted the role of mentors and accountants in real estate ventures. Now, let’s shift the spotlight to two equally critical members of your team: the real estate lawyer and mortgage broker. Both professionals serve distinct but interconnected roles that can make or break your investment outcomes.

The Critical Role of a Real Estate Lawyer

One of the first steps in any real estate transaction should be securing a competent lawyer. A real estate lawyer ensures that every legal detail of your investment is properly managed, protecting you from unforeseen complications down the line. But their role goes far beyond simple contract reviews.

Legal Expertise and Compliance

A lawyer helps you navigate the often-complex web of regulations, local bylaws, and real estate laws that govern property investments. In provinces like British Columbia, where regulations can vary depending on the type of property and its location, having a lawyer who understands these nuances is invaluable. For instance, a lawyer familiar with Vancouver’s real estate market would be able to alert you to zoning restrictions, property disputes, or future urban development plans that might impact your investment.

In real estate, compliance isn’t optional. Failing to comply with local and provincial laws can result in hefty fines or legal disputes. Your lawyer ensures that you stay compliant, protecting your investment from unnecessary risks.

Risk Mitigation and Due Diligence

Beyond legal compliance, a lawyer’s job is to minimize risk. They conduct thorough due diligence, investigating the property’s legal history, title, and any potential liabilities attached to it. This process is essential in preventing costly surprises, such as discovering outstanding liens on the property or boundary disputes with neighboring properties.

If you’re investing in rental properties, a lawyer can also help you navigate landlord-tenant laws and ensure that your lease agreements protect your interests while complying with provincial legislation.

Dispute Resolution

Even the most well-researched investments can run into disputes, whether it’s with tenants, contractors, or even government authorities. A skilled real estate lawyer is adept at resolving these conflicts through arbitration or mediation. Having an expert who can guide you through these processes ensures that you reach favorable outcomes without dragging the issue through lengthy and expensive court battles.

The Essential Role of a Mortgage Broker

While a lawyer protects you from legal pitfalls, a mortgage broker ensures that your financing aligns with your investment goals. Mortgage brokers serve as intermediaries between borrowers and lenders, offering invaluable advice on securing the best loan terms and ensuring that your investments are financially viable.

Access to Multiple Lenders and Products

Unlike traditional banks, which offer a limited range of mortgage products, mortgage brokers have access to a vast network of lenders. This includes major banks, credit unions, and private lenders, which can be crucial when looking for a loan that fits your specific needs, especially in markets as dynamic as British Columbia’s.

For instance, if you’re looking to purchase a rental property, a mortgage broker can identify lenders who specialize in financing multi-family properties or provide flexible terms for investors. They also help you compare interest rates, loan structures, and hidden costs, ensuring that you get the best possible deal.

Market Insight and Strategic Advice

Mortgage brokers don’t just secure financing; they also offer invaluable insights into the real estate market. They can advise you on which areas are likely to experience property value appreciation, helping you make informed investment decisions. In a competitive market like Vancouver’s, where properties can fluctuate in value rapidly, having a mortgage broker who understands the market trends can give you a strategic advantage.

A broker can also guide you through different financing options, such as second mortgages, refinancing, or leveraging equity from existing properties to fund new investments. Their expertise in creative financing solutions can help you grow your portfolio faster while minimizing out-of-pocket expenses.

Time Savings and Convenience

The real estate investment process is time-consuming, especially when it comes to securing financing. Mortgage brokers streamline this process by handling negotiations with lenders, gathering the necessary documentation, and ensuring that you meet the requirements for loan approval. This allows you to focus on your investment strategy rather than getting bogged down in paperwork.

Working with a mortgage broker not only saves you time but also increases your chances of securing the best financing deal. Their industry connections and knowledge can help you navigate the mortgage approval process with ease, even if you have a complex financial situation.

Combining the Expertise of Lawyers and Mortgage Brokers

When a lawyer and mortgage broker work together on your behalf, the results can be transformative. The lawyer ensures that your legal rights are protected, while the mortgage broker secures financing that aligns with your investment goals. Together, they help you maximize your returns while minimizing risks.

For example, if you’re purchasing a property that requires significant renovations, your lawyer can ensure that the sale contract includes provisions for any necessary repairs or zoning adjustments. At the same time, your mortgage broker can secure financing that accounts for these additional costs, perhaps through a construction loan or other tailored mortgage products.

In cases of refinancing or taking out a second mortgage, the synergy between these two professionals becomes even more critical. A lawyer can advise you on the legal implications of refinancing, while the mortgage broker helps you find the most favorable terms. This combined expertise ensures that you’re making financially sound decisions that align with your long-term investment strategy.

Conclusion: Maximizing Real Estate Success

Entering the real estate market for investment purposes requires more than just a keen eye for properties. To succeed, you need a team of professionals who can guide you through every step of the process. A competent lawyer protects your legal interests and mitigates risks, while an experienced mortgage broker helps you secure the best financing and navigate the real estate market with confidence.

At GLM Mortgage Group, we understand the importance of these roles in real estate success. Whether you’re a first-time investor or a seasoned pro, our team is here to provide the expertise you need to achieve your goals. Contact us today to learn more about how we can help you succeed in your real estate ventures!

The post Real Estate Success: The Power of Lawyers and Mortgage Brokers in Investment Ventures appeared first on GLM Mortgage Group.

Filing for bankruptcy can be a daunting experience, leaving many to wonder if they’ll ever be able to secure a mortgage again. However, the path to homeownership post-bankruptcy is not as bleak as it may seem. With the right strategies and guidance taken, such as that provided by GLM Mortgage, you can rebuild your financial standing and increase your chances of getting a mortgage.

Keeping Your Home During Bankruptcy

Many people worry about losing their homes when they file for bankruptcy. In Canada, if you file an Assignment in bankruptcy, a trustee is appointed to maximize the realization for your unsecured creditors, which includes evaluating any equity in your home. Equity is the difference between what your house is worth and what you owe on it, including your mortgage, property taxes, and other liens. If your home’s value is roughly equal to its debts, the trustee may allow you to keep the house, enabling you to continue making mortgage payments and retain your home.

If there is equity in your property, the trustee might still permit you to keep your home under the condition that you contribute an amount equal to the equity into your bankruptcy estate. This can be done through monthly payments, borrowing from a friend, or obtaining a second mortgage. Though the latter can be challenging during bankruptcy, GLM Mortgage can help you navigate these complex waters and find specialized lenders who cater to such needs.

Renewing Your Mortgage Post-Bankruptcy

When it comes time to renew your mortgage, the situation may seem uncertain. However, most banks would prefer to have you sign a mortgage renewal and continue paying off the principal and interest rather than foreclosing on your home. This approach allows banks to avoid the financial losses associated with foreclosure sales. As long as your mortgage payments are up to date, you should generally be able to renew your mortgage after bankruptcy. GLM Mortgage can assist in confirming these details with your lender, ensuring a smoother renewal process.

Buying a House After Bankruptcy

The prospect of buying a home after bankruptcy might seem far-fetched, but it’s entirely feasible. Key to this process is receiving a discharge from your bankruptcy and working diligently to rebuild your credit. Canada Mortgage and Housing Corporation (CMHC) may review your application as early as 18 months to two years after discharge if you have re-established your credit. This means obtaining a mortgage post-bankruptcy is possible, and GLM Mortgage can help you understand and navigate this timeline effectively.

Qualifying for a Mortgage After Bankruptcy

Many Canadians mistakenly believe that obtaining a mortgage after bankruptcy is nearly impossible. However, various mortgage financing options are available, especially if you work to improve your credit score. Building up your credit score should be a priority. With diligent effort, your chances of being approved by a prime lender as soon as two years after discharge are high.

Post-Bankruptcy Mortgages

To rebuild your credit after bankruptcy, getting a credit card and responsibly managing it is essential. Pay your monthly bills on time and in full whenever possible. This will help establish a positive credit history, which lenders will consider when you apply for a mortgage. GLM Mortgage can guide you through this process, helping you find suitable credit products and ensuring you stay on track.

Bankruptcy Mortgage Lenders

Two years after being discharged from bankruptcy, many prime mortgage lenders may be willing to work with you. During this period, focus on improving your credit score. If your credit score still isn’t high enough, GLM Mortgage can connect you with lenders experienced in dealing with clients with bad credit.

Consumer Proposals

A consumer proposal can be an alternative to bankruptcy, allowing you to negotiate a legally binding agreement with your creditors to pay back a portion of your debts. This can positively impact your credit score, making it easier to secure a mortgage. If your proposal is accepted and you meet your payment obligations, your credit score can improve significantly, putting you in a better position to work with prime lenders. GLM Mortgage can assist you in understanding consumer proposals and how they can benefit your financial recovery.

Essential Documentation for Post-Bankruptcy Loans

Your credit score is the most crucial piece of documentation when seeking a mortgage post-bankruptcy. Other factors include your income, the loan-to-value ratio of the property, the property’s condition, and any other assets you may have. GLM Mortgage can help you compile and present this information effectively to potential lenders.

Building Your Down Payment

A larger down payment can be a significant advantage when applying for a mortgage post-bankruptcy. Use any extra income to save for a substantial down payment, which can help convince lenders of your financial stability. GLM Mortgage can offer advice on saving strategies and how to improve your financial position.

Timely Payments and Credit Management

Never miss a payment again. Post-bankruptcy, your credit management will be closely scrutinized. Be the perfect borrower by making all minimum payments on time and keeping outstanding balances low. This behavior is crucial for rebuilding your credit score. GLM Mortgage can provide tips and resources to help you manage your credit effectively.

Improving Your Credit Score

Before applying for a mortgage, take steps to improve your credit score. Consider taking out an RRSP loan, applying for a secured credit card, or a car loan. Establishing a positive credit history is critical, and GLM Mortgage can help you find the right financial products to boost your credit score.

Patience and Persistence

While it might take time, you don’t have to wait for your bankruptcy to disappear from your record to secure a mortgage. Many prime lenders will consider your application two years post-discharge if you have re-established your credit. GLM Mortgage can guide you through this period, helping you maintain good credit standing and preparing you for your mortgage application.

In conclusion, securing a mortgage after bankruptcy is challenging but achievable with the right approach and support. GLM Mortgage is here to help you navigate this journey, offering expert advice and tailored solutions to help you rebuild your financial future and achieve your dream of homeownership.

The post What Are My Chances of Getting a Mortgage After Bankruptcy? appeared first on GLM Mortgage Group.

Introduction

Embarking on the journey of securing a mortgage can be both exciting and overwhelming. It’s a significant financial commitment that requires careful consideration and informed decision-making. One crucial aspect often overlooked in this process is asking the right questions. By delving into the intricacies of mortgage terms, you can unlock valuable insights that shape your financial future. Let’s explore some essential questions you should ask when navigating the mortgage landscape.

Understanding Mortgage Terms

Asking the right questions can significantly impact the type of mortgage product that best suits your needs. Start by inquiring about the terms of the mortgage and the associated advantages or disadvantages, commonly referred to as the “frills” of a mortgage. Knowing the terms upfront can save you from unexpected surprises down the road.

Penalties for Breaking Your Mortgage

One critical question to ask revolves around the penalties for breaking your mortgage. Statistics show that a significant percentage of mortgages are broken before the term expires, making this an essential consideration. Whether you opt for a variable rate mortgage or a fixed rate mortgage, understanding the penalty structure is crucial. Some lenders base penalties on the Bank of Canada rate, while others use internal benchmarks. Additionally, inquire about the possibility of breaking your mortgage altogether, as some lenders may not offer this flexibility.

Prepayment Privileges

Another vital aspect to explore is your prepayment privileges. Understanding how much extra you can put towards your mortgage, both monthly and annually, empowers you to accelerate your repayment schedule. However, be mindful of any minimum payment requirements imposed by the lender, as this can affect your ability to make additional payments.

Portability of the Mortgage

Consider whether the mortgage product is portable, especially in today’s market with favorable interest rates. Porting your mortgage allows you to transfer your current low-interest rate to a new property when selling your existing one. However, be aware of any restrictions tied to portability, such as time limitations or geographical constraints imposed by the lender.

Blend and Extend Options

Inquire about the possibility of blending and extending your mortgage, which involves adding further funds to your existing mortgage at current rates. While this can be advantageous, it’s essential to consider how it aligns with your long-term financial goals and the implications for your mortgage renewal dates.

Assumable Mortgage

Explore whether your mortgage is assumable, as this can make your property more desirable to potential buyers, especially in a rising interest rate environment. However, bear in mind that the original lender must agree to the transfer, and the buyer may incur an assumption fee.

Options for Amortization

Understanding the options for amortization is crucial in tailoring your mortgage to your financial situation. Whether you have less than 20% down payment or more, knowing the available amortization periods enables you to make informed decisions about your repayment schedule.

Considerations for Investment Properties

If you’re considering investment properties, be aware that lenders may view them differently than owner-occupied properties. Factors such as down payment requirements and debt levels can impact your eligibility and terms.

Transitioning from Variable to Fixed Rate

Finally, inquire about the implications of transitioning from a variable to a fixed rate. While locking into a fixed rate may provide stability, it’s essential to weigh the potential impact on your overall financial strategy.

Understanding Collateral Charges

Lastly, familiarize yourself with the difference between a standard charge and a collateral charge mortgage. Understanding the implications of collateral charges, including their readvanceable nature and non-transferability, can help you make informed decisions about your mortgage.

Conclusion

In conclusion, asking the right questions is paramount when navigating the complex world of mortgages. By understanding the terms, penalties, and options available to you, you can make informed decisions that align with your financial goals. At GLM Mortgage Group, we specialize in guiding clients through the mortgage process and ensuring they have the information they need to make confident decisions. Contact us today for a free consultation and let us help you unlock the secrets of mortgages.

The post Unlocking the Secrets of Mortgages: Essential Questions You Should Ask appeared first on GLM Mortgage Group.

Embarking on the path to homeownership is undoubtedly an exciting endeavor. However, amidst the thrill of house hunting and envisioning your dream home, there’s often a maze of unfamiliar terms and concepts to navigate. From mortgage lenders to interest rates, down payments to property taxes, the language of real estate can be overwhelming for first-time buyers and seasoned homeowners alike.

But fear not! Equipping yourself with a solid understanding of mortgage terminology is not just advantageous—it’s crucial. Let’s delve into why comprehending these terms is essential for anyone considering a home purchase. (The end of the blog holds key terms to understand).

Empowerment Through Knowledge

Knowledge is power, especially when it comes to making significant financial decisions. Understanding mortgage terms empowers you to take control of your home buying journey confidently. Rather than relying solely on the expertise of others, you become an informed participant in the process, capable of asking the right questions and making well-informed choices.

Financial Literacy Leads to Smart Decisions

Purchasing a home is one of the most significant investments you’ll ever make. It’s essential to approach this decision with a clear understanding of the financial implications involved. By familiarizing yourself with mortgage terms such as amortization, fixed-rate versus variable-rate terms, and debt calculation ratios, you gain insight into the various factors influencing your mortgage agreement. This knowledge enables you to evaluate different mortgage options effectively and select the one that best aligns with your financial goals and circumstances.

Avoiding Pitfalls and Costly Mistakes

Without a grasp of mortgage terminology, homebuyers risk falling into common pitfalls and making costly mistakes. For instance, failing to comprehend the distinction between a high-ratio and conventional mortgage could result in unexpected expenses related to mortgage insurance. Likewise, not understanding the implications of a fixed-rate versus variable-rate term could lead to payment fluctuations that strain your budget. By educating yourself on these terms and their implications, you can steer clear of potential pitfalls and make decisions that support your long-term financial well-being.

Navigating the Homebuying Process with Confidence

The journey to homeownership is often characterized by twists and turns, from the initial mortgage pre-approval to the closing process. Having a firm grasp of mortgage terminology instills confidence as you navigate each stage of the homebuying process. Whether you’re communicating with lenders, reviewing mortgage agreements, or deciphering financial documents, understanding the language of mortgages equips you to advocate for yourself and make informed choices at every turn.

The Importance of Guidance and Support

While educating yourself on mortgage terms is crucial, it’s equally vital to seek guidance from experienced professionals who can provide personalized advice and support. Mortgage brokers and financial advisors can offer invaluable insights tailored to your unique situation, helping you navigate complex financial decisions with confidence and clarity.

Conclusion

In conclusion, understanding mortgage terminology is not just a matter of semantics—it’s a cornerstone of informed decision-making in the homebuying process. By arming yourself with knowledge, you empower yourself to make smart financial choices, avoid potential pitfalls, and navigate the journey to homeownership with confidence. So, dive into the world of mortgage terminology, equip yourself with knowledge, and embark on your homeownership journey with clarity and confidence. Call us today to start your mortgage journey!

Understanding Your Mortgage: A Closer Look at Key Mortgage Terms

Lender:

The lender is the financial institution or bank with whom you negotiate your mortgage. They provide the funds for your home purchase, and the terms of your agreement are established through this relationship.

Mortgage Insurance:

Mortgage insurance is a protective measure required by the federal government in certain scenarios, particularly when the down payment is less than 20%. This insurance safeguards the lender in case of default, though you, as the borrower, bear the cost. In Canada, notable mortgage insurers include CMHC, Sagen, and Canada Guaranty.

High Ratio/Insured Mortgage vs Insurable Mortgage vs. Conventional/Uninsurable Mortgage:

A high ratio /Insured mortgage involves a down payment of less than 20% and requires mortgage insurance. An Insurable mortgage will have a 20% (or more) down payment and the lender pays the mortgage insurance however the property must be less than $1,000,000.00 and an amortization no more than 25 years.  Conversely, a conventional/uninsurable mortgage entails a down payment of more than 20% and typically does not require mortgage insurance, though an appraisal may be necessary.

Appraisal:

An appraisal is a professional assessment of the home’s value conducted for lending purposes. It confirms the property’s worth and is usually the responsibility of the buyer.

Property Transfer Tax:

This tax is levied when transferring property ownership. It varies by province and may be exempt for first-time homebuyers or specific property types.

First Time Home Buyer:

A first-time homebuyer is someone who has never owned property before, anywhere.

Amortization:

Amortization refers to the duration required to pay off your mortgage. It typically ranges from 25 to 30 years, with shorter terms for high ratio mortgages.

Fixed Rate Term vs. Variable Rate Term:

Fixed-rate terms lock in your interest rate for a specified period, providing stable payments. Variable-rate terms offer fluctuating rates influenced by economic factors, potentially resulting in lower initial rates.

Open vs. Closed Contract:

Open contracts allow for penalty-free early repayment, whereas closed contracts may incur penalties for early termination.

Flex Down:

Flex down options enable unconventional down payment sources, such as loans from employers or credit cards.

Business for Self:

This term refers to self-employment, either as a sole proprietor or incorporated entity.

Stated Income:

Stated income relies on self-reported earnings rather than official tax documentation.

Beacon Score:

Your beacon score reflects your creditworthiness based on credit report data.

Debt Calculation Ratios:

These ratios assess your ability to afford a mortgage based on income and debts.

Rental Terms and Their Meanings:

Rental terms like addback, offsets, and net rents impact rental income considerations.

The post Demystifying Mortgage Terminology: Why Understanding is Key to Your Homeownership Journey appeared first on GLM Mortgage Group.

Introduction

As we step into the new year, the ever-evolving real estate and mortgage landscape presents opportunities and challenges for potential homebuyers. This blog distills crucial insights from some of our most important blogs from 2023, providing a detailed guide on what’s important to know as you navigate the complexities of the current real estate market.

Important Things to Know Going into the New Year

Standing at the threshold of a new year, it becomes imperative to stay abreast of the ever-changing market dynamics and the high cost of homeownership. Strategic home investment takes center stage, with the use of mortgage calculators highlighted as game-changers in gaining a realistic perspective on affordability.

It is crucial to understand common pitfalls, such as overextending oneself. GLM Mortgage Group emphasizes that homeownership should enhance, not hinder, one’s lifestyle. Maintaining a balance between aspirations and financial feasibility is key to ensuring that the dream of owning a home doesn’t become a restrictive burden.

Navigating the Vancouver Real Estate Market

GLM Mortgage Group’s expertise in guiding first-time homebuyers through the dynamic Vancouver real estate market shines in our blogs. The journey to homeownership is portrayed as an exciting milestone marked by stability and the freedom to shape one’s living space.

Strategic home investment remains paramount, and we emphasize the need for a balance between aspirations and financial feasibility. Our guidance is positioned as crucial for making informed decisions in the Vancouver housing market. GLM Mortgage Group’s extensive experience positions him as a trusted advisor, ensuring that the first home purchase aligns seamlessly with long-term goals.

Canadian Mortgage Charter: Unlocking Financial Freedom

Explored in the Fall Economic Statement, the Canadian Mortgage Charter emerges as a groundbreaking initiative designed to bolster transparency and safeguard vulnerable borrowers. This blog we wrote a few months ago delves into its core tenets, emphasizing its role in ensuring fair treatment for those facing financial challenges.

The comprehensive guidelines within the charter are unpacked, ranging from temporary extensions and fee waivers to stress test exemptions. The blog encourages potential homeowners to understand these principles, empowering them to make informed decisions and contribute to the ongoing evolution of fair lending practices.

Securing Your First Mortgage in Vancouver, BC: The Path to Your Dream Home

GLM Mortgage Group’s commitment to helping first-time homebuyers is again highlighted in other blogs throughout the year, emphasizing the importance of securing the first mortgage as a significant milestone in the path to homeownership.

Understanding the complexities of securing a first mortgage, including budgeting, credit health, and additional costs, is crucial. The advantages of working with a trusted mortgage broker for expert guidance, and the significance of mortgage pre-approval is emphasized to provide clarity on eligibility and responsibilities.

The Impact of Down Payment on Your Mortgage: Insights from Our Calculator

Down payments are something to always understand. The use of mortgage calculators can help you make informed choices. The minimum threshold of 5% for entering the market and explores the implications of down payments on the overall cost of homeownership.

Substantial down payments are unpacked, showcasing their impact on monthly financial commitments and the reduction of interest payments over the mortgage term. The blog stresses the importance of finding a balance that suits financial comfort and long-term goals, irrespective of the commonly perceived ‘golden rule’ of a 20% down payment.

Conclusion

As you embark on the journey of homeownership in the new year, these comprehensive insights offer a roadmap to navigate the dynamic landscape. From understanding market dynamics and the Vancouver real estate market to decoding the Canadian Mortgage Charter, securing your first mortgage, and evaluating down payments, staying informed is the key to making confident decisions on your path to financial freedom. 

Whether you’re a first-time homebuyer or contemplating a move, let these insights guide you through the intricacies of the current real estate landscape, empowering you to take the next step in your homeownership journey with knowledge and confidence.

Don’t forget, we are always just a phone call away. Call us today!

The post Navigating the New Year: Unveiling Insights from Key Blogs appeared first on GLM Mortgage Group.

Prepayment Options for Mortgages

Rates, rates, rates. Mortgage Brokers answer a lot of questions, but one thing that rings very true is that people focus very heavily on rates. It would be unwise for us to say rates are not important, because they are very important and a big factor in choosing a lender. However, with that said, rates are not everything, and it is important to understand this to help you get the best situation for you. 

All lenders have different terms, and these can affect the overall value of the mortgage package you are receiving from a lender. We like to call these personalities of a mortgage. It is important to understand elements of mortgage packages from lenders, such as their prepayment options, what breaking the mortgage would look it, if you can port your mortgage, and more/

Today, we are going to talk about prepayment options you may have with lenders and outline why these are an important element to consider in a lender, rather than just the rate.

Prepayment Options for Mortgages: What is a Prepayment penalty?

Before we get into prepayment options, it is important to understand what a prepayment penalty is.

A prepayment penalty is when you either:

• Pay more than the allowed additional amount toward your mortgage.
• Break your mortgage contract
• Transfer your mortgage to another lender before the end of your term,
• Pay back your entire mortgage before the end of your term, including when you sell your home

It is also important to know that some lenders may call a prepayment penalty either a prepayment charge or breakage cost. 

Prepayment Options for Mortgages: Are Prepayment Penalties Expensive?

Yes, prepayment penalties can cost thousands of dollars. This is why it is important to know when they apply and how your lender calculates them. 

Prepayment Options for Mortgages: What Should you Look out for?

Here at GLM Mortgage Group, we witness many different types of mortgage packages, and all of them come with different prepayment options. We like to say that once you are locked into a package with a lender, what prepayment options are you going to want? It is best to think about it this way, rather than thinking about which prepayment penalties could I achieve.

Let’s break it down. 

There are 3 main types of prepayment options that you may have available to you:

• % of your monthly payment can be increased
• Doubling up your monthly payment
• Lump Sum Payments

Let’s now break each one down separately.

Percentage of your monthly mortgage payment increased: A lender may allow you to have a certain percentage of your monthly payment increased. Varying by lender, it usually is between 10-20% of your monthly payment. This additional payment will be completely towards the principal

Doubling up your monthly payment: A lender may allow you to double up each monthly payment when you choose. This could be double your normal monthly payment, or double the amount after the payment increase above (For example, a lender may allow you to pay 10% more on each month’s mortgage and then also double it when you choose. A $1000 mortgage payment would be $1100 after the 10% increase and $2200 after doubling. The extra $1200 goes directly towards your principal. 

Lump Sum Payments: Lastly, lump sum payments are available. Lender may allow you to pay up to 20% of your mortgage per year in lump sum payments. The lender may only let you do it once per year on the anniversary of your mortgage signing, or at any time throughout a calendar year as long as it’s over $100 and does not exceed 20% of your mortgage amount. 

Prepayment Options for Mortgages: Conclusion

These are all very great prepayment options that can save you tens of thousands of dollars in interest. It is important to not only consider the rates that are available to you, but everything that makes up the personality of the mortgage.

Although it is important to understand what prepayment penalties are, it is most important to consider which prepayment options are best for your lifestyle and prioritize finding a lender that works within those means.

As always, we are available to chat at any time and are more than happy to discuss prepayment options and what route might be best for your situation. Everyone is unique, and it is important to us that we find a perfectly unique balance that best suits you. You can contact us HERE.

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