Refinancing

Residential Mortgage

There are many reasons why you might want to refinance, or increase, your existing mortgage — to consolidate non-mortgage debt, to finance improvements to your home, etc. Let us help you negotiate with your existing lender or switch to a new lender who will give you a more favourable rate. There are many factors to consider when refinancing your mortgage.

Here's what you need to know:

Taking out equity in your home

Consolidate other debt
Renovations & home improvements

Consolidating existing financing

Combining Mortgage
Breaking a closed mortgage to transfer to a new lender

Consolidate other debt

Most unsecured debt is priced by your bank at a higher rate than your mortgage in order to compensate them for the higher risk of loss if you default. For many people it only makes sense to use available home equity to pay out this debt, as it typically reduces interest costs significantly. If the total of the existing mortgage and the debt to be refinanced is less than 80% of the value of your home, and you qualify in terms of income and credit standing, refinancing your first mortgage should be a breeze.

Renovations & home improvements

If you want to spend a significant amount of money on improving your home, you may be able to take out a lot more equity than you realized! I can advise you through this process. Both insurers — Genworth and CMHC, will insure new mortgage which are "topped up" for this purpose, and the total of your current mortgage and the new funds exceeds 80% of the current home value. Not all improvements are eligible, however. Pools and spas are typical "over-improvements" which may not qualify for a high-ratio equity take-out. Of course, if the total requirement is less than 80% of your home's current value, you should have little trouble getting the "top up" you need — regardless of the degree of luxury you plan to add.

Combining existing mortgage

Where the combined mortgage result in one "high ratio" mortgage:

If neither (or none) of the mortgage you're combining was ever insured, but combining them results in a high-ratio situation, you'll be required to pay an insurance premium. You need to look closely at the total savings the combination will give you, in order to determine whether this is financially worthwhile.

Where the combined mortgage result in one "conventional" mortgage:

High ratio insurance is not required. As long as you qualify with your income and credit standing, I will help you achieve this quickly and conveniently.

In both cases there is one critical consideration which causes the failure of many such refinances. The new mortgage often requires a fraction of the cash flow previously needed to service the now consolidated debt. Many who go through this process not only absorb the cash flow savings into an improved lifestyle — they either re-incur debt that they paid out, or incur debt for which they now qualify — or both. It is important to approach such a consolidation/re-combination of obligations with the clear and focused goal of applying all savings toward paying down the mortgage. Otherwise, the new mortgage will be a burden, rather than a solution. For more information contact us at info@vtmp.ca

Breaking a closed mortgage to transfer to a new lender

Many closed mortgage have the feature that allows the balance to be paid out with a penalty after a certain time has elapsed on the mortgage. Check the "prepayment" clause in your mortgage to determine your own situation, or better still, call your institution and ask them the cost of paying out in full

Residential Mortgage

If you are ready to close on your next home, let us arrange the mortgage financing on your behalf. Electronic access to over 30 lenders will ensure that you receive the best rate for the product of your choice, usually within 24 hours!

First Time Buyer

Are you a first-time buyer? The residential property you are about to purchase is probably the largest single purchase, and biggest investment decision you have had to make in your life so far. Let us help you through the confusing maze of lender options, mortgage documentation, and terminology you are dealing with as you work your way through this process.

We will provide a mortgage pre-approval, which strengthens your position when negotiating the purchase price of your home. Call or apply online now, and we will get the ball rolling for you.

Debt Consolidation

Have you hit a credit crunch? High interest debt on credit cards can create a lot of stress. If you are finding there is more month than money, then perhaps it’s time to review your debt situation and consolidate your high interest debt into one low manageable monthly payment. Stop losing sleep, call or apply online now.

Equity Take-Out

If you have been living in your home over the past 5 years, you have probably had your net worth increase by a substantial amount. The problem is that net worth is not very liquid.

Mortgage Renewal

Is your mortgage up for renewal? Do you want to be sure you are getting the absolute best mortgage rate in the market today, the rate you deserve? Call or apply online and we will get the best the market has to offer. Click here to sign up for our Renewal Alert.

Personal Line of Credit We

I can arrange a convenient personal line of credit at very competitive rates secured against your residential property.

Past Credit Problems / Credit Rehabilitation

Do you have less than perfect credit, or have you declared bankruptcy? We may be able to help.

If you would like to purchase a residential property or refinance a property you already own we may be able to secure mortgage financing for you. Please note that in some circumstances a fee may be required, but if this is the case, it will be disclosed upfront and agreed to in writing prior to working on your file. Call or apply online.

Commercial Projects

We have a number of both institutional and private lenders in our network that are available to fund commercial real estate projects in Ontario. Contact us for more details.