When it comes to our mortgage renewal or refinancing, the question is if we should take the only offer we get from our bank or shop around for a better deal.
If the second option is your preference because you believe you deserve a better deal, then hiring a Mortgage broker that shop around for you is a wise decision. As you may know, the brokers have access to the varieties of programs and lenders meaning they can save you a considerable amount of time, energy and money and they can get the job done for you more effectively and efficiently with no extra cost or fee to you.
Just as an example here is a mortgage features that you can get from brokerage channel which might not be available through major banks as a whole in one mortgage package:
- 20/20 prepayment (double ups and even triple ups…..
- allow up to 80% of basement rental income as part of income verification
- blend and extend options
- mid term referencing and increase feature
- -In case of cancellation, the penalty calculated on discount rates
- -bridge financing is available
- -HELOC 2nd is available to clients for additional financing
- -portable and assumable mortgages
- “skip a payment” feature
- Standard charges Vs. collateral
Now, it is up to you to know our options and make an educated decision…