- This is a method of registering your mortgage currently used by nearly every Chartered Bank & Credit Union at this time.
- You are unlikely to avoid it with either of these two types of lenders, nor should you necessarily be concerned about doing so if you understand the ramifications.
- Avoiding having your mortgage held by the same institution as the balance of your debts such as; credit cards, over drafts, unsecured credit lines, car loans, etc. This is worth consideration.
- Place your mortgage as a stand alone piece of a relationship if you must place it with a Bank or Credit Union.
- Ask your Broker for more information re ‘Monoline‘ lenders. A group that does not register in this fashion.
There are many reasons why you might want to review refinance options: 1) to increase your existing mortgage for investment purposes,
2) consolidation of non-mortgage debt,
3) to finance improvements to your home.
70% of Canadians sign their mortgage renewal letters without any significant investigation as what other options may exist for them in the market. Many renewal letters are sent out by lenders at the institution’s, higher posted interest rate. It never hurts to ask a second opinion
This is a sensitive topic, we treat it as such. There are alternative strategies and solutions to provide assistance for all credit types and employment statuses. As mortgage professionals, we have access to non-traditional lenders who offer financing solutions to individuals who have some credit challenges that cannot be addressed by the major financial institutions.
First Time Home Buyers
This transaction is likely the first, largest, single purchase and biggest investment decision you will most likely ever make. I am here to help you through the maze of lender options and mortgage documentation.