Why use a local mortgage broker in Guelph instead of an on-line brokerage? There are so many mortgage options available on-line, but why use a local mortgage broker in the Guelph, Kitchener/Waterloo/Cambridge instead of going on-line? That’s because they’ll understand the local housing market conditions which have a significant impact on your mortgage financing.
Here’s some expert information from a Guelph mortgage broker to help you with your mortgage regardless of where you live!
- One mortgage lender that we work with noted that 47% of all mortgages in the Canadian marketplace are coming up for renewal in 2018. If your mortgage is renewing in 2018 consider renewing early, even if there is a slight penalty to pay. This is especially true if you’re carrying credit card or line-of-credit debt that you’re not paying off monthly, and can consolidate that debt into the mortgage. If you have to get the property to appraise a Guelph mortgage professional can find a local appraiser to get you the maximum value for your home.
- If you have a variable rate mortgage, stay the course (unless of course this is causing you anxiety). Remember the Bank of Canada doesn’t raise the different bank prime rates. Financial institutions adjust their own prime lending mortgage rates. You likely have a variable rate mortgage that’s at the prime rate minus a certain percentage. You’re probably paying under three percent. If you lock into a fixed rate term, you’ll be locking in at over three percent, or possibly a half percent higher.
- If you are buying a house this year, talk to us as soon as possible. With the new mortgage changes your old mortgage pre-approval may not be valid anymore. Check in with us to ensure you can still qualify for the mortgage that you want. The mortgage pre-approval process is easy and you can make it easy for your mortgage broker if you’ve collected two years of income tax returns. Also ensure they do a full credit check to avoid surprises. In order to get the best mortgage rates on the market, lenders are looking for a beacon score of 680 or more.
If you have questions about mortgages and pre-qualifying, contact us! At The Mortgage Centre we love helping people through transitions. We are trustworthy and reliable brokers serving customers in Guelph, Kitchener/Waterloo, Cambridge and beyond!