At Whitby Mortgage Brokers, we are committed to getting you the best mortgage rates with the best terms. A large part of our job involves educating clients on their potential courses of action in order to choose the best option. Many mortgage applicants or people seeking to renew their mortgage are typically very hasty when deciding on the terms of the mortgage. We take the time to walk you through the mortgage process to make sure you understand everything and that you save more in the long run.
For mortgage renewals or mortgage transfers to get a better rate, most mortgage lenders offer free or low cost transfers. The professionals at Whitby Mortgage Brokers will fiercely negotiate for you and take care of all the confusing details. Even if you have an existing mortgage, contact us and we may be able to help you save money!
Here are some different options for payments and terms to choose from
• Short-term mortgages with variable terms
While they do present some risk, a lot of the times you can save money with a low rate variable mortgage. The main risk is that unexpected rates changes may make it difficult to pay your mortgage payments. This is something we discuss in depth with clients, and clients have had great success with variable terms.
• Long-term mortgages
A mortgage longer than 3 years is generally considered to be a long term mortgage. While the rates are typically higher, they do not change unexpectedly and this will allow you to make better financial plans.
• Ability to prepay
Paying a large amount of the mortgage up front, about 10-20% will allow you to get much better rates are save money. This also allows you to skip payments in the future.
• Changes to the payments
Mortgages allow amortization to be adjusted by increasing payment by 10–20% once per year.
Require assistance with your mortgage renewal? Don’t hesitate to call or email our professionals.