RENEW YOUR MORTGAGE THE RIGHT WAY!
If you are contemplating renewing your mortgage then you should really consider the opportunity that is before you. There are many things that may have changed since you first took out the mortgage. You may be looking to use your home equity to fund a renovation project on your home. Alternatively, you may want to use that equity in other ways, such as purchasing a cottage or holiday home. You may also want to make some long-term investments to secure your future.
There is also the option of putting your other high-interest debts into your mortgage when it is up for renewal. This is one way that Canadians are able to reduce their debt and save on interest payments. In fact, there are many ways to save money when you renew your mortgage.
Saving Money with Your Mortgage Renewal
There are three basic things you need to do to get the best deal on yourmortgage renewal. Be prepared, create a plan, and set an early meeting with a broker.
This means dont be caught off-guard when your mortgage comes up for renewal or you will miss the opportunity to get the best rate and one that suits your needs. You can start talking with lenders a couple of months before your mortgage is up for renewal. Keep in mind that the longer you wait, the less chance you have to save money.
Create a plan
Before you start talking to your broker about renewing your mortgage, decide what you want to do. Consider the best way to use the equity you have earned on your home. You can also take the opportunity to change mortgage lenders. There is no need to stay with your current provider. A mortgage renewal presents a chance to find a lender who better fits what you want in a financial institution.
Meet a broker
Before you decide on whether to sign with your current lender or switch to a new one, meet with a mortgage broker. These are professionals who can offer you advice based on your unique situation. They can also help you find better lending terms if that is what you are looking for.
While it can take a little extra effort on your part, getting a mortgage that works for you is worth the effort. It is important that you are prepared when you renew your mortgage so that you can make the most of the equity you have. This means you need to be ready on your renewal date, have a clear idea of what you want to do with your equity and set a meeting with your broker well in advance.
Call me today if youd like to save money on your next mortgage renewal! 416-568-5111
National Bank of Canada Weekly Economic Watch
Housing starts rose from 166.5K in April to 193.5K in May (seasonally adjusted and annualized). Urban starts improved 22K to 181.1K on increases in both the multi-unit (+14.9K to 135.9K) and the single-detached (+7.1K to 45.3K) segments. At the provincial level, urban starts shot up in Quebec from 0K in April to 56.3K as social distancing measures were eased but plunged 37.1K to 56.5K in Ontario. June results should provide a clearer snapshot of the post-lockdown residential construction industry in Canada. Projects delayed on account of the Covid-19 pandemic might sustain starts at a relatively high level for a short while but the longer-term horizon looks less promising in light of much higher joblessness and reduced immigration. Moreover, tougher CMHC standards for mortgage insurance will likely exclude some potential buyers by shrinking their purchasing power. We estimate that the new rules governing maximum gross debt service will reduce by about 11% the amount that the median Canadian household will be allowed to borrow.
Source: NBA Economics and Strategy
Virtual Tours and Live Streams a Hit on REALTOR.ca
While staying home to help stop the spread of COVID-19, Canadians are spending more time looking at properties on REALTOR.ca, Canadas No. 1 real estate platform*. During the week of March 9, visits to REALTOR.ca dropped by 30%; however, since April 12 traffic has crept back up by 14% and consumer inquiries to REALTORS through the site rose by 25%similar to levels during the same period last year. Despite the pandemic, REALTOR.ca has seen a 14% increase of visitors during the first quarter of 2020.
As COVID-19 is limiting how buyers can visit homes that interest them, REALTOR.ca makes it possible for Canadian REALTORS to virtually showcase listings by integrating video and 3D tours from 10 of the most popular services. Since April 7, REALTORS can also schedule and promote live stream open houses using popular platforms such as Facebook Live, Instagram Live, Zoom and YouTube.
If theres one thing 30-plus years in this business has taught me, its that as an industry we are early adopters of technology, said Costa Poulopoulos, Chair of the Canadian Real Estate Association. With restrictions on how we can continue to serve our clients, Im proud that weve been able to add features for REALTORS that allow them to continue to show homes to interested buyers.