If you're a property owner, you may already have a mortgage with a lender. However, did you know that you have the option to transfer your mortgage to a new lender? Mortgage transfer is the process of moving your mortgage from one lender to another, and it can offer several benefits, including access to more rate options, reamortizing and equity. To explain this in more detail, Keith Uthe Demystifying Mortgages has prepared a list of benefits that you can get while a mortgage transfer.
1. What is a mortgage transfer?
A mortgage transfer is a process where you move your existing mortgage balance from one lender to another. By transferring your mortgage, you can take advantage of better rates, more flexible payment options, and access to equity. It’s important to note that a mortgage transfer is different from a mortgage refinance, which involves paying off your existing mortgage and taking out a new one with a different lender. the new lender will usually capitalize up to $3K of penalties or fees from the existing lender into the new mortgage at the time of transfer.
While owning a home can be a great investment, the process of buying one can be overwhelming, especially for first-time homebuyers. Understanding the costs associated with buying a home is crucial to avoid surprises and ensure that you are financially prepared for the home buying process. To ensure you are in the know, us experts at Keith Uthe Demystifying Mortgages have prepared a list of five points for understanding the costs of buying a home.
Renewing your mortgage can be an overwhelming experience, especially if you are unsure of what to expect. With so many options available, it can be difficult to know which one is the best fit for you. Making the right decision when it comes to renewing your mortgage can save you a considerable amount of money in the long run. To explain this in more detail, Keith Uthe Demystifying Mortgages has prepared a list of five questions to ask yourself before completing your renewal.
When interest rates go up, mortgages become more expensive as their interest rate also goes up as well. This makes it more costly for consumers to purchase a home.
A renovation is a great way to spruce up your home. With a well-planned and correctly executed renovation project, you can turn an aging-looking house into an attractive property that sells for way above what you initially expected. This said, there are many different types of renovations, and each has its own challenges and benefits.
It’s been a couple of COVID years, but the Bank of Canada has started to increase interest rates after nearly two years of historic lows. Many people are now encountering difficulties as a result of this decision, from regular Canadians to financial professionals who are finding the changes very much challenging.
With the changes in lending rules, the need for private lenders is increasing exponentially. With many of them now offering lower rates and unique financing programs, homeowners and investors are increasingly tapping into these solutions as part of causing and creating their future wealth. To get you a mortgage product that works for you and your unique requirements, Keith Uthe Demystifying Mortgageshas written down seven reasons to use a private lender for purchases and refinances.
Purchasing a new home is exciting and, of course, one of the biggest purchases you will ever make. And if you’re like most people who need to borrow money by taking out a mortgage, you will need to decide whether you should choose a fixed rate or a variable rate mortgage.
When it comes to making changes to the way people perceive mortgages and wealth, we work with many of them to avoid making mistakes that could cost and impact them for the rest of their lives. When it comes to getting a mortgage, you want to make sure the people you are working with understand who you are, what your wealth goals are, and what the most appropriate mortgage is for your situation. Many think using a mortgage broker costs them money when in fact, in most instances, it costs nothing with only some special situations, where paying a commission is required. When borrowers don’t work with a mortgage broker, what they end up discovering is that they have cost themselves more in the long run because they did not have someone who clearly understood their situation. That is someone with knowledge and information that could guide them to the best mortgage for their needs.
Keith Uthe Demystifying Mortgages wishes you all the best for the Holiday Season! May your time with family and friends be filled with joy, love, and happiness. We are looking forward to a new normal in 2022, full of growth and abundance for everyone!
As a home buyer or investor, purchasing a property is one of the best and biggest long-term investments that you will make. We work to make the process as simple as possible which is also made possible by the quality and thoroughness of the documents you provide. Being a huge financial investment, you need to make sure that you have all your financial records and information in order, especially when you take on a mortgage. This will help with finding you the best mortgage product and ensure your mortgage approval process will go smoothly and efficiently.
When trying to obtain mortgage financing, the last thing anyone wants to hear is that they can’t qualify for a mortgage or the mortgage amount expected. Being denied financing is frustrating, embarrassing, and disappointing. However, if this happens to you, it is important to clearly understand why your application was declined. Often, other financing options or opportunities could be considered depending on why your application was turned down or your qualifying amount reduced. At Keith Uthe Demystifying Mortgages, I understand that the mortgage process can get hard, especially when faced with rejection. This is why I have written down four ways to overcome not qualifying for a mortgage. Anyone seeking financing for a new home purchase or refinancing will find this beneficial.
A home is one of the most rewarding purchases you can make, but it definitely comes with its share of unpredictable expenses. As much as possible, you want to avoid being caught by surprise as a house is a large investment. So, before you proceed to purchase a house, make sure you have an idea of what you’re getting into and whether you can afford it. You don’t want to fall in love with a home only to find out that the cost of living there will overextend you. To help you take into account all of the expenses involved, Keith Uthe Demystifying Mortgages has created a Beginner’s Guide to the top five cost surprises for first-time homebuyers. We’ve also included other items you should be considering, so you’re not shocked when the bills start arriving.
If you want to purchase a house but are unsure about how much you can spend, knowing which homes are within your range is difficult. For example, you might find a property that looks exactly like your dreams but have no idea about whether it’s a realistic option for your budget. In such cases, it helps if you get a pre-approval. A pre-approval means that a lender has agreed, in principle, to lend you a specific amount towards the purchase of a house. However, they have not yet proceeded to the final approval. A pre-approval allows you to know the maximum funds available to you so you can narrow your search and negotiate with more certainty.