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Refinance Minimize 

Refinancing can achieve one or more of the following objectives:

 

1. Lower your monthly payment. You can reduce your monthly payment by refinancing to a lower interest rate. Questions you should ask yourself.  Have Market rates dropped since your old mortgage was funded? Has your credit improved? Has your home increased in value? Any one of these happenings could mean that you'd qualify for a lower rate.
2. Shorten your payment term. Paying off your mortgage loan in 15 years rather than in 25 can save you tens of thousands of dollars in interest over the life of the loan. If you can afford the higher monthly payment and plan to stay in the home indefinitely, it's well worth it.
3. Optimize your loan structure (Loan Conversion). Your current loan structure may no longer be suitable for you in the future. Maybe you bought your home with a variable rate mortgage (VRM) and you may want to take advantage of low fixed rates. Perhaps you have a fixed-rate mortgage, but you'd like to take advantage of the historically low variable rate option VRM.
4. Consolidate your debt. If you're carrying a lot of credit card debt, you can lower your monthly repayments through consolidation. To do this, you'd take out a mortgage loan large enough to pay off all the debts on your cards plus the balance on your old mortgage.
5. Fund large, one-time expenses. You can raise the funds you need by doing what's called a cash-out refinance, where you'd take out a loan that's larger than your current one. As soon as you pay off the old loan, the excess funds can be used to pay for home improvement projects, college tuition, your daughter's wedding, and investments, etc.
  
Make your Mortgage Disappear Minimize 

 

Make your Mortgage Disappear

 

 

List below are 16 simple tricks to pay off your mortgage.
 1.     Put 20% down payment when buying. Avoid CMHC fees (extra fees).
2.     Reduce your amortization. Choose your maximum amortization to 20 years (will increase monthly payments)
3.     Make an extra payment whenever possible.
4.     Make annual lump sum payments as frequently as possible.
5.     Pay weekly accelerated instead of monthly.
6.     Choose a variable rate over a fixed rate.
7.     Never skip a payment.
8.     Always make sure your payments are on time to avoid late fees.
9.     Buy a house you can afford.
10. Buy a smaller property. You do not need to purchase the biggest house on the block.
11. Purchase move-in ready houses to avoid having to do renovations.
12. Try to avoid refinancing as much as possible.
13. Get a secured line of credit if you need to consolidate debt or do renovations.
14. Rent out free space in your house to collect extra income.
15. Reduce your mortgage rate to a lower variable rate if your rate now is too high.
16. Use an experienced professional Mortgage Agent who can help you achieve this dream.
Free Yourself from Your Mortgage. An Advisor from Mortgage Centre can Help!