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Mortgages Options

Mortgage Renewals

First Time Home Buyers, the Wilson Team gives you our 100% guarantee that you will receive the lowest rate from the time of application to funding as we closely monitor rate changes and advise you of any movement in lending rates. While we have excellent relationships with the five major Banks it should be noted that they have made numerous changes to their mortgage packages over the past few years. Changes that may affect our clients equity and pocket book should they need to make any changes to their mortgage over the term of the mortgage.

We have access to 30+ lenders across Canada, not just the big banks. Because of our knowledge, expertise and large mortgage volumes, The Wilson Team can obtain the best possible discounted rates and save you thousands of dollars…. better in YOUR pocket than someone else’s! We negotiate with many lenders on your behalf and ensure they compete for your mortgage business. There are so many wonderful options available and rates are also at an historical low which makes purchasing so much more attractive to so many Canadians. We work with BIG banks, credit unions, insurance companies, and monoline lenders. We also work closely with lenders who provide alternative, private and subprime solutions for individuals that may be experiencing some challenges working with traditional lenders.

Do not rely on rates and rates only. The major banks fund the most expensive mortgages in Canada. Not necessarily rates as they are competitive but the actual fine print in the term you select and unfortunately clients don’t get to fully see it until they need to port, transfer, refinance or break that mortgage within the stated term of the mortgage when all the fees become apparent. This includes variables for lock in rates as banks work from posted rates ( 4.99% ) after the closing and monoline lenders work from best discount rates (2.99% ). It’s our job to understand your goals and get you the most superior product available in the market that satisfies your goals and budget. Whether a bank or monoline each lender is different.

When I switch, can I refinance at the same time?

Short answer is yes. Without incurring fees, some lenders will permit you to refinance to the original mortgage amount while others have limits of between $1,000 and $4,000. You also have the option of doing a switch with a total refinance but you will be subject to fees similar to that incurred with registering a new mortgage.

  • Open mortgage: Offers maximum flexibility with the ability to pay off the mortgage before it is due.
  • Closed mortgage: A commitment with a pre-determined interest rate over a predetermined period of time, with a penalty for paying it off early.
  • What happens when I switch my mortgage?

    Switching a mortgage is pretty simple, all you have to do is provide us with your form B and a recent mortgage statement from your current lender. The form B is a form you would have received along with your legal documents when you first received your mortgage. You will also be required to fill out a mortgage application.

    What’s involved in switching a mortgage?

    Switching a mortgage is pretty simple, all you have to do is provide us with your form B and a recent mortgage statement from your current lender. The form B is a form you would have received along with your legal documents when you first received your mortgage. You will also be required to fill out a mortgage application.

    What are the costs to switch my mortgage?

    If all you’re doing is switching your mortgage to another lender then you should not be subject to any fees or payout penalties. Now, as I mentioned, if you decide that you want to switch and increase your mortgage amount or lengthen the amortization period, then the mortgage would have to be re-registered. If that’s the case, you would likely be subject to legal fees, appraisal fees etc.

    Can any mortgage be switched?

    Most mortgages can be switched, however, there’s another mortgage out there that’s a bit different. Some lenders are registering mortgages as a collateral charge which provides for a fixed payment portion and a re-advanceable line of credit portion.

    While it’s a great mortgage product, it cannot be switched from one lender to another. To move your mortgage in this case, you’ll have to re-register the whole thing.

     

    How long before my mortgage is up should I start the switch process?

    You should think about switching your mortgage between 90 and 120 days before your renewal. This gives you ample time to complete the process.

    In the right circumstances, switching your mortgage can be very beneficial, however sometimes it pays to stick with your current lender.

    All it takes to find out what’s best is to have one of our mortgage specialists review your current situation. If we find a better deal, we’ll let you know. We’ll also let you know if it’s best to stay with your current lender.

    Can any mortgage be switched?

    Most mortgages can be switched, however, there’s another mortgage out there that’s a bit different. Some lenders are registering mortgages as a collateral charge which provides for a fixed payment portion and a re-advanceable line of credit portion.

    While it’s a great mortgage product, it cannot be switched from one lender to another. To move your mortgage in this case, you’ll have to re-register the whole thing.

     

    For more information contact The Wilson Team or call 1-855-695-9250

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