On the renewal of your mortgage you have options. Most Canadians will sign a renewal offer from their existing lender without exploring other options in the market. This can cost you thousands of dollars over the term in savings. Take the time to explore the different products and rates available on the market before making a commitment to your existing lender.
At renewal time you always have the option of changing up your mortgage. Are you thinking about purchasing another property ? if so this could be the time to pull equity from your property and use as a down payment. If you have no immediate plans to invest right away in a property or other investment but may so in the future, then adding on a secured line of credit could be an option for you. This will give you access to funds in the property at anytime down the road.
Debt consolidation is basically combining your mortgage and all other debts into one mortgage payment. This can save you thousands of dollars in interest and get you mortgage free sooner. Most people will pay down their mortgage while paying only the minimal interest on the other debts. By combining all your debt you will free up monthly cash flow and will be able to use the excess funds to pay down towards the principal of your mortgage. This along with a lower interest rate gets you much further ahead.
Please do not hesitate to reach out with any questions or for more information on various mortgage products.
Residential and Commercial Mortgage Agent
SAFEBRIDGE Financial Group
Broker License #10524
Direct Line | 416-899-1467
Fax | 1866 385-4049
E-mail | email@example.com