Your first move should be to look into your mortgage options!
Do you want to create the perfect house that fits your lifestyle? Or does your family need more room to grow? Call today for a free analysis of what you can afford. Your dream home may be more affordable than you think!
When you are ready to sell your home and buy a new one, your first move should be to look into your mortgage options. If you will need a bigger mortgage, your options will include bringing your mortgage with you if it is portable. You can often "blend" your current mortgage rate with the mortgage rate on the additional funds you need.
With interest rates today still hovering at historic lows, you might want to consider breaking your current mortgage and getting a new one for the total amount you need. To break your mortgage, your lender typically has the right to charge a penalty based on the greater of three months' interest or the interest rate differential (IRD), which is essentially the difference between your old rate and current rates for your remaining term.
Compare your mortgage options!
Lenders can calculate IRD differently; you should always get the actual penalty from your lender. If you are in a term longer than five years and you have passed the fifth year, the three-month penalty applies and not the IRD so this may make breaking your mortgage more appealing.
You'll want to compare your new blend/extend rate with the rate you'd get with a new mortgage. Of course, the exact terms and conditions of your current mortgage need to be examined closely to determine if there are other factors to consider.
It's worth a professional mortgage analysis to determine which option is the most beneficial to you. There's no cost or obligation. I am up-to-date on current rates and all of the new opportunities available - from a wide range of lenders - so I can help you with all of your mortgage details for your next home.
Happy Mortgage Client Testimonials
Excellent customer service, great product knowledge, easy to talk to-Lisa is a professional who enjoys her work and cares for her clients!
Trevor and Debbie
Lisa's kindness, professionalism and hard work made our purchase stress free. Thanks for everything and we cannot say how grateful we are as new residents to Saskatoon for all the help you have pro...
David and Mary
I have the opportunity to work with Lisa on a couple of occasions. She is professional and proficient in her job. I've appreciated her willingness to go above and beyond and explain all options av...
Bonnie C - Saskatoon
Lisa has a very strong, clear knowledge in her field. I've worked with several others in the past, and Lisa has trumped them all. She has answered all my questions, made me feel very comfortable an...
We really enjoyed working with Lisa. Her excellent service and pleasant personality had led us to refer friends and family to her and they have all been very satisfied with their transactions
Brian and Jennifer