Christine Buemann Mortgage Broker

Every time your mortgage term is up, you have the option to renew with your current lender or you can switch to another lender if they are offering you a better rate or more suitable product. The statistics are staggering as to how many people simply renew with their current lender when they could have gotten a better rate and saved thousands of dollars by switching to another lender or least negotiating a better rate with their current one. The main reason why many choose to stay with their current lender is because they generally have to re-qualify if they switch lenders. We now have access to a lender who has great rates and they are current offering a simplified transfer in program. Here are the program requirements: ·          No new money is being added (so no capping of penalties/fees) ·          Valid CMHC or GENWORTH Insurance ·          All Appli...

What are collateral mortgages and what is the differentiates them from a regular mortgage? CBC’s Marketplace recently did a story on how TD only offers collateral mortgages and this has sparked a lot of conversation about the topic. The main difference is how they are registered. When you receive a conventional mortgage, it is registered on title for the actual amount of the mortgage . A collateral loan is registered for higher amount, usually for the purchase price amount. The advantage to having the higher amount registered is that you are able to access the funds easier should you choose to refinance before the term is up. You would have to qualify for the increase in funds, but you would generally avoid paying legal fees for the transaction. There are several disadvantages but the largest one is how many people feel “trapped”. Most lenders will not accept transfers in upon renewals from collateral loans so you are usually stuck with that lender until you are able to ref...