Is Your Medicine Hat Mortgage Up for Renewal?
Is your Medicine Hat mortgage up for renewal? Most people have a five year renewal period. And most Medicine Hat mortgage holders renew their mortgage without even shopping around. This is a costly mistake for a variety of reasons.
A Medicine Hat mortgage broker can help you with your mortgage application and shop it around to various mortgage lenders. If your credit is bad, you won’t be personally rejected. And if you don’t get a new loan, you may not have to pay the mortgage broker anything. On the other hand, you could find a much lower interest rate, lower fees or more amenable terms if you change lenders. You might get the option to pay more toward the loan balance every year. Or you can use the mortgage renewal opportunity to pay a lump sum toward the loan balance or cash out equity to pay down unsecured debt. Whalen Mortgages can help you transfer your mortgage to a Medicine Hat lender with lower rates at no cost to you.
We offer a no obligation quote for mortgage rates and mortgage products. You can also use our online calculators to learn how much money you could save every month. But you won’t save anything if you just sign the dotted line on the contract offered by your current Medicine Hat mortgage company. We believe in clients having a good understanding of the mortgage lender they renew with and our job is to help educate our clients on the mortgage products and any restrictions and prepayment privileges that come with the mortgage. We have lenders and banks who all compete to get your business that coupled with our top tear status due to the large volumes we do allow us to get you the lowest mortgage rate in all of Medicine Hat and make sure we are getting you the best prepayment provisions and lowest penalties if you have to break your mortgage early.
65% of people break their mortgage in year 2 of a 5-year term at a big bank on a fixed mortgage with 500k remaining balance the penalty would be anywhere from 18k to 25k where a monoline the mortgage penalty would be roughly 3500 dollars.
A monoline is a non-bank lender backed by the big banks as silent investors such as First National so they have the protection and backing of a big bank and no overhead because they do not have store fronts however this is why they can offer lower rates and more transparent mortgage products. They do not have posted rates like the big banks and that is why their penalties are smaller.
For example, a 5-year posted rate is 4.99 and a 3-year posted rate at a big bank is 3.49 that is a 1.5% spread on the interest rate differential if you break your mortgage early they use the posted rates in determining your penalty to break the mortgage. Lenders discussed above non big bank lenders like First National do not have posted rates and generally the spread on the actual rates are only .2% rather then 1.5% that is why the penalties are way less.
Whalen Mortgages Medicine Hat will explain all the pros and cons to each mortgage provider and ensure we are placing you with the best mortgage provider in all of Medicine Hat! We are your trusted top mortgage brokers in Medicine Hat and our expertise will allow you to be comfortable every step of the way! We establish more than a business relationship with our clients they become lifelong friends. Call our team today to get started. 587-430-1555.
We have lenders who offer programs and warranty that covers unforeseen breakdowns in the air conditioning, heating or electrical or plumbing up to 10k a year. The first year they pay the monthly premium after that for less then 20 dollars a month you can keep the warranty. We also have a lender who offers appliance coverage warranty similar program to above the first 6 months they cover after that you can pay to keep the coverage. We can offer independent life and disability coverage so down the road should you want to change lenders the coverage goes with you and the premiums do not increase. They fully underwrite the coverage upfront rather then the banks who do it once an incident or death happens and you may not qualify for the coverage but they still took the premium. We believe in full disclosure and transparency let us make sure you are not caught with any surprises. Let Whalen Mortgages Medicine Hat your top mortgage brokers in all of Medicine Hat ensure you are fully aware and protected with all your mortgage needs. We work for you not the banks!
Your Medicine Hat Mortgage Brokers here to help you save on your Medicine Hat Mortgage Renewal!! 587-430-1555 call Whalen Mortgages Medicine Hat and her team today!!