Mortgage broker Brenda Joynson with Mortgage Depot in Saanich shops for the best deals on mortgages for you, for both rates and terms.

5 questions that could save you thousands on your next mortgage!

And this good advice doesn’t cost you a nickel, says Saanich mortgage broker

Is it time for your mortgage checkup?

After signing a mortgage document, many homeowners forget about it until five years later, when they receive a call or letter saying it is coming due for renewal. But your mortgage needs regular attention, says Brenda Joynson, a Mortgage Consultant with Mortgage Depot in Saanich.

“If you experienced changes in your physical health, you would go see your doctor. With changes in the mortgage world, including the Stress Test, your mortgage broker or banker can find new ways to improve your financial health,” she says.

Here’s five good questions to ask your mortgage professional:

  1. Do the Stress Test rules apply to me? This test was designed to ensure borrowers would be able to pay the loan if interest rates rose. But did you know the rules do not apply to mortgage renewals, as long as they are with the borrower’s existing lender? You may even be able to move your existing mortgage to a new lender to take advantage of better rates, without having to apply the stress test.
  2. Does refinancing make financial sense to access my equity for other things? Even with mortgage payout penalties, your savings could be significant. That could help you increase cash flow by eliminating credit card balances or lines of credit. This would allow you to increase your mortgage payment and pay it off faster to save interest. Perhaps your properties need maintenance, or you’re considering a renovation to enhance its value and/or rentability? Leveraging your equity can also play an important role in successful investing.
  3. Is there room for improvement in my mortgage structure? If you own more than one property or want to pursue tax-deductible investments, changing your mortgage structure can save you money at tax time. For example, many multi-level mortgage products allow you to separate non-deductible mortgage payments from your deductible mortgage interest.
  4. When should I lock in my variable-rate mortgage? Current fixed rates are often lower, so if you plan to keep the property, it’s worth having your professional do a comparison between fixed rates and your current variable rate. A key consideration are the penalties charged for breaking the mortgage contract early.
  5. How can I pay my mortgage off faster? Mortgage payments determine amortization length: the higher the payment, the lower the amortization; the lower the payment, the longer it takes to pay the mortgage off. One strategy worth looking at is extending amortization on revenue properties and reducing it on your residential mortgage.

If you have other mortgage questions, an annual mortgage check up might be just what the doctor ordered, Joynson says. Best of all, it doesn’t cost you anything!

For more information or to book an appointment for a free consultation, visit mortgagesbybrenda.ca, call 778-405-0024 or email brenda@mortgagecanada.com.

FinanceMortgage Brokers

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

COVID-19 has been impacting Canadian economy since January

But full effects of pandemic won’t be known for months

Saanich police arrest suspect in arson spree near Camosun College Lansdowne campus

Calgary man in police custody waiting for a tele-bail hearing, constable says

VIDEO: Man breaks up Saanich road rage fight

Two men were throwing punches on Tillicum Road

Saanich Peninsula Hospital to host new COVID-19 testing facilities

It is not clear yet when they will go into action

Three impaired drivers stopped in Saanich over one weekend

Drivers receive 90-day driving prohibition, month-long vehicle impound

‘We will get through this’: B.C. sees new COVID-19 death, but 57% have recovered

A total of 1,066 people have tested positive for the novel coronavirus

POLL: Will you be able to make your rent or mortgage payment this month?

With the COVID-19 delivering a devastating blow to the global economy, and… Continue reading

Couple celebrates 61st anniversary through Vancouver Island seniors’ home window

Frank and Rena Phillips marked occasion at Nanaimo Seniors Village this week while social distancing

A look at some of the B.C. inventors creating life-saving tools in fight against COVID-19

Groups across B.C. are working together to create what they hope will help people affected by the pandemic

‘There can be no ambiguity’: Travellers brought home to B.C. must self-isolate

Health Minister Adrian Dix said the mandatory isolation must be abided by

Association launches French-language games, online tools for families learning at home

Games, culture and vocabulary included in new virtual resources

Belle from ‘Beauty and the Beast’ entertains home-bound kids in Cowichan Bay

Alora Killam, 16, played the part in musical two years ago

55+ BC Games cancelled amid COVID-19 concerns

Greater Victoria set to host 2021 event

BC Hydro offers three-month bill ‘holiday’ for those affected by COVID-19

Industrial customers can defer half of their power bills

Most Read