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MORTAGE REFERALS

Buying a Home maybe your First ! We Can sit down with you and explain the whole process so you’ll feel even better about taking this exciting Step! We specialize in making it easy to get a better mortgage. The Finance Factory can refer you to one of Canada's largest independent mortgage broker group, we offer a level of specialized knowledge and service that far surpasses what you've come to expect from your bank. Since we're not affiliated with any one lender, we can be completely unbiased in recommending mortgages from a variety of different sources. We shop every available lender to make sure you get the most attractive rate and features. And best of all, our professional advice and assistance is free. There's nothing more exciting than buying your first home. For couples, it represents an important step toward building a life together. For others, it's the most enjoyable investment you'll ever make. But it can also be a little scary. So we've spent some time answering some of your most common questions. And we'll spend even more time sitting with you, discussing your needs, explaining all the options, making you feel completely at home about the whole process.

Buying Your First Home. Here are some of the questions you may want answers to: How do I know I'll qualify for a mortgage? What mortgage term is best in today's market? Do I have the right to select my amortization? Who has the most competitive mortgages? Where will I find the advice I need? When you're pre-approved, you've got one less detail to think about. Having your mortgage financing pre-approved means you can shop more confidently. You can put in a more aggressive offer, present the seller with more attractive terms, and negotiate a better price! Pre-approved mortgages. Yes, a pre-approved mortgage can save you money. But not all pre-approved mortgages give you the freedom you need. Your consultant will sit down with you and discuss your financial circumstances and your dreams for your home. We'll put together a recommendation, and shop it around for you until we find exactly the right mortgage for you, with the most competitive terms and rates. Shopping around at renewal time is vital. But why do all the work yourself? Most Canadians simply accept the posted rate their bank offers them at renewal. But that's just not an intelligent way to use your hard earned money. We shop every available financing source to find you the best available rate and features. We can even pre-approve a rate up to 120 days before your renewal, so you don't have to worry about rates rising. Mortgage Renewals. Even if your mortgage doesn't come up for renewal any time soon, there's still a very good reason to speak to your consultant. As rates and market conditions change, your current mortgage may be costing you more than it should. It's possible that we can find another option for you that's so attractive it makes breaking out of your current mortgage cost-effective. But the only way to know for sure is to sit down with your consultant and discuss your current situation and future goals. Equity Take Out Mortgages let you use your Home Equity the way you want! Equity take out mortgages are receiving a lot of attention these days. A large number of Canadians have realized that, after 15 or more years of home ownership, their mortgage balances are now very low or even paid off! This means their largest single asset may be a large amount of equity tied up in their home. While it’s nice to be “equity rich”, it’s also nice to have flexibility with where that money is invested. This is the reason for the renewed popularity of the “equity take out” mortgage. “Equity take out” financing is available for various purposes such as: Home renovations Major investments Second properties such as cottages Boats To make an RRSP top up contribution (allowed by Revenue Canada) And more! The equity take out mortgage comes in two forms: the traditional fixed rate mortgage or a variable line of credit option. The traditional fixed rate mortgage provides stability in interest rates for a predetermined amount of time (such as a 5 year mortgage). It has limited prepayment options, with a 10-15% prepayment per year being standard. On the other hand, the variable line of credit option has a fluctuating interest rate which is usually based on your lending institution’s prime rate and can change at any time. Flexible prepayment options make this form of financing attractive. For more information on equity take out mortgages, contact us.