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Mortgage Tips

 Tip #1 Rate Holds

 Submit rate a rate hold four months prior to your mortgage renewal date.

This will protect you from interest rate increases and in the event rates decrease you will be eligible for the lower rate. This could potentially save you thousands of dollars in interest expense.

 Let us know your renewal date and email address, and we will set up a reminder on our

system to contact you 4 months before your current mortgage term expires. At that time we will send you the straight goods on best rates in the market place and, if you like, we will arrange a rate hold for you.

 Feel free to email us to add you name to our renewal registry  at  mbateman@mortgagepartners.ca

 

 Tip #2 Manage Your Amortization

 Effectively manage your mortgage amortization period by utilizing your pre-payment privileges.

 Make higher payments to pay off the mortgage early, but set a long term base amortization period so you can fall back to lower payments in case of an emergency.

If you get sick, or lose your job, this can help take the pressure off by reducing your payments until you get back on your feet.

 Tip #3 Choose an Accelerated Payment Frequency

 Did you know that by choosing a bi-weekly accelerated payments you could pay off your mortgage 4 years early on a 25 year amortization period.  This is a simple approach that will save you thousands of dollars in interest payments.

 Tip #4 Set Up a Line of Credit for Future Financial Needs

For future investment or real estate investments it is important to have set up your financing in advance in order to immediately jump on investment opportunities when they arise

.Fumbling to put together financing after an offer has been made can put the deal in jeopardy. Especially when purchasing  a new home, as lenders are more open to financing an owner occupied home rather than a property they deem as a future rental property or a home that will be soon put on the market.

 Tip #5 =Set Up a Line of Credit to Protect Yourself From Mortgage Fraud

 Setting up a line of credit on your home can protect you from fraud. It is much more difficult for someone to fraudulently access credit secured to your property if there is already an existing line of credit in place.  You can set up a line of credit and carry a zero balance without interest charge.  The money is there if you need it but no interest is charged if you do not use it.