The Professionals Mortgage Brokers at GoToBrokers
You are in good hands with the mortgage professionals at GoToBrokers. Our experience in arranging mortgages extends to more than 20 years and thousands of clients. Among the many awards and recognitions, we are members of the Professional Mortgage Association of Canada. Licensed provincially and federally under the Real Estate Act and regulated by the Alberta Mortgage Broker Association. We follow a strict code of conduct with ongoing education to ensure you have the best representation with qualified mortgage professionals in Canada. As Dominion Lending Centres franchise ownership, we extend to you the maximum exposure to the wide selection of lenders and mortgage products bringing you valuable mortgage options. We are result driven!
Throughout the years of home ownership, there are occasions when the need to refinance one’s home may make sense. Some of the reasons one might refinance include the negotiations of a better mortgage rate, access funds for home renovations, children going to school, use of money for a down payment on a vacation property, buying RRSPs or consolidating debt or just having some cash on hand. Regardless of which need you may have one thing is certain, you have mortgage options.
Reshaping your mortgage design can create an entirely new opportunity within your real estate investment portfolio. Mortgage refinancing can expand your options and put your equity to work for you. When speaking with your personal mortgage broker you can expect all your questions will be answered. Your mortgage broker will explore with you how to proceed with the best approach required to meet your financial needs.
Government Policies and Your Mortgage
OFSI, The Office of the Superintendent of Financial Institutions, regulates the mortgage policies in Canada. Currently, the policies state that one must leave 20% equity within the home. We can determine the value of your home through the appraisal process and uncover the exact dollars available to access.
Another option available is the Safeguard Mortgage which enables you to leave your mortgage as is and borrow a small amount of money at a new rate with an amortization up to 25 years. This mortgage is particularly desirable should you have a mortgage with a “due on sale” clause as Mortgages with this clause cannot be refinanced. The only time one can interrupt the “due on sale” clause mortgage is upon a sale or end of mortgage term. Once we know who your current lender is, we will be able to accurately advise you.
Further options are available should one not be able to qualify traditionally to refinance their home. We have multiple lenders with multiple options.
There is always a mortgage available to serve your needs should you have equity within your home and wish to access additional dollars.
Frequently Asked Questions
My mortgage term is not yet over, can I still refinance?
Yes, if you are within your term there may be a small penalty. We will have some allowances to build additional dollars to cover the cost.
Do I need a lawyer to refinance my home?
Although a lawyer is a good option, we do have FCT (First Canadian Title) a license body that is able to close your mortgage. The cost is approximately $750 compared to the lawyer of $1500-$2000.
Do I need an appraisal?
Often not. However if you do there is a strong likelihood that there will be no cost to you.
How long does the process take?
We should be able to complete your transaction and have funds available to you within 14 days.
Why do people use private lenders?
Private lenders manage exceptionally large investment funds. These lenders base their decision upon the amount of equity within your home, not your income nor credit. Although many factors play a role in determining who your lender would be, we can guarantee you have choices.
Can I amortize longer than 25 years on a refinance?
Yes, many lenders allow up to 35 years.
Our team at GoToBrokers has extensive experience in refinancing homes. Each day individuals reach out to explore their financing options. The lender options are wide as they range from Service Credit Unions, ATB, TD, Mcap, Bank of Nova Scotia, HSBC, HomeBank, Resmor and multiple other lenders, too numerous to mention. Without question your exposure to options will impress you.
At GoToBrokers, we also have the ability to offer fully discounted mortgage rates as we trade in very large volume. Throughout the year the lenders offer different incentives such as Cash Back Mortgages and incentive rates to our team. We are always going to extend these to you! Our years of collecting knowledge and earned reputation with the lenders and other industry professionals also separates us from others. We trade in mortgages as well-respected mortgage professionals with deep roots in the history of lending.
Our model at GoToBrokers is a Broker hands-on approach, meaning you will always have access to your mortgage broker. Your relationship will be with your personal Mortgage Broker as we have the upmost respect for your time and needs. We often hear clients say they are surprised we text and call after regular business hours. We pride ourselves in being accessible to our clients and get the multiple schedules that today’s work and family needs demand.
We look forward to speaking with you and working to uncover your mortgage requirements!