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FAQS

SHOULD I GET A FIXED RATE OR ADJUSTABLE RATE LOAN?

When determining if a fixed rate or an adjustable/variable loan is right for you, you must first look at your risk appetite.

If you are the type of person who wants to know exactly how much they are going to be paying at exactly what interest rate for an extended term, then you are most likely going to be looking for a fixed rate. The reason is exactly as the name entails: Your loan is 'fixed' or in other terms, 'locked in' for a certain term period. Over that term period, even if the interest rates are fluctuating in the current market, your interest rate will remain the same until your maturity date at which time your loan will come up for renewal.

If you are a person that does not mind taking a bit of risk, and would like to benefit from cheaper rates available on the market at the time of financing this may be the loan for you. Adjustable/Variable rates tend to always be lower than fixed rates (at the time of financing) given the opportunity for these rates to change. These changes are in direct correlation with fluctuation around the Prime Rate which is set by the banks. The Prime Rate is in turn based on the over night lending rate as established by the Bank of Canada. The overnight lending rate is announced quarterly. That means every 3 months your interest rate has an opportunity to increase, decrease, or remain the same. This will have an impact either on the repayment amount of your loan or your overall amortization period.

WHAT IS A SUB-PRIME MORTGAGE?

A Sub-Prime Mortgage, or Alternative Loan Mortgage is one in which is provided to borrowers who may not meet the tight borrowing restrictions of the Major 6 Canadian Banks.

These types of loans offer much more flexible solutions based on more common-sense underwriting approaches, and typically provide you with out-of the box lending opportunities. This in turn allows for higher mortgage approval rates than that of the banks and actually provides a higher borrowing power at a cost of higher interest rates. These types of loans are usually for shorter term periods but offer solutions to get you into the market or to get your finances back on track if you already own a home.

WHEN SHOULD I REFINANCE?

This depends  on what overall goals you are looking to accomplish. Some people think by refinancing and taking on a new loan that it may end up taking them longer to pay off their mortgage.

However, what if I told you that by refinancing you could potentially save yourself thousands per month, while reaping the benefits of the equity of your home to consolidate debt, fund a renovation project, or take that vacation you thought you could not afford. And not only that, what if I told you that with those savings and benefits, you could end up paying your mortgage off even faster than you were before you refinanced

With rates at all time lows, now is the right time to get in contact with me to see if it makes sense for you to Refinance today, even if you have to pay a penalty to do so!

I HAVE HAD ISSUES WITH MY CREDIT, IS THERE ANY WAY TO ASSIST ME WITH FINANCING?

We all know that there are times in life when things just do not go our way. When that happens financially, it could seem like there is just no way to climb out. Especially knowing that when your credit goes down, you are less likely to attain any type of loan from one of the big banks. This in turn may cause you more financial despair.

But what if I told you that with a story and a remediation action plan, I could assist applicants with bruised credit, active consumer proposals, credit counselling or bankruptcies. Even if you have filed for bankruptcy multiple times, there is a solution out there for you

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