Ongoing Brokerage Support
You’ve signed the documents, the mortgage has been processed, your payments are set up for withdrawal, and you’ve taken possession. All of the time, research, and decision-making is coming to a close (at least for the purchasing stage of owning a property)!
At this point you might be thinking that the next time you’re in contact with your mortgage professional will be when your mortgage comes up for renewal. While that may common, it may not be ideal.
Even with careful planning and consideration, our lives can take unexpected turns that can impact commitments that have already been made. Life changes like moving in with a significant other, taking care of aging parents, welcoming a child into your home, and changing health or job status can swiftly alter our plans.
Just as swift, there are points in time throughout your mortgage when a penalty for breaking the contract ahead of time can change by tens of thousands of dollars. If there’s a possible need to sell your property before the contract is finished (e.g. a 5-year mortgage), then you’ll want to make sure that your mortgage professional is one of the first people you talk to. Even if breaking your contract is just a “maybe”, it’s important that you have as much time as possible to weigh your options should it become a “yes”. Sometimes missing a key date by one day can mean thousands of potential dollars lost from your bank account.
This is why we keep in touch with our clients.
When we work with you on a mortgage we’re not thinking of just closing the deal.
We’re thinking of the lifetime of your amortization and how we can support you.
When your mortgage is fulfilled we’ll stay in contact with you to ensure that you are in the best position when you renew, refinance, or sell your property. Whether you decide to work with us or another brokerage, we encourage you to make sure that whoever is advising you on your mortgage truly has your best interests in mind and puts in the extra effort to make sure that you have all of the information that you need in order to make a confident, informed decision.
Renewing Your Mortgage
Your mortgage renewal date is approaching and you’re wondering what the rate is going to be this time.
[OR maybe you don’t realize it’s approaching. If this is the case, then look at the previous step to learn why working with our mortgage professionals can put your mind at ease.]
With a bit of time + our approach to strategy, we can help you get the best mortgage product available for you.
You may be thinking, “Why would I need strategy for renewing my mortgage? Isn’t it pretty straight forward? I just sign on for another 5 years with whatever my lender offers me, right?”
Maybe yes. Maybe no.
Depending on your mortgage product and your future plans, there may be other options that would be a better fit.
Refinancing Your Mortgage
Are you wanting to make major changes to your mortgage agreement?
Whether you’re wanting to
renegotiate a new rate before your current term is up, or
lower your payment (by extending your amortization), or
utilize the equity you’ve built to consolidate other debt or put the cash toward whatever you choose,
your mortgage professional should be able to show you all of your options. In order to make an informed decision, it’s important to understand both the benefits and drawbacks of each option. Depending on your scenario, the comparison of positives and negatives of each option may get confusing. If anything doesn’t feel clear, then make sure to let your mortgage professional know. Making changes to your mortgage is one of the areas where you want to feel confident in the decision your making based on the information available at the time.
Selling Your Home
If you’re considering selling your home, then contacting your mortgage professional is the first thing you’ll want to do.
When are clients are selling a property that has a mortgage attached to it our first priority is strategizing how we can help them come out as financially strong as possible. To do this we run through a process of information gathering to get an idea of the unique situation that we’re looking at and then piece together several strategy options to give an idea of how small changes or considerations could impact the final financial outcome.
Strategy is one of the key reasons why our clients seek us out (and stay with us). We look at the whole picture and think outside of the box so that we stay innovative.