Mortgage

Thinking of buying a home? Get pre-qualified today… - Buying a home is a major decision. Whether you’ve just started your research or are actively house-hunting, Sheri McTavish, Senior Mortgage Specialist can help provide you with the personalized advice and solutions you need to make your home ownership goals happen. Whether it’s getting your first mortgage, refinancing or moving your mortgage to RBC, she can help! You will work together to ensure your financing suits both your current and future needs, you can feel confident that you’re working with an expert who has your best interests in mind. Sheri specializes in helping: First Time Home Buyers Moving your mortgage to RBC Investment Properties mortgages Sheri McTavish | Senior Mortgage Specialist | RBC Royal Bank | Royal Bank of Canada | 3854 Dougall Ave Windsor, Ontario N9G 1X2 |  Serving Windsor, Lakeshore, Tecumseh | Cell or Text 226-345-6982 | Fax 519-972-5707 |   https://mortgage.rbc.com/sheri.mctavish#about-me Find out what you can afford  https://online.royalbank.com/cgi-bin/tools/true-house-affordability/start.cgi?lang=en&ms=sheri.mctavish

Refinance or Downsize? Using Your Home Equity to P… - Refinance or Downsize? Using Home Equity to Pay Down Debt As a Homeowner, you can often borrow beyond your mortgage, taking on additional personal debt for home renovations, household furnishings, and general living expenses.  As long as your income remains sufficient to service your debt, it’s not a problem. But what are your options when your debt gets out of control? For a homeowner who owes money on credit cards and unsecured lines of credit and also has equity in your home, the question becomes even more complicated. Is it better to get a second mortgage and refinance or is selling your home and downsizing a better option? The most significant problem with refinancing is that it doesn’t reduce total debt and, therefore, may not solve your debt problem.  Refinancing $70,000 in credit card debt with a second mortgage may lower the interest paid, but the total debt remains unchanged. Refinancing generally works best when it can be used to refinance all unsecured debt. …

Mortgage Terms and Fees - Mortgage Term Over the course of your amortization period, you may have many different mortgages. The term is simply the length of time that interest rates, payment schedules and obligations to the lender exist. When the term comes to a close, you will have the option to renew your mortgage at your current or new lending institution. You can also put a lump sum toward the principal without restriction, or pay off your entire mortgage without penalty. If you wish to change the structure of your agreement during the term you may have to pay a substantial fee to the lender. Choosing Security or Flexibility Mortgages are available with closed, open and convertible options, with fixed or variable rates. The options you choose will reflect your beliefs about the market — is it going up or down? — and your short-term goals and desire for long-term security. Amortization This is the amount of time over which the entire debt will be repaid. Most mortgages are amortized over 15-, 20-, or 25-year…

Mortgage Types - Conventional and High Ratio Mortgages To qualify for a conventional mortgage, you simply have to have a 20% down payment of the purchase price, with the mortgage not exceeding 80% of the appraised value. If your down payment is less than 20%, then you qualify for a high-ratio mortgage. This type of mortgage requires loan insurance, which can cost an additional 0.5% to 3.75% of the mortgage amount. With this type of mortgage you could also be limited to a maximum house price. Second Mortgage Of course, if you cannot add on to your mortgage, you may consider a second mortgage. Each mortgage uses your home as security and gives the mortgagee the right to take your home if you default on your loan. The first mortgagee gets paid first in cases of default and has the best chance of recovering all of its money. So it only goes to figure that subsequent mortgages usually come with a higher interest rate. Mortgage Features Every lending institution is different, and each will have their own customizable…