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Your mortgage is up for renewal and the interest rate you’re being offered is a lot higher than expected and going to put your finances in a pinch. Are there any other options?
There may be! If you have at least 20% equity in your home, a 25 year or less amortization and your home value was less than $1Million when you bought it, you may be eligible for “insurable” rates. These rates are better than traditional conventional rates and can save you a bundle in interest and help lower your monthly payments. The catch is you can’t get them from your bank. You can only access them through a licensed mortgage broker with a mortgage finance company aka a monoline.
Check out my interview with the Business Development Manager at one of Canada’s leading monolines to learn more. And of course, reach out to me to see what I can do for you!
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