Helping You Make Wise Mortgage Decisions
We want to know our clients as people, not as account numbers; we also want to know your goals so that we can advise on the best options to help you succeed.
Pre-Approval / Purchases
For a majority of homebuyers, moving forward with such a significant financial decision will also include applying and receiving approval for a mortgage. Unfortunately for some, hopes of purchasing their dream home have been derailed because their mortgage application was declined; in many of these cases, the basic stumbling block was not having an awareness of their price range or limit before looking to buy a home.
To avoid these situations, and this disappointment, it is highly recommended that potential homebuyers obtain a mortgage pre-approval; this can be attained through the guidance and support of experienced brokers such as the team from Mortgage Alliance Accumetrix.
When people hear that someone has refinanced a mortgage, their immediate thoughts may turn to situations of personal misfortune or poor money management; in other words, any report of refinancing might be viewed as a step that is forced upon an individual when they cannot meet their current loan or mortgage payment responsibilities.
And while this latter scenario can/does exist in life, it should not cloud the many positives or advantages that can result from proactively refinancing a mortgage. In fact, taking such action can be an effective financial strategy – provided it is done in the right circumstances and with the assistance of an experienced brokerage like Mortgage Alliance Accumetrix.
When their mortgage is up for renewal, it can be common for homeowners to leave matters as they currently exist; in other words, to simply remain with the same lender and carry on at the new term and interest rate that are being offered. This is often more convenient and comfortable for the borrower, who now merely needs to record the new dollar amount that will be due, on the same payment schedule, then let the new mortgage again run its course.
All too often, when people need money, they can make decisions that are based on limited information and on short notice as well. One of the easiest ways to access money, provided that a homeowner has established some equity in their home by paying off part of their mortgage and/or through an increase in the value of the property, a viable option may be to refinance your existing mortgage or to apply for a second mortgage.
By refinancing your existing mortgage, you are able to renegotiate all of the terms of the mortgage, including its amount, term, interest rate, payment frequency, and amortization. Oftentimes, there would be a penalty to get out of that original first mortgage; therefore, you should speak to a Mortgage Alliance Accumetrix professional broker, to determine whether this is the most reasonable/logical action.