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  • Writer's pictureJD Lee Mortgage

Refinance/Renewal - Better Rate?


Who can get a better rate?

Mortgage Broker? or Bank Reps?

My clients recently had their mortgage up for renewal and received a rate quote from the bank. However, they were displeased with the bank's service and the offered rate.

They reached out to me for assistance in finding a superior deal, which I was able to secure!

I submitted the application to the same bank that had initially provided the rate quote and secured a mortgage with a lower rate of 4.79% and a longer amortization period of 30 years, as opposed to the bank's offered rate of 4.99% with a 25-year amortization period.

You may be wondering why we opted for a 30-year amortization period.

The answer is that many Canadians are currently facing payment shock due to the significant increase in mortgage rates. My clients' monthly mortgage payment had risen by $800 as a result, which is why we extended the amortization period in order to decrease the monthly payments and ensure that they have a positive cashflow.

30 year am? Not a problem. Hypothetically, you can pay off your mortgage within 5 years - 20% lump sum per year. If you wish to make payments towards the principal portion of the loan, lenders typically allow anywhere from 10% to 20% per year.

We are here to assist you in restructuring your payments to ensure that you can manage your payments effectively.

JD Lee

Mortgage Broker

M: 1-587-968-1490

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