The term “rate hold" may be something you are familiar with if you have worked with me in the past. If not, it is a term that all prospective buyers should know!
A rate hold is offered by the majority of lenders to clients who are purchasing a new home and need a mortgage. The purpose of the rate hold is to secure the interest rate on your mortgage application for a certain time period. Often, these holds range from 90-120 days. Bear in mind, these are typically not provided for anyone refinancing their mortgage or looking to transfer it from one lender to another. Only those looking to purchase a home or establish a brand-new mortgage.
Once you have created an application with me, I can submit it to an available lender who is offering a rate hold on an interest rate you want to take advantage of – all without a property attached.
For an example of how a rate hold works, consider this. On day one you submit your application to a lender for a fixed interest rate of 2.64% for five-years. On day 60, that interest rate moves to 3.12%. As long as your mortgage closes in the next 60 days, you are protected and can keep your lower rate of 2.64%. Plus, if rates happen to trend downward, you can also take advantage of the lower interest rate.
This rate hold does not commit you to working with that particular lending institution, nor does it commit you to working with me. It also does not hurt your chances of receiving an approval down the road! All it does is protect the agreed upon interest rate for you while you shop the market, so you don't have to worry about it increasing while you are hunting for your perfect home!
Once the 120 days expires, if you have not found that perfect home fit or want to take advantage of different interest rates, there is nothing stopping you from submitting another rate hold! It will just be subject to the current rates on the day of submission.
If you are looking to purchase a new or secondary home this summer, please don't hesitate to reach out to myself to get started on the pre-approval process and put your rate hold in place!
The right mortgage is a critical factor determining long-term savings. The value of a professional mortgage broker comes from having someone who objectively works for you and is not limited to mortgage product offerings from one source; like a bank.
Advice on choosing the right mortgage option considers interest rate, payment privileges, payment penalties, long term savings and much more.
Thousands of Canadians are using a reverse mortgage as a financial solution to help them bridge their retirement savings, but did you know just how versatile a reverse mortgage is?
Health care related: Long-term care in Canada can cost anywhere between $2,000 - $16,000 per month.
Renovations/Retrofitting: Renovations or home retrofitting due to wear and tear, leading to standard of living being compromised or simply because of aging and mobility.
Income supplement: Did you know that the average annual expenses for Canadians 65+ is $60,000 yet their average income in only $40,000?
Unplanned expenses: Sometimes planned retirement savings do not account for emergencies and that's where a reverse mortgage can help. Here are the biggest unexpected costs for retirement:
30% unexpected costs 30% needed to help family 24% needed to help finance health issues
Gift: An early inheritance for children and grandchildren to help them with a down payment or to help pay for education.
Purchase another property or new car Travel/Vacations
A reverse mortgage continues to be a great financial solution to help your 55+ clients with their financial needs. Contact me to obtain the most up to date information and find out how a reverse mortgage can help you with your unique financial needs.
Shanta Latchmana 705-915-1067 Or 416-819-7568 mtgwithshanta@gmail.com
Are you looking to change your current mortgage situation?Do you have equity in your home?Let me show you how I can save you money by doing a refinance.Here are two scenario's!Mortgage: $160,000 ( 17 yrs remaining est ) $ 1,100/mVehicle $ 33,000 $ 644/m3 credit cards $ 27,000 $ 810/mTOTAL DEBTS: $220,000 $ 2,554 / MAFTER REFINANCENew Mortgage $220,000 @ 2.79% @ 25yrs $ 1,017 / mor $220,000 @ 2.79% @ 15yrs $ 1,495 / mThe first scenario drops your monthly payment by $1,530 but adds 7 yrs to your mortgageThe second scenario drops your monthly payment by $1,060 but drops your current mortgage by 2 yrsEither way you have no debts and you have tons of $$$$$$$$$$$$$$ back in your pocket.The 2nd scenario reduces your mortgage and puts over $1000/month in pocket while eliminating all debts.Email me at : mtgwithshanta@gmail.com
