Most homeowners who got a mortgage in 2017 and 2018 are coming up for renewal in the next 3-6 months as majority of borrowers prefer 5-year mortgage terms.
Just recently, we had new clients reach out to us through a recommendation of one of their family members. Their existing mortgage was coming up for renewal in a few months, and the clients wanted to explore their options.
During the discovery call, we uncovered the following near-future goals of the clients:
- Sell their primary home and purchase a larger family home within 1-3 years.
- Pay off an existing $23,000 debt on their line of credit that carries a 12.99% annual interest.
- Prepare their home for the upcoming sale by renovating the existing Main Floor Kitchen and Living Room (estimated budget of $50,000).
Following the discovery call, we came up with the following proposition:
- A low rate Variable Rate Mortgage that provides flexibility should the clients sell their current property and purchase a new home with the family.
- Pay off a 12.99% interest-carrying debt, and instead, add this amount to their mortgage balance at a much lower rate of approximately 3.55%.
- Set up a Home Equity Line of Credit to finance the renovation plans at preferred lower rates.
Our team of experienced mortgage brokers has the expertise to properly structure your mortgage, so you get the most out of the existing home equity.
It is essential to take the time and uncover all your financial goals and needs in the near and mid-term future so that we can offer the correct mortgage products.
Reach out to our team of experienced professionals at Access My Home Equity today for a free consultation:
Email: info@accessmyhomeequity.ca
Phone: 604-362-4467
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