EQUITIS MORTGAGE GROUP SERVICES

Renewals
& Refinances

Renewal

In the majority of cases, without any consultation, clients simply choose to sign the renewal letter offered by their existing mortgage holder/ banks. Before you lock yourself for another term, you should be advised of all your options rather than simply singing the paper. For example:

  • Am I being offered the most competitive rate being offered out in the market with my current financial situation?
  • Will I be selling in the near future, or will I be downsizing or upgrading into a new home before the end of my new mortgage’s term?
  • Will I need a line of credit for some future needs or simply as a safety net?

Equitis Mortgage Group will explore all the options out there for you and advise whether it would be beneficial to stay with your current lender, or switch to another mortgage solution!

Refinance

You bought your home four years ago, and the value of your property has increased significantly. Now you would like to access some of that equity that you’ve built over the years, which can be achieved through different types of refinance.

  • With a full refinance, you can re-mortgage the remaining mortgage balance and the additional value being borrowed against the property into one new mortgage, while paying off other debts. In most cases, your new mortgage payments will be less than the current overall debt payments you are making.
  • Another refinance option is getting a second mortgage, which means you are not touching the current remaining balance of your first mortgage. You are simply taking out a second mortgage by utilizing some of the equity in your home. This is an advantage in situations where the penalty for breaking your first mortgage is substantial.
  • Another route you may choose to go is accessing a home equity line of credit (HELOC). With a HELOC, it is secured against your property, and in most cases an open product where you can pay off the outstanding balance without penalty.

Refinance Benefits

Here are some of the benefits of

Investment into real estate: Equity in your existing property could be used to invest in other properties. Investing in properties could be a strong and rewarding venture that one may choose to pursue to help supplement income, build further in equity in multiple properties, and increase overall net worth and capital.

You could be looking to invest in a new vehicle, getting a boat, stocks, starting a business, or investing in your children. Equitis can assist you to arrange financing by using the equity of your existing house to satisfy these needs.

You may have a 20% interest rate on your $30,000 credit card, a second mortgage of $200,000 at 7.5%, and a 5% rate on your $25,000 car loan with $600/month payment. In such a case, you may consolidate all or some of these into one mortgage. DOing so, you would minimize the number of payments you make per month, lower your overall monthly payments and obligations, and save money by increasing your monthly cash flow.

Another advantage of a refinance is getting a rate out there that is better than your current rate. Two years ago, you may have locked in a rate at 3.99% for your mortgage. If let’s say the current market rates are around 3.29%, by paying a small penalty and refinancing into the new rate of 3.29% would by far outweigh the cost of being locked in a higher interest rate. We will do the math for you to determine if there are any savings.

Equity could also be used for renovations, which help improve quality of life and property value, or even to go on a much deserved vacation!

Investment into real estate

Equity in your existing property could be used to invest in other properties. Investing in properties could be a strong and rewarding venture that one may choose to pursue to help supplement income, build further in equity in multiple properties, and increase overall net worth and capital.

Investment into Non Real Estate

You could be looking to invest in a new vehicle, getting a boat, stocks, starting a business, or investing in your children. Equitis can assist you to arrange financing by using the equity of your existing house to satisfy these needs.

Consolidate Debt

You may have a 20% interest rate on your $30,000 credit card, a second mortgage of $200,000 at 7.5%, and a 5% rate on your $25,000 car loan with $600/month payment. In such a case, you may consolidate all or some of these into one mortgage. DOing so, you would minimize the number of payments you make per month, lower your overall monthly payments and obligations, and save money by increasing your monthly cash flow.

Obtain a Better Rate

Another advantage of a refinance is getting a rate out there that is better than your current rate. Two years ago, you may have locked in a rate at 3.99% for your mortgage. If let’s say the current market rates are around 3.29%, by paying a small penalty and refinancing into the new rate of 3.29% would by far outweigh the cost of being locked in a higher interest rate. We will do the math for you to determine if there are any savings.

Renovations and Vacation

Equity could also be used for renovations, which help improve quality of life and property value, or even to go on a much deserved vacation!

What People Have To Say

Check out what people are saying about Equitis Mortgage Group

  • Melissa Abunnadi
    Purchasing our home was made easier with the help of Okhtay! This was our first home purchase and he was incredibly professional and thorough with every aspect of his work. He explained the steps of the process, he was always quick to respond, and I felt confident he was putting 110% into us as clients. He is excellent to work with and I highly recommend him as your mortgage broker for your next real estate purchase!
    Melissa Abunnadi
  • Julien Manac'h
    Being a first time home buyer meant I was completely new to the whole mortgage process. Okhtay guided me through each step seamlessly, explaining my various options along the way, getting me the best rate, and making sure I felt informed and comfortable throughout each decision.

    Not only that; anytime I had any questions, he was a phone call away. I could not recommend Okhtay more. In fact, when my sister needed a mortgage, I made sure he was the one to do it!

    Thanks for all your help! You made a stressed, first time home buyer feel at ease. The hardest part of the whole process was walking through the front door!
    Julien Manac'h
  • Romain Penet
    I chose to deal with Okhtay when purchasing my first home after meeting with a few different mortgage brokerages. He was very easy to deal with and did a great job leading me through the process. I didn’t know anything about mortgages, but his professionalism and knowledge made me feel very confident with my investment. I am very happy with the service he provided and have since recommended them to all of my friends and extended family.
    Romain Penet
  • Daniel Margarit
    My experience working with Okhtay was great. I was a first-time home buyer and he was unbelievably helpful. Okhtay made the mortgage process feel so much less-stressful and he took care of so many details and factors that I wasn’t even aware of. His expertise and experience in mortgages helped me learn so much, but also he helped me secure the best options and products for my purchase. I would highly recommend Okhtay as Vancouver’s top mortgage specialist.
    Daniel Margarit
  • Nitesh Verma
    Working with Okhtay was a stress free experience. He was great at educating me with the process and making it as seamless as possible. Being able to find me better then standard interest rates was a great bonus to the already amazing service I received.
    Nitesh Verma

Latest News & Articles

Check out our selection of mortgage related news and articles.

October 9, 2019

Real Estate Price Growth Looks Absurd When Compared To Bubbly US Cities

Canadian real estate prices have been distorted by a massive overextension of credit. Just how bad has it become? The view is always tricky from inside the bubble, so let’s compare them to our neighbors down south.
September 11, 2019

Canadian Real Estate Price Growth Looks Absurd When Compared To Bubbly US Cities

Canadian real estate prices have been distorted by a massive overextension of credit. Just how bad has it become? The view is always tricky from inside the bubble, so let’s compare them to our neighbors down south.
September 11, 2019

Political Unrest in Hong Kong is Bad News for Vancouver Millennials

With political upheaval in Hong Kong, which has seen millions take to the streets to protest an extradition law with Mainland China, speculation is rampant that a rush of new residents will make their way to Vancouver.

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