Renewal Solutions
SAVE MONEY IN EVERY MORTGAGE RENEWAL
Karkare Mortgages provide an excellent opportunity to re-evaluate your mortgage interest rate and monthly payment by a mortgage renewal solution. This time you have another chance to asses whether the existing mortgage solution suits your needs.
Is your mortgage term about to expire? Discuss your mortgage options with one of our experts. Our financing consultant helps you throughout the process, explaining every detail like mortgage type, interest rate, terms, pay off, and other essential points. We make sure you get the best deal!
You may also opt for an early renewal, rather than waiting for your current term to end. Lock in a fixed mortgage rate at the time of renewal to protect against potential increase in interest rate.
INTEREST RATES
One of the most popular queries that we receive is ‘what interest rates do you offer?’ Let’s answer it for you – our interest rates range anywhere between 2.89% to 12.99% depending on your mortgage type. Yes, that’s quite a wide range…but don’t worry! Karkare Mortgages team is here to offer complete guidance so that you enjoy the full-advantage of the type of rate and term best suited for your need. Also, we suggest suitable payment options to choose that help keep your costs low. Each mortgage requisite is unique and you can find out your personal eligibility by filling out a few details for us. Our agents are trained professionals, who help to re-structure your deal to make sure that you don’t over borrow and that your repayments don’t become a hassle.
FAQs
Insured mortgages are essentially for those who pay less 20% of their purchase price as down payment. This solution is applicable only on owner-occupied properties and amortization possible for maximum 25 years. Insured mortgages are typically afforded the best rates. These financings are covered on the backend by insurance companies like Genworth, CMHC, or Canada Guaranty.
Uninsured mortgages are applicable to those who make a down payment of more 20% of the purchase price. These deals can be amortized over 30 years and have higher interest rates than an insured mortgage. However, you are allowed to make lower monthly payments and it gives you a greater ability to qualify.
To make a cogent decision while choosing mortgages, some prefer lower monthly repayments while others appreciate the best interest rate. So, understanding your essential needs and eligibility is very important.
Fixed mortgages come with fixed interest rate and consistent payment scheme that allow you to make a definitive budget. Whereas, variable mortgages manifest fluctuating interest rate that is normally lower than the fixed interest rate and reflects the market condition. The calculation is done in this way – higher is your interest rate, lower is your principal amount.
In open mortgage, you’ll have the ability to pay off your principal mortgage amount ahead of your term without any penalty. In contrary, closed mortgages have fixed payment for the term of your mortgage and you’ll have to pay penalty fees on paying off your mortgage ahead of the term. Typically, closed mortgages have lower interest rates than open mortgages.
Every scenario and condition of mortgage is unique in its own way. Whether you are eligible for mortgage can be known after evaluation of a few factors. Before authorizing your mortgage request, a lender typically considers the following:
- Credit history
- Income capacity
- Existing assets
- Liabilities
- Characteristics of your property
If you want a hassle-free mortgage processing, consult with the team of Karkare Mortgages. Experts here will ensure that you qualify every situation.
To experience a diligent and on time mortgage solution, your application must be approved on the good time. And for that, you need the below list of documents:
- Income Docs: Recent Paystubs + Letter of Employment + T4s or NOA
- Property Docs: Existing Property Tax Bill + Existing Mortgage Statement
- If Purchasing: MLS Listing + Agreement of Purchase and Sale
- Assets Confirmation: Statement of Account
*Self employed clients are subject to other document qualifications.