Call Email

Mission 35

Monday Mailbag – What Happens if my Condo is Delayed?

Welcome to Today’s Monday Mailbag!

Hey, this is Chelsea from Mission35 Mortgages and today’s Monday Mailbag is “What happens if my condo is delayed?”

Good question!

If your condo is delayed, just keep saving!

You want to make sure that you have an approval in place and if there are any great changes that can benefit you, you want to contact your favorite Mission35 agent.

And remember, just keep saving!

Contact our team today for more information.

Hamilton Mortgage Agent

Give the trusted Hamilton Mortgage Agent team at Mission35 Mortgages a call today to get pre-approved!

Check out our YouTube channel for more helpful tips and tricks for your mortgage.

Refinancing Your Mortgage

Are you a current homeowner with your mortgage term coming to an end? Have you been paying way more on interest than what current rates are going for today? Well, if this is you then our team at Mission35 Mortgages is here to help.

If you own a property and already have a home loan, you could qualify for a mortgage refinance. So, to help you get started, your local Hamilton mortgage agents have listed the benefits of refinancing your current mortgage.

What Is A Mortgage Refinance?

Refinancing your mortgage means you replace your existing mortgage with an entirely new one. Your old mortgage will be entirely paid off so you only have to worry about making payments on your home once a month.

Benefits Of Refinancing Your Mortgage

Many homeowners choose to refinance their Hamilton mortgage so they benefit from the current low interest rates. If you applied for a loan when rates were at an all-time high, you could potentially save hundreds of dollars every month just by refinancing. This could help you decrease your debt and save more money every pay period.

You can also choose to refinance your existing mortgage if you are wanting to change your amortization period. If your loan term is coming to an end and you do not have the funds to pay your loan off entirely, you could extend your amortization period through a mortgage refinance. You could also shorten your amortization period if you originally applied for a 30-year mortgage but are interested in changing to a 15-year mortgage.

How To Qualify For A Mortgage Refinance

If you are looking to refinance your mortgage, be sure and have a good credit score and a stable income. It is also important to have at least 20% of the equity in your home. Your home?s equity builds overtime whenever you make a payment towards your mortgage.

Contact Us

For more details on refinancing your Hamilton mortgage or if you would like to get started on your application today, please contact the Mission35 Mortgages team at 905-574-5255.

Monday Mailbag – Paying Off Debts with Your House

Welcome to Today’s Monday Mailbag!

Hey, everybody! Welcome to Monday’s Mailbag!

Today’s question is “Does it make sense to pay off other debts with my house?’

We get that question a lot at Mission35 and yes, it does make sense in some instances.

It may increase your mortgage, however, typically you will be decreasing your monthly payments.

Sometimes the biggest concern with our customers is that there is more monthly payment than there is cash-flow coming into the house.

By refinancing, you are putting that debt into your house, you are making it more manageable and you are allowing yourself to maybe start up a savings plan too.

Contact a Mission35 Hamilton Mortgage Agent today so we can help put you on a plan.

Make it a fabulous day!

 

Monday Mailbag – Should You Break Your Existing Mortgage?

Welcome to Today’s Monday Mailbag!

Hey, everybody! Welcome to Monday Mailbag!

Today’s question is “Should I break my existing mortgage if my current interest rate is lower than the new one being offered?”

That’s a great question!

This is happening more and more in our current rising interest rate environment.

The best answer is to do the numbers.

In some cases, it does make sense to break your mortgage, even at a higher interest rate, so that you can consolidate your other debts and decrease your cash outflow. This can help you make sure you have more money left than month?(you know what I mean!).

The other option is to get a second mortgage.

This would allow you to keep that good existing interest rate and take out another mortgage behind it. The second mortgage may be at a higher interest rate, but again, depending on your goals and if the cash flow makes sense, it can be a great alternative.

Thank you for the great question and for watching today’s Monday Mailbag!

Don’t forget to contact your local Hamilton Mortgage Agent if you have questions about your mortgage or interest rate and as always, have a great day!

Monday Mailbag – Refinance Options if You Currently Have a Penalty on Your Mortgage

Welcome to Today’s Monday Mailbag!

Hey, everybody, and welcome to today’s Monday Mailbag!

Today’s question is, “What are my refinance options if I have a big penalty on my existing mortgage?”

That is a great question!

You actually have two options if you have a big penalty:

  1. Get a second mortgage – Interest rates may be higher, however, a second mortgage to pay off debts if you have higher interest debts at 10, 12, 15, 18 percent and get a second mortgage at 6, 7, 8 or 9 percent could still cut those payments in half.
  2. Break your mortgage – The cost of the penalty could outweigh the benefit of actually paying off all the debt and rolling it into one.

Let a Mission35 Hamilton Mortgage Agent crunch the numbers for you!

Make this a fabulous day!

 

Monday Mailbag – Is There a Cost for a Portable Mortgage

Welcome to Today’s Monday Mailbag!

Hey! It’s Mark with Mission35 and today’s Monday Mailbag is “Is there a cost for a portable mortgage?”

Great question!

No, there is no cost to port your mortgage. With that being said, you do have to pre-qualify to move a mortgage from one property to another.

Shoot one of our experienced Hamilton mortgage agents a message if you would like more details!

You can also check out our YouTube channel for more helpful mortgage tips!