Free advice on Mortgages

[MortgageQueen]

Hello Barrie and Area fellow SmartCanuck-ers

I'm a mortgage agent in this area and I'd like to offer my local bargain shoppers help if you'd like it. Don't worry. There's no strings attached.
Feel free to ask questions on this thread and I will do my best to help out. Not only that, it may be helpful to the others viewing. . .
Happy shopping!
Darlene

[MortgageQueen]

Wow.

Quite the shy bunch you are. . . Honestly. I don't bite.
There MUST be someone that has a question.
How about any of you that are self-employed? Have you ever had a problem getting a mortgage?
Or perhaps someone is thinking of investing in real estate? This can be quite lucrative in the right situation.
Anyone need to know how to refinance with a better rate?

[WAKEFORSOUL]

I have a question.... we are looking to move our mortgage over to another bank but we will have to pay a penalty. We got our discharge statement the the penalty is OUTRAGEOUS! They want a years worth of interest. Is there anyway to get this lowered? and if so how?

[MortgageQueen]

Good question. This happens alot to unwary folks as the bank doesn't really fully explain the penalties like your broker would.
it sounds like you have a fixed mortgage. The penalty is calculated based on how many years you have left in your term. It's called IRD or Interest Rate Differential and it's nasty.
What you have to figure out is what your savings would be with your "new' interest rate and if it would still pay you to switch into a new Lender/mortg. Currently, I'm doing a mortgage for a client who has 2 years left in his term and he is paying a $10,000 penalty. You may be surprised to hear it's still very much worth it and he is very happy. He also added $35,000 to his mortgage to pay off high interest debts and still ends up with the exact same payment despite the increased mortgage. . .or conversely, had he kept the same amount, he would be paying far less monthly payment.
If you'd like to pm me with your current rate and mortg. amount, I might be able to give you an idea what you'd be looking at.
Hope this helps!