When can I contact a mortgage broker?
When you want to buy real estate and therefore take out a loan from a bank at a competitive rate, it is strongly recommended that you contact a mortgage broker. The first case is therefore an outright purchase.
On the other hand, you also contact your mortgage broker when you have already had a loan at a defined rate for a few months or a few years and you want to buy back your loan . The second case is therefore a redemption of a previous loan that you contracted for a property that now already belongs to you.
Redeeming your loan will save you several thousand USD.
What exactly do we mean when we talk about buying a mortgage (or buying mortgage)?
The vocabulary used by professionals is not the most obvious, here is a little explanation that might be useful for you!
Redeem your loan: this means that you have been repaying a loan from a bank for a while and that the rate you have obtained in the past is much less attractive than the current rates. You then wish to continue your reimbursements at a more competitive, lower rate, thus allowing you to save money. And it is also quite understandable!
This can be quite simple and quick, especially when you entrust it to a mortgage broker, such as Lite Lender.
Redeeming your home loan is an action that generally reduces the borrowing period (for example by going from a loan from 25 years to 20 years, which frees you up for several years) while keeping the same monthly payments or even decreasing his monthly payments while staying on the same loan period , thus allowing a better comfort of life.
The choice is quite flexible, it is chosen according to your preference and your current life: if your salary has increased considerably, you will surely prefer to increase your monthly payments without it drastically changing your daily life but decreasing your years of debt.
On the contrary, if your income has not grown exponentially, you can decide to lower your monthly payments by keeping the same number of years of debt and thus be more comfortable in your daily life.
TO REMEMBER !