To Stay or Not to Stay

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To Stay or Not to Stay!

To Stay or Not to Stay is the question many home owners ask themselves when trying to decide whether to stay or not to stay with their current lender or to go to a new lender when its mortgage renewal time.

With mortgage interest rates at all time lows it makes more sense than not to consider switching your mortgage to a new lender who has a better rate than the rate your current lender can offer you at renewal time.

However most consumers do not consider this fact and do not know that it is not as cumbersome and even pretty well free to switch your mortgage from one lender to another. Many Banks and mono-line lenders have promotions that cover the cost of the client switching their mortgage to the new lender.

It is for this reason that you should consult with your trusted mortgage broker or agent, when considering to stay or not to stay with your current lender, so that he or she can assess your current situation and figure out if it is worth it for you to either stay or move your mortgage. Sometimes after doing the calculations the mortgage professional will advise you that it is not worth your time and money to switch and better to just stick with your current lender, and other times the mortgage professional will advise you that it is in fact beneficial for you to switch your mortgage to a new lender due to their lower rates and other promotions.

to stay or not to stay

The most obvious reason to switch

The most obvious reason to switch your mortgage would be for many the lower mortgage interest rate that the other lender is offering. But there are other reasons why people switch their mortgage, such as not being happy with the service levels of the current lender, and wanting to take advantage of the mortgage products the other lender has to offer that the existing lender does not have.

The most obvious reason to stay

Perhaps the most obvious reason to stay with your current mortgage lender at renewal time is because of the relationship that you have developed with them throughout the years of your mortgage with the lender. Some home owners who have mortgages with the big banks want to stay with them at renewal time to take advantage of the other bank products that they may potentially be able to get approved for and receive discounts on for staying with the bank.

At Trusterra Mortgage we are here to answer your questions and help you make the right decisions when it comes to your mortgage. Don’t hesitate to Contact Us!

 

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Mortgage Renewal

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It’s Mortgage Renewal time

Is your mortgage coming up for renewal within the next several months? Don’t settle for less. If you don’t look around you’ll never know if your existing lender is offering you the best mortgage renewal package. This is where we come in. As a mortgage brokerage we shop around on behalf of our clients to make sure they get the best overall suited mortgage product for their mortgage renewal needs. And never compare yourself with another person’s mortgage as everyone’s personal situation could be different, which in turn will require customized approaches towards getting the right mortgage at mortgage renewal time.

mortgage renewal

 

 

 

 

 

 

 

 

 

Different Reasons for mortgage renewals

So you’ve been thinking lately about what to do with your mortgage. Contact us and lets think about it together. You’ve also heard that the lower your mortgage balance is the higher your home equity would be and the more money you can access from your home. That is true, as your mortgage balance decreases the percentage of the equity you can access from your home increases.

Here are some reasons why you should contact us:

  • You want to do a mortgage renewal for a better rate than what your current lender has offering you
  • You want to do a mortgage renewal to consolidate your debts and pay a lower interest rate on the new larger mortgage amount
  • You want to do a mortgage renewal with a new lender to add a home equity line of credit to your house
  • You want to do a mortgage renewal so you can change lenders to a new one because you’ve heard good things about them and like their offerings, or have other accounts with the new lender
  • You have other personal doing a mortgage renewal with a new lender

Perks to switch to a new lender

The lenders have internal perks, unadvertised for the general public for switching your mortgage that only the mortgage broker community knows about. For example, if we switch your mortgage the new lender could cover the legal, appraisal, and the discharge fees. Therefore not only are you benefiting with getting expert unbiased professional advice for your renewal from Trusterra Mortgage, you are also getting competitive mortgage rates, and are switching your mortgage at minimal cost to you.

 

If you recently got a new mortgage or renewed your existing one, you can always give us your details and let us know when to contact you for when the time comes to renew again by using our free Mortgage Renewal Reminder Service.

Ready to start or maybe you have some questions to ask first? Contact us and we’d be happy to help you.

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Americans buying Canadian Real Estate

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Americans buying Canadian Real Estate

With the value of the Canadian dollar being so low in comparison to the US dollar, it’s never been a better time as it is now for Americans buying Canadian real estate.

Now that the U.S. dollar has so much buying power here in Canada, American’s are finding it difficult to avoid the opportunity to invest in their second home, or vacation property in such places as cottage country in Alberta or Ontario.

If you have considered the possibility of purchasing real estate in Canada we can help you with any mortgage related matters. As well, we would be able to connect you to Realtors in the area you are considering to buy. Contact us to find out more about your options.

Americans buying Canadian real estate

Americans buying Canadian real estate are finding many options of properties to choose from with reasonable down payment requirements from the Canadian lenders.

Another good reason why Americans are buying Canadian real estate is due to their close proximity to Canada, the longest border in the world and only a few hours away in many instances.

Having very similar credit score rating systems in Canada and the United States of America the Canadian lenders accept U.S. credit reports and employment making the mortgage application process fairly routine and the same as the American would go through in the U.S.

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Mortgage Brokers

Mortgage Brokers

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Why work with Trusterra Mortgage Brokers you ask?

That’s a good question. Trusterra Mortgage likes to think of it as a win-win situation for the consumer when they work with Mortgage Brokers. There are many reasons why you should work with Trusterra Mortgage Brokers.

mortgage brokers

Advantages of working with Trusterra Mortgage Brokers

  • Trusterra Mortgage helps you explore options that will make you earn and save more money
  • Trusterra Mortgage will assist you in securing a competitive interest rate
  • Trusterra Mortgage shops around for the best rate and product for your unique needs
  • To avoid frequent credit checks / hits to your name, Trusterra Mortgage only does one credit check and uses the same one to share with multiple lenders if required
  • Trusterra Mortgage is working for your best interest and is not biased towards one particular lender and their products
  • Whether you are employed, self-employed, commission based, bad or good credit, Trusterra Mortgage has access to a diverse group of mortgage programs and products for your circumstance
  • With over 10 years of professional experience Trusterra Mortgage has the accumulated knowledge and know-how to get the job done the first time around
  • For those odd and isolated instances that we cannot get you a mortgage we will be honest with you and tell you upfront

We’re here to help. Contact us with any questions you have about mortgages. If you’re in the process of purchasing your first home, or second property, or need to refinance to consolidate your debts or anything else, don’t hesitate to reach out to us.

 

Relevant posts and links you might like to check out

Beginners Guide to Owning a Mortgage

Why Your Credit Score is Important

Resources for Home Buyers and Sellers

CREA Resources for Buyers and Sellers

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Managing Your Debt

Managing Your Debt

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Managing your debt

managing your debt

Income Status

Whether you are unemployed, employed, or self-employed, managing your debt is a very important matter that should not be put aside for a rainy day. Understandably, it can be very stressful and time consuming to worry about managing your debt, but it is one of those items on your ‘to-do-list’ that should be at the top of your list.

Temptations

It’s sometimes hard to avoid all those sales people in the malls’ and supermarkets promoting credit cards and other credit sources with all the ‘perks’ and ‘gifts’ that come with them when you apply for the credit card. Even at the university and college campuses across the country students are at times bombarded with advertisements of credit cards and loans. It is at these times that you need to be disciplined and focused on the more important and immediate things in life. Chances are that if you need extra credit cards and loans to purchase items, then you probably are not making enough money or are already to your credit limits. Psychologically we feel that the debt can be paid back on a monthly basis in the long term and we don’t worry about it. However, it is much harder to do this than it seems.

It’s Hard

Managing your debt therefore becomes strenuous, difficult, overwhelming, and depressing, affecting other areas of your life and let’s not forget the effects debt has on your personal relationships with those who you love the most.

Trusterra Mortgage sees the effects of debt in the mortgage industry as well. Many home owners who have maxed out on all their credit cards begin to have challenges in keeping up with their mortgage payments. If not addressed quickly, they see themselves with the risk of losing their home, one of, if not their largest personal investment.

Never Give Up

Don’t give up and don’t feel dismayed when thinking about managing your debt, because there are many different sources and resources out there ready to assist; they include Government agencies and private sector not for profit groups.

If you are having trouble with making your mortgage payments please Contact Us and we will do our best to see what options are available for you in resolving your debt issues. As well, if you are currently living with family, or renting a place, and are in debt, you too have options to managing your debt.

There is Light at the End of the Tunnel

If you are having difficulty and challenges in managing your debt, the following links will be of interest to you. Not sure about how to deal with your debts? It doesn’t hurt to send us a private message and its free consultation that we offer you.

Good luck and don’t forget to check out the below links.

Financial Consumer Agency of Canada – Empowering Canadian financial consumers and promoting responsible financial market conduct.

Industry Canada Office of Consumer Affairs – The Office of Consumer Affairs (OCA) promotes the interests and protection of Canadian consumers.

Canadian Association of Credit Counselling Services – Helps to establish a Canadian culture of responsible financial behavior and aims to enhance the personal financial well-being of all Canadians by strengthening their financial health.

Credit Counselling Society – The Credit Counselling Society is a Canadian registered, non profit service for consumers.

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Refer Friends

Refer Friends

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Refer friends, Refer family, Refer colleagues

refer a friend

Let’s cut to the chase,

WE WANT YOUR REFERRAL! There, we said it. Phewww, glad that’s off our shoulder. Refer friends, Refer family, Refer colleagues. Whether its for business or any other form of transaction, word of mouth referrals are a time tested way of getting quality leads for whatever you are doing; providing a service, selling something, or anything else that requires people to be part of your venture.

At Trusterra Mortgage,

We value referrals and appreciate it greatly when you Refer friends, Refer family, Refer colleagues, because it show’s that you put great trust and value in our company and the services we provide to the consumer. Our company is based on ethical and moral values such as honesty, integrity, truthfulness, and providing a positive customer service experience for all our clients; just to name a few. One of the nicest compliment’s we could receive would be when you Refer friends, Refer family, Refer colleagues.

Home Sweet Home,

For the majority of the consumer purchasing real estate – home sweet home – will be the largest investment they’ll ever make, and we feel it’s that much more important for them to work with credible, well mannered, and trustworthy people and company. When you Refer friends, Refer family, Refer colleagues to us we know that you’re putting your neck out on the line and vouching for us. We wouldn’t want to disappoint you or your friends. We will work with our clients from day one, and all the way to the last day when their mortgage closes, looking after them and making sure that the right mortgage solutions and decisions are made that best suit their financial reality’s and needs. Although once the mortgage closes it is out of our hands, but we still, after the closing, continue to assist all and in any way we can our clients when they have mortgage questions.

This is the Call To Action part

This is the part of the blog that we ask kindly for your trust in us and to Contact Us and Refer friends, Refer family, Refer colleagues. You won’t regret it, and we’ll humbly appreciate it and ever be thankful.

refer friends

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Trouble making mortgage payments

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Trouble making mortgage payments

Are you having trouble making mortgage payments?  Find out from your lender what preventive measures they have set in place to help you.

This ‘Article from the Toronto Star‘ provides helpful information and insight regarding people having trouble making mortgage payments. has a good point in his article saying that “it’s the last thing you want to do when you can’t make your mortgage or loan payment but it’s a common response for many Canadians — stick your head in the sand and ignore it.” Definitely sticking your head in the sand is not the best way to deal whith having trouble making mortgage payments.

You need to be open and honest to yourself and the lender that has given you the mortgage and let them know that you are having trouble making mortgage payments. This way the lender can come up with a solution to help you with making your payments. The last thing that on a lenders mind is wanting to worry about foreclosures and selling properties to get their money back. Therefore to as much as they can, help will be offered in creating a resolution to assist you.

Working with a mortgage broker or agent can also be helpful as they have specialized experience in this field and may be able to offer other solutions to your dilemma .

having trouble making mortgage payments

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2014 New Year’s Resolution

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2014 New Year’s Resolution

We’re certain you have more than one, but if we may suggest a 2014 new year’s resolution for you to consider, one which will save you potentially thousands of dollars in years to come; and what is that 2014 new year’s resolution you ask? We’d like to call it the pay less to the bank and more to yourself resolution. What we mean by this 2014 new year’s resolution is that you should evaluate your current mortgage payment set up with your lender to see if there are any ways for you to save more money and pay less interest to them. Trusterra Mortgage 2014 New Years Resolution

For example, lenders allow you to increase your regular mortgage payments by a certain percentage. You can call your customer service line, or walk into a branch and inquire about how much you are able to increase your monthly, or bi-weekly, or whichever payment frequency you have currently set up in your mortgage account. By increasing even a little bit of your mortgage payments will allow you to pay down your mortgage by that much more, and this can make some difference in the overall context of your mortgage contractual term.

You can also consider making lump sum payments towards paying down your mortgage outstanding balance. As part of your 2014 new year’s resolution try setting a goal that by the end of 2014 you would have saved enough money aside that you can make a lump sum payment on your mortgage outstanding balance. This too can help greatly reduce your mortgage balance if done regularly throughout the mortgage term.

If you’re one of the lucky ones in the New Year and have received a pay raise at work, you may even consider contacting your lender to see if they would allow you to lower your amortization. This will increase your mortgage payments, but it will reduce the overall life of the mortgage and therefore help you save money and pay less interest to the lender.

It can be very difficult and financially stressful to try to implement all of the above suggestions, especially right after the holidays, however you should take things one step at a time. If you feel it to be too much right now to make these 2014 new year’s resolutions, at least you’re now thinking about it and it is in the forefront of your thoughts and will allow you to plan for the near future with the hopes of trying out at least one or more of the mentioned ways to pay down your mortgage.

Remember, we’re here to help you along the way. Holding a mortgage debt is probably the largest debt that you will ever have and it shouldn’t be taken lightly. Contract us here at Trusterra Mortgage for an experienced, professional, and unbiased consultation.

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Working with Trusterra Mortgage

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Working with Trusterra Mortgage has many advantages.

Professionalism, truthfulness, customer service, judiciary responsibility, openness with client consultation, are just a few important points that we take seriously with the interest of our clients being the first priority when working with Trusterra Mortgage.

With years of real estate mortgage financing experience under our belts we have the know-how to get the job done right the first time around. By working with Trusterra Mortgage you bypass the long wait of making an appointment to walk into your local bank, and then after all that time spent there, feeling like the representative is trying to sell you a mortgage plus other products that you don’t really want.

Working with Trusterra Mortgage gives you the benefit, advantage, and comfort of knowing that we are here to work on your behalf and for your best interest. And we’re not going to try to sell you a whole lot of things you don’t need or want.

Have questions, not sure about something in the mortgage world, whatever your real estate financing needs are, we’re here to help. Don’t hesitate … CONTACT US! and let us show you why working with Trusterra Mortgage is a good idea.

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Mortgage Happy

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Are you a Mortgage Happy person?

Are you a mortgage happy person or not a mortgage happy person?  We want to hear about what was your good and bad experiences when going through the mortgage application process when you were buying a home whether as a first time home buyer or an existing home owner.

Share with us and the world why you are a happy person, or not when it comes to the mortgage application process.

If you were to go through the mortgage application process what changes do you want to see in the mortgage industry, what can be improved on?

people that are mortgage happy

 

 

 

 

 

 

 

 

 

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