What happens when life changes and you need to change your mortgage? On this episode of The Marc and Mandy Show, a mortgage expert from Dominion Lending Centres joins us to answer some questions.
Mandy: What are some tips to help navigate through mortgage related changes?
Tracy: Well, it really depends what the change might be. So if the change is that you want to do some renovations to make a little bit more room in your home or to have that beautiful pool in the backyard, then those options you would look for in a mortgage broker would be a little bit different than someone who maybe wants to consolidate debt. So, everybody has that dream of being mortgage free, but debt accumulation does not help you in the big picture. Credit card debt compounds itself on a daily basis. So, when you’re paying 20 percent daily interest as opposed to a mortgage, where right now, mortgages are around the 2 percent mark for most people, it’s better to reduce your monthly payments, because in the end, you will pay down that mortgage faster.
Mandy: Absolutely. Now, unfortunately, not every relationship lasts. And what happens if you’re tied into a mortgage with a person you’re separating from?
Tracy: Well, keeping in mind that you can purchase that home back from your spouse with minimal downpayment, as well, you need to have somebody there in your corner who is impartial. Somebody who can give the true value of your home. This could be a mortgage broker who can help you to find your new mortgage and help you to qualify to move forward in your life.
About Dominion Lending Centres:
Dominion Lending Centres is Canada’s leading mortgage company with 2800 mortgage professionals under their umbrella across the country. To learn more, visit the Dominion Lending Centres website.
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