Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.
They are your Trusted Saskatoon Mortgage Experts
Here they share their first Trusted Saskatoon Mortgage Tip
What To Do With Your Mortgage When You’re Selling
Unless you own your home outright, you'll need to discharge your current mortgage when you move. Usually, you'll have 3 options.
OPTION 1: Pay Off Your Mortgage
This can be a good choice if:
• • You have a 'fully open' mortgage with no prepayment charges
• • Your remaining balance is small
• • You're not planning to buy again
• • Current mortgage rates offer you no financial advantages
This may not be a good choice if:
• • You have a 'closed' mortgage, where charges apply for paying it off
OPTION 2: Take Your Mortgage With You When You Move
• • Take your existing mortgage with you when you buy a new home; if you like, you can increase your loan amount and blend your existing rate with the current market rate for the new funds
OPTION 3: Allow Your Buyer to Assume Your Existing Mortgage
This may be a good option if:
• • You took out your current mortgage when interest rates were much lower (often attractive to buyers)
• • You're buying a smaller property and still have several years remaining on your term (could help you get rid of your mortgage without prepayment charges).