Lethbridge Mortgage Centre Elinda Leung Maier

07/02/2024

Yes, our property tax has been increasing in the last few year. We are about national average.

Vancouver taxes are less than half for a $1,000,000 home than Sault Ste. Marie taxes are for a $500,000 home

06/24/2023

06/24/2023

Refinancing, short for "refinancing a loan," refers to the process of obtaining a new loan to replace an existing loan. People often choose to refinance their loans for various reasons, including:

Lower interest rates: If interest rates have dropped since you initially obtained your loan, refinancing allows you to secure a new loan at a lower interest rate. This can potentially reduce your monthly payments and save you money over the life of the loan.

Lower monthly payments: Refinancing can also help lower your monthly payments by extending the loan term. While this may result in paying more interest over time, it can provide short-term relief if you're facing financial difficulties or seeking to improve your cash flow.

Change in loan terms: Refinancing allows you to modify the terms of your loan. For example, you might switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (FRM) to have more stability in your monthly payments. Conversely, you could switch from an FRM to an ARM if you anticipate interest rates decreasing further.

Consolidation of debt: If you have multiple debts, such as credit cards or personal loans, refinancing can enable you to consolidate them into a single loan. By consolidating your debts, you may simplify your financial management and potentially secure a lower overall interest rate.

Access to equity: Homeowners can refinance their mortgages to tap into their home equity. This is known as a cash-out refinance. By refinancing for an amount higher than the current loan balance, homeowners can receive the difference in cash, which can be used for various purposes, such as home improvements, debt consolidation, or investment opportunities.

It's important to evaluate your individual circumstances and consider factors like interest rates, fees, and the potential impact on your financial situation before deciding to refinance. Consulting with financial professionals or loan officers can provide you with more personalized advice based on your specific needs and goals.
Contact us today for free, unbiased advise.

04/06/2023

With interest rates and borrowing costs at record highs, it’s more important than ever to ensure your credit report is in good standing.

03/09/2023

03/08/2023

International women's Day.

Here is the pictures.

6 of us in 1986 and same 6 of us about 13 years ago.

03/08/2023

What to Know about Second Mortgages
A second mortgage is a mortgage that is taken out against a property that already has a home loan (mortgage) on it. Generally people take out second mortgages to satisfy short-term cash or liquidity requirements, have an investment opportunity or to pay off higher-interest debts (such as credit cards and student loans) that a second mortgage might offer.

If you are considering a second mortgage for any reason, here are a few key points to keep in mind:

Second Mortgages and Home Equity: Your second mortgage and what you can qualify for hinges on the equity that you have built up in your home. Second mortgages typically allow you to access up to a max of 80% of the home value; very few lenders will consider a second mortgage over 80% of the home value.

For example, if you are seeking an 80% Loan-to-Value loan (“LTV”):
House Value $850,000
80% LTV (maximum mortgage amount) $680,000
less: First Mortgage ($550,000)
Amount Available Through Second Mortgage $130,000

Second Mortgages and Interest Rates: When it comes to a second mortgage, these are typically higher risk loans for lenders. As a result, most second mortgages will have a higher interest rate than a typical home loan. There is also the option of working with alternative and private lenders depending on your situation and financial standing. Keep in mind, typically lenders who offer a second mortgage are private lender MICs (Mortgage Investment Companies) – in addition to some trust companies and credit unions. For major banking institutions, you would need to hold your first mortgage with them in order to be considered for a second mortgage.

Second Mortgage Payments: One advantage when it comes to a second mortgage is that they have attractive payment factors. For instance, you can opt for interest-only payments, or you can select to pay the interest plus the principal loan amount. Work with your mortgage broker to discuss options and what would work best for your situation.

Second Mortgage Additional Fees: A second mortgage often comes with additional fees that you should be aware of before going into the transaction. These fees can vary widely but often are a percentage of the mortgage. Other fees to consider include appraisal fees, legal fees to set up the second mortgage and any lender or broker administration fees (particularly with alternative or private lenders).

Second mortgages are a great option for many homeowners and, in some cases, may be a better solution than a refinance or a Home Equity Loan (HELOC). If you are interested in learning more or want to find out if a second mortgage is right for you, don’t hesitate to reach out to us today.

05/03/2020

Staying at home during the coronavirus pandemic? You've probably noticed it's time to redecorate.

04/25/2020

What you need to know about calculating additional interest costs and protecting your credit score

04/25/2020

Paint comes in many types and finishes, including matte, semi-gloss, satin and oil. Here we walk you through their differences and primary applications.