Mortgages2023-02-21T14:59:30-08:00
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Mortgages

Mortgages And First Time Home Buyers

Mortgage refinance, renewal and home buying are important decisions that can have a significant impact on your finances. It’s important to make the right decision based on factors such as current housing rates, tax implications, and other financial considerations.

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Choosing The Right Mortgage For You

Fixed-rate mortgages always have monthly payments that never change, but depend on factors such as the borrower’s credit and how long they intend to keep their home. Fixed-rate mortgages exist in both 15 and 30 year terms.

  • Fixed interest rates prevent the lender from profiting off of interest rate market changes.
  • Can give greater financial security to a homeowner.
  • Fixed rates do not require the borrower to constantly monitor interest rates and plan for future changes in home valuation or interest rate fluctuations.

A variable-rate mortgage is a home loan that has an interest rate that varies over time. The interest rate on a variable rate can change as often as monthly and as infrequently as every ten years (although usually the frequency is closer to yearly).

  • Variable rate can lower or increase your payments with market fluctuations.
  • For variable-rate with low interest rates, a small change can result in a substantial increase or decrease to your monthly payments.
  • For variable-rate mortgages with initially high interest rates, a small change can result in a slight increase or decrease to your monthly payments.

A adjustable rate mortgage (ARM) is a type of mortgage where the interest rate and monthly payment varies over time. This means that, unlike fixed-rate mortgages, adjustable-rate mortgages usually start with a lower initial interest rate that adjusts periodically to reflect current market rates.

  • ARM rates fluctuate with the adjustable rate mortgage index, which means your interest rate will remain competitive with other adjustable-rate mortgages.
  • adjustable rate may allow you to take advantage of lower initial monthly payments
  • adjustable rate typically offer more flexibility. You can choose terms of 10 years, 20 years, or even 30 years during the application process.
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Purchasing a home

First Time Home Buyer, Second Mortgage and investment properties

Home Purchases

We are experts in the home-buying process and will make sure it is as smooth and stress-free for you as possible.

First Time Home Buyer

Buying a home is one of the most important decisions you’ll ever make, so it’s important to work with a lender you trust.

Mortgage Renewals

You deserve to have peace of mind when it comes to your mortgage. Let us worry about your mortgage renewal.

Want to learn how much you can borrow based on your income? Read More

First Time Home Buyers

When purchasing your first home, there are several factors you will want to consider before making an offer on any property:

  • Can I afford this home?
  • What are the property taxes like in that area?
  • Are there any areas for improvement?
  • Would you want these improvements made by yourself or do you intend on hiring someone else to do it?

Mortgage Renewals

Mortgage renewals are when you choose to keep your current mortgage even though rates may have dropped since the time of purchase or refinance.

  • Your current financial situation
  • Interest rates and mortgage terms
  • Current market conditions.
  • Factors such as your income, debts and overall expenses. Doing so can help you determine if you’re in a good position to renew your mortgage

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shayne marks mortgage refinance review

“Best brokerage in town! They worked as a team and were able to get me from a B lender to an A lender! I would highly recommend this place to anyone with unique situations because they will find a solution for you.”

Shayna Marks

Learn More About Mortgages

Speak To an IMI Financial Group Specialist Today.

Understanding your specific needs and objectives is important to us. Mortgage refinance, first time home buyers, reverse mortgage and home equity loans are our specialty. We listen and work together to create a truly unique and unforgettable experience.

“Our previous broker told us we were our of luck because of our consumer proposal. Had the chance to speak to the team at IMI and they were able to get us a private mortgage to pay off our consumer proposal early!.”

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