How
Can Mortgage Depot® Help?
• Your
mortgage is coming up for renewal?
• You want to educate yourself better on what alternatives you
have?
• You want to know the risks associated with a variable rate
mortgage? {Link to Below Prime Mortgage}
• You want to know if your bank is offering the best
rates?
• You want to compare what all lenders have to offer?
• You are looking for independent consultation on what term you
should take?
• You want to know how you can pay off a mortgage more
quickly?
• If you have read this far you owe it to yourself to find out
more about our services or complete an application
online.
1-888-622-7999
(Toll Free Phone)
1-866-864-3388
(Toll Free
Fax)
A Brief Overview
When you bought your home, you probably went to your bank and
your mortgage was approved. You may have chosen a specific term or the
banker may have guided you. You may not have even thought about term -
many people don’t. You may have negotiated a discount although many
people don’t. Now your mortgage is coming up for renewal and your
friends, neighbours or work colleagues have told you how they got a
better mortgage by going to Mortgage Depot.
Why use Mortgage Depot®?
A bank earns its profits by lending money. The more money it
lends, the more profit it makes. It is not in the banks’ best interests
to encourage you to pay off your mortgage more quickly. But at Mortgage
Depot we share a vision with each of our customers and help you focus on
a very important goal of paying off your mortgage as soon as
possible.
When your mortgage comes up for renewal you could be negotiating
with a banker who is paid by the bank to represent the best interests of
the bank. How do you know you have been offered the best rates or even
the best mortgage available? Wouldn’t you prefer a choice of lenders to
determine for yourself which offers the most attractive rates, terms and
options? Wouldn’t you like a 4 month rate guarantee instead of the usual
30 days that your bank will offer. Even if rates are not rising,
wouldn’t it be nice to have peace of mind just in case? Wouldn’t you
really prefer to have Mortgage Depot as your personal
advocate?
Using the most sophisticated computer technology in the country,
your Mortgage Depot specialist will carefully review your circumstances
and explain all the alternatives offered by different banks. We will
discuss the benefits of a variable rate mortgage {link to Below Prime
Mortgage} and how to limit the risk. We will explain the large savings
that can be realized by taking advantage of various prepayment
privileges and we will help you evaluate the benefits of weekly,
bi-weekly and double up options. Since we represent so many lenders, you
can count on us for independent advice and unbiased recommendations. Not
only will we save you money by finding the best mortgage available, you
don’t even have to pay for our service - it’s covered by the
lender.
Just a few hours after making your application, we will E-mail or
fax a printed mortgage approval to you from the Bank of your choice with
an interest rate guarantee for up to 120 days.
You can now relax knowing that you have established a personal
contact with your own Mortgage Depot specialist who is available to help
you seven days a week, both before and after you’ve completed the
transaction.
Our web page is kept up to date on a daily basis to provide
current rates, including our deeply discounted conversion rates for
variable rate mortgages, as well as calculators to help you with just
about anything you may need.
What Fees Will There Be?
At Mortgage Depot there are no fees ever! However, when you
transfer your mortgage to a new lender, your current bank may resent
losing your mortgage business and assess a penalty which will be added
to your mortgage balance. This is often referred to as a discharge fee
or administration fee and will cost between $100 and $250 depending on
your bank. Talk to your Mortgage Depot specialist about possible ways to
reduce this unfair penalty.
What You Need To Complete Your Transfer
Application?
The following is all the information generally needed to
process your mortgage transfer:
To
start the process we need a mortgage application. For fastest service
complete our online
application or, if you prefer, phone toll free at
1-888-622-7999.
Once your application is approved, a letter from your employer or pay
stubs or tax returns will be required to confirm your income. If
self-employed, 3 years tax returns will probably be needed.
To
ensure accurate preparation of transfer documents a copy of your
registered mortgage document, a recent mortgage statement or renewal
offer from your existing lender and a copy of your home insurance policy
will be required.
A
copy of the survey certificate that was prepared for your existing
mortgage, if available, will be helpful.
Please bear in mind that when you are asked to provide the above
information, your Mortgage Depot Representative is working hard to
obtain the very best mortgage terms available and all the information
you give is treated in strictest confidence.
Your personal information will only be given to a lender or
lenders to secure a mortgage approval, credit bureaus and their members
in order to obtain and exchange personal credit history, Canada Mortgage
and Housing Corporation or G.E. Capital if the mortgage is, or is to be,
insured, and insurance companies when you specifically authorize us to
arrange life or disability insurance in your behalf. Mortgage Depot will
never sell or give your information for any purpose other than described
above.
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