Mortgage Basics ...

Whether you are buying a home, renewing an existing mortgage, or simply need financing for a renovation, investment or consolidation, Lighthouse Mortgage Corp. can help you determine the best options available in the market, at the least cost.

Lighthouse Mortgage Corp. is a member of the Mortgage Brokers Association of BC.

A mortgage is most likely the largest amount of money most people will ever borrow. The interest costs alone can easily run into the tens of thousands of dollars. So when you borrow to buy your home, it is important to work with a mortgage specialist like at Lighthouse Mortgage Corp. to help you understand how mortgages work. Knowing how they differ from lender to lender, how much they really cost, and how to reduce your costs which can save you a lot of money, and possibly take years off of the life of your mortgage.

If your mortgage is up for renewal with a major financial institution switching it to another lender is easy. Quite often when we compare your renewal rate to other lenders hungry for your mortgage and they will offer you a better deal which is done at no cost.

Renewal time is the ideal time to reassess your options and re-examine your overall financial situation. We're available to answer any questions you have and to help you choose the options and best lender that's right for you. When your mortgage is due for renewal sometimes the rate guarantee period can prove to be critical. Some lenders provide a 30-day period and some 60 days to give the opportunity to lock into your next term. Obviously the longer the better because if rates moved up you may have missed the train.

At renewal, you have the option to pay off all or part of your mortgage, change the term (the interval between renewals), change the amortization period (the time required to fully pay off your mortgage), or change the frequency of payments (weekly, etc.). With this flexibility, you can adjust your regular payments to suit your circumstances which may have changed.

You get a professional mortgage consultant doing all the research and paperwork for you at the financial institution's expense.