The year is almost out. It’s time for our 2023 year in review! Here’s what 2023 looked like, and what to expect in 2024.
Love your home
It’s the season of love! Here at the Clinton Wilkins Mortgage Team, we want you to fall back in love with your home and your mortgage! Whether you take on a major renovation or just buy a new home, you are only a step away from falling back in love!
Renovate with a HELOC
When you fell out of love with your home, was it due to those old kitchen cupboards? The lack of hardwood flooring or the or the 80’s style bathroom you still have? Whatever happened between you and your home, a Home Equity Line of Credit (HELOC) can help you and your home come close together again. Depending on the amount of equity within your home, we can refinance your current mortgage and unlock a portion of the funds. With a HELOC you have a slightly higher interest rate than a typical mortgage, but with the ease of making interest-only payments. You can withdraw these funds all at once, or in draws, if you project is bigger to complete.
Acquire that vacation property
Sometimes you love your home but you find yourself looking at those vacation homes on the side? With a vacation home or that side piece, you will need to have a 20-25 per cent down payment. This larger amount of down payment is required due to the home not being your primary residence. Although this does seem like a high number, the larger down payment provides security to your mortgage lender. With a vacation property, you can get the break you need to spice up your relationship with your current home. Don’t worry we won’t tell!
Buy a new home
It’s time to move on! If that spark or connection with your home cannot be rekindled, it’s time to break up. With your growing family, or change in needs, you might not be able to salvage any love for your home with a facelift and need a whole new relationship, I mean home to fall in love with. With the ability to transfer your mortgage on your renewal date, you can save yourself the cost of the penalty (or the break up). Otherwise, when you break your mortgage you will incur the cost of three months interest or interest rate differential (IRD). When you decide a new home is the only option, reach out to an unbiased mortgage professional to look out for your best interest.
When it comes to falling in love with your home again, don’t forget to make sure you fall in love with your mortgage too. Here at the Clinton Wilkins Mortgage Team, we consider ourselves the mortgage matchmakers. Give us a call today to find out your options.
With Love, Clinton