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Should I lock in my mortgage rate?

Licensed mortgage broker, Jenna Lorette weighs with mortgage advice to help you win the rating game

Canada’s economy remains a top news headline and rates continue to creep up, leaving property owners to wonder if it’s better to lock in now at the current rate, or play the waiting game. 

It’s a question that licensed mortgage broker Jenna Lorette hears every day, from anxious clients wondering if it’s better to pull the trigger and lock in, or wait it out.  

Jenna has been working with The Mortgage Centre since 2013. She understands the Midland community as well as the myriad aspects of our changing Canadian economy, and her expertise helps local customers to understand their options and make the best choice. “Every case is different, but most clients just don’t know how to do the calculation. We need to look at all of the variables, and that’s where an expert mortgage broker comes into play”. 

Lorette offers guidance on some of her customers’ most frequently asked questions:

Should I lock in now, or wait it out?  

“Our biggest suggestion, especially if you have a renewal that’s coming up within the next year or year-and-a-half, is to let us get a rate held for you, then we’ll do a reassessment every four to six months.  It all depends on where rates go in the next 4, 5 or 6 months.  We will do a calculation based on where rates are at and what we previously held, then assess when it’s time to pull that trigger or lock in a new rate.” 

Can I save by consolidating on a new mortgage?

“Customers save a lot of money consolidating their credit, and wrapping it all into one payment. “If you have credit cards or other debts that are seven to thirty percent interest, we can wrap it into a mortgage rate that is substantially less. In terms of cost, interest and monthly outlay, it really makes sense.” 

How do I know I’ll be approved?

“We have access to hundreds of lenders. So not only do we work with the major banks, but also “B lenders” and private lenders. Customers who may have bruised credit or have had a consumer proposal or bankruptcy previously, or their credit score is low, they’re self-employed and don’t claim a lot of net taxable income; those types of customers may not qualify under traditional guidelines, so we’ll look at a ‘B’ Lender.” 

How much does a mortgage consultation cost?

“We never charge for a consultation, and nothing is charged up front.  In fact, if we send the mortgage to a major bank or monoline lender and the client is qualified under normal guidelines, there is no cost at all.  If they close on ‘B’’ or private mortgage, the lawyer will deduct the fee that was previously disclosed to the client at the time of closing.”

As one of Canada’s most established mortgage brokerage networks, The Mortgage Centre in Midland is dedicated to guiding customers to make well-informed decisions, and proudly supports several community initiatives.

“I work with the GBGH Foundation, and we are part of their “Business Cares” program,” says Lorette. “For every mortgage closed for local clients, we make a donation to GBGH on their behalf”.  Another mortgage Centre agent, Sharelle McArthur is part of the Georgian Bay Airboat Rescue. “Sharelle has headed that initiative to raise funds for the fire department, to help purchase an air boat that will be shared between all of our surrounding municipalities.”

For more information or to discuss your mortgage needs, customers are welcome to book a no-charge consultation

The Mortgage Centre is located at 208 King Street in Midland.  Call them today at 705-526-5445 or visit them online here.