Home owner shaking hands with a Kelowna Mortgage Broker

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Is your mortgage getting too expensive? If the cost of your mortgage is on your mind, finding a suitable mortgage broker with the expertise to help you plan for the future, makes a lot of sense. Researching the best solution in these times of rising interest rates is what Rosso Mortgages in Kelowna is all about.

So, if saving money has piqued your interest, we’d recommend taking some time in the new year to research what options are currently available for your own mortgage situation. Hiring a professional mortgage broker will save you valuable time and help you through the legwork associated with adjusting your home loan. With access to banks, lenders, and other financial institutions, a good mortgage broker is in the perfect position to advise on the best possible financing for your individual situation.

Variable rate mortgages have been a popular choice for Canadians, but rates have surged this year due to the Bank of Canada’s mandate to rein in inflation. You may have heard reports of homeowners with payments that have increased significantly.

Couple looking for a mortgage broker in the Okanagan

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So, what can be done? Many people are wondering - is a fixed rate the better way to go to protect against further pain? Wes Rosso at Rosso Mortgages in Kelowna has provided some alternative strategies which should be considered along with the fixed option:

1. Static Variable – Some companies offer a variable rate mortgage but has a payment that is fixed. This gives you the benefits of a variable rate mortgage and the security of a payment that stays fixed.

2. Reverse mortgages – If you are 55 years or older and have sufficient equity in your home, you may be able to qualify for a revised mortgage that doesn’t require payments as long as you live in your home.

3. Refinancing – By refinancing your current mortgage, you can reset the payments based on your current balance owing. You may also be able to extend the amortization period which would further reduce your payment.  Also, if you have other debts, car payments, credit cards, etc. that you can consolidate, you may be able to eliminate other monthly payments.

4. Interest only payment – Home equity lines of credit are an alternative to mortgages, are interest-only and can help reduce the payment burden.

Kelowna Mortgage Broker consulting a client

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Lowering Your Mortgage Burden In the Short Term

One thing to keep in mind with these options is that by reducing what you are paying monthly today, this will in turn extend the time and cost to pay off your mortgage debt. This can however be an effective short-term strategy which you can adjust later if circumstances change.

Kelowna Mortgage Brokers Are Here to Help

If you have questions about changing up your mortgage, for a free analysis to see what options may be available to you, please contact Wes Rosso at Rosso Mortgages in Kelowna, BC. Click here for more information on the many benefits of consulting a mortgage professional.

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