Life has a way of hitting us with unexpected expenses. Tommy Vrazalis through its mortgage agents has access to a wide array of banks and financial institutions. We work on your behalf to negotiate with the banks and lenders to get the best possible rates and terms for you.

Depending on how much equity you have acquired in your home, you could be eligible for a Home Equity Line of Credit. This financing solution can typically provide you with up to 80% of the value of your home.

Choosing to work with one of our mortgage agents; means choosing to work with an experienced and passionate professional. We can help you secure the financing you need for all your home improvement goals.

Contact us today! Start improving your home tomorrow.

Debt consolidation is your solution to high interest payments. A debt consolidation mortgage is when you refinance your mortgage to incorporate all your high interest debts into one payment i.e. your mortgage.
By refinancing with a debt consolidation mortgage you can borrow additional money on your mortgage so you can consolidate (combine) your debts into one simple payment. That way you can easily budget with a structured payment plan.

Debt Consolidation Benefits:

• Secure a much lower monthly interest rate for all your debts
• Lower monthly payments
• Stay organised with the convenience of making only one monthly payment
• Improved credit score from making all your payments on time

Contact us today and let’s find you a solution that is right for you! You already have the mortgage, so let’s see how we can help you unload some of that high interest debt.

Are you planning a renovation, consolidating debt, or starting a new business? A home equity loan, or line of credit, provides complete access to your home’s equity while still keeping your options open.
One of our knowledgeable mortgage agents is ready to provide you with in-depth product knowledge and access to the best available mortgage rates in the marketplace. Every mortgage solution our brokers offer will be structured and designed to your specific needs and financial goals. Contact us today!

A home equity line of credit also known as (HELOC) is a revolving line of credit that allows you to borrow the equity in your home at a much lower interest rate than a traditional line of credit. Home equity is the current market value of your home minus the remaining balance of your mortgage. Essentially, it's the amount of ownership of a property you have built up through both appreciation as well as reductions in the mortgage principle made through your mortgage payments. So, as you pay off your mortgage and build equity in your home, a HELOC gives you the ability to reborrow a portion of these funds. You can use HELOC funds at your discretion for renovations, debt consolidation, higher education or anything else you need. Just remember that the HELOC is secured by your home and cannot exceed 65% of your home's value.

With a HELOC mortgage, the entire line of credit available is not advanced upfront. Rather, you have the freedom to use as much or as little of the HELOC as you choose, and you only pay interest on the amount you have withdrawn. Interest is calculated daily at a variable rate attached to Prime, however, HELOC rates are often higher than variable mortgage rates and the relationship to Prime can technically change anytime at the disrection of your lender. For example, a variable mortgage rate is often Prime +/- a number, like Prime – 0.35%. HELOC rates, however, are set at Prime + a number and your lender can technically change that number anytime.

Home equity line of credit vs. traditional line of credit

• Home equity loans typically have lower interest rates
• They are easier to qualify for as compared to traditional lines of credit
• Interest costs may be tax deductible depending on the use of funds
• Borrowers can qualify for relatively larger amounts as compared to traditional lines of credit

Home equity loans are not for everyone but they are certainly a great financing solution worth your consideration. Reach out to one of our mortgage agents today and let them structure the right solution for your specific situation and financial goals.

A reverse mortgage is a loan that is designed for homeowners 55 years of age and older, secured by the equity in the home, which is the difference between the value of your home and the unpaid balance of any current mortgage. It allows homeowners to obtain cash without having to sell their home.

You can access up to 55% of the value of your home. You always maintain ownership of your home and never have to move or sell. You can receiver your tax-free cash over time or in one lump sum.

Advantages of a CHIP Reverse mortgage include:

• You don’t have to make any regular payments on the loan
• You can decide how you want to receive the money:
  • You can choose to receive: a lump-sum payment
  • A loan to set up planned advances that provide you with a regular income
  • A combination of the two options above

Let’s talk about the advantages and disadvantages of a securing a CHIP Reverse mortgage.

There are many great ways to save money over the life-time of your mortgage. Let’s review a few strategies that will help you pay-off your mortgage faster:

• Increase your payment frequency: Unlike a rental situation, where one usually pays monthly, mortgage payments can be structured as bi-weekly or semi-monthly. This shortens the amount of time it will take to pay off your mortgage loan and reduces the amount of interest you will pay over the long run.
• Shorten your amortization: If you have the cash flow, you could shorten the number of years it would take to pay off your mortgage. A shortened amortization means higher mortgage payments, but the principle of the matter is simple: pay higher now, pay less over time.
• Use your pre-payment privileges: Pre-payment privileges differ from lender to lender. These privileges exist to help you pay off your mortgage faster and reduce your interest costs.
• Roll high interest debt into your mortgage: Canadian homeowners are benefiting from mortgage rates that are among the lowest in decades. This means it could be highly beneficial to consolidate all your debt into one new mortgage. The result being that you make fewer payments, save money on interest costs, and improve your cash flow. This then frees up money you can use each month to pay off your mortgage faster.

A Tommy Vrazalis mortgage agent can help you explore options for paying off your mortgage sooner. Contact us today to review suggestions that could help you maximize your savings and pay off your mortgage sooner.