Mortgages generally qualify as good debt; they are usually available at the lowest possible rates, represent a good investment in a (generally) appreciating asset, and make home ownership possible. Bad debt saddles you with high interest rates – often on depreciating assets. High credit card debt is one of the worst kinds of debt and afflicts most Canadians at some point in their lives. But if you have equity in your home, then you have an opportunity to turn bad debt to good debt – by refinancing and rolling high-interest debt into your mortgage for big interest savings. One of our Mortgage Professionals can talk to you about refinancing at any time.
Refinancing your existing mortgage can be one of the most effective ways to access equity in your home for a variety of reasons. For example, did you know that you could use the money in your home to pay off other debts that carry higher interest rates than a mortgage e.g., credit card debt, car loans? You can borrow up to 85% of your home’s value.

Why pay interest of 19% on your bank’s credit card debt when you can add that debt to your mortgage and pay a much lower interest rate. Sometimes it makes sense to refinance to lower your interest payments, let us help you do the math.

Call Alex or Deanna Novik and find out whether:
  • You can consolidate your debts into one low mortgage payment
  • It pays to break your mortgage
  • You can borrow that extra cash for renovations or other big plans

Often a new mortgage may be the best way to manage all of your debts. Moving your high-interest debt into a lower-rate mortgage is a great way to save on your overall interest costs, improve your cash flow, and begin the process of improving your credit rating. It’s great news that the right mortgage can help establish your reputation for credit-worthiness.

With the wide assortment of options and features available today for mortgage refinancing or debt consolidation shopping around takes a lot of time and effort. The mortgage process can be intimidating to many Canadian homebuyers so it’s wise to get advice from a Novik Financial that will represent you and ensure the mortgage you get is the one best suited to your needs.

Finding the right mortgage refinancing or debt consolidation for you is our business. We know which lenders have the best rates and we negotiate with multiple lenders at one time. What’s more, we know the system and have the industry knowledge required to present a proposal for financing to lenders to successfully obtain mortgage financing, and we do all the paperwork.

Plus, Novik Financial are compensated by lenders, and in most cases we offer our services free of charge to our clients

Congratulations on your maturing mortgage! You are now a “free agent”. Now is a great time to look at the many innovative options and competitive rates available. The mortgage environment is always changing – if you’re in the last year of your mortgage, one of the smartest things you can do is to have a Mortgage Agent shop your mortgage renewal to over 40 lenders who all want your business.

When a term is coming to a close, most banks will send a mortgage renewal notice in the mail usually one to two months prior to the term expiration. Unfortunately, the banks only tend to offer you their posted rate with very little or no discount and only have one financial product to sell: Their Own. Almost 60 percent of people renewing their mortgage, sign this renewal without researching what the competition has to offer. At Novik Financial, we’re here to offer you advice so you can take advantage of the competitive mortgage market. Quick mortgage tip…transferring your mortgage to a new lender with better terms and a better interest rate won’t cost you a dime! The new lender will cover all of your costs. Ask yourself “Would I get better mortgage rate by having access to one or over 40 lenders?”

At Novik Financial we do all the leg work for you and we can guarantee you a rate Four months in advance of your renewal date which can save you thousands of dollars in interest costs and contribute to your bottom line, not your bank’s.

We know that different people need different things in a mortgage. We offer homebuyers access to rate information and mortgage options from a wide range of lenders, including most of the major banks and lending institutions. We have an outstanding range of mortgages and lenders available to help you build a mortgage blueprint that fits your financial future.