Our Partners

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A message from our Mortgage Partner, Jon Sowerby at TVH Group

October, 2018

The Purpose of this Note:
In brief, I am writing to you today to talk about accessing the equity in your property. If you are considering doing a review of your financial situation in the next 6 months then please take a moment to read on. 
The Issue:
New Year’s resolutions are something I frequently come in contact with in my role. The New Year swings round and people set some goals for themselves. Financially, that might include finally getting around to that home renovation, paying off some debt or perhaps even accessing some of your accumulated equity to make some investments like buying a rental property or putting some money in the stock market. Accordingly, I tend to see a lot of refinances in the first 3 months of the year in comparison to purchases. However, the timing may not always be optimal.
The Concerns:

  1. Not everyone gets excited about doing a review of their finances and whether they simply don’t enjoy the process or perhaps are scared about what they might find they put it off

  2. Over the last 18 months there has also been a lot of talk about interest rates trending higher. We have seen gradual movement to higher pricing after hitting an all time low in the Spring of 2017. People are worried that making a change now will have them paying more and so they put off looking at their options in the hope things will somehow improve

The Reality:

  1. Waiting, as far as money is concerned is rarely the solution

  2. Rates, while higher in 2018 are still by any reasonable measure quite low

  3. Lastly, mortgages are essentially a retail product, meaning like most retail products there are times when they go on sale. Fall is one of those times

The Point:
So the crux of why I bring this up: People often wait until the New Year to consider their options but the bottom line is fall is probably a better time than the winter for pricing. There are lenders who are currently offering special terms and there is probably some money to be saved by making the inquiry now
The Next Step:
If you are someone who might be thinking of doing a financial review in the coming months I would invite you to touch base with me sooner than later.

Currently there are some lenders who are offering special options however most of these offers tend to go away by the end of October when the fall market starts to die down. So if we are quick there is still time to use this to our advantage and it never hurts to at least ask the question.


Jon Sowerby

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