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John Santos-Ocampo, AMP

Mortgage Broker

 

Direct Line: (604) 506-0397

Fax: (604) 628-3798

Toll free (Canada) : 1-800-504-5886

email: johnso@bcmortgage.ca 

 
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Where the combined mortgages result in one "high ratio" mortgage:
If neither (or none) of the mortgages you're combining was ever insured, but combining them results in a high-ratio situation, you'll be required to pay an insurance premium. BC Mortgage will help you determine the total savings the combination will give you, in order to determine whether this is financially worthwhile.
Where the combined mortgages result in a new "conventional" mortgage:
High ratio insurance is not required. As long as you qualify with your income and credit standing, BC Mortgage will help you achieve this quickly and conveniently.
In both cases there is one critical consideration which causes the failure of many such refinances. The new mortgage often requires a fraction of the cash flow previously needed to service the now consolidated debt. Many who go through this process not only absorb the cash flow savings into an improved lifestyle -- they either re-incur debt that they paid out, or incur debt for which they now qualify -- or both. It is important to approach such a consolidation/re-combination of obligations with the clear and focused goal of applying all savings toward paying down the mortgage. Otherwise, the new mortgage will be a burden, rather than a solution. BC Mortgage will be happy to provide you with the information you need to make a decision.

 

 

 

 

 

 

 

 

 

 

 

 

"My job is done when you know your options"

 

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