Whether it’s a career change or unexpected medical expenses, life’s little surprises can sometimes take a toll on your family’s finances. For long-term Interior Savings members and mortgage-holders George and Lily, out-of-the-ordinary medical bills after a skiing accident had them wondering where they would find the money to pay their bills.
They were looking for a silver bullet that would make borrowing to cover the bills easy. Their silver bullet was, in fact, their Interior Savings mortgage and theWorks™. Here’s how theWorks™ can help protect you and your family from the unexpected.
Remember to download your Mortgage Shopping Checklist for everything you need to know about renewing or refinancing your mortgage.
How it Works
In a typical mortgage scenario, a lender registers your mortgage for a certain amount, say, $300,000 on a $500,000 property.
No matter how much equity you build up in your home over time, your mortgage can’t exceed that original $300,000. In order to borrow more money, you’d need to register a new charge or discharge your original mortgage. Both options come with new rates, new legal procedures, and fees. Sound like a headache? It can be!
At Interior Savings, when we set up a mortgage we register a charge without a fixed dollar amount. That means you can add on any of our lending products, secured to your home, without having to cancel, re-register, or go through lawyers or pay multiple fees. Whether it’s your mortgage, car loan, RRSP loan or line of credit, it’s secured by the equity in your home. That’s the beauty of theWorks™.
With theWorks™, repayment options, amounts, and schedules are flexible. Plus, you can set up more than one term to reduce the risk of potential increases in interest rates. Mortgage protection insurance, life, disability, critical illness and loss of employment insurance are also all available through theWorks™.
Do you have questions about borrowing against your home equity, what’s available with theWorks™ or affording a new home? Get in touch with one of our Mobile Mortgage Specialists and download your Mortgage Shopping Checklist.
Article contributed by Allan Gariepy, Mobile Mortgage Specialist with Interior Savings.