Hi, I am Lucia Gugliuzzi
Mortgage Broker
Your first move should be to look into your mortgage options!
Do you want to create the perfect house that fits your lifestyle? Or does your family need more room to grow? Call today for a free analysis of what you can afford. Your dream home may be more affordable than you think!
When you are ready to sell your home and buy a new one, your first move should be to look into your mortgage options. If you will need a bigger mortgage, your options will include bringing your mortgage with you if it is portable. You can often “blend” your current mortgage rate with the mortgage rate on the additional funds you need.
With interest rates today still hovering at historic lows, you might want to consider breaking your current mortgage and getting a new one for the total amount you need. To break your mortgage, your lender typically has the right to charge a penalty based on the greater of three months’ interest or the interest rate differential (IRD), which is essentially the difference between your old rate and current rates for your remaining term.
Lenders can calculate IRD differently; you should always get the actual penalty from your lender. If you are in a term longer than five years and you have passed the fifth year, the three-month penalty applies and not the IRD so this may make breaking your mortgage more appealing.
You’ll want to compare your new blend/extend rate with the rate you’d get with a new mortgage. Of course, the exact terms and conditions of your current mortgage need to be examined closely to determine if there are other factors to consider.
It’s worth a professional mortgage analysis to determine which option is the most beneficial to you. There’s no cost or obligation. We’re up-to-date on current rates and all of the new opportunities available – from a wide range of lenders – so we can help you with all of your mortgage details for your next home.
Don’t just take my word for it.
See what my clients say.
I had the opportunity to work with Lucia in the search for my first home’s mortgage, and it was a delightful experience. Lucia provided us with comprehensive information that was easy to understand throughout the entire process. She offered advice on various scenarios and approaches to yield the best results. I now feel confident in making my own decision, thanks to Lucia’s guidance, in finding the mortgage that best suits my situation. I wholeheartedly recommend Lucia’s services to assist you in your search for a new home. Sincerely, Paul Dinh.
Paul, from Vaughan, Ontario
We have been dealing with Lucia since 2008, and we haven’t had any issues with her. She’s very accommodating and listens to our needs. She explains the process thoroughly to us and answers our questions well. She comes highly recommended.
Agnes T, from Toronto, Ontario