Spectrum-Canada Mortgage Services

at Suite 201 - 3920 Norland Avenue, Burnaby, V5G 4T8 Canada

Providing full service alternative funding to Canada's Banks and Credit Unions


Spectrum-Canada Mortgage Services
Suite 201 - 3920 Norland Avenue
Burnaby , BC V5G 4T8
Canada
Contact Phone
P: 1-877-253-4377
Website
http://spectrum-canada.com/

Description

Spectrum-Canada Mortgage Services Inc. ("Spectrum") is a licensed Canadian financial intermediary with 12 years experience in the area of nonconventional mortgage lending and has developed unique expertise in accessing, processing and funding a range of 1st and 2nd mortgage product. The non-conventional segment of the mortgage market, broadly defined, deals with mortgage borrowers who do not meet typical conservative bank lending criteria. Reasons may include the difficulty in assessing self-employment income, the desire for a higher loan-to-value ratio or debt service ratio than the more conservative lenders can approve or because of past credit problems. It may also be a combination of these factors. Spectrum's strong history in originating, underwriting and managing nonconventional mortgages has given it the specific knowledge necessary to successfully navigate this marketplace and Spectrum will continue to develop new origination, funding and servicing programs to build upon its proven expertise

Company Rating

27 FB users likes Spectrum-Canada Mortgage Services, set it to 38 position in Likes Rating for Burnaby, British Columbia in Bank/financial services category

When is the best time for clients to refinance? People refinance for a variety of reasons; to consolidate debt and improve household monthly cash flow; for home improvements and renovations; for investment purposes such as maximizing RRSP contributions or for other reasons such as investing in post-secondary education tuition fees for children or a second home or investment property. Refinancing to consolidate debt can be less costly than paying revolving debt such as credit cards or personal loans at higher interest rates. Refinancing into a low-rate mortgage or a home owner’s line of credit and making one lower monthly payment can definitely ease pressure on household incomes. Refinancing for home renovations can also make sense – particularly for kitchen and bathroom upgrades where most if not all of the costs can be reimbursed upon resale. Refinancing to invest in RRSPs, mutual funds, or savings accounts is another way to build net worth, assuming the return on the investment is greater than the cost of refinancing or borrowing. According to Carol Matthews, President and CEO of Spectrum-Canada Mortgage Services Inc., “more than 60% of the business we see is to assist clients in refinancing to consolidate other debt, often saving clients hundreds of dollars in monthly payment.” The question is “when is the best time to refinance?” Said Matthews “ There are some obvious triggers to this question – change in employment, change in marital status, when your mortgage comes up for renewal – but often borrowers would be well served to look at their financing options at other times. Looking at their entire debt load – including loans and credit cards – annually to ensure they are not overburdened, or see if there is a more manageable way to handle it is always a good idea.’