*Services provided by Flavia Tolussi Zancope Notary Corp.

Buying or Refinancing? Borrow Only What You Need

by | Sep 27, 2019 | Real Estate Transactions

If you are buying or refinancing property, the bank might offer you a larger mortgage than you need. While it’s tempting to have those extra funds available, it’s not worth paying for extra money you don’t need.

Sometimes people feel that they have to take all the money right away, and simply deposit the extra funds into their chequing account. Remember, the day you borrow the money is the day you start paying interest.

Of course, if you need to borrow money, it is always better to borrow first from your mortgage. This is usually the least expensive money you can get, and much cheaper than dipping into other sources, like credit cards.

However, a good strategy is to pay for your planned purchases with your credit card, get your rewards points, and then pay the credit card with money available on your mortgage or line of credit.

How do you know the money will be there when you need it?

When you meet with your notary, ask about registering the full amount of your mortgage. That way, you can borrow enough for your home purchase and tap into the rest if you need it.

At Zancope Notary Public, we feel like it’s our duty to give all the information to our clients so they can decide what’s best for them. When our clients are offered larger than needed mortgages, we register the full amount, the client borrows only what they need, and the additional funds remain available at their bank.

Your notary is on your side

Remember, regardless of your financial position, your notary has your best interests in mind. We look at all the information, outline the various options, and help you make the best decision for you and your family. It’s our fiduciary duty to look after our clients in this way. So when a bank or mortgage broker offers you more money than you need, please do not feel obligated to borrow everything at once. Instead, get in touch with your notary. We are here to help!


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Here is what our clients have to say about us:

“Flavia was very thorough and made sure that all paperwork was perfect so there wouldn't be any delays.” Amy B.

“Not only was Flavia very personable, detailed, and communicated efficiently; she also completed my time sensitive paperwork needed for my mortgage proceedings.” Philip S.

“As young first time home owners, we really had no clue what to expect and often found ourselves overwhelmed in the process. Flavia was great in explaining everything and ensuring we were comfortable with all paperwork and steps involved.” Danielle C.