Heritage Lending Group Renames to Finevo Lending Group

Heritage Lending Group Ltd., a leading Canadian mortgage brokerage powered by the largest Canadian brokerage network, Dominion Lending Centres (DLC), today announced it has changed its name to Finevo Lending Group Ltd., (Finevo Lending). The company also announced that it has successfully completed its purchase of the equity position that was previously held by Heritage Financial Group Ltd. (HFGL), giving the principals of Finevo Lending full ownership. “Today we are excited to announce not only our new name, but also the next chapter in the continued success in providing competitive mortgage product and financing options for Canadians,” said Chris Cabel, CEO of Finevo Lending.

The name change embodies the company’s evolution and commitment to the finance and real estate lending industry. It is its vision to lead its competitors by empowering and serving Canadian families, while driving innovation needed to shape the future of mortgage financing.

“The new name, Finevo, and corporate rebranding provides us with a fresh modern corporate identity and go-to-market presence that creates a platform for continued growth and market expansion,” said Wayne Kainu, president of Finevo Lending.

“Over the past several years, we have evolved with the mortgage rule changes in our industry and continue to focus on positioning ourselves to create long-term value for our customers.”

In alignment with the vision of the company’s new name, Finevo Lending will reveal a newly branded website showcasing the vast product line and services offered to its clients at Finevo.ca.

What to Consider When Renewing Your Mortgage

So you receive a renewal notice from your mortgage lender, and while taking a look at what rate your lender is offering, you wonder where the last 5 years have gone. Many clients financial situations have changed during that time and now is the time to sit down and consider what options you may have. So before you choose your next term, lets take a look at what you should consider:

Are you risk-adverse or risk-loving?

While some  homeowners may lose sleep over increasing interest rates, and others just don’t care, will determine how suitable a Variable Rate Mortgage (VRM), is for you. If you get nervous about any hikes in interest rates, and wonder if you can afford a payment increase then you should probably be considering a Fixed Rate Mortgage (FRM).

Are you comfortable with the payment being offered?

Are you making extra payments on your mortgage or are you just getting by? The offer letter usually will tell you what your new payment will be based on the term and rate you choose. If you’ve been feeling financially strapped then now is the time to consider a refinance to increase your amortization and reduce your monthly mortgage payment.

Do you need cash?

Are your kids going to University in the next year, or two? Do you want to get rid of those high interest pesky credit card balances? Or are you looking at jump starting your retirement investment fund? Again now is the time to consider what cash you may have available and what you might need in the near future. A refinance may be the answer.

Downsizing or Up-sizing?

Is your family expanding? Or perhaps you want a bigger yard. If you are looking at selling in the near future, you should consider a shorter-term mortgage or at least a mortgage with a “Portable” option, and one that has flexibility. Sometimes referred to as an”Unrestricted” mortgage.

Are you really being offered the best mortgage rates?

The mortgage lending landscape in Canada is very competitive. If you know you have good credit, and good income, then you deserve the best rates a lender is able to provide. However, it very likely that your lender is offering a rate that may look competitive based on the lenders posted rates. But how does that rate stack up with other lenders. On average clients who used a mortgage broker for their renewal, received a lower rate that resulted in considerable interest savings. Bottom line do not sign the first offer the lender gives you, and it is always worth it to get a second opinion, it could save you thousands.

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