Refinancing Your Mortgage

How Do I Get Started?

Suppose you have done your homework about refinancing and you know what your financial goals are; but would like to know which refinance options best suit your needs? It is important that you receive sound, quality, expert advice from a trusted mortgage broker. Independent mortgage brokers are not affiliated with any one bank or lending institution and have the freedom to shop your mortgage application around to get you the best rate, the best terms, and the best service. Bank employees are obligated to only offer that particular bank’s products to you, which may or may not be the best fit. Independent brokers will save you time and money by comparing the options and rates for you. This can be a complicated task for any individual so ask lots of questions until you feel that you thoroughly understand your options. This is where we can help!

Reasons to Refinance Your Mortgage

Mortgage Rates are now lower than the Current Rate you have on Your Mortgage

Your Mortgage has 2 years to run at a rate of 5.5% and current rates are now at 4%. What should you do? Well in many cases its worth to break you mortgage, pay the penalty and refinance for a lower rate... However this is very technical and best left up to a Mortgage Specialist to complete the calculations to give you unbiased advice. Do you think your bank will tell you honestly the best option...Maybe not? As an independent consultant we are best positioned to give you unbiased advice.

Lower Your Monthly Mortgage Payment

A drop of just one half to three quarters of a percentage point in interest can lower your monthly payment. There are a few different ways you can lower your monthly mortgage payment. First, you can simply refinance to a lower interest rate. A lower rate generally means a lower monthly payment.

Second, you can change the amortization of your mortgage. For instance, if you have a 15-year amortization, you can lengthen the amortization to 30 or up to 35 years. Since the balance of your mortgage is spread out over a longer period of time, your payment is lower. This might be something you need at the moment to get you through some budgetary issues, but you can always increase your payment once your situation improves.

Need Extra Money for Large Expenses

Many Canadians have used their equity in their homes when they have a large expense they may not have the available savings for. You may have to cover your child University costs or need it for a home renovation project.

Now doing it through you mortgage might be bad advice because of fees involved but in many cases it can be cost beneficial. We can easily walk you through the pros and cons and come up with some options which will suit your needs.

Consolidating other Debts, Loans and Credit Cards

Often rolling your other debts and loans into your mortgage can be very financially beneficial. Consolidate Your Debt and Simplify Your Life - Having multiple loans can sometimes be a burden. Take charge and pay your high interest debt with one easy, low interest rate payment.

This can be tricky determining which debts to consolidate. Also the percentage equity you have in your home will determine the best least costly way to structure the refinance... so this is where our creativity comes into play.

Refinance to Buy a Second Property or Investment

You may have enough equity in your home to purchase a recreational property or second home or an investment property. By increasing your current mortgage you can use these funds for a down payment on your next property- so literally you have “No Money Down”. We recommend you have at least 50% equity before you decide to do this.

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