Mortgage refinancing can be ideal in a variety of situations, particularly if you’re tied down with a high interest mortgage loan. Simply put, mortgage refinancing is a new loan that is used to pay off your current loan. Refinancing usually allows for a lower interest rate to be negotiated as well.
There are several reasons to opt for mortgage refinancing in Canada. Most commonly, it is excellent for use as a debt consolidation loan, due to the accompanying lower rate. Most of the time, mortgage refinancing is less expensive than obtaining a traditional mortgage loan.
The better your credit, the better your chances of securing favorable terms and a lower interest rate. Check out our mortgage refinancing calculator to determine the amount you’ll be expected to pay as principal, interest, and other fees.
With our experience in the Canadian mortgage landscape, a Brokers For Life mortgage associate can ensure you’ll get approved with a great refinancing deal. Or, try our quick, and secure, online application to get our mortgage team working for you right away.
The refinancing process can be the perfect time to get a customized mortgage loan.
Regardless of what mortgage loan you decide to go with, our team can guide you through the refinancing process, making it easy and stress-free for you. You are sure to get the best out of your mortgage refinancing deal.
No matter why you are refinancing your home, the first consideration to keep in mind is simple: you must own it. You can use only 80 percent of the value of your home, determined through an appraisal. You may or may not have to pay an insurance premium on your refinancing, depending on what type of mortgage loan you choose.
There are some legal and appraisal fees that you must pay as a homeowner before securing a mortgage refinancing deal. In most cases, these fees can be rolled into the total mortgage amount, but keep in mind that you’ll have to pay the initial amount out of pocket and be reimbursed by your mortgage funds later.
A mortgage prepayment calculator is helpful in calculating the monthly amounts, principal, and interest rates, to be paid, together with other fees associated with the mortgage refinancing.