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Refinance Mortgage Toronto
Mortgage refinancing pays the current mortgage or other credits or debts against your property and creates a new mortgage. There is transferring, renewing, and porting involved in the process among other things.
There are times when it makes financial sense to refinance your mortgage on your Toronto home. A refinancing occurs when you take out a new mortgage on your property with a whole new set of terms and conditions, and at a new interest rate.
This may be an alternative to taking a more expensive second mortgage to cover expenses such an education or renovation of your home. Under some circumstances, it can be cheaper to opt out of your current mortgage and renegotiate a mortgage at terms and rates that suit your current circumstances.
Why do People Refinance Their Mortgages?
- To take advantage of lower interest rates. A small rate reduction can have a huge impact on what you pay over the term of the mortgage.
- To obtain access to home equity. You can use up to 85% of the equity in your home to finance renovations, pay for education or consolidate high-interest debt. Equity in your home is the current market value of your home less the unpaid balance of mortgages against it. Interest rates on loans covered by home equity are a lot lower and these loans can be used to consolidate more expensive debts. If the equity in your home is less than 20% this is not a feasible option.
- Change the amortization period in accordance with current financial realities. For example, shortening your amortization period can save you thousands of dollars over time or you may wish to extend the period to reduce the monthly payments.
- Early closure of the current mortgage
- Add a home equity line of credit HELOC – This revolving credit option allows you to take out as much as 65% of the equity in your home. You use what you need and pay interest only on the amount that you have borrowed. You can pay back and borrow from the HELOC as required
- Blend and extend – Sometimes called early renewal. It blends current rates with existing rates and is then extended back to the fixed term of the mortgage
Some Of The Main Reasons To Refinance Your Mortgage
Other Property Investment
And Other Situations
Proper Refinance Provides You With An Additional Fund Of Money
Mortgage refinancing pays the current mortgage or other credits or debts against your property and creates a new mortgage. There is transferring, renewing, and porting involved in the process among other things. Refinancing the mortgage is a good option for many different situations and people. Typically if refinancing is done properly, it provides you with an additional fund of money.
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Compare the Costs and Benefits of Refinancing the Mortgage on Your Toronto Home
You must compare the penalty costs of breaking the contract with the benefits obtained by so doing. The penalties on a variable rate mortgage are three months interest and on a fixed term mortgage it will be three months’ interest or the interest rate differential whichever is higher. The interest differential is more often than not the higher of the two. It is the difference between the current rate and the posted rate at the time of the mortgage.
Don’t let penalties put you off.
The consultants at Certified Mortgage Brokers Toronto can help you to calculate the savings and costs of changing. A change could save you a fortune.
Working with Us Means
We Won’t Let You Pay Fees That You Can Avoid
There are both pros and cons of refinancing and costs related to the process. By working with us you will become familiar with all the information and feel good about making a decision. At Toronto Mortgage Brokerage you will not be tricked into paying fees that you can avoid.
We Create A Unique Plan That Reflects Your Conditions
We provide a vast variety of financing options so don’t hesitate to speak with us. Our expert staff will create a unique plan that reflects your situation. Let us know what you are interested in and we will make it happen.
Reasons for Refinancing
There are many reasons you may choose to refinance your mortgage but chief among them is that you may wish to lower your interest rate, lump you’re first and second mortgages into one single mortgage, change the term and duration of your mortgage, switch from adjustable rate to fixed rate, take out cash to pay off debts, renovate your home or buy an investment property.
- Lower your monthly mortgage payment – As stated earlier simply reducing your interest rates by as little as 0.85% would yield a huge saving in the near future. Chances are you will reduce your interest rate by much more than just 0.85% since the interest rate are much lower than what they were 3 or 5 years ago.
- Consolidate all your mortgages into one single mortgage – if you are tired of making different payments, you can bundle your first and second mortgage into one single mortgage and make one payment
- Change the term and duration – You may choose to refinance and change the length of your term to a shorter or a longer term.
- Switch from adjustable to Fixed rate – With the historically low interest rates, many folks find switching to a fixed rate mortgage to be an attractive option
- Take out cash for renovation or investment – Many homeowners are taking advantage of the low interest rate to renovate their home or use the case to buy additional investment properties
- Debt Consolidation – Here lies the enormous savings. If you have high interest credit card debt, auto loan and other high interest loans, then refinancing will have a monumental impact on your financial situation as you will be able to consolidate all these debt into one single loan with much lower interest rate.
Reasons to Get a 2nd Mortgage:
FAST & EASY APPLICATION PROCESS
SAME DAY APPROVAL ON SECOND MORTGAGES
mOST COMPETITIVE 1ST & 2ND MORTGAGES
CANADA LARGEST POOL OF PRIVATE LENDERS
WE FUND YOU WHEN BANKS DECLINE YOU
We Make You Aware Of Pros & Cons
If you are in need of extra cash and feel that a second mortgage is the way to go then let us help you at Toronto Mortgage Brokerage to go through the process of getting it correctly. You have to keep in mind that there are risks involved as with any loans and because of that it is very important to turn to a reliable professional.
We Educate You About The Options You Have
If you have already paid off a portion of your home and/ or the market value of the home had risen then you are especially a good candidate for a second mortgage. Even if this is not the case for your situation, then there are still options that we can provide for you.
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