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REFINANCE
If your current mortgage is coming to the end of its term you have a few choices and refinancing is one of them. A mortgage refinance is when you take out a mortgage for more than you currently owe on your mortgage. This gives you more access to the cash equity in your home. The mortgage amount is increased and the cash that is left over is paid outdirectly to you.
How to refinance your mortgage and When Can I Refinance My Mortgage?
As stated earlier, it is often completed during your mortgage renewal period but this is not always the case. Depending on your circumstances you may want to refinance sooner and pay a penalty. Our mortgage agents are here to help you navigate these situations to find the best solution for you.
Benefit Of Refinancing My Mortgage. Having extra cash on hand through your refinance mortgage can help you:
- Pay down high interest credit cards
- Have extra funds for home renovations
- Debt consolidation
- Purchase investments
- Debts to Revenue Canada
- New business
- Pay for school
Unlike a HELOC Mortgage interest costs start from day one and are on the total amount of cash from the refinance amount.
Having bad credit does not mean a home owner cannot refinance their mortgage. To refinance a mortgage with bad credit, home owners are required to obtain financing from non-traditional methods such as private mortgage, second mortgage or home equity loan, where there are no income or credit requirements.
Getting a second (2nd) mortgage is the simplest way a home owner can access equity from their home. A 2nd mortgage refinance does not require income or credit to qualify to borrower equity from the home — only home equity.
What is mortgage refinance?
How to refinance your mortgage
To refinance a mortgage, first, all home owners must complete a mortgage application and submit it to your mortgage broker, along with any other documents requested by the broker. Next your broker may order an appraisal report confirming the property value, and other important details lenders require to validate for all mortgage refinancing.
Mortgage Refinance
For All Home Owners
- Good & Bad Credit
- No Income or Low Income
- Self-Employed or Contractor
- Separated or Divorced
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