Refinance Your Mortgage & Save in Burlington and GTA (Canada)

1. Refinance Your Mortgage & Save in Burlington and GTA (Canada)

2. The Ultimate Guide to Refinancing Your Mortgage Refinancing your mortgage may be a smart financial move, post COVID-19 pandemic and global economic scenario. Refinancing your mortgage is beneficial in terms of reduction in interest rates, monthly payments, and consolidation of debts or help to access your home’s equity. Read on further to understand everything you need to know about refinance mortgage services in Burlington, the Greater Toronto Area (GTA), and other parts of the country.

3. What is Mortgage Refinancing? Let’s first get our basics right. Mortgage refinancing replaces your existing mortgage with a new one and newer terms. There could be various reasons for homeowners to opt for mortgage refinance. Read on to know more. Debt consolidation mortgage • Debt consolidation mortgage is a single loan with a simplified repayment option. This mortgage combines your current debts into one loan. • Lower Mortgage Rates: Secure lower interest rates, and reduce your monthly equated payments and interest rates via mortgage refinancing. • Debt Consolidation: Refinancing helps you consolidate high-interest debts, especially ongoing personal loans into a single mortgage payment. You can pay lower Interest rates too. • Access Equity: You may use your home equity to finance medical bills and other large expenses. • Modify Loan Terms: Refinancing a mortgage allows you to adjust your mortgage terms. Through this adjustment, you can save on interest and even repay your mortgage faster.

4. Can I Refinance My Mortgage with Bad Credit? Yes. It is possible to refinance your mortgage with bad credit. But, it is very challenging. Lenders prefer borrowers with good credit scores. However, there are some options for you if you have less than the desirable credit. Improve Your Credit Score Get a Co-signer If possible, get someone with a good credit score to co-sign the mortgage with you. You can get better terms this way. You could pay down some of your debt, before you refinance. This will help you avoid new credit inquiries. Secure Government Backed Loans Consider All Your Options Go for Government backed loans such as those by the Federal Housing Administration (FHA) tend to have lower credit requirements. With so many different types of lenders, offering loans at various terms, you need to weigh all your options. Ensure that you choose someone who is willing to work with your credit situation.

5. How Much Can I Save by Refinancing My Mortgage? Several factors influence the savings on your mortgage refinance. These factors are: Differences in Interest Rates: The difference of interest rates determines interest savings over the total mortgage period. Monthly Payment Reduction: Difference in interest rates or mortgage term will also change the amount you repay every month. Break Even Point: Refinancing involves closing costs. Consider those to determine if your monthly savings will help you recover those costs.

6. What Are the Closing Costs Associated with Refinancing? Closing costs differ from lender to lender but typically range from 2% to 5% of the total loan amount. It includes: Application fee: The fee charged by the lender to process your application. Origination fee: The fee to process the new loan. Appraisal fee: Cost to have your home appraised to determine its current market value. Title Search and Insurance: The fee incurred for verifying the title and obtaining insurance. Inspection Fee: Costs related to necessary home inspections. Attorney Fees: You may incur a legal fee for review of your loan documents. Prepayment Penalty: Some lenders levy a prepayment penalty for paying off your mortgage early. When you are deciding to refinance, do factor in all of these costs because they can impact your overall savings.

7. Is It Better to Refinance or Get a Home Equity Loan Deciding between refinancing or getting a home equity loan depends on your financial goals. Here’s what to consider: Lowering Your Monthly Payments: Choose refinancing if your primary financial goal is to get a respite from your monthly payments. Accessing Large Cache of Cash: Home equity loans are better in this respect, because you receive lump sum cash. However, your interest rates will be higher as compared with refinance. Debt Consolidation: Both options are viable for consolidating debt, but refinancing is better if you want to lower your overall interest rate. Loan Term: Refinancing allows you to lower your loan term, while home equity loan typically offers fixed terms and rates.

8. Working with a Mortgage Broker • Whether you are looking for a Burlington mortgage refinance or a GTA mortgage refinance, working with a reputed and knowledgeable broker is necessary. This option is also viable if you are exploring options with a mortgage broker in Hamilton. • Mortgage brokers like the ones at Loewen Group mortgage refinance have access to both a wide range of knowledge and lenders, allowing them to offer you personalized advice based on your specific needs.

9. Conclusion Refinancing your mortgage can offer numerous benefits – from lowering your interest rates to accessing your property’s equity. By understanding the factors involved in making a selection and evaluating your financial goals, you can make an informed decision about whether refinancing is right for you. Remember also to consider the closing costs and potential savings. Take advice from a reputable mortgage broker in Burlington or Hamilton in this regard. With the right approach, you can also access equity despite bad credit and take advantage of mortgage refinance offers.

10. Contact Us (289) 337-4029 https://www.loewengroup.ca/ tori@loewengroup.ca 321 Nautical Blvd, Oakville, ON L6L 0C1, Canada.

11. Thank You