Is refinancing your mortgage the right move

1. Is Refinancing Your Mortgage Is Refinancing Your Mortgage the Right Move? the Right Move?

2. For homeowners across Canada, this undoubtedly is the ideal time to consider refinancing their mortgage due to interest rates dropping to an all-time low. WHY REFINANCE NOW? There are many who’ve already locked in lower mortgage payments for their homes through some of the best mortgage brokers who have helped them decisions. make lucrative

3. UNDERSTANDING YOUR MORTGAGE OPTIONS Reaching out to a qualified mortgage broker can help streamline the entire process and understand your options better to get the best deal possible including:-

4.  Better interest rates compared to the existing one  Lower monthly payments  Flexible duration for the repayment of the loan amount  Additional funds for home improvement  Debt consolidation into a new mortgage Though there are several benefits of refinancing with the newer Canadian mortgage rates it may not be the right option for everyone.

5. THE MORTGAGE GLOSSARY Fixed-Rate Mortgage Equity You numbers work in your favor and there are a few terms you must be familiar with to make more sense of your services. Here is a quick glossary of a few vital terms that are quite common in industry. must ensure that the APR or Annual Percentage Rate ARM or Adjustable Rate Mortgage refinancing Points Closing the mortgage PMI or Private Mortgage Insurance Cash-Out Refinance

6. THE MORTGAGE GLOSSARY Fixed-Rate Mortgage Equity •This amounts to the total cost of a loan that a borrower needs to pay and includes additional fees charged by the lender. APR is expressed as a percentage and the lower it is, the better. •It allows flexible Canadian mortgage rates after initial fixed years of loan repayment. •It is the difference between the current market value of your home and the amount you still owe to your lender. If the current market value of your home is $500,000 and you still haven’t paid 250,000 on your mortgage, then your equity in your existing home is equivalent to $250,000. •Here, the interest rates remain fixed for the entire time while you repay your loan. It is usually a long-term mortgage ranging from 15-30 years. APR or Annual Percentage Rate ARM or Adjustable Rate Mortgage

7. THE MORTGAGE GLOSSARY Points Closing •It is the additional payment for the ongoing insurance on the mortgage if you pay less than 20% of the mortgage value upfront from your own pocket. It is non-refundable. •This is when your refinance amount is higher than the existing mortgage amount. •Additional fees paid to lenders to reduce the interest rate on your loan, a point is typically equivalent to 1% of your entire mortgage amount. •It’s the last step of the entire mortgage refinancing process when you sign the required legal documents and funds are transferred from the new lender to the old one. PMI or Private Mortgage Insurance Cash-Out Refinance

8. YOUR CREDIT SCORE IS CRUCIAL Your credit score is another influential factor in determining the interest rate on your new mortgage. Here, it becomes crucial that you  Clear all existing credit obligations  Avoid any unnecessary credit-related purchases In order to make profiting decisions and avail the best mortgage rates Canada,it’s important that you compare terms across multiple lenders or reach out to a licensed mortgage professional.

9. RateGuru For Any Query Contact us:- Website: https://rateguru.mortgage/ Mail: info@rateguru.mortgage