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The process of taking out a new loan and replacing an existing mortgage is known as mortgage refinancing. This is done to obtain better terms, such as a lower interest rate, taking out the equity in a home for property improvements or to purchase a new property.
A mortgage may be used to combine multiple debts, such as high-interest credit card balances and personal loans into a single mortgage loan. This process is referred to as debt consolidation.
By consolidating debts into a mortgage, borrowers can take advantage of lower interest rates typically associated with a secured home loan. This can lead to reduced monthly payments, increased cash flow and an easier way to manage a variety of reoccurring debts.
It is important to carefully consider the pros and cons of debt consolidation with a mortgage. It is crucial to assess one’s financial situation and seek professional advice before proceeding to refinance. Debt consolidation with a mortgage is a wise way to restructure costly high interest credit cards or other loans.
Ready to pay off high-interest debts?
Call me for a complementary consultation today!
Of course, the best reason is to get a mortgage with real benefits.
Extra funds for renovations or for investment purposes, by borrowing up to 80% of a home's value.
Save money by taking advantage of lower rates or locking in to
protect against future rate increases.
Create cash flow by lowering an existing mortgage payment
through a lower rate or extended loan terms.
Pay off a mortgage faster with lower rates and a shorter
loan term, keeping roughly the same payments.
Consolidate higher-interest debts into a lower-rate mortgage with one easy payment.
Too many expenses could negate the benefits of a mortgage refinance.
However, I will carefully review a borrower’s current mortgage terms to better understand
whether the costs and fees after refinancing are more favourable.
A refinance typically takes approximately 2-3 weeks to finalize the details.
The good news is that I will help make the mortgage refinancing process simple,
stress-free and a convenient experience.
Mortgage registration fee, amount varies by province.
Legal fees (a lawyer will need to oversee a new mortgage).
Appraisal fee (a lender will want a home appraised to determine the maximum mortgage
amount and to know the value of the asset).
Mortgage discharge fees may be due when switching to a different lender.
Mortgage prepayment penalties, which for fixed-rate mortgages will be the greater of either 3 months' interest, or the Interest Rate Differential (IRD),
to make up for interest that was promised to the lender for the original mortgage.
I can help determine if the pros outweigh the cons for a mortgage refinance.
An acceptable purpose for refinancing is required by lenders.
The right reasons will include asset enhancement, debt consolidation, combining first and second mortgages,
renovations, and investment purchases.
Available for extended amortization up to 30 years.
Cash advances up to a maximum of two.
This program excludes mortgages set for default management purposes.
Available for extended amortizations up to 30 years
(depending on the lender, for currently uninsured conventional mortgages).
Owner-occupied — maximum four units with at least one unit occupied as the principal
residence, and only existing properties (not for new construction)
Secondary homes or investment properties — maximum two units, and only existing properties (not for new construction)
‘Loan-to-value’ (LTV) is the relationship between the principal
balance of a mortgage and the property value.
Want to discuss ways to pay off high-interest debts?
Contact me today to review attractive mortgage rates in Canada.
Mortgage Agent Level 2
Mortgage Agent License / #M22000706
Address: 30 St Patrick St Unit 310, Toronto, ON M5T 3A3
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genellegeorge@nextlevelmortgage.ca
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