Refinancing

Would I Be Eligible to Refinance My Mortgage? 

Like with all of our clients, we will set up a consultation to identify any gaps in your portfolio, make any recommendations and make sure your mortgage meets the necessary criteria. To do this, we first must calculate the loan-to-value ratio by dividing the total outstanding mortgage balance including any other debts secured against the property into the current property value. If your loan-to-value ratio is 80% or less, you would be eligible. 

Why Would I Want to Refinance My Mortgage?

1. Consolidate your Debt

Reducing your high interest or credit card debt is crucial in any effective financial plan. Less interest means lower payments and lower payment means more cash flow or in other words, more money in your pocket. This will provide you financial freedom in being able to stick to your budget, allocate the additional savings to interest bearing accounts allowing your money to work for you. In addition to this, there will be fewer payments to make each month, meaning you're less likely to miss a debt obligation payment, which would negatively impact your credit score.

2. An Opportunity To Get A Lower Interest Rate

If the mortgage rates drop after you’ve negotiated your mortgage with your mortgage provider, there is still an opportunity to capitalize on this and save money long term.

We will complete a detailed review of your financial portfolio and see if a rate reduction known as rate-and-term financing makes financial sense.  

3. You May Require Your Term To Be Changed

Financially goals and needs do change depending on your life stage and your current mortgage terms may longer be cost effective or efficient in helping you achieve your financial goals. You may need to pay off your mortgage faster and your current prepayment privileges do not allow for the necessary prepayments required, your current lender mortgage features do not allow for a cost effective equity-take out or rates have dropped and you want to refinance your mortgage into a fixed rate term for a better rate taking comfort in the fact that your rate is locked for the entire duration of the term. 

4. Accessing Your Home's Equity

With every mortgage principal payment that you make, you’re freeing up equity in your home. However, if the necessary equity plan is not in place, you would not be able to tap into this equity. With access to a multitude of different lenders, we can help find the right equity plan for you. Your home equity is the difference between your property’s market value and mortgage including any other debts secured against the property. We can help you tap in to 80% of your home’s equity via a mortgage or home equity line of credit. 

For whatever you’re refinancing reasons are, you will be provided a mortgage product that is for what matters to you most!