Unlock the potential of your home equity
What Is Mortgage Refinance?
Mortgage refinance means to change your mortgage to one with better rates or terms. A mortgage refinance borrower may want to do this to consolidate debt, do home renovations and even make big purchase decisions.
Should I Refinance My Mortgage?
Before you mortgage refinance, you will want to determine if it is right for your situation. You should consider refinancing your mortgage if you want to:
What Are The Pros And Cons Of Refinancing
Pros
- Unlock the equity you’ve built in your home
- Consolidate debt into one easy payment
- Lower your monthly payments
- Borrow up to 85% of your home equity
- Increase the value of your home by doing home renovations.
Cons
- Increasing the amount you borrow might extend the time it takes to pay off your loan.
- Your total interest rate may be lower, but the amount you still owe on your mortgage could be higher.
- There could be additional fees like prepayment fees.
FAQS
As you build equity in your home. Calculate your equity by:
- Find out how much your house is worth in today’s market (not how much you paid for it)
- Find out how much you currently owe on your mortgage
- Subtract what you owe on your mortgage from the current value of your house.
Refinancing allows you to borrow up to 80% of the value of your home minus what you still owe on it. For example, if your property is currently worth $500,000, you may borrow up to $400,000 (80 percent of the value)
The best time to refinance is based on your unique financial situation. It’s preferable to refinance your mortgage before it comes due (instead of renewing it), but you can do so at any time (and, depending on the length of your term, it may be beneficial).
The cost of refinancing your mortgage is determined by a number of factors.
- Ending your mortgage term early may result in a fee (which is why it’s a good idea to refinance at the end of your term).
- Switching lenders might result in a mortgage discharge cost of around $350 or more.
- Registration fees for a new refinanced mortgage. The fee varies by province.
- Your legal fees may cost anywhere from $500 to over $1,000.
- Appraisal fees or property valuations which can cost around $300.
Mortgage Refinance Funding
Refinancing a mortgage generally takes 48 hours, although it can take longer depending on the process. For example, because we must call in a professional to assess your property value, it might take longer. Make sure you have all of your application information available and that you understand the procedure before beginning the process (and completing it as quickly as possible).
What Do I Need To Refinance My Mortgage?
Refinancing entails more paperwork than simply renewing your mortgage, and it’s easier than you think.
- Unlock the equity you’ve built in your home
- Consolidate debt into one easy payment
- Lower your monthly payments
- Borrow up to 85% of your home equity
- Increase the value of your home by doing home renovations.
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