Refinancing pays off your existing mortgage or any other legal claims, then provides a brand new mortgage. Expert Mortgage offers has the skills you require to refinance your Canadian mortgage.
If the current rates are lower than when you received your initial mortgage you could save a great deal of money by refinancing. We can show you an easy way to understand calculation that allows you to make the best choice.
Taking the time to review your mortgage is recommended annually. Canadians are spending countless dollars on mortgages that desperately need a money saving update.
Financing to Buy Investments:
Putting the equity in your home into action will allow you to have more control of your investments. If you have debt elsewhere we can help tap into your home’s financial reservoir and allow you to save money.
Financing the Purchase of an Investment Property:
Taking the equity out of your property through refinancing can open many other investment opportunities, like a second home. Additional interest deductions become available through this process.
Education costs are increasing every year causing many parents to struggle to give their children the best opportunities. Home equity can allow you to give that extra little bit of support that will make a world of difference during your children’s formative years.
Financing a Renovation:
Home renovations coat a lot of money, often with surprise costs along the way. Paying through a mortgage could be a less painful and cheaper way that using an existing loan or line of credit.
Debt consolidation will allow you to take control of your financial situation and make an effective plan for the future. This process will lower your monthly payments and reduce a great deal of stress and uncertainty. Our mortgage specialists can take a look at your debt and make an informed recommendation.
Refinance Two Mortgages With One Mortgage:
If you have two mortgages on the same property such as a mortgage and a secured credit line, you can combine them into a new first mortgage providing the total amount does not exceed 90% of the property’s value. If the new mortgage is over 80% of the property value, normal hi-ratio insurance (CMHC/GE Capital premiums) and guidelines apply. This can streamline cash flow and/or access funds from the equity for personal use or investing.
Costs Related to Refinancing:
You should review your mortgage on a regular basis and keep up with new products and offers that are available – there may be hundreds of dollars in monthly cash flow you are missing. When you break a closed mortgage contract to obtain a new mortgage, you are generally faced with a prepayment cost by the financial institution. Typically, this prepayment charge is based on the greater amount of either 3 months’ interest or the interest rate differential (IRD). We would not only be happy to help you calculate this, but also happy to show you ways to minimize this cost