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Mortgage Refinance Montreal

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Why Refinance Your Mortgage

The following are some of the reasons why people refinance their mortgages:

Remove Equity From Their Home
Mortgage Refinance in Montreal involves taking out equity from your property. People refinance their mortgages for a myriad of reasons. Depending on the reason for refinancing a mortgage, it can be a good thing, and it can also be a bad idea.
Refinancing can give you up to 80 percent of your property’s value minus any unpaid mortgages. This extra cash can be used to rebuild or repair the house, renovate, send a child to college, and so on. The easiest way of doing this is by taking a home equity direct line of credit.

Profit From Low-interest Rates:

Even though there are penalties, but you can go ahead and break your mortgage contract for a lower rate. You will pay the penalty, but the benefits in the long term far outweigh the disadvantages.

Debt Consolidation
A refinanced mortgage can help you pay off high-interest rate credits, provided you have a high equity in your home.

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Methods Of Refinancing A Mortgage

There are many approaches to refinancing a mortgage. They include:

  1. Adding a Home equity line of credit: Through a home equity line of credit, you can access the equity in your home as you like. Remember that you will need to pay interest each month on the remaining balance.
  2. Break your current mortgage contract early: Breaking your mortgage early means you cancel your existing mortgage and take a new one with any lender you desire. This can be done when you want to obtain lower mortgage rates, or you wish to access the equity in your property.
  3. Blend and extend your current mortgage: A blended rate is your existing mortgage added to other loans you borrowed at current market rates.

Cost Of Refinancing A Mortgage

You will need the services of a lawyer who will change the title of the financing, and you will pay penalties if you are breaking your mortgage early.

No matter the route you take, you still have to spend some money. A mortgage broker in Montreal will advise you on the best action to take.


Certified Mortgage Brokers
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Sean Hammond

I had to port a mortgage to a new condo, Leon had excellent knowledge to get me through the approval process. When the bank made an error, Leon was quick to contact them to make sure everything was done right and on time. He is very professional and courteous and I recommend his service to anyone who wishes to apply for a mortgage.

Ronald McDonald

Giving them 5/5 stars. Massoud helped me with my mortgage and he never missed a beat. He made the process very straightforward as a first time home buyer. Shopped around for other mortgages but he was always the first to get things for me. Highly recommend him

Shannon Jones

I was looking to renew my mortgage and my previous lender was less than willing to do anything to keep my business. So I started to look for another brokerage to do business with and Certified Mortgage Broker stood out purely based on my interactions with Massoud. Massoud was professional and clearly had a keen sense of customer service; which I make a high priority when doing business with anyone since I'm in the customer service business myself. Peter rolled out the red carpet for me, walked me through my options, inquired about my plans with my current property, give me opinions and facts about rentals in the area, sales/purchases. In some respects he gave me more information about real estate than my real estate agent has!

Glen Plummer

Selling and buying a home is a stressful experience and Leon with CMB in North York took all of the stress out of arranging the financing. He was very professional and clear about what I needed to provide to him. He used this information to arrange the best mortgage option on our new home, arranged the bridge loan to cover the closing period differential, and arranged closing out the mortgage with the previous lender.. Our experience with Leon is far better than the local in-person brokers that we contacted previously and Leon has helped us with a mortgage renewal in the past with the same excellent experience.

Colleen Power

Leon returned my called from a missed call within 15 minutes of my call and I left no message. Leon and his team were fantastic. Even with the money issues we had Leon made me feel important and valued as a person.

Montreal Mortgage Frequently Asked Questions

What is a Mortgage Term?

The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.

You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.

What is a Down Payment?

A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.

But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.

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