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Refinance Mortgage Toronto
Why do People Refinance Their Mortgages?
- To take advantage of lower interest rates. A small rate reduction can have a huge impact on what you pay over the term of the mortgage.
- To obtain access to home equity. You can use up to 85% of the equity in your home to finance renovations, pay for education or consolidate high-interest debt. Equity in your home is the current market value of your home less the unpaid balance of mortgages against it. Interest rates on loans covered by home equity are a lot lower and these loans can be used to consolidate more expensive debts. If the equity in your home is less than 20% this is not a feasible option.
- Change the amortization period in accordance with current financial realities. For example, shortening your amortization period can save you thousands of dollars over time or you may wish to extend the period to reduce the monthly payments.
- Early closure of the current mortgage
- Add a home equity line of credit HELOC – This revolving credit option allows you to take out as much as 65% of the equity in your home. You use what you need and pay interest only on the amount that you have borrowed. You can pay back and borrow from the HELOC as required
- Blend and extend – Sometimes called early renewal. It blends current rates with existing rates and is then extended back to the fixed term of the mortgage
Some Of The Main Reasons To Refinance Your Mortgage
Proper Refinance Provides You With An Additional Fund Of Money
Mortgage refinancing pays the current mortgage or other credits or debts against your property and creates a new mortgage. There is transferring, renewing, and porting involved in the process among other things. Refinancing the mortgage is a good option for many different situations and people. Typically if refinancing is done properly, it provides you with an additional fund of money.
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Compare the Costs and Benefits of Refinancing the Mortgage on Your Toronto Home
You must compare the penalty costs of breaking the contract with the benefits obtained by so doing. The penalties on a variable rate mortgage are three months interest and on a fixed term mortgage it will be three months’ interest or the interest rate differential whichever is higher. The interest differential is more often than not the higher of the two. It is the difference between the current rate and the posted rate at the time of the mortgage.
Don’t let penalties put you off.
The consultants at Certified Mortgage Brokers Toronto can help you to calculate the savings and costs of changing. A change could save you a fortune.
Working with Us Means
We Won’t Let You Pay Fees That You Can Avoid
There are both pros and cons of refinancing and costs related to the process. By working with us you will become familiar with all the information and feel good about making a decision. At Toronto Mortgage Brokerage you will not be tricked into paying fees that you can avoid.
We Create A Unique Plan That Reflects Your Conditions
We provide a vast variety of financing options so don’t hesitate to speak with us. Our expert staff will create a unique plan that reflects your situation. Let us know what you are interested in and we will make it happen.