Let Your Equity Work for You
Everyone has financial goals, but not everyone has a plan to reach them. Refinancing your mortgage could be an excellent way lower your payments, reduce your repayment time, decrease your interest rate, reduce other debt obligations, or access the equity you’ve already built in your home for other goals.
Visit Mortgage Connection today to talk about your goals, your needs, and the current status of your mortgage. Together, we’ll come up with a plan to put you on the right financial track.
The Mortgage Refinancing Process
Step 1: Connect With a Mortgage Broker
First, we need to know what your goal is and what sort of equity you already have in your home. We’ll take a look at your current mortgage, ask you some questions about what you’d like to accomplish, and help walk you through the next steps from there.
Step 2: Submit an Application
Even though you’re refinancing instead of purchasing a new home, you’ll still need to qualify again as if you were applying for a new mortgage. We’ll take you through the application, help you choose the best lender and mortgage product for you, and gather the necessary paperwork. We might also have your home appraised to determine its current value.
Step 3: Approval & Funding
Once you’ve been approved, it’s time to connect with a lawyer to finalize the paperwork. You can choose the lawyer yourself, or use a title company assigned by the lender. Regardless of who you choose, your lawyer or title company will make sure your current lender is paid, your new lender is added to the title, and that any and all other conditions have been met.
What happens next is your call. You could have the lawyer simply give the proceeds to you to use however you like, or you could have the lawyer put the proceeds towards some debts. If you’ve opened a HELOC (Home Equity Line of Credit), your lender may provide cheques, or debit cards to access the available funds for future use.
Step 1: Connect With a Mortgage Broker
First, we need to know what your goal is and what sort of equity you already have in your home. We’ll take a look at your current mortgage, ask you some questions about what you’d like to accomplish, and help walk you through the next steps from there.
Step 2: Submit an Application
Even though you’re refinancing instead of purchasing a new home, you’ll still need to qualify again as if you were applying for a new mortgage. We’ll take you through the application, help you choose the best lender and mortgage product for you, and gather the necessary paperwork. We might also have your home appraised to determine its current value.
Step 3: Approval & Funding
Once you’ve been approved, it’s time to connect with a lawyer to finalize the paperwork. You can choose the lawyer yourself, or use a title company assigned by the lender. Regardless of who you choose, your lawyer or title company will make sure your current lender is paid, your new lender is added to the title, and that any and all other conditions have been met.
What happens next is your call. You could have the lawyer simply give the proceeds to you to use however you like, or you could have the lawyer put the proceeds towards some debts. If you’ve opened a HELOC (Home Equity Line of Credit), your lender may provide cheques, or debit cards to access the available funds for future use.
Refinancing Your Home Could Offer Huge Benefits
Pay Off Your Mortgage Faster
Your original mortgage might be amortized longer than you’d like. If lower rates are available refinancing potentially gives you the chance to switch to a shorter amortization period without higher payments, allowing you to pay it off faster.Get a Better Interest Rate
The interest rate market is always in flux. You may be in a 5 year fixed mortgage thinking you can’t do anything until it renews, but that’s not necessarily true. You could see significant savings by refinancing and breaking your mortgage early. Lenders are in the business of making money, and they often won’t tell you that you can save money by getting a new lower rate. Refinancing your home allows you to look at more competitive offers from different lenders to make sure you get the best possible option.Access Your Equity
Refinancing your mortgage allows you to access up to 80% percent of the value of your home. A mortgage is likely the least expensive way to borrow money, and people regularly refinance to help them pay for renovations, purchase vehicles, reduce higher interest debts and more.
Your original mortgage might be amortized longer than you’d like. If lower rates are available refinancing potentially gives you the chance to switch to a shorter amortization period without higher payments, allowing you to pay it off faster.
The interest rate market is always in flux. You may be in a 5 year fixed mortgage thinking you can’t do anything until it renews, but that’s not necessarily true. You could see significant savings by refinancing and breaking your mortgage early. Lenders are in the business of making money, and they often won’t tell you that you can save money by getting a new lower rate. Refinancing your home allows you to look at more competitive offers from different lenders to make sure you get the best possible option.
Refinancing your mortgage allows you to access up to 80% percent of the value of your home. A mortgage is likely the least expensive way to borrow money, and people regularly refinance to help them pay for renovations, purchase vehicles, reduce higher interest debts and more.
The Mortgage Connection Difference
Mortgage Connection is here to help you with all your mortgage financing needs. Money matters require expertise, experience, and connections. We pride ourselves on finding solutions to whatever financial scenario you bring us.
Our team simplifies and streamlines the process as much as possible, keeping you totally informed every step of the way. Mortgages can be intimidating, but they don’t have to be. Let Mortgage Connection do the heavy lifting and make it a great experience for you.
Our team stands on an incredible foundation of experience, which can make all the difference when it comes to saving you money. As experts in our field, we’re dedicated to continuing our education and staying current with the market’s latest offers and products. Through constant learning, we can better meet your needs, work towards your goals, and guide you through the process.
Think Mortgage Connection, and discover a truly different mortgage experience.
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Contact Mortgage Connection for more information
Telephone 587-830-2059info@mortgageconnection.ca
Main Office: 110 1121 Centre Street NW, Calgary, AB T2E 7K6
Secondary Address: 1417 9 Ave SE, Calgary, AB T2G 0T4
Ontario Address: 1765 Rosslyn Road, Thunder Bay, Ontario P7K 1J3
Thunder Bay Phone Number: 587-830-2059
British Columbia Address: 1096 Quatsino Drive, North Saanich, BC V8L 5R8
Edmonton Address: #203 - 10706 124 Street NW, Edmonton, AB T5M 0H1
FSRA Brokerage License #13097