Refinance and lower your
monthly mortgage payments.
Are you looking for Mortgage Refinancing in Toronto or the Greater Toronto area? Having a tough time getting approved by a bank on a loan or having difficulties with high credit card payments? If you’re looking for a top mortgage broker, at Mortgage Central, we’re experts at hard to place private mortgages and second mortgages. As a matter of fact, 90% of our clients have poor credit and we pride ourselves on getting approvals within 24hrs.
Whether you are purchasing a new home, renewing your existing mortgage, mortgage refinancing to consolidate your debts or simply wanting to take a home equity loan, our team of professionals will work with you to find a solution best suited for you.
When you got your first or second mortgage, you had great rates! But over time the rates don’t seem so great; you want to save money but you’re not sure how to go about it. Here we’re going to talk about mortgage refinancing and how you can use it to lower your monthly mortgage payment. It can be hard to get a good mortgage refinancing offer on your own, so let us help! With the right Toronto mortgage broker you’ll be able to get a better deal and more money in your pocket.
Do You Need Mortgage Refinancing?
Before you think about refinancing, you need to make sure you’re the right candidate. If you have less than a year to pay off your mortgage, you shouldn’t. If the deals offered to you by your mortgage broker aren’t better than the one that you have now, you shouldn’t. The point of refinancing your mortgage is to enjoy a better situation than you have now; if you can’t find it, opt out.
Is your monthly payment and interest higher than you like? If you haven’t refinanced your Canadian mortgage in the last ten years, now’s the time to do it! You’ll be able to take your existing mortgage and turn it on its head; instead of paying double digit interest rates you’ll be able to bring it down to as low as 5%. The less interest you have to pay the better. Each monthly payment will first go towards interest payments for the previous month, then towards principal (the amount you actually borrowed). Instead of paying more and more money towards interest that never ends, you’ll be able to pay more of the original debt off faster.
Change Your Mortgage
Maybe when you got your mortgage you had bad credit. But you’ve been paying down your debt and you haven’t missed a payment; you may be able to change the type of mortgage you have. An ARM or adjustable rate mortgage can be switched over to a fixed rate mortgage and save you a lot of money. Your Toronto mortgage broker will be able to help you figure out if you’re a good candidate.
Build More Equity
If you want to start owning more of your home without increasing your payments, you’ll be able to with a mortgage refinance. If you can bring down the amount of interest you pay, you can build equity faster. If you have more money than you did at the beginning of your mortgage, you can switch it to a shorter term (from 30 years to 5 years for example) so you can own your home faster. While you could do this without a refinance, you could end up paying pre-payment penalties for paying off your mortgage too soon.
|1 Year Fixed||3.39%|
|2 Year Fixed||3.44%|
|3 Year Fixed||3.19%|
|4 Year Fixed||3.24%|
|5 Year Fixed||3.29%|
|3 Yr Variable||3.49%|
|5 Yr Variable||3.60%|
|HOME EQUITY LOANS|
|HOME EQUITY LINES OF CREDIT|
|MORTGAGES IN ARREARS|
|CREDIT CARDS IN ARREARS|
|AND MUCH MORE!|
Consolidate multiple loans into one and save!
Get the financial resources you need with a home equity loan.
Ontario’s best rates on HELOCs. Get your funds in as little as 3 days!
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