Homebase Mortgages

Mortgage Refinancing Helps You Pay Off Your Mortgage Faster

\"\"If you’ve taken on a mortgage that is draining you financially, it’s time for mortgage refinancing. Even if you have a “great” mortgage from your bank, it never hurts to refinance. If you are near the end of your mortgage you may not want to refinance; other than this you’re in the clear to see wht kind of new deal you can get with your financing. The important thing to know about mortgage refinancing (and any type of loan refinancing) is that you don’t have to go with the original lender to get it done. We’ll help pair you with a third party lender so you can get a great rate and put more money towards your mortgage each month.

What is Mortgage Refinancing?

When you have a mortgage (first or second, it doesn’t matter) you have a contract with a bank to repay. This could be an ARM (adjustable rate mortgage) or it could be a fixed rate. Each mortgage could always use some wiggle room when it comes to how much interest or monthly payments the borrower needs to make.

With mortgage refinancing you take your existing mortgage and refinance it. It may just be the interest rate that you have refinanced, or it may be the amount you have left due on your loan. It could even be the repayment terms (monthly payments, if there’s a prepayment penalty, etc.) themselves that are restructured. Each lender will have something different to offer, and this is where we come in.

How do Mortgage Brokers Help?

With the right Toronto mortgage broker, preferably us of course, you’ll be able to get the best rate on your loan. You’ll have to come down and fill out your paperwork like you would normally, and then we’ll shop your refinancing proposal to different lenders. From the conventional bank lender that may or may not give you a good rate, to private mortgage lenders who will be a little more flexible, you’ll be able to find the right lender for you.

Mortgage refinancing is serious and you’ll need to make sure that you’re getting the right deal. We’ll help you go over each offer so you can see how much you could save over your existing mortgage.

Is it Time to Refinance?

Like mentioned earlier, if you’re closing to paying off your mortgage now may not be the time to refinance. If you have years left on your repayment though, it’s a smart idea to at least consider refinancing. Don’t go straight to the bank to get refinanced when you can make different lenders compete. When you go to the lender who gave you your original mortgage they simply don’t have a reason to give you a better rate the second time around.

With interest rates at unheard of lows (around 5%), you’ll be able to refinance even the most difficult mortgage. Just because you have bad credit or are self-employed doesn’t mean you can’t refinance. Contact us today and see what we can do for you!

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