You love your home, but you don’t love your mortgage – hooray, mortgage refinancing is here! When you refinance your mortgage interest rates you’re going to be able to lower your monthly payments, pay down your mortgage quickly and be on the road to owning 100% of your home. Depending on your situation, this could be a great things – but for some refinancing a mortgage is not a great idea. We’ll talk more about that here and why you should always work with a trustworthy Toronto mortgage broker (like us!) to get the most out of your refinancing!
How is Your Credit?
The first thing you will want to do is get a copy of your credit report. If you don’t know what your credit score is you won’t have the bargaining power that you might have if you did know. You can get your credit report for free from the consumer bureau here in Canada; you’ll want to be careful about who you buy credit reporting services from. The major credit bureaus will allow you to buy monitoring services, but you can always just take a free trial and look at your score and move on.
Get Your Paperwork Together
Having your latest mortgage statement handy is very important. This way you’ll know what your interest rate is, your monthly payment, how much you’ve paid in interest and how much is left on the principal of your mortgage. When you work with one of our Toronto mortgage brokers we’ll need this information, and if you choose to work directly with your lender you’ll still need this information.
Call Your Lender
Before you look into mortgage refinancing, you’re going to want to talk with your lender. You need to see if they’re open to refinancing your mortgage – because if they’re not you may have to find another lender to buy your loan so you can get a better rate. Knowing ahead of time is going to give you a better set of options and help you save a lot of time.
Give Us a Call
Once you know how much you owe and if your lender is amenable or not, it’s time to give us a call. Working with a Canada mortgage broker like us means you’re going to be able to bring down your rate and still stay in your own home. You won’t have to sell your home, you’ll be able to get your payments down to a manageable size and you’ll be able to pay it off in record time.
Is It Really a Good Deal?
If you have less than 2 years until your home is paid off, you may want to just tough it out. Mortgage refinancing will end up prolonging your mortgage if you pay only the minimum payment, so you’ll want to work with us to make sure that this is the right deal for you. If you’ve recently refinanced in the last few months or you’re about to pay off your mortgage, it might not be the right thing for you.