Homebase Mortgages

When is the Right Time for Mortgage Refinancing?

\"\"Sometimes it’s just not the right time to refinance your mortgage, but how do you know when it’s the right time? Working with a Toronto mortgage broker like us will help you have a sense of if and when it’s in your best interest to go with a refinance. From understanding interest rates, monthly payments, where you are with your equity and if debt consolidation is right for you – you’ll finally know. There are so many factors that go into the process, and just because rates are low doesn’t mean you have to refinance right now.

What’s Your Credit Score?

Like virtually anything else to do with mortgages, you need a keen understanding of your credit situation before you move forward. You have to know that your credit score is above or below 600. A score of 550 and below is just awful. 600 is considered okay, but not great, while a score of 700 is great and you’ll be able to qualify for the best deal. You’ll want to be very careful about how you proceed – the higher your score the more bargaining power you’ll have on your own; it never hurts to have a little help though! Working with us as your Toronto mortgage broker we can help you save big.

Are You Trying to Consolidate Debts?

Why are you looking into mortgage refinancing? Are you thinking about consolidating your debts with a lump payment? If so, you’ll want to know that the debt consolidation company you’re working with is on the up and up. Research them, talk to your mortgage lender ahead of time and know that they’re amenable to a change in your mortgage. Some may not, and if so you’ll really need our help to move forward.

How Much Equity do You Have?

You’re going to want to have a fair bit of equity – it can be hard trying to bargain when you are underwater on your mortgage. But even if you are in trouble, we can help!

What are Your Monthly Payments Like?

Are you thinking about mortgage refinancing because your monthly payments are too high? Mortgage refinancing can bring down the cost of your monthly payments, but only if it’s done right. If you get a bad refi you can easily end up paying more in a short time. Don’t just trust anyone to handle your refinance.

What is Your Interest Rate?

A high interest rate means a higher monthly payment and more money going to interest, not the principal. Principal is what you actually owe, and if you want to be able to have lower payments and pay off your mortgage quickly, you need a lower interest rate. Mortgage refinancing will help you bring down your interest rate, lower your monthly payments and pay off your mortgage sooner. Call us today and see how we can help you save – after all you’ve worked hard for your home, isn’t it time you’ve finally paid it off?

Visit our mortgage refinancing page today to learn more!

Leave a Comment

Your email address will not be published. Required fields are marked *

Homebase Mortgages