Who Should Refinance Your Mortgage?

mortgage refinancingWhen it comes to mortgage refinance, it can be hard to figure out just WHO should handle it. We’re not just talking about finding the right lender either – the right Toronto mortgage broker (us!) can make a world of difference between a refinance that works and one that doesn’t. You need to know that the institution you’re working with is giving you the best deal. You need to know that your broker is working closely with you to help you achieve your financial goals… but where do you start? Here we’ll go over everything you need to know to make the best choice for your unique financial needs, so let’s get started!

What Do You Need?

You need to sit down and ask yourself the following question:

“Do I really need to refinance?”

Answer honestly – do you need to refinance your home because you’re on the verge of losing it all or things are spinning out of control, or do you just want to save a little bit on your monthly payment?

Mortgage refinancing should always be a last resort, a nuclear option for your finances. Your savings will need to be 2-3x as much as what you’re paying in closing fees (you’ll pay fees just like you did when you first got your mortgage). 

Can You Qualify?

The next thing you need to find out is if you actually qualify for mortgage refinancing. Not everyone does – it’s important to understand where you’re at with your credit and your equity situation before you proceed.

Not sure where you fall? That’s okay! You can call us any time and one of our Canada mortgage brokers will help you explore your options for refinance.

Check in with the Big Banks

Once you know you’re a good candidate and you’re doing it for the right reasons, it’s time to get serious. Working with us we’ll help you look over different lenders and see what they’re offering you.

Sometimes you’ll be able to get a great refinancing option with your current lender – our aim is to make sure that regardless of the lender you choose, you’re getting the best deal. If your current lender can’t match another bank’s offer, we’ll let you know.

Private Lenders or “Direct Mortgages”

Sometimes you just can’t find a big bank that’s willing to give you a great deal on refinancing – this is when it’s time to start exploring private mortgage options too. Private mortgages come from small lending companies that lend money out for a profit over a long period of time.

Private mortgages can be risky if you don’t know which ones to deal with – but we do! We’ve been working in the area as premier Toronto mortgage brokers for years now and we know which lenders are dependable and which ones you need to avoid.

Working with a Mortgage Broker

It’s important to work with someone you can trust to get a great deal on your next mortgage. We’ll be with you every step of the way to make sure you’re getting the deal that’s right for you. We work for you, not for the banks; we’re only paid after you find the right mortgage, not before. Call us today and see what we can do for you.