At some point during the life of your mortgage, after you have built up some equity in your home, you may choose to refinance your mortgage to gain access to cash for renovations, travelling, paying off debt, or even purchasing a vehicle. Another reason for refinancing your mortgage might be to take advantage of lower interest rates. Lower interest rates mean lower payment amounts and improved cash-flow. Provided the value of your home exceeds the mortgage balance remaining, refinancing may be possible.
Ideally, the time to refinance your mortgage is at renewal time, when you will not be subject to a penalty. However, you will still be subject to legal and appraisal fees because you are arranging a new mortgage. If you choose to refinance mid-term, the costs associated with breaking one mortgage agreement and entering into another will likely include a penalty fee in addition to legal fees and appraisal fees. Measure these costs against the amount of money you are gaining access to, and then make your decision about refinancing.
It is not uncommon for individuals to Refinance their Mortgage to get a Down Payment for another property. We can help you with that.
Fresh start. If you have too much high-interest debt, you may be able to roll everything into one manageable monthly payment on a low-interest mortgage. Then you get a financial re-set, and can potentially save thousands of dollars in interest.
Dream home. If you’ve found the perfect cottage, chalet, or the retirement home of your dreams, refinancing may be the way to make that purchase happen now if you’re not quite ready to sell your primary residence.
Renovate. Renovating your home is often a less expensive option than moving. And the right renovations can improve the quality of your life and increase the value of your home.
Wealth building. A rental property can give you a great wealth building opportunity and a source of retirement income. Or you may want to invest in a new business venture.
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You have had an increase in your credit score, a decrease in your debt-to-income ratio, or another improvement in your risk profile.
You plan to stay longer in your home than when you took out your loan, or you plan to leave sooner.
You want to lower your monthly payments.
WE ARE EXPERTS IN SOURCING REMORTGAGE FINANCE ON RESIDENTIAL AND BUY TO RENT PROPERTY TRANSACTIONS IN THE USA
Get Mortgage Quotea rate and term refinance could help you lower your monthly mortgage payment and save throughout the life of your loan.
if you originally financed with an adjustable-rate mortgage, this is a great opportunity to lock a low rate for a fixed-rate mortgage.
many loan programs require mortgage insurance depending on the size of the down payment and the borrower’s financial profile. If you’re currently carrying mortgage insurance, you may have a chance to cancel it.
If you have built at least 20% equity in your home you can tap into your home equity to pay down high-interest debt, finance a home remodel or renovation project, or make an investment.