Home Mortgage Refinancing

Home Mortgage Refinancing TorontoThe home mortgage refinancing Toronto lenders offer homeowners can vary in different ways. Such things as the current interest rate, your financial situation, the value of your home and more.

We specialize in providing competitive top level mortgage refinancing services for your home.

Simply put, residential mortgage refinancing is the process of obtaining a new mortgage, in replacement of an existing one. The refinancing lender allows the initial loan to be completely repaid, and a new mortgage loan to be created with new terms.

When you reach the end of your current mortgage term or want to switch lenders; Mortgage refinancing helps you enjoy the benefits of possible lower monthly payments, interest rates and loan terms.

 

Home Mortgage Refinancing Information

At times, high interest rates and economic hardships make it extremely difficult for a borrower to keep up with their home mortgage loan obligations. A borrower might wish to make some changes in the terms and conditions of an existing mortgage arrangement in order to lower their financial liabilities. As well, they may wish to find a new lender due to bad service from their existing mortgage broker.

Should you ever find yourself in such a position, it is time to consider the option of home mortgage refinancing. Toronto homeowners looking to refinance a mortgage can contact us for a free consultation when they are ready to get started.

Mortgage RefinancingWho can consider home mortgage refinancing?
Any individual with an existing home mortgage loan can consider refinancing, if he wishes to take advantage of the following scenarios:

  • Reduction in interest rates
  • Adjustment of mortgage tenure
  • Shift from an variable interest rate to fixed rate mortgage
  • Shift to a different mortgage company

 

Benefits of Home Mortgage Refinancing With Us

Mortgage Payout Penalty Let’s take a more in depth look at some of the main benefits of mortgage refinancing for your home.

Lengthen the amortization schedule and reduce monthly payments…

A refinancing of your mortgage can reduce your monthly repayment liabilities if you intend to extend your loan tenure. If you extend your fifteen year loan tenure to a thirty year loan term,  this would definitely bring down your monthly installment considerably.

Reduced interest payments…

Most financial institutions do not pass on the benefit of lower interest rates to existing loans. Refinancing allows the same lender or any of the mortgage lenders Toronto offers to obtain a new loan with reduced interest rates. For instance, a reduction of 1% interest on a 15 year loan can save you thousands of dollars.

Conversion to a variable or fixed interest mortgage…

A refinance of your mortgage can convert your variable interest rate mortgage to a new loan with fixed rates for the entire tenure of the loan. A loan with fixed interest can assure you of monthly payouts during the entire loan term and help you make prior arrangements for repayment. As well, your loan instalment will not be affected by unpredictable changes in the interest rates.

On the other hand, in some cases people wish to escape their current fixed mortgage in exchange for a variable rate mortgage. Home mortgage refinancing is one option to make that happen.

 

Home Mortgage Refinancing Application

We Can Refinance Your Home Mortgage

Unlike some banking institutions and home mortgage lenders, we provide our customers with fair rates and fast approval times.

We can guide you through the mortgage refinancing options best suited for your situation.

Let us show you how you can get the best home mortgage refinancing Toronto has to offer.

Contact Us to Discuss Your Home Mortgage Refinancing Today – Tel# 647-883-7069 or visit our contact us page.