A local brokerage for mortgage refinancing in Clarington and Durham region.
● Tailored contracts as per your needs
● Affordable interest rates
● Quick processing
● Helpful staff
Looking for mortgage refinancing options?
Well, you have come to the right place. At Mortgage Power, we help clients who want a new contract with better terms and clauses for their mortgage and mortgage refinance in Clarington and Durham region is always the ideal option. With this policy, you can either apply for the same amount or a higher pay-out if you need some extra cash. Additionally, if you have a first and second mortgage you can also combine them in a mortgage refinance plan and opt for a lower interest rate. Our team of professional mortgage brokers can guide you through the process. We will take care of the paperwork as well. Schedule an appointment with us today and discuss your mortgage needs, our office is located in Clarington and Durham region.
Mortgage Refinancing: How does it work?
With mortgage refinance what happens is, you break your current mortgage and start a new one and it can be with a new lender or the same one. Your old mortgage would be scrapped and you will be taking out a new loan with a new rate of interest and terms and
conditions on a new contract. You will also be able to unlock and use the equity of your home as collateral for your refinance loan. For anyone who doesn’t know, it’s the difference between your property’s market value and the outstanding balance of your mortgage plus any additional debts secured by your property. Mortgage refinancing allows you to access up to 80% of your home’s appraised value in cash. If you need help with calculating how much equity you can use, speak with our team at Mortgage Power in Clarington and Durham region. We will be more than happy to help you.
The costs of refinancing your existing mortgage
The costs would depend on what strategy you choose for refinancing; whether you choose to use equity or lower your interest cost. There will always be legal costs, however, if your mortgage balance is more than $200,000, it can be covered by us (Speak with our team members about this matter). You should also know that if you’re breaking your contract midterm, then you should be ready to pay a prepayment penalty. This all might sound a bit confusing at first, but don’t stress, our team members will share all the details and give you a clear idea of this policy. In the end, you can make a well-informed decision and we can draw up a contract that meets all your financial requirements.
The advantages of Mortgage Refinance
● By refinancing your mortgage, you can take advantage of reduced interest rates, in turn, lower monthly payments. This will enable you to save more on your monthly expenses.
● You can consolidate all your debts, this would mean that you will be able to free up more cash and you will be easily paying off your high-interest credit card debts.
● You can set a contract with better terms and conditions; it would be drawn out to cater to your financial requirements.
● With refinance, you will have the option to change your rate to a fixed or variable rate, this results in lower interest rates
● Most importantly, you will have access to the equity of your property which you can use as
collateral for your loan.
The bottom line
Mortgage refinancing is the perfect solution if you’re not happy with your existing mortgage contract. You can negotiate with fresh clauses for your new contract and that too at a lower interest rate. We have a network of money lenders who can provide you with the funds you need. All you need is to contact Mortgage Power in Clarington and Durham region. Schedule an appointment today! Book an appointment at