Mortgage Refinance Milton

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Get Financial Stability by Refinancing Your Mortgage

Sometimes you get mortgages in a hurry and might end up with higher interest rates and undesirable terms. Mortgage refinancing helps you to break your existing mortgage and get a new one at lower interest rates and better terms, either with the same lender or a different one. One of the main benefits of refinancing your mortgage is to consolidate your high-interest debts, into one single payment and at lower interest rates.

If you are looking for mortgage refinancing services in Milton, give us a call. At Mortgage Power Canada, we have an experienced team of mortgage brokers who can help you with all your mortgage needs. You don’t have to worry about your credit score, your income stability or job verification when you come to us.

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Benefits of Refinancing Your Mortgage

Having multiple high-interest debts can be stressful. Mortgage refinancing in milton helps you in consolidating them into one single monthly payment at lower interest rates
Through mortgage refinancing in milton, you can access your home’s equity that’s been built over the years. If you have any urgent need for money such as any repairs or your children’s education fees, you can use the money for it
You can get lower interest rates for your new mortgage, which can save you a lot of money every month
You can shift to a variable or fixed interest rate with your new mortgage

Factors to Consider Before Refinancing

Decide why you need to refinance now. Mortgage refinancing is a long-term commitment and should not be taken lightly. List down what are the reasons why you want to refinance and make sure those are valid reasons
Evaluate your refinancing option. There are various mortgage solutions available and even though you might feel so, refinancing might not be the best option depending on various factors. Learn more about the property value, market trends etc before you go for a refinancing
Determine if the monthly payments of the new mortgage will be affordable to you. Remember you are getting access to a big chunk of money from your home equity. It is normal to spend more than what you can afford, in such situations
Accessing your home equity can help build your credit score if done properly. If you have been paying all the payments properly for the existing mortgage you might already have a decent credit score
Always compare different lenders and mortgage options before you confirm one

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There are Three Ways to Refinance Your Mortgage:

Adding a Home Equity Line of Credit: It is a revolving line of credit and works just like a credit card. If you have a decent amount of equity built up on your home, you can get a HOLEC.
Breaking your existing mortgage and applying for a new one: The common rule is to pay a prepayment penalty of 3 months worth of interests, for breaking a mortgage. But it also depends on various factors including your credit score and your relationship with the lender. Sometimes, you can break it without any penalties.
Mortgage With Blended Rates: Your lender might be willing to let you borrow additional money at current market rates and add it to your current mortgage. The disadvantage is that the rates can be quite competitive and higher, but with the help of a mortgage broker, you might get a good deal.

Customized Mortgage Refinancing Services in Milton

Mortgage refinancing if done right can not only save you some money but can also offer you financial flexibility in the long run. It is important to know everything about your mortgage options before you apply for one. Our licensed and experienced mortgage brokers can guide you through the process, compare the rates and lenders and help you make an informed decision.

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