Easy Mortgage Refinance Services in Oshawa
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Sort Out Your Finances By Refinancing Your Mortgage
If you’re looking for financial flexibility, then refinancing your mortgage would be the perfect option for you. You can either renew your mortgage with the same lender or start a new one with a different lender at lower interest rates.
Mortgage refinance in Oshawa not only gives you financial support but also helps you in consolidating debts. It’ll allow you to make one payment of all your high-interest debts, at a lower interest rate, and this way you can be debt-free sooner than you think. We understand how refinancing your mortgage can be risky if not careful. Let the experienced and licensed mortgage brokers at Mortgage Power Canada help you in finding the best refinance option for you, with little to no prepayment penalty or hidden fees.
Reasons to Refinance Your Mortgage
Lower interest rates:
We understand how penalties can scare you and make you reconsider your decision. But don’t overlook all the other benefits just because of the one reason. The penalty might scare you at the moment, but breaking your existing mortgage and moving to a low-interest one can help you save a lot of money in the long run. If you have a good credit score and payment history, you might even get an option to not pay the penalty.
Access your home equity:
Refinancing your mortgage helps in increasing your home’s equity by 80%, less any outstanding mortgages. That’s a lot of money which you can access for any of your personal purchasing needs such as pay for your child’s education, go on a vacation or renovate your house (which by the way will increase your home’s market value too).
Debt consolidation:
If you are paying multiple high-interest debts a month, refinancing your mortgage can help you consolidate them at a lower interest rate. This can be done through various refinancing options and you can get the help of a mortgage broker to assess each of them. This way you’ll be free of debt sooner and can also increase your credit score.
What are the Different Ways of Refinancing a Mortgage in Oshawa?
Mortgage refinancing can be done in three ways:
Lower interest rates:
This is where you break your existing mortgage and get a new one with either the same lender or a different one. The prepayment penalty for breaking the mortgage is usually three months’ worth of interest and in some cases, you can even negotiate that or get rid of it completely, depending on various factors such as your credit score, credit history, income stability, etc.
Adding a HOLEC:
A home equity line of credit works just like a credit card. It’s a secured form of credit with a much lower interest rate. You’ll get access to almost 80% of your home’s equity minus any outstanding mortgages and you only have to pay interest-only payments every month.
Blending your existing mortgage:
This is when your existing lender is willing to offer you a blended rate along with your existing mortgage. This means, you borrow additional money at the current market rates and add it along to your mortgage. Usually, this can be much higher than most competitive rates in the market but with the help of a mortgage broker, you can compare the rates and get one that will make the most sense to you.
Our Mortgage Refinancing Services in Oshawa
Mortgage refinance in oshawa can offer you a lot of savings in the long term, but sometimes it may not. It all depends on various factors and a mortgage broker can help you determine them and figure out how to go about your situation. Our experienced team will sit with you and help you understand your different options and come up with plans that would fit your current financial needs.
Give us a call today and speak with our professionals in Oshawa to know more.