Mortgage refinancing in Whitby: Renegotiate your mortgage terms
Better contract terms and conditions
Lower interest rates
Not happy with your current mortgage contract?
If your answer to this question is yes, then you can look at mortgage refinancing as a potential solution. What this policy does is, replaces your existing mortgage loan with a new one. The amount can be the same or more than your existing mortgage balance (it would depend on you). And the most important advantage with a mortgage refinance in whitby contract is, you get to revisit the terms and clauses of your existing mortgage contract. Here, you will get the set the new terms and the contract will be drawn out completely catering to your financial needs. If you want to apply, you can contact our team at Mortgage Power, we will be more than happy to help. Our services are available to clients in Whitby and the surrounding areas.
A few reasons why you should consider mortgage refinancing
One of the major reasons why most Canadians opt for mortgage refinancing is, they are not happy with their existing mortgage contract. However, that’s not the only reason; here’s a list of reasons why you might consider mortgage refinancing before renewing your existing mortgage:
Consolidating your debts:
If you have several loans and debts, then with a mortgage refinance plan, you can consolidate all of your dues in one account. By doing this, you will be making a small one-time payment at a lower interest rate every month till the loans are cleared. You can add your credit bills to this account as well and you won’t pay their high-interest rates.
Lower your mortgage term:
Since with your new refinance contract, your interest rate is low, you can increase your monthly mortgage payments and lower your mortgage term. You will be paying a bit more but you can repay your complete mortgage sooner.
More free cash:
If you applying for a mortgage in whitby you will be paying less for your mortgage and other dues on a monthly basis and that would leave you with more money in your hand. Needless to say, you will better manage your expenses.
Pay off education debt:
Mortgage refinancing is the perfect solution for repaying your education debt.
Reverse mortgage refinances for retirement:
If you are above 55 and own your home, then you may qualify for a reverse mortgage. If you get a reverse mortgage, it will give you a portion of the available equity in your home in cash and requires no monthly payment for as long as you remain living in your home. This can be a great way to improve your cash flow during your retirement years.
Still, confused if you want to opt for mortgage refinancing? Speak with our team members to resolve any queries you may have, we are based in Whitby.
How do I qualify for mortgage refinancing?
If you want to qualify for mortgage refinancing you’ll have to meet some requirements. In general, lenders require an LTV ratio lower than 80% (or a home with 20% equity) that is calculated by dividing the balance left on your mortgage plus any other debts secured by your property by the current value of your property.
We will evaluate your income and current debt or your service debt ratio. Our lenders will require your mortgage payments to be less than 32% of your gross income and your overall debts to be no more than 40% of your gross income.
Lenders might require you to share certain documents for verification such as pay stubs, bank statements, notice of assessment, mortgage statement, or property tax bill. For further details, you can contact Mortgage Power in Whitby. Book a consultation today!
You can find out more about Mortgage Refinancing by getting in touch with Mortgage Power in Whitby, contact today!