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.
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:
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!