Mortgage refinancing has always been an ideal solution for anyone whos’ looking to consolidate debt. This makes sense because mortgage interest rates are generally lower than credit card interest rates or interest rates for any other form of unsecured debt.
You can either take out the entire mortgage amount on your existing mortgage, out just take out the balance amount and a separate home equity line of credit, and roll all your debts in that account. Our team at Mortgage Power Canada can help you with all the details. Contact our office in Brampton and schedule a consultation.
According to a recent study in 2019, renovations are very common during the warmer months in Canada. If you’re planning to renovate your home keep a month for the home refinancing if you are able to qualify at a traditional institutional bank lender. It is good practice to leave yourself with at least a week if you are planning on going through an alternative lender or private lender who specializes in investing in mortgages. Start to submit your application for the refinance in advance to avoid larger fees and interests.
Is mortgage refinancing worth it?
Mortgage refinance can help you access equity in your home and lower your mortgage rates. It can help you consolidate debts as well. It can also help you improve your credit score.
What documents do I need for a mortgage refinance?
- Pay stubs
- W-2s or 1990s
- Tax returns
- Statement of assets
- Statement of Debts
How long does it take to process a mortgage refinance?
It generally takes two to four weeks but this can vary depending on each step. For example, your property valuation can take longer since we have to call in a professional.