Mortgaging Refinancing Solutions for Clients across Brampton

  • Use the equity of your home

  • Quick access to funds

  • Start a children’s education fund

  • Funds for a new property

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    Choose to Refinance Your Mortgage

    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.

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    Three ways that you can Refinance Mortgage in Brampton

    • Use the equity of your home :

      With mortgage refinance, you get access to almost 65% of the equity of your home which you can use as collateral for the funds you receive. Then you can convert all your mortgage into an all-in-one line of credit. You will only be making one payment every month for a fixed period of time till all dues are cleared.

    • Opt for a fixed or variable rate:

      There are advantages of both, with a fixed-rate loan, you can protect yourself from rate fluctuations whereas with a variable rate if the interest rate drops, that would mean you would have to pay less on your monthly payments.

    • Revolving mortgage:

      With a revolving mortgage you can use the available credit for financial requirements without any paying legal fee. You can also decide on the amortization period. If you’re not sure about what to do, our team at Mortgage Power Canada can help you make a well-informed decision.

    Renovate your home with mortgage refinancing in brampton

    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.

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    Advantages of Mortgage Refinancing

    Why you should get a home equity line of credit:

    • Lower monthly payments

      When you increase the length of your term it can result in lowering interest rates.

    • Lowering mortgage terms

      When you lower the interest rate and monthly payments by a good amount you may be able to afford to decrease the length of your mortgage term.

    • Consolidate debts:

      With mortgage refinancing, you can free up cash that can be used to consolidate debts. This is usually possible when you refinance by taking out a larger loan than your existing one.

    Take advantage of our mortgage refinancing services, you won’t regret it, we serve across Brampton.

    FAQs

    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
    • Insurance
    • 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.