There are many good reasons to refinance your house, and there are a lot of benefits to doing it at the correct time. However, there are various factors to consider and measures to follow before you can effectively tap your home’s equity and arrange a new loan with better conditions.
The most crucial step before beginning your refinance journey is to figure out why you’re contemplating it in the first place.
Your financial condition may play a role in whether or not you acquire the best refinance loan feasible. For example, the higher your credit score, the better the refinance rates you’ll be able to get, which can save you a lot of money over the life of your loan.
In any case, you’ll know the best options available to you by talking with a mortgage broker.
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WHEN SHOULD YOU REFINANCE?
The following are some examples of good reasons to refinance your mortgage:
- Refinancing your house is a way to pay off all of your loans at once.
- You’ve decided to refurbish your home.
- The cost of borrowing has decreased to the point that refinancing your house can potentially save you money.
- You’re considering purchasing a new home or rental property.
- You’re considering starting a new company venture, and you need the funds to do so.
WHAT IS MORTGAGE REFINANCING?
Mortgage refinancing is the process of paying off an existing mortgage and taking a new one for a different term or with a different interest rate. In some ways, it can be a hassle-free process that involves the change of a few details. However, it is generally a good idea to get professional, knowledgeable help.
With interest rates at historic lows, now is the time to refinance your home. When mortgage rates are low, the amount of money that you save in interest payments will quickly add up. But, how do you know when the time is right for you to refinance? Here’s everything you need to know about mortgage refinancing.
WHY DO YOU NEED TO REFINANCE?
People need to refinance due to a number of reasons, including lower interest rates, bad credit, short-term loans, or other financial reasons.
Refinancing can be a daunting task if you’re a first-time homebuyer or if you just want to change your current mortgage.
You need an expert to help you.
A mortgage broker can help you refinance. They’ll help you find the best rates and will take care of all of the paperwork—so you don’t have to deal with submitting the application, waiting for an answer, and wondering how everything went through.
When you work with Jermaine Hinds, you have a mortgage broker who can help you refinance your home so that you can pay less interest while not having to relocate.
Even if you think you can use your current home equity line to refinance and get a lower rate, there could be hidden fees and costs that you aren’t expecting.
At Matrix Mortgage Global, you can save thousands upon thousands of dollars on your next mortgage by getting the lowest rate possible. Plus you will know all the closing costs in advance so there are no surprises.
WHAT ARE THE BENEFITS OF REFINANCING?
You could potentially save thousands of dollars over the term of your loan when you lock in a lower interest rate. Some borrowers are able to reduce the term of their loan by refinancing.
Refinancing is a major decision, thus it should not be taken lightly. Sometimes when you start researching the process, you get overwhelmed. That all changes when you work with Jermaine Hinds as your mortgage broker.
You want to ask for a briefing on the entire refinance process to make sure you have a clear understanding of the refinancing process. In addition, find a mortgage broker with a large network of lenders to provide you with the best rate and terms today.
When you are refinancing, you have the option to tap into the equity of your house or rental properties for various wealth-building purposes. With a refinancing, you can make your mortgage payment amount:
- More predictable
- Lower to improve your cash flow
- To consolidate your other higher interest rate debts
- Higher to pay off your mortgage faster
Whatever the benefits you are looking for from mortgage refinancing, a mortgage broker can do this best for you. Leave it to the pro so you can focus on other things that matter more in your life.
HOW DO YOU QUALIFY FOR REFINANCING?
The answer to this question is not quite as straightforward as most people believe, and it depends on what type of refinancing you are looking for. Your mortgage broker will look at what you qualify for as a borrower, and how your current situation impacts your eligibility.
Refinancing is easy if you know the right steps to take.
Mortgage refinancing requires that you must have equity in your real estate property in the first place.
The most important thing is to get all your documents in order and work with a mortgage broker. You don’t have to do this alone to qualify for a mortgage refinancing.
If you are worried because of your credit score, you don’t have to worry when you work with a mortgage broker with the right access to lenders. There are lenders who allow flexible credit scores and allow you to refinance your mortgage based on your debt-to-income ratio and the available equity in your property.
Jermaine Hinds, Mortgage Broker
Jermaine Hinds is a licensed mortgage broker for mortgages across Canada.
Your mortgage options are powered by Matrix Mortgage Global (Brokerage Lic. #11108). This means you gain access to more than 100 different lending partners who are ready to offer you various mortgage solutions, including mortgage renewals, refinancing, second mortgages, home equity loans, bridge loans, and other specialized mortgage products.
Read the previous Press Release here.
