How is refinancing right for me?

Refinancing may be beneficial to lower your monthly payments, reduce your interest rate, consolidate debt, access home equity for renovations or major expenses, or change from an adjustable-rate to a fixed-rate mortgage.

What costs are involved in mortgage refinancing?

Refinancing costs typically include appraisal fees, application fees, closing costs, and potentially prepayment penalties on your current mortgage. We will outline all associated costs upfront to ensure transparency.

Will refinancing affect my credit score?

Applying for a refinance may temporarily impact your credit score due to the credit inquiry and opening of a new mortgage account. However, timely payments on your new mortgage can positively impact your credit over time.

1. Is consolidation of a debt a good idea?

It can help you save on your expenses by reducing the interest rate. You can consolidate all your high-interest debts at a lower interest rate and then clear them with ease.

2. Is it hard to get debt consolidation mortgage in Canada?

They can be difficult to obtain. If you are seeking one, you should have a good credit score. If not, you may have to keep your house as collateral.

3. Can consolidation improve my credit score?

As you are clear of your dues, your credit score will improve and hence debt consolidation can help in improving your credit score. Once all your debts and due are cleared, your credit score will increase and you will be eligible for other types of loans as well.

4. What is the advantage of debt consolidation Mortgage?

Debt consolidation Mortgage Companies argue that borrowing money at a low-interest rate to clear off loans or credit cards at a higher interest rate can save you money. It can also help you pay off the debt sooner. Additional advantages include having fewer payments to make each month and less likelihood that you'll be late on payments.

Mortgage Refinancing Niagara Falls

Q: What is mortgage refinancing?

Mortgage refinancing involves replacing your current mortgage with a new one, typically to obtain better terms, such as a lower interest rate, shorter loan term, or access to equity.

Q: Can I refinance if I have bad credit?

While traditional lenders may have strict credit requirements, we work with a network of lenders who offer options for refinancing even if you have less-than-perfect credit. The terms available may depend on your specific financial situation.

Q: How long does the refinancing process take?

The refinancing process usually takes 30 to 45 days, depending on factors such as the complexity of your financial situation, property appraisal, and lender processing times.

Welcome to Mortgage Loan Ontario

At Mortgage Loan Ontario, we specialize in providing tailored mortgage refinancing solutions to homeowners in Niagara Falls. Our experienced mortgage broker, Gogi Luthra, guides you through the complexities of refinancing to achieve better financial stability and more favorable mortgage terms.

Find My Rate

Get In Touch

Reach out to us for any mortgage need.

Benefits of Refinance your Mortgage

Refinancing your mortgage can offer several advantages, including:

Lower Interest Rates: Secure a lower interest rate to reduce your monthly payments and save money over the life of your loan.
Shorter Loan Term: Switch from a longer loan term to a shorter one to pay off your mortgage faster and save on interest.
Debt Consolidation: Combine high-interest debts into your mortgage, simplifying your payments and lowering your overall interest costs.
Access Home Equity: Tap into your home's equity to fund home improvements, education, or other significant expenses.
Change Loan Type: Switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for more stable and predictable payments.

Our Refinancing Services

At Mortgage Loan Ontario, we provide tailored mortgage refinancing solutions that align with your financial goals. Owned and operated by Gogi Luthra, our team is committed to helping you navigate the refinancing process quickly and confidently.

Our Process

Initial Consultation: We start by thoroughly reviewing your current mortgage and financial situation. We then discuss your goals and identify the best refinancing options for you.
Customized Solutions: We present refinancing options that offer the best terms and rates based on your needs.
Application and Approval: We assist you with the application process, ensuring all necessary documentation is submitted for smooth approval.
Closing and Funding: Once approved, we guide you through the closing process, ensuring you understand every step and receive your new mortgage terms efficiently.

Why Choose Mortgage Loan Ontario?

Expert Guidance: With years of experience, Gogi Luthra and our team provide expert advice tailored to your unique situation.
Competitive Rates: We work diligently to secure the best rates and terms for your refinancing needs.
Transparent Process: Our transparent approach ensures you are informed and confident throughout the refinancing process.
Local Market Knowledge: As a local company, we have a deep understanding of the Windsor, Ontario market, allowing us to offer the most relevant advice and options.

Simple Steps to avail Mortgage Refinance

Save thousands of dollars in your mortgage interest payments

1

Get pre-approved

Pre-approvals for any type of mortgage requirement.

2

Avail Competitive rates

Lowest rates guaranteed.

3

Get cash fast

Cash gets credited within a couple of days.

get started

Our Client Testimonials

See what our customers have to say about our services.

Gogi Luthra is a great mortgage broker! He was able to secure a good mortgage deal for me. He has a sound understanding of the market and the systems involved... I will definitely go back to him when need arises again and whole heartedly recommend him.

Anand Singh

We had a great experience working with Gogi He is professional, reliable and very knowledgeable. He was able to answer all our questions at anytime of day and helped attain the best rate available.

Waqas Zubair

I was new to Canada and was buying my first home. While banks insisted for a 20% down payment,...I am really impressed with his service and I highly recommend people to contact him for all their mortgage needs.

Mohan Rao

107 reviews

Frequently Asked Questions (FAQs) About Mortgage Refinancing in Windsor, ON

What is mortgage refinancing?

Mortgage refinancing involves replacing your existing mortgage with a new loan with different terms. This process allows you to adjust your interest rate and loan term or access your home’s equity. Refinancing can help you save money, reduce monthly payments, or fund other financial needs.

When should I consider refinancing my mortgage?

You should consider refinancing your mortgage if:

Interest rates have dropped significantly since you took out your original mortgage.
You want to change the terms of your loan (e.g., from an adjustable-rate to a fixed-rate mortgage).
You need to access the equity in your home for renovations, debt consolidation, or other expenses.
You want to reduce your monthly mortgage payments.

What are the costs associated with refinancing?

Refinancing typically involves several costs, including:

Application fees
Appraisal fees
Closing costs
Origination fees

At Mortgage Loan Ontario, we strive to provide clear and transparent information about all potential costs so you can make an informed decision.

How long does the refinancing process take?

The refinancing process can take anywhere from 30 to 45 days, depending on various factors, such as the complexity of your financial situation, the efficiency of document submission, and the appraisal process. At Mortgage Loan Ontario, we aim to streamline the process and keep you informed every step of the way.

Can I refinance if I have bad credit?

It is possible to refinance with bad credit, though the terms may not be as favorable as those offered to borrowers with good credit. At Mortgage Loan Ontario, we work with you to find the best possible refinancing options based on your financial situation. We also guide you on improving your credit score to help you qualify for better rates in the future.

What documentation do I need to refinance my mortgage?

The documentation required for refinancing typically includes:

Proof of income (e.g., pay stubs, tax returns)
Credit report
Current mortgage statement
Property Appraisal
Identification documents

Our team at Mortgage Loan Ontario will provide you with a detailed list of required documents and assist you in gathering everything needed for a smooth refinancing process.