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With mortgage refinance, you can lower your loan term
You can use your home equity as collateral for a mortgage refinance
Mortgage refinancing can be used to consolidate high-interest debts too
When it comes to mortgage refinancing, Mortgage Loan Ontario should always be your first. You might be thinking why, well our team has been dealing with mortgage refinancing contracts in Ottawa for many years now. We know the ins and outs of the market and can help you secure a fantastic deal that can help you with your finances. Not to mention, we can get your application approved as quickly as possible, so you can start with your new refinance contract and save on your bills. For further detail, schedule an appointment with us today. We look forward to resolving your mortgage issues.
Refinancing a mortgage can be a great financial tool for anyone who is spending most of their paycheck on clearing dues and debts. If you are applying for mortgage refinancing, once your contract is approved, your existing mortgage will be paid off by the lender and it will be replaced by a new mortgage. The primary benefit you receive is that this new mortgage ideally comes with a low-interest rate. Also, you can consolidate all your existing dues, debts and bill under this mortgage and pay them off at a lower interest rate. By doing this, you will be saving on your monthly billing expenses.
One of the best features of mortgage refinancing is, it allows you to use the equity that you build in your home while you pay off your primary mortgage. When you have a considerable amount of equity on your property, you can use it as collateral to secure funds. Once you pay off your new mortgage, you will get back your equity. You will again have the freedom to use it again if you need emergency funds.
Cash-out refinances: In this type of refinancing the borrower takes out a new property loan on their property for a larger sum than what they owe on their primary mortgage loan. Afterwards, they will receive the difference between those two loan amounts in cash.
Cash-in refinances: In cash-in refinancing the borrower puts a large sum of money into the refinancing process rather than withdrawing it. By paying down a significant portion of your mortgage balance, you will reduce your LTV (Loan-to-value) ratio, and in doing so, increase the percentage of equity in your home. This can result in lower monthly payments or a lower interest rate.
Rate and Term refinance: A rate and term refinance enable the borrower to change the loan terms and interest rates of an existing mortgage. It is a beneficial option when interest rates are lower and you as a borrower have the opportunity to pursue more favourable terms with your mortgage lender.
No-closing cost refinances: As a borrower, you will not have to pay the closing costs upfront. Instead, the costs are covered with a higher interest rate on the loan. They can also be rolled into the principle. This type of refinancing is a great option for those who only plan to live in their home for a few years, as well as for anyone who wants to access the funds normally that are used for closing costs to manage expenses in other areas of life.
Short refinance: In the odd case if you defaulted on your mortgage and your property is at the risk of foreclosure, this is the ideal refinance option for you. With this type of refinancing, your lender with replacing your existing mortgage with a loan with a reduced balance. You can then pay a small monthly repayment that you can afford and easily pay back your mortgage.
Mortgage refinance can help you get out of a financial crisis. If you are not sure whether you should opt for mortgage refinancing, you can get in touch with Mortgage Loan Ontario for all the details you need. We will be more than happy to help you. Speak with our team and discuss your financial needs with us and we will help you fulfil them. Book an appointment today.
Save thousands of dollars in your mortgage interest payments
Pre-approvals for any type of mortgage requirement.
Lowest rates guaranteed.
Cash gets credited within a couple of days.