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 Refinance Pickering

Are you looking to optimize your financial situation in Pickering? At Mortgage Loan Ontario, we are committed to helping Pickering homeowners achieve their best rates by unlocking the potential of their home equity through refinancing.

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Benefits of Mortgage Refinancing

Reduced Interest Rates: Refinancing can enable you to secure a lower interest rate, This could cut your monthly payments and result in significant savings over the course of your loan.
Access to Home Equity: If you have accumulated equity in your home, refinancing can allow you to convert some of that equity into cash. This cash can be used for home improvements, education costs, or other financial needs.
Debt Consolidation: Refinancing can simplify your financial situation and lower your overall interest payments by consolidating high-interest debts into your mortgage.
Improve Loan Terms: If your current mortgage has adverse terms, such as an adjustable interest rate or high fees, refinancing can help you secure a more stable and affordable loan.

When Should You Refinance?

Refinancing is most beneficial when:

Interest rates have dropped.
Your credit score has improved, allowing access to better rates.
You need funds for home improvements or major expenses.
You wish to switch from a variable-rate to a fixed-rate mortgage or vice versa.

Let Gogi Luthra guide you through the decision-making process to ensure refinancing is the right choice for you.

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.

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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

FAQs About Mortgage Refinancing in Pickering

What is mortgage refinancing, and how does it work?

Mortgage refinancing involves replacing your existing mortgage with a new one, typically with better terms and conditions. This process allows you to secure a lower interest rate, change your loan term, or access your home equity for other financial needs. You apply for a new loan, and upon approval, the new lender pays off your existing mortgage, and you begin making payments on the new loan.

What are the benefits of refinancing my mortgage?

Refinancing offers several benefits, including the potential to lower your interest rate and monthly payments, access home equity for cash, consolidate high-interest debt, or shorten your loan term to pay off your mortgage faster. Each benefit depends on your financial goals and the terms of the new mortgage.

How is refinancing right for me?

Refinancing is suitable if you can secure a lower interest rate, need to access home equity, want to consolidate debt or change your loan term. It's essential to consider your financial situation, refinancing costs, and how long you plan to stay in your home. Consulting with a mortgage broker like Gogi Luthra at Mortgage Loan Ontario can help determine if refinancing aligns with your goals.

What are the costs associated with refinancing my mortgage?

Refinancing costs can include application fees, appraisal fees, closing costs, and any prepayment penalties from your current mortgage. These costs can vary, so it's important to factor them into your decision. In many cases, the savings from a lower interest rate or other benefits can outweigh these costs.

Can I refinance if I have bad credit?

It is possible to refinance with bad credit, though it may be more challenging. Lenders may offer refinancing options with higher interest rates or require additional documentation. Mortgage Loan Ontario specializes in helping clients with diverse financial backgrounds, and Gogi Luthra can guide you through the process and explore options that fit your situation.