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Refinance Make your home equity work for you
Like many other Canadians you may be considering using the equity you’ve built in your home to re-invest in your dreams or consolidate debt.
A mortgage refinance allows you to borrow additional money on your mortgage, so you can afford the things you’ve always wanted. It can help save you money and help you consolidate your debt into one convenient payment.
Commitment A mortgage refinance may be right for you if you want:
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- To consolidate your debt at a lower rate of interest than most major credit cards and loans
- Help with the kids’ education costs, your dream vacation, perfect vehicle, a home renovation and more
- Emergency funds to handle unexpected expenses
- To purchase investments or maximize your RRSP contributions
- A residential property, including rental properties of up to four units.
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Renew Let a Mortgage Centre specialist guide you through the options of leveraging the equity in your most valuable asset.
explore how taking advantage of flexible mortgage features and interest rates can allow you to withdraw equity while keeping your payments affordable.
With years of experience in the mortgage industry, we’ll help you understand the role your home plays in your overall financial picture and provide you with sound financing options to match your current and future goals.
Advantage Renewing Your Mortgage
Let us help you get a better renewal.
Incredibly, many Canadians renew their mortgage with the same lender because they believe it’s too time-consuming to shop around – or think their existing bank’s offer is the best deal available.
This isn’t necessarily true. Unfortunately, many of these same people simply accept that lender’s posted rate or slightly better. At The Mortgage Centre, we’ll shop some of Canada’s leading lenders to compete for your renewal so you can rest assured that we are working hard to help get you a competitive rate matched to the features and benefits suited to your unique needs.
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Unique Needs What about an early renewal?
Because mortgage rates may fluctuate often, it’s beneficial to revisit your current mortgage product, regardless of how long you’ve had it. An early renewal involves renegotiating the mortgage term and interest rate before the maturity date.
Some mortgage products allow the borrower to renew their mortgage early at any time during the term. However, a prepayment charge may apply if the borrower:
- Has a closed-term mortgage
- Renews their mortgage before the end of term
Before a client does an early renewal, the client should contact their lender to get details of any prepayment charge, or other fees that could be charged for renewing early. It is important to understand the options to capitalize the prepayment charge, or if there are any restrictions on what products the client may early renew into.
A Mortgage Centre Specialist can shop the market for you and help determine whether you’ll save money by breaking your current mortgage and renewing early. We’re happy to discuss the possibilities with you!