Many
of our clients are
applying for
mortgage refinancing
in order to
keep on track with their
financial goals.
A home refinance can be beneficial
in many ways when
todays'
refinance rates
are at historically low levels and
you have available equity in your
home.
We can review your
home mortgage and help you
save money.
We have over 40 lenders offering the
lowest mortgage rates
for your
mortgage refinance in
Toronto
and the GTA.
We
also serve all of Ontario & Canada as well.
Our application process is simple
and efficient as we can have your
mortgage approved in less than 4
hours.
Below
are some tips on when to refinance
a mortgage, take advantage of low
refinancing rates
& improve your
financial future.
Mortgage
Refinance Rates
Variable Rate
Mortgage 2.80%
3 Year Fixed Rate
2.84%
4 Year Fixed Rate
2.89%
5 Year Fixed Rate
2.99%
10 Year Fixed Rate
3.89%
Secured
Line of Credit 3.50%
- Other
mortgage terms
also available. Inquire today for current
refinancing rates and special
promotions our lenders offer.
- Most of the above mortgage terms &
products come
with 20% pre-payment
privileges and are portable &
assumable.
Monthly, bi-weekly &
weekly payments available. Inquire
today for
further information and
mortgage product features.
Mortgage Refinancing -
Consolidate Credit Cards & Loans
| Home Value:
$300,000 |
Home
Value: $300,000 |
| Mortgage Balance:
$145,000 |
Mortgage Balance:
$215,000 |
| Interest Rate:
5.5% |
Interest Rate:
1.95% |
| Mortgage
($145,000): $885 |
Mortgage ($215,000):
$705 |
| Loans ($30,000):
$850 |
Loans
(nil): $0 |
| Credit Cards
($40,000): $1,200 |
Credit Cards (nil):
$0 |
TOTAL PAYMENTS: $
2,935.00 |
TOTAL PAYMENTS:
$ 705.00 |
| |
MONTHLY CASH FLOW SAVED!
$2,230.00 |
Mortgage Refinancing
in Toronto & GTA
With today’s low mortgage rates,
refinancing your mortgage can be a
very good option to save money. At
the beginning of 2012 , refinance
rates are now at historically low
levels . 4 and 5 year fixed rates
are available under 3% while
variable rates are around 2.85%. As
home prices have increased across
Canada , many borrowers now have the
equity in their home to consider a
home refinance and payoff higher
interest credit card debts and other
loans.
Every year ,
your mortgage and other debts should
be reviewed to see if there is an
opportunity to save money on
interest rate costs and increase
monthly cash flow. Too many
borrowers do not examine their
finances regularly and pay higher
interest rates and monthly payments
unnecessarily. A good rule of thumb
is to check your overall expenses
including mortgage and debt payments
once a year.
The amount of
monthly cash flow savings that can
be achieved with a mortgage
refinance is on average $500 -
$1000. This is a substantial amount
of savings for the average borrower.
In general, credit cards tend to
have the highest monthly payments
and interest rates, so these items
should be paid off first . After
credit cards, the next items are
normally credit lines, car loans,
student loans and personal loans.
You can also consider to refinance a
mortgage if you need money for
investing , home renovations ,
buying a car or for any other use.
Take advantage of today’s low
mortgage rates for any purpose.
A good credit
score will be required to qualify
for a low rate mortgage refinance.
On average, the FICO score will have
to be 650 or above to get approved
by most lenders , for up to 85% LTV
financing. An appraisal of property
will also be required either by CMHC/Genworth
or by a certified appraiser in
Canada. When submitting an
application to a mortgage broker,
please use a conservative property
value so the numbers are realistic.
Qualifying for a mortgage amount is
usually around 5 times your gross
annual income level. So for example,
if your income is $50,000 , you can
qualify for around $250,000 at
today’s mortgage rates for a
mortgage refinance.
The typical
mortgage refinance takes about 1 or
2 days to get approved by a lender
and 10 – 14 banking days to close .
Legal fees are normally around $700
to close the mortgage and disburse
funds to payout the existing
mortgage , debts and to release
funds for other uses . Appraisal
fees are around $250 although some
lenders do not require an appraisal
and if the mortgage is insured by
CMHC it is not required. Considering
the amount of savings that can be
achieved by paying off high interest
credit cards, credit lines and other
debts, refinancing a mortgage can be
well worth the small fees. Have a
look at your current financial
situation and if you believe you are
paying too much for mortgage and
debt payments, apply online or
contact me today for
mortgage refinancing .
|
