Mortgage Refinance Toronto

Many of our clients are applying for mortgage refinancing in order to
keep on track with their financial goals.

We can review your current home mortgage and help you save money. We have over 40 lenders offering the lowest mortgage rates for your mortgage refinance in Toronto.

	Refinancing high interest credit cards and other loans into ONE lower rate, monthly mortgage payment. Mortgage refinancing will help you save money, increase your monthly cash flow and eliminate the stress of making multiple loan payments.
	Use equity in your home and a low interest  mortgage refinance to renovate your existing property. This is an excellent way to increase the market value of your most important asset.
	Top-up RRSP investments or purchase Mutual Funds, Stocks and other Investments.
	Take advantage of your credit score improvements to refinance an existing subprime mortgage.
	Use a mortgage refinancing to purchase an investment property in Toronto by unlocking existing equity in your current home.
	Buy a Car using low interest  mortgage refinance rates instead of traditional auto financing.

Toronto Mortgage Refinancing - Consolidate Credit Cards & Loans

Read my recent article on Mortgage Refinancing in Toronto

Home owners in Toronto are now refinancing their mortgages at a record pace. As of January 2009, the Bank of Canada has dropped it's overnight lending rate substantially, allowing banks and lenders to offer a prime rate of 3%. Both fixed and variable rates are at historical lows and well below the average interest rates of the last few years. Many consumers are willing to pay penalties charged by their bank or lender to refinance existing mortgages and take advantage of lower payments and reduce interest costs on all of their debts.

Toronto and GTA areas in the last 5 years have seen a frenzy of buying activity. Home prices increased rapidly, allowing more and more equity to build up. Refinancing is one of the best options to make use of existing equity and pay off debts such as higher interest mortgages, credit cards and personal loans. By lowering monthly payments on unsecured debts such as credit cards, home owners can use the extra monthly cash flow to pay down their mortgages sooner using pre-payment options offered by most lenders in Toronto. Another popular strategy is using low interest rates and a refinance to fund renovation projects to increase property values.

To begin the refinancing process, contact Darin Bauer to discuss your existing personal financial details. I will review with you how much money can be saved in total interest costs by refinancing, as well as give you a plan for paying down your mortgage sooner. I have access to over 40 lenders and can provide you with not only the lowest rates but also a variety of products tailored to your needs. In most cases, I will be compensated by the lender chosen to fund your new refinance with, therefore not charging you any fees.

To qualify for a refinance in Toronto, your credit score is the most important factor. Banks and lenders are looking for FICO scores in the 620 plus range on average to qualify for the lowest rates . The higher your score, the better chance you will have to be approved at low rates. Other important qualifying factors will be your income & employment history as well as your loan to value ratio. Currently, you can refinance up to 95% of your homes' appraised or market value.

A typical  mortgage refinancing can be closed in approximately 14 to 21 business days. A real estate lawyer will be required to close the transaction. The average cost of legal services in Toronto is around $800, depending on the number of disbursements and other related fees.