Refinance Your Mortgage
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.
What does it mean to refinance a mortgage?
Refinancing involves taking out a new mortgage loan to replace your existing one.
When you refinance, you apply for a new home loan just as you did when you bought your house. But this time, instead of using the loan money to purchase a home, it’s used to pay off your existing mortgage balance.
Refinancing effectively replaces the debt on your current mortgage. It also lets you choose the rate and loan term on your new mortgage, so you can get a new home loan that saves you money or helps you accomplish other financial goals.
How does refinancing work?
When you refinance, you don’t actually receive the funds from the loan (unless you’re doing a cash-out refi). Instead, the lender(s) involved will handle the transaction behind the scenes. Your refinance lender uses the loan amount to pay off your existing mortgage, and after closing, you’ll start making monthly payments on the new loan.
As far as you’re involved, the mortgage refinance process typically looks a lot like your original home loan process did. Although refinance closing costs tend to be a bit less.
Homeowners refinance because you get to choose the rate and loan terms on your new mortgage. So you can take out a new loan that’s more affordable or helps you meet other financial goals.
How mortgage refinancing benefits homeowners
A Mortgage Refinance May Be Right For You If You Want:
- 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 a residential property, including rental properties of up to four units.
- To purchase investments or maximize your RRSP contributions.
How 911 Mortgage Brokers can help
911 Mortgage Brokers routinely help clients who are looking to refinance their mortgage. We have access to a large pool of lenders including Banks and Traditional Lenders, Credit Unions, Alternative Lenders, Mortgage Investment Corporations, and Private Lenders. As a result, we have access to a large option of mortgage products.
Let our 911 Mortgage Brokers guide you through the options of leveraging the equity in your most valuable asset. We can 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.
Whether it is a mortgage refinance, renewal, home equity loan, second mortgage or private mortgage, we have the tools, know-how and more than 50 lenders nationwide ready to help you fund your mortgage or loan option.
Call Us Today at 289-318-0911 or Toll Free at 1-888-377-0911 for a free confidential consultation to discuss your options or apply online.
Our Service Areas
911 Mortgage Brokers – The Mortgage Centre offers services to clients across Toronto and the GTA, Vaughan, King, Aurora, Stouffville, Newmarket, Markham, Richmond Hill, Barrie, Innisfil, Orillia, Collingwood, Oshawa, Ajax, Whitby, Mississauga, Brampton, Caledon, Burlington, Oakville, Milton, Bolton, Hamilton, St. Catherines, Niagara Falls, Windsor, Kitchener, Waterloo, London, as well as far as Muskoka cottage country, Ottawa, Simcoe, and the rest of Ontario.
