MORTGAGE REFINANCING SIMPLIFIED
Refinancing your existing mortgage to consolidate your debt can be one of the most effective ways to reduce your monthly expenditures. Debt consolidation is not new nor unique, but it can be the solution to a financially stressful situation. With over 20 years of experience in the mortgage industry, we have seen numerous different situations and have assisted in the correction of many of these problems.
A mortgage refinance is a powerful tool that can help a person or family to make the best of their financial situation—especially if it is already strong. A refinance is simply a smart way for you to take advantage of changing conditions. Whether it’s personal financial circumstances or the market, things change. Your mortgage should always be one that works best for you and helps you achieve your financial goals.
As expert brokers with over thirty years of experience in the industry, we can help you make the most of this tool by giving you access to better mortgage options and helping you refinance in the way that is best for your specific circumstances. Our team is honest and integrity-driven, which is why we often have repeat clients who trust us to guide them through their refinancing just as we did with their initial mortgages. Even if you used a different broker last time, we are thrilled to help.
What Is Mortgage Refinancing?
When you purchased your home, you financed it with a mortgage. Now, you can refinance it. You can dissolve your current mortgage and then take on a new one. One of the many advantages of doing so is that the new mortgage does not have to have the same conditions, from interest rates to term length. If your financial situation has changed, or if market conditions have changed, you can choose a mortgage that is more to your advantage.
There are other great ways to use a refinance to your benefit beyond just changing the terms of your mortgage. We detail these below.
When Should You Refinance Your Mortgage?
- Your income or credit score have improved: If you’ve started earning more money and/or your credit score has improved significantly, then you may be able to qualify for much better terms than you did with your original mortgage. It can benefit you financially to refinance if this is the case.
- Your financial situation has worsened: Refinances are also valuable for those who have hit some roadblocks in their financial progress or even those who have had financial emergencies. A refinance can get you better terms that can make it easier to meet your monthly payments.
- You’d benefit from consolidating debt: You can package other higher-interest debt that you have into your mortgage. This can benefit you by lowering the interest that you pay on your debt overall. However, it needs to be worth the cost of refinancing, which includes closing costs, penalties or possible fees. Our team can make sure refinancing makes sense for you.
- The market has changed: Are lower interest rates now available? A simple rule of thumb says that if you could get a one percent reduction in interest then you could benefit from a refinance. However, everyone’s situation is different, and we can help you to assess whether it will benefit you.
- You’d benefit from changing the terms: If you can otherwise significantly benefit from changing the terms of your mortgage, then you should consider refinancing it. For example, a common change is moving from an adjustable-rate mortgage to a fixed-rate mortgage.
- Large purchases: When you refinance you can gain access to the equity in your home. If you need large sums of money for renovations, a new down payment, or some other major expense, refinancing can be advantageous.
What Do You Need To Refinance?
There are several qualifications you must meet in order to be eligible to refinance your home. Each lender has different guidelines and navigating these guidelines is what we do best. We can help you assess if you’ll be approved for a refinance and find the suitable lender which offers the best deal.
Why Work With A Mortgage Broker To Refinance Your Mortgage?
You’ve done all this before, so why choose a mortgage broker to help you refinance? When you’re changing the terms of your mortgage, you’re making a strategic financial decision to help you make the most of your situation. Whether you’re trying to pay off your mortgage faster or trying to consolidate debt, your refinancing decisions are all about figuring out what is best for you in the long run. We can help. Brokers help by:
- Doing the legwork: There are many options to consider when refinancing your mortgage. We can help you compare a broader range of choices to make sure you’re getting the best option to suit your circumstances.
- Professional guidance: Will it financially be worthwhile to refinance? How long will you need to stay in your home to make it work? We can help you by providing professional guidance that considers things you may not have considered.
Choose Mortgage Financial Corporation
The team at Mortgage Financial Corporation has the experience and breadth of knowledge to guide you in choosing the right refinancing option for you. Here are some of the reasons that you should choose our team:
- Customer Service: If you were dissatisfied with how your broker treated you with your original mortgage, that is a great reason to switch to our team. We are all dedicated to making your refinancing experience a positive one, and we prioritize our client experience.
- Honesty: We have a reputation for honest guidance, and we always seek to act with integrity. That’s why we have long-standing customers who come back to us for refinances and second or third-home purchases.
- Personal knowledge: Everyone’s circumstances are different. We care about assessing your needs and making sure that we’re matching you with the right refinancing plan. We want to have long-term customers, so we always act in your best interest.
Discuss Your Mortgage Refinance Options Today
Get In Touch
Mortgage Financial Corporation serves clients across HAMILTON, ANCASTER, DUNDAS, BURLINGTON, STONEY CREEK, WATERDOWN, GRIMSBY, and the surrounding areas.