Refinance Your Mortgage Loan
Refinance your mortgage or use your home equity
Need money for a big purchase? Want to change the terms of your mortgage? Find out if refinancing your mortgage or using your home equity is right for you.
Get approved in as little as 24 hours!
#1 Rated Mortgage Refinance Broker in Mississauga, Brampton & Caledon
The home of your dreams is your to stay but why not find better terms? All you need is the better mortgage rates.
Understanding the Refinance Mortgage Process
6 Simple Steps to new lower rates which is extremely valuable in the competitive Peel Region of Ontario.
Step #1: Speak with a Mortgage Broker.
Step #2: Get your documents & we help prepare your application.
Step #3: We will arrange a Property Valuation.
Step #4: We negotiate better mortgage rate
Step #5: Sign your loan documents.
Step #6: Settlement - pay as per new loan rates
Closing on a refinance is like closing on a purchase loan, with one main difference: This time you already have the keys to your home.
As a first-time home buyer you have access to some great incentives, tax credits and resources to help you turn your home-ownership dream into reality. To know your options speak to our Mortgage Broker today.
What are the Benefits of Refinancing?
Get a lower interest rate compared to before
Consolidate your debt & feel in peace
Improve terms & interest of mortgage
Tap into your home equity & invest
Mortgage Refinance Broker Who Helps You Every Way
Over the years since you purchased your home, there may have been many changes. Interest rates may have risen and fallen. Your income may have adjusted upward or downward. Your goals may have changed.
With enough changes, your original mortgage may no longer be ideal. But by refinancing, you may be able to save money and better meet your goals.
When you refinance your home, here are some of the advantages that you can potentially look forward to:
You might qualify for a more competitive interest rate, saving money every month.
You can switch to a longer or shorter loan term, or between a fixed and adjustable interest rate.
It might be possible to renegotiate certain mortgage terms or even change from one type of mortgage to another.
Get Help From Professional Mortgage Refinance Brokers in Peel - Mississauga Brampton & Caledon!
Is It the Right Time to Refinance your Home or Commercial Mortgage?
There are many different situations where a refinance could be the right move. Following are just a few examples:
Are you on a fixed interest rate which is now higher than the going market rate? A refinance today could bring that interest rate down to one which is competitive today.
Are you on an adjustable interest rate which is ballooning? If you want to put a hold on the process and give yourself more financial stability, you could adjust to a fixed interest rate by refinancing.
Are you just barely paying your monthly bills with nothing left over for savings? If you are in a situation where your income has decreased, you can refinance to give yourself more years to pay off your loan, resulting in lower monthly payment requirements.
Do you want to pay off your mortgage early? One way to potentially get around prepayment penalties is to reduce your loan term through refinance. In some situations, this may be less expensive than paying the penalties.
Do you want to stop paying for PMI? If your current type of loan is one which requires PMI payments but you might now qualify for a different type of loan which does not, a refinance can save you quite a bit of money every month.
Has your borrower profile improved? If you have had improvements to your income, DTI ratio or credit score, refinancing now could give you access to a more competitive mortgage overall.
Do you want to consolidate your loans? Refinancing may be your ticket to streamlining your monthly payments and reducing your overall interest.
Why Refinance Your Mortgage Through Peel Mortgage Broker?
Here are a few reasons to choose us for your home purchase mortgage needs:
We have two decades of experience connecting customers with home purchase loans. With our knowledge and connections, we can bring you a huge selection of lending products and a solution to every obstacle.
We don’t turn customers away because of challenges like self-employment or low credit. We will tirelessly work to bring you an affordable mortgage that helps you buy the home you love right away.
Whether you are buying your first home or your next home, we will work patiently with you, answering all of your questions so that you can purchase with confidence.
What is a mortgage refinance?
A mortgage refinance replaces your current home loan with a new one. Often people refinance to reduce the interest rate, cut monthly payments, to have money for a down payment to purchase another home or investment property, to improve cashflow management, to renovate a home or for consolidating debt using the available equity from your home or commercial property. Others get a mortgage refinance to pay off the loan faster, get rid of mortgage insurance or switch from an adjustable-rate to a fixed-rate loan.
What happens when you refinance a mortgage?
When you buy a home, you get a mortgage to pay for it. The money goes to the home seller. When you refinance, you get a new mortgage. Instead of going to the home’s seller, the new mortgage pays off the balance of the old home loan. Mortgage refinancing requires you to qualify for the loan, just as you had to meet the lender’s requirements for the original mortgage. You file an application, go through the underwriting process and go to closing, as you did when you bought the home.
Should I Refinance into another 30-year loan?
Reducing your monthly payment should usually be the goal. And it’s tempting to refinance with another full 30-year term to lower your mortgage payment per month. But that means you’ll end up taking even longer to pay off your house and paying more interest over the long run.
What are the benefits of refinancing?
The main benefit of refinancing is saving money; borrowers can lower their monthly payments and save thousands in interest costs by switching to a loan with a lower interest rate. Refinancing can also be a good option for borrowers looking to avoid PMI.
Who can refinance?
Anyone who already has a home loan can apply to refinance, whether that loan is held by the same bank or not . Current homeowners with a mortgage above 80% LTV (loan to value) should consult a professional before refinancing, as they may run into difficulty with borrowers owing more than their home is worth.
Who can How long does refinancing take?
The length of time for a mortgage refinance varies depending on the borrower's credit score, income verification, appraisal process and other factors. A successful borrower can expect to close within 30 days.
What are the drawbacks of refinancing?
One downside of refinancing is that it will increase the borrower's monthly payments in some cases. When interest rates are low borrowers may find that they could have qualified for a smaller loan or saved money by keeping their old rate if they had waited until rates were higher before taking out the new loan. Borrowers should also factor in any closing fees charged by lenders when refinancing into their calculations.
Another potential drawback of refinancing is that the borrower will no longer qualify for certain loan programs once they pay off their old mortgage. For example, a home owner who has taken out an FHA loan and refinances to a conventional loan will not be able to apply for another FHA loan in the future without reapplying and qualifying for the program again.
What are common refinancing products?
There are several different types of mortgages that are available for borrowers to refinance. They include:
Fixed-rate mortgages - These products have a constant interest rate over the life of the loan, and come with various term options ranging from 15 to 30 years. The longer the term on a fixed-rate mortgage, the lower its monthly payment will be, but you'll pay more in total interest costs over time.
Adjustable-rate mortgages (ARMs) - With this option your home's value determines how low your initial rate can be. ARMs have an initial fixed-interest period after which they adjust on specific, predefined dates called "interest rate adjustments."
Home equity lines of credit (HELOCs) - If you have equity in your home, you can use it to get a HELOC which allows you to borrow up to 80% of the value of your home. You will make monthly payments on this loan which are interest only and don't start paying down the principal until five years after closing.
However, HELOCs do allow you to access your home's equity and pay off other debt without refinancing or paying closing costs.
Apply to Refinance Now
Don’t wait any longer to find out what a refinance can do for you. The sooner you refinance to a more competitive mortgage, the more money you can save. To find out if you qualify and how a refinance works, please call to schedule your free, no obligation consultation.
Get approved in as little as 24 hours!
Reduce your monthly payments
Bad credit? No credit? No problem!
Low income? No income? No problem!
True equity based approvals