Mortgage Refinancing in Toronto
If you’ve recently decided to refinance your mortgage, we invite you to contact the dedicated brokers at eMortgage Solutions.
Even if you’re on the fence, we are confident the upsides and advantages of mortgage refinancing will reveal themselves to you after a comprehensive consultation with one of our licensed brokers. From rate-and-term refinances to cash-in refinancing, we do it all. Whether it is financial security you are after or even-greater financial prosperity, we can help you.
Request our services by calling (416) 258-0156 today. We cannot wait to work with you.
What Is Mortgage Refinancing?
Mortgage refinancing is when an individual, the borrower, pays off an existing loan and replaces it with a new mortgage. Borrowers will typically do this to secure more favorable interest rates and terms. They might want to shorten the term of their mortgage, or they might want to convert from a fixed-rate mortgage to an adjustable-rate mortgage (also known as ARM).
Mortgages can either be refinanced within the existing mortgage’s term or at the end of the term. When homeowners refinance at the end of their term, it is usually to access lower rates or to take out equity on the home. In those instances, homeowners have the opportunity to access up to 80% of their home’s value.
Would you like to learn more about mortgage refinancing? Find out if it is the right choice for you by calling us today.
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What Does the Mortgage Refinancing Process Entail?
Mortgage refinancing requires you to apply and qualify for your new loan, much like the standard process. With the assistance of a brokerage firm such as ours, the application, underwriting, and closing processes will surely go as smoothly as possible. If approved, the new mortgage will pay off the existing mortgage, and you’ll be able to reap the benefits of new terms and lower rates.
When Should You Refinance Your Mortgage?
One of the best times to refinance a mortgage is when the average mortgage rates decline.
Mortgage rates have a tendency to fluctuate—sometimes they’re higher than normal, other times they are lower. If mortgage rates have dropped, the best way to secure a lower interest rate is to refinance your mortgage.
What Are the Benefits of Mortgage Refinancing?
Even though ending a mortgage and establishing a new one will result in prepayment penalties, the pros of refinancing far outweigh the cons. Refinancing gives you the opportunity to secure an interest rate that will save you much money over the years. You can access home equity for investment opportunities, your child’s education, home renovations, or to pay off other outstanding debts.
Contact Us to Refinance Mortgage Rates Today
Refinancing your mortgage gives you a chance to forge a new, financially advantageous path for you and your family. With our help, you can reduce monthly payments, cancel premiums, access valuable home equity, and so much more. All that is required of you is that you pick up the phone and call us.
Prosperity that you never thought possible is just a phone call away. Call (416) 258-0156 today.