As a prospective Toronto home buyer, your thoughts may often focus on topics like home refinance loans, or you may be thinking how to refinance your mortgage. Obviously, your first priority should be to educate yourself about all aspects of refinancing a home, or arranging for an appropriate home loan. But the challenge is: Where do you learn about the best refinance home loans, or great home mortgage refinance options?
Well…the good news is that you are already here! Mortgage Genie is the right place to be if you want someone to explain refinancing a home or teach you how to refinance your mortgage. If your plans include home ownership in Toronto, then you need to ensure you have a good credit status. And even if your credit if not the best, you need to be understand what you may face when you attempt to refinance your home mortgage with bad credit. Most lenders in the industry will want to ensure that your credit history for at least the past year is impeccable. The best home mortgage refinance loan deals are offered to individuals with a score of 720 and above. You’ll have an uphill task convincing home refinance lenders to approve your application if your score is below the 720 threshold.
So, what is a home mortgage refinance payment, and what’s involved in it? There are two components to these payments, which you must make periodically. Upon refinancing your home loan, you’ll need to schedule regular repayments of the loan. These repayments go towards interest as well as paying down part of the original principal borrowed. Here at Mortgage Genie, our specialists will gladly walk you through all the requirements to refinance your home in Toronto.
Mortgage affordability is the amount you can make on a monthly basis towards a mortgage. One of the first steps to refinancing a home is to test your mortgage affordability. That’s the amount against your home loan refinance or mortgage that you can comfortable pay back each month. If you move forward with refinancing without understanding if you can afford it, chances are that you may have a challenge meeting your monthly home mortgage refinance obligations just a few months down the road.
To understand your home affordable refinance threshold, you need to analyze your monthly income and expenditure, and then weigh it against the refinance home mortgage instalments you will be required to pay each month. All of this is tied to the maximum amount that you qualify for the Toronto home that you wish to purchase.
The Canadian Mortgage and Housing Corporation (CMHC) has a mandate to help qualifying Canadians get access to a range of inexpensive home ownership options. A Mortgage Genie home loan mortgage refinance expert will help you secure the best refinance home loans with premium CMHC rates, and across multiple down payment options, that fits your unique financial situation.
So what does it mean to refinance your mortgage? In certain situations, it makes great sense to replace current loans or debt with newer, but larger, loans. If done right, refinancing your Toronto home can be cheaper under a home refinance program that offers lower interest rates or more favourable terms over the duration of the plan. The trick however is finding the home mortgage refinance plan that is right for you – and that’s what Mortgage Genie can help you with!
When a Toronto home changes ownership, from a seller to a buyer, a payment called the LTT (or Land Transfer Tax) is triggered. As a first time buyer of a Toronto home, you can count on a Mortgage Genie to help you quickly and efficiently get a rebate for the tax that’s applicable to you.
A mortgage down payment is the differential between how much the home you wish to buy costs, and how much mortgage is obtainable against the home. Home loan refinance choices may also entail down payments, especially if you do not have sufficient equity in your current home. Home refinance lenders will customarily ask that you make upfront payment of the down payment amount if the purchase of your Toronto home is to close successfully.