Home Loan Refinancing: Exchanging Debt for Debt
For the past 25+ years, Mortgage Genie, a Home Loan and Mortgage finance specialist, has been helping and advising its clients in Ontario, Canada, with a host of complex home financing challenges.
Home Loan Refinancing 101
If you are looking for ways to reduce your home mortgage costs, then perhaps you should look at doing a mortgage refinance. At Mortgage Genie, we’ve literally helped Canadian’s save hundreds of thousands of dollars by opting for smart refinancing choices.
So what exactly is a mortgage refinance?
Well, simply put, it is a process whereby your older mortgage is replaced with a newer one with more favourable terms. Refinancing results in the current loan balance being paid off, and a new loan is created by rolling that balance (plus any additional amount lent) into a new mortgage contract.
Where’s the savings?
Great…first you had a smaller loan, and now you have a bigger one! How does that save you money?
We knew you’d ask that…that’s why we came prepared with the answers!
Without going into the complexities of monthly installments, number of payments a year etc., right off the bat a 1.5% reduction in interest rate could save you $1,250 – even on a higher loan amount. How’s that for savings? But there’s more!
Well connected mortgage brokers can put you in touch with lenders that offer exceptional repayment privileges, such as:
The end result is that you could end up repaying your loan quicker than your original term allowed, thereby saving you plenty of money for other more important uses.
The end result is that you could end up repaying your loan quicker than your original term allowed, thereby saving you plenty of money in interest payments, which you might to other more important uses.
Making Refinancing work for you
While refinancing is a great idea for most Canadians to think of, it may not be ideal when:
But if you are interested in refinancing, then here’s how you could make it work for you:
While the average Canadian is pretty savvy when it comes to their finances, the average home loan borrower doesn’t have the time to go through the process of shopping and negotiating refinancing terms with multiple lenders. That’s where professionals can help.
Get in touch with a professional mortgage broker at Mortgage Genie and get them to use their vast network of lender contacts to give you multiple competitive bids. That’s the best way to make refinancing work for you!
Contact Mortgage Genie Today!