As you prepare to purchase that new house in Aurora, home mortgage refinance and home refinance loans may be topics that often come up for discussion. Your friends, colleagues and family might even advise you to learn all you can about the subject before you proceed any further. Great advice! But where can you access refinancing home loan tips? You need look no further, because Mortgage Genie is exactly where you will find all of the help and information you are looking for!
To make the purchase of that Aurora home possible, it is vital that you have a good credit standing. The majority of home refinance lenders would like to see borrowers with a clean history that dates back at least one year from the time they apply for financing. To secure the most favorable rates, you need a credit score of 720 minimum. Higher scores are even better! Applying for home equity loan or refinance with lower scores makes it extremely difficult – if not outright impossible – to receive approval.
Home mortgage refinance payments are instalments that are paid regularly towards interest on the loan, as well as the part of principal borrowed. Our Mortgage Genie experts will more than happily walk you through the entire process of mortgage payments and home loan refinance for your Aurora home!
Taking the mortgage affordability test is a vital first step before refinancing a home loan, or considering any other available home loan mortgage refinance options. The “test” assesses your income versus your monthly expenditures, and checks to see whether you will be able to afford the monthly mortgage payments that are being proposed by home refinance lenders. The “test” considers the maximum purchase price that you can afford to buy your new Aurora home for.
The mission of the Canadian Mortgage and Housing Corporation (or CMHC) is to enable Canadians access to a broad range of cost effective housing choices. Whether it’s deciding when to refinance your mortgage, or how much can you refinance your home for, Mortgage Genie specialists ensure our clients receive the best CMHC rates covering a broad range of down payment options.
Getting home loan mortgage refinance is a process that involves swapping current debt with a new, and possibly larger, set of debt. Refinancing for your Aurora home can not only expose you to better borrowing terms and conditions, but also provide you access to some of the best refinance home loans in terms of lower rates. Over time, these low rates will pay off by making refinancing a more cost-effective long-term choice for you.
The LTT, or Land Transfer Tax as it is professionally named, is charged when a property transfers ownership from one individual/group to another. As a first time buyer in Aurora, Mortgage Genie specialists can help you claim the rebates you are entitled to under the First Time Buyer rules.
A down payment is the difference between your home’s purchase price and the amount of the mortgage against the property. Home mortgage refinance may involve making a down payment, which is worked out as the difference between the mortgage you are approved for and the value of the Aurora property you are buying or refinancing. Home refinance lenders require that this down payment be made prior to the purchase transaction closing.