As you plan on becoming a homeowner in Barrie, thoughts about refinancing your home or seeking other mortgage products will likely be on your mind. Ideally, you’d like to be prepared first, for when those discussions take place. But where do you find relevant information on such topics? Thankfully, Mortgage Genie is here to help! Whether it’s about home mortgage refinance, or other home financing matters, prospective Barrie homeowners must focus on their credit standings. The majority of lenders like to see you with a clean credit history over at least the past year or so. For the best refinance home loans, you’ll need a credit score of at least 720. Trying to get your loan approved with a score below that will be an uphill challenge!
Any home refinance program will require you to make regular payments against your loan. These are payments that go against the principal and interest on your home loans. Our Barrie mortgage specialists will guide you through the entire process of mortgage payments, so that you understand exactly what’s involved.
To be successful with your home equity loan refinance application, you need to prove that you meet the affordability criteria for your mortgage. Based on the maximum purchase price of your Barrie home, you should be able to show that you can afford the monthly mortgage payments associated with the home price. This means an analysis of your monthly income and expenses should satisfy home refinance lenders that you can easily afford the proposed mortgage payments each month.
The CMHC (Canadian Mortgage and Housing Corporation) is tasked with a mission to assist Canadians all over to gain easy and affordable access to a range of housing finance options. Here at Mortgage Genie, our experts will quickly find you options for refinancing your home loan that qualify for premium CMHC rates under a range of down payments that you can afford.
Home mortgage refinance is the act of reviewing current debt and, where it makes sense, replacing it with newer – and possibly larger – loans. Home equity loan refinance in Barrie can often result in not only receiving loans with lower interest rates, but also with favorable terms that end up making your new loan much cheaper than your existing lower debt.
When transferring a Barrie home from one party to another, home refinance lenders may calculate and apply a government mandated LTT – or Land Transfer Tax. As a first-time Barrie home owner, Mortgage Genie specialists can help you to quickly benefit from eligible rebates under the LTT applicable LTT rules.
One of the steps to refinance a home in Barrie will be making a down payment. This amount is usually the difference between the price of purchasing the home, and the mortgage eligible against the home. This amount must be paid prior to your Barrie home purchase deal closes.