Posted on
June 14/2021By
northwood
Homeowners may have a number of good reasons for wanting to refinance their home, such as gaining access to the equity or getting a lower interest rate. Depending on your personal goals, there are many benefits you can gain from refinancing your mortgage. What is mortgage refinancing? When you refinance your mortgage, you are paying off your current lender and taking out a new mortgage. There are a variety of mortgage options available, which means you can get new terms and conditions for your mortgage. 5 Benefits of Refinancing Your Mortgage Here are some of the biggest advantages of refinancing…
Posted on
April 12/2021By
northwood
If you’re struggling to pay your mortgage because you’re in between jobs or facing economic hardships due to the pandemic, then it’s time to consider refinancing your mortgage. First, let’s define what mortgage refinancing in Ontario is and then take a closer look at 5 steps for preparing to refinance your mortgage. What is mortgage refinancing in Ontario? Mortgage refinancing means you trade in your first mortgage for a brand new one with a balance renewal. When your bank or lender agrees to refinance your mortgage, they agree to pay off the remaining principal balance on your first mortgage, while…
Posted on
January 04/2021By
northwood
Buying a home is a big purchase and comes with a hefty price tag. To pay for it, most people take out a mortgage. A mortgage is a large loan from a financial institution that comes with its own costs in the form of interest rates. It is vital to get a mortgage with a low interest rate. However, if you find yourself paying more for your mortgage than you’d like, you can refinance it for a lower rate. Mortgage Refinancing Refinancing your mortgage in Toronto is essentially paying off your current mortgage and taking out a new one. However,…
Posted on
December 21/2020By
northwood
Adjusting your mortgage can help you save money or reduce your interest rate. As well, it can help you build equity in your home faster. Getting a better rate or lower payment on your mortgage can be an attractive reason to refinance your mortgage. However, even if interest rates are low, is it always a good time to refinance? Here are some things to know before you renew. Good Reasons to Refinance The following are the best reasons to seek a refinance of your mortgage: It will lower your monthly mortgage payments You will build up more equity You can…
Posted on
June 26/2019By
northwood
If you are going through the refinancing process of your mortgage for the very first time then you may feel overwhelmed or confused. You may have heard different opinions or suggestions from different experts in the field, or even from your own family members or co-workers. Here, we will help debunk some of the most common myths about the mortgage refinancing process in Canada, so that you will be better prepared to handle the refinancing process yourself when the time comes. Myth One: You Will Require 20% Equity in Order to Qualify This is simply not true. While you…
