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…
Posted on
February 27/2019By
northwood
Taking out a mortgage almost automatically counts as an expense, as it translates to making continuous repayments over an extended period. But did you know that mortgage refinancing provides opportunities to cut down on expenses and outbound cash flows? That’s right — restructuring your mortgage actually provides opportunities to unlock hidden savings by reducing monthly payments, instituting low, locked-in interest rates and revealing extra cash available in the process. Because of these benefits, refinancing a mortgage has become popular among countless property owners in a bustling business district such as Toronto. Refinancing your commercial mortgage puts you in charge of the financial health of your business. Learn exactly how you can save your business some much-needed cash through mortgage refinancing: Analyze the Mortgage Repayment Terms Before you sign up to refinance your mortgage, it’s important to consider your goals. Does your Toronto business require an influx of cash and savings…
