Up for renewal? Or, ready to give your mortgage a makeover?
There’s a huge trend happening right now—more Canadians than ever will be renewing their mortgages in the next few years. Before the pandemic and recent inflation, renewing used to be pretty straightforward: get your rate, sign on, and you’re good for another five years. But now, things aren’t so simple.
More complex financial situations mean today’s homeowners need more than a one-size-fits-all solution.
Not all advice is created equal, and I don’t believe in pushing a new loan just for the sake of it. My approach is advice-first—digging into your entire financial picture to see what’s right for you. Whether that means staying put or making a change, I’m here to provide straightforward guidance to get you closer to your goals.
in a nutshell
Initial Consultation
Let’s chat about your goals! Whether you want to tap into your home’s equity, reduce your monthly payments, or switch to a better interest rate, I’ll help you clarify your refinancing objectives.
Gathering Your Financial Information (the application!)
We’ll need some important documents like your income statements, credit history, and current mortgage details. Don’t worry—I’ll guide you through exactly what you need!
Mortgage Options Review
Together, we’ll review your refinancing options. I’ll explain the different types of mortgages available and help you understand the benefits of each.
Application Submission
Once you’ve chosen the best option, I’ll assist you in completing the application and submitting all necessary documents to the lender.
Lender Evaluation
The lender will review your application. Once approved, they may require an appraisal of your property. During this time, they will also verify and audit all information sent in for the file. This step ensures that everything checks out before moving forward.
Close the Deal and Celebrate!
Once all conditions are finalized, we’ll move forward towards a closing date where you’ll sign the final paperwork, and your new mortgage terms will take effect.
You’ve successfully refinanced your mortgage, unlocking new opportunities and savings. Let’s celebrate your financial win together!
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Your questions answered.
Refinancing is the process of replacing your existing mortgage with a new one, typically to secure a lower interest rate, reduce monthly payments, or access your home’s equity. It involves applying for a new loan, going through the approval process, and closing on the new mortgage.
You might consider refinancing if interest rates have dropped since you obtained your current mortgage, if your credit score has improved, or if you want to tap into your home’s equity for renovations, education expenses, or debt consolidation.
Yes, refinancing may involve various costs, including closing costs, appraisal fees, and potential prepayment penalties on your existing mortgage. When analyzing your options, ensuring that the savings and benefit of the proposed solution outweighs the costs in the long run is key.
The refinancing process can take anywhere from 30 to 45 days, depending on the lender, your financial situation, and how quickly you can provide necessary documents. I’ll keep you informed every step of the way!
Refinancing may cause a slight dip in your credit score due to the hard inquiry when you apply for a new loan. This is true for any type of credit you apply for, there will always be a small impact temporarily to your credit score.
However, if you manage your finances responsibly afterward, such as making timely payments on your new mortgage, your score can recover and often will improve beyond where it started before the refinance was done.