The process of paying the existing mortgage and/or any other legal claims against the property and replacing it with a completely new mortgage(s) is defined as a Refinancing. There are many reasons as to why you should consider refinancing your mortgage:
If you find your monthly bills are spiralling out of control, it’s highly likely that you might be able to refinance your home and pay them off. The advantage of doing this is to lower your total monthly payments. The mortgage specialist at Toronto121 will review your situation and make a recommendation.
Yes, it’s possible to refinance your two mortgages on the same property, and can combine them into a new first mortgage, as long as the total amount does not exceed 90% of the value of the property. If the new mortgage is over 75% of the value of the property, normal CMHC/GE Capital premiums and guidelines apply. The only thing to remember here is that only outstanding amounts can be combined. We have cash-back programs that help you in case of any discharge penalties and costs. These must be paid separately at closing.
While doing major renovations with spending of over $15,000, taking up a mortgage would prove to be relatively less painful in monthly terms as opposed to a loan or line of credit.
You can use the equity in your home to finance the purchase of investments, and also benefit from the lower carrying costs of a secured line of credit or mortgage and also write-off the interest costs against the taxable incomes.
You could take equity out of your property by refinancing the mortgage to use towards the purchase of an investment property. Why not leverage your assets? We at Toronto121 Mortgage help you!
As exemplary parents, it is up to us to teach our children to be responsible citizens by giving them a strong base with a good education. With the spiralling expenses and general surge in pricing - education sometimes becomes difficult to pursue. This is solvable in the form of equity in your home. Education is something we can never compromise on isn’t it?
To refinance your mortgage today to your advantage, contact us today!
Our strategic tie-ups enable us to offer a wide range of customized mortgage services at the best rates