Ryan Anderson - Your "Motivated" Mortgage Broker!

ryan.anderson@mortgagegrp.com 204-479-0775

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October 21, 2019
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Is Refinancing an option for me?

 

If you already have a mortgage, then it's a good idea for you to know if refinancing is an option. Things are constantly changing in our lives, from income, to family sizes, to needs and situations. Your mortgage should change along with it.

Refinancing can be done for a number of reasons. The most common reason is someone securing a lower rate,  withdrawing equity to consolidate debt or taking money out to complete renovations. However, each situation is different and it's vital to know your options moving forward.

 

As a mortgage broker, it's our job to find out important questions.

  • What type of current term are you in (fixed vs. variable) and how much time is remaining? 

  • What are the costs for breaking your mortgage and setting up a new one?

  • What savings are going to be incurred if I take a new mortgage and does it make sense?

  • Am I adding any new money or am I keeping the mortgage the same?

  • What are my needs both short term and long term?

 

These are all important questions for you to know when making a decision. If you currently have a higher interest credit card or car loan, it could make sense to consolidate into one monthly payment. It would lower the interest rate, save you monthly cashflow and you could set up to pay down both your mortgage and debts faster.

 Perhaps you don't want to take out any new money, you can simply switch over the mortgage to a new lender. Depending on how much equity is there, most companies will allow you to roll any penalty into the new mortgage, so there's no money out of pocket. 

You can refinance up to 80% of the value of your home as long as you qualify with income and credit. There can be additional legal costs for discharging your old mortgage and registering a new one, along with an appraisal, but there are also several free refinance and switch/transfer programs available depending on your situation, which covers these. 

 Feel free to contact me to assist further. I prepare a before and after statement to help show savings and refinance options. We also have access to other resources in our office, such as appraisers and lawyers that can assist with your needs and make it an easy process. 

 
 
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