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To refinance means to get out of your existing mortgage contract. It may be done for many reasons, including but not limited to -
- Getting cash out of your property (also called Equity Take-Out)
- Paying for home renovations, investments, education, etc.
- Getting a lower interest rate to decrease your mortgage payments and save money
- Choosing better terms and options for your new mortgage
- Combining several mortgages into one
- Consolidating debts
- Getting a Line of credit
- Renewing a maturing mortgage
Refinancing is possible for up to 95% of the value of a property depending on several factors. There may be costs involved like legal fees, appraisal, and penalty (depending on what is stipulated in your current mortgage contract). At Canada Mortgage Hub, we’ll help calculate the difference to see if the benefits you will get can far outweigh the costs. As a general rule, if there is a spread of 2% between your current rate and the latest discount rate, you might want to consider refinancing. Furthermore, if your property has gone up in value, you may obtain cash out of your property to pay for the refinancing costs. A better way to find out for sure is to call us at 1-888-853-8372, send us email at contact@canadamortgagehub.com, or simply fill out either the quick application form below or our online mortgage application.
Even if you are not considering refinancing, you may want to sign up for our Renewal Alert program. When we come across special deals from lenders and realize this is a good deal for you based on the information you provide, we’ll notify you of the opportunity to save you money, and you can decide from then on if you want to switch. We’ll make sure the process is simplified. Not only is there no cost for you to sign-up, it may actually save you thousands of dollars.
