There are many instances where borrowers required additional funds from their equity to renovate the house, basement, Tuition fee for children, for investments or sometimes for better interest rate. If the rates have dropped recently and your mortgage refinancing is coming up for renewal. You can switch it to a different lender and can have access to your home equity loan.
Refinancing an existing mortgage means replacing it with a different lender and at different terms. You can also increase your mortgage amount and amortization, a maximum of 30 Yrs.
The maximum Loan to value we can get is 80%. The lender will calculate the loan to value ratio by dividing the mortgage balance and any other debts secured at the property, which should not be more than 80% of the appraised value. If it is less than 80%, you can refinance it. You can also consolidate your secured line of credit and credit cards as well into the mortgage. It will increase your monthly cash flow. Refinance will help to consolidate all your debts into one mortgage payment with low-interest rate.
We also help those clients who have taken the 2nd mortgage on their property in Mississauga and Brampton because refinancing was not an option due to high penalties with the existing lender or loss of job.
But now the term is about to over and wants to consolidate your 2nd mortgage into an existing mortgage with the bank. Most of the 2nd mortgages are interest-only payments and the rate of interest is high. With consolidating we can add the 2nd mortgage amount with all the fees and expenses to your existing mortgage and we can refinance the mortgage with the bank and reduce the monthly mortgage payment.