You might be the best option out of all the possibilities. You should consider refinancing your mortgage for several good reasons
A renegotiate implies that you need, or maybe need, to reconsider your current home loan credit to supplant it with another one that is a superior fit for you — as a rule to get to more excellent value in your home or for better home loan choices.
It is possible to do so at any time during the term of your mortgage or when it is time to renew (applicable fees or penalties may apply). If you switch lenders, you must pay for a new mortgage contract with a different lender.
Refinancing is not automatically your best choice. There will likely be fees, such as setup, legal, or prepayment penalties, whether you wait until your renewal period or need to change lenders or refinance in the middle of your current mortgage term. However, there are times when it makes financial sense.
To determine whether a refinance is appropriate, our True North Mortgage agents can examine your circumstance, quickly sort out the advantages and disadvantages, and outline any benefits.
Take advantage of the opportunity to renew! Please make use of our handy reminder tool.
What are a few upsides and downsides of renegotiating?
The Pluses: The good reasons why you might want to refinance Naturally, getting a mortgage that is right for you is the best reason. What do you require for your mortgage and home?
By borrowing up to 80% of your home’s value (without the need for default insurance), you can get extra money for investments or renovations. You can also save money by taking advantage of lower rates or locking in to protect yourself from future rate increases. You can make room in your budget by lowering your payments through a lower rate or an extended amortization. You can pay off your mortgage faster with lower rates AND a shorter amortization, keeping roughly the same prices. You can also combine debts with higher interest rates into lower The additional fees and costs that you might have to pay as a result of refinancing If the prices are too much to handle, they take away any advantages you might get from it. For a precise understanding of the specifics of your refinance, our knowledgeable brokers will walk you through the various fees and their costs based on your specific situation.
The finalization of a refinance’s details typically takes two to three weeks. The good news is that our helpful brokers will assist in making the process straightforward and stress-free, and then you can move on to a new mortgage agreement that suits your needs better.
The following are some possible costs:
Mortgage discharge fees if you switch to a different lender. Mortgage prepayment penalties for fixed-rate mortgages will be the greater of either three months’ interest or the Interest Rate Differential (IRD) to make up for the interest you agreed to at the time of your original mortgage. The mortgage registration fee amount varies by province. Legal fees (a lawyer will need to oversee your new mortgage). Appraisal fee (a lender will want your home appraised to ensure the value of your new mortgage). It may be the best option for you if the savings are more significant than the cost of refinancing or if you are willing to negotiate for the terms you want.
We can quickly and easily determine whether your benefits outweigh the drawbacks. Mortgages are all we do, so we are familiar with them.
With our lower rates, refinancing your mortgage makes more sense.
Through True North Mortgage, you can get the best mortgage rates and save money on your refinance. We inquire with all lenders, including yours, and then pass on our volume rate discount to you to help you save even more. Our salaried, non-commissioned mortgage brokers can also locate the ideal mortgage for your needs.
The process of refinancing your mortgage is straightforward. Start a conversation online by clicking the chat bubble! Give us a call or complete your specific online application; it will direct you to the appropriate fields to complete. We will respond to you shockingly quickly!
What distinguishes renewing from refinancing?
You are obtaining a new mortgage. You can agree to re-sign with your current lender at the rate offered (or negotiated), with generally the same mortgage terms and conditions, when your natural renewal period ends. Alternatively, we can help you find a better mortgage option.
- Are you sick of having to make four or five different monthly payments?
- Do you wind up making the least installments every month?
- Are creditors charging interest rates that are higher than the mortgage rates that are in effect right now?
- Do you wish you had more money to invest in stocks, bonds, or other assets?
- Assuming that you addressed indeed, our salaried, non-authorized Genuine North Home loan intermediaries are here to assist you with choosing — is renegotiating your home loan the best choice for you?