Mortgage Refinance
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LTV up to 80%
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Experts in mortgage refinancing in Brampton at your service
When refinancing your mortgage, you may find it difficult to get it approved through your bank. With Harpreet Puri Mortgage, you will not have to face that. Our team can help your existing mortgage and negotiate the interest at a lower interest rate so you can be less worried about your monthly expenses. Not only do you pay less on your interest, but mortgage refinance can help you consolidate all your outstanding debts and pay them off easily and quickly. If you want to know more, when not schedule a consultation with us? Discuss your financial needs with us; we will be more than happy to help you meet them.
How does mortgage refinancing work in Brampton?
If you are taking out a new mortgage to replace your existing mortgage, that process is called mortgage refinancing. You can apply for the same amount as your fixed rate mortgage or secure a greater amount; the choice is up to you.
As a homeowner, you will also have the option to combine a first and second mortgages into a single mortgage at a lower interest rate. Our mortgage agents at Harpreet Puri Mortgage can help you negotiate better terms and a longer amortization period, as well as help in getting access to extra funds if you need them for any reason.
The funds will go directly to your saving account, and you can withdraw them at any time you want. Our mortgage agents can resolve any queries you may have; call us today!
A few reasons why you should refinance your mortgage
Lowering your interest rate on your present mortgage has its benefits, but there are also other reasons why you should refinance your mortgage. Here’s a list for you to refer to:
- Mortgage refinance enables you to access the home equity. You will have the option to access up to 80% of your property’s market value. Once you get the funds, you can use them for anything.
- If you have several high-interest debts that you have to pay off, such as any existing loan and credit card bills, you can use your home equity line to do so.
- Mortgage refinance can help you consolidate all your debts through a variety of options available within the policy.
- If you are over 55 and own a property, you may be able to qualify for a reverse mortgage refinance.
- It will give you a share of the available home equity in cash and it requires no monthly payment for as long as you live in your home. Reverse mortgage refinance can improve your cash flow in your retirement years.
And those are only some of the reasons why you should be applying for refinancing your residential mortgage.
Our team will share all the details with you, so you can make a well-informed decision about whether mortgage refinance is a good choice to resolve your financial problems.
What should be my credit score to refinance my mortgage in Brampton?
Generally, there is no minimum credit score that you need to maintain to qualify for a mortgage refinance.
At Harpreet Puri Mortgage, we have an extensive network of B-lenders, private lenders and alternate lenders who can approve your refinance application even if you have a credit score of 580 or below. However, you may need to submit some documents; these are:
- You tax returns
- Letter of employment
- Property tax bill
- Competitive Rates
- Pay stubs
Option to extend the payback period
When you refinance your mortgage, you will have the option to pay off this loan over a longer time. Your home essentially becomes a source of personal loans, and the borrowed amount is added to the outstanding mortgage renewal.
You will be able to borrow money against your home equity for things such as home renovations, which might be time-consuming to secure a personal loan for. Additionally, you can avoid prepayment charges too.
Increase your savings
One of the reasons your maybe refinance your mortgage is to reduce your existing mortgage interest payments. If your mortgage refinance application is approved, the interest can come down as low as 5%. So, you will be save money on the interest as you pay back your new refinanced mortgage and the extra amount that you save, you can invest somewhere else. You should also know that you can choose between a fixed interest rate and a floating interest rate. Our mortgage agents can advise on which would be ideal for you.
Mortgage refinance Brampton can help you repair your credit score
If you have a poor credit history, refinancing can help in improving it as you pay off high-interest revolving debt such as a rewards credit card, past-due property or personal tax bills, or other bad mortgage loan. As you reduce the balance remaining on your revolving debts and use the extra funds to ensure that you clear off all your bills, you will notice a significant increase in your credit score. This, in turn, will result in high savings in interest when you apply for a mortgage in the future.
Hiring our mortgage agent as Harpreet Puri Mortgage
When you hire our new mortgage agent, you will be working with a team of professionals who:
- Are always customer focused and will go the extra mile to meet your financial requirements.
- Can customize the contract till you satisfied with the terms and conditions.
- Make sure that you get a low-interest rates.
- Offer a payback period that you are comfortable with.
Our services are available to clients across Brampton. Schedule an appointment with us today.
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12 April 2022/
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