Mortgage Refinance Mississauga
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Refinance your mortgage to reach your goals
Refinancing your mortgage can help you save money, however, it depends on the new mortgage rates and conditions. Based on the equity you have built up in your house, you can increase the size of the mortgage. To apply for mortgage refinancing in Mississauga, get in touch with Harpreet Puri Mortgage Agent for more details.
What is mortgage refinancing?
Refinancing your mortgage is when you break your existing mortgage and start a new one. It can either be with the same lender, or you can go ahead with a different one. Most people refinance their mortgage to get a much better rate, access the built-up equity in their home to consolidate high-interest debt, and much more. However, breaking your current mortgage early can lead to an expensive pre-payment penalty. Ensure you do thorough market research before making a well-informed decision.
With a mortgage refinance, you can take funds up to 80% of the appraised value of your property. For more details, speak to our team.
Reasons to refinance a mortgage:
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To lower your interest rate
This is the most popular reason for borrowers to refinance their mortgage. Borrowers that have a high rate of interest on their current loan could benefit from refinancing, especially if they have a shorter loan term. Short-term mortgages usually have a low-interest rate when compared to longer-term mortgages. It is because you are paying the loan amount in less time, your monthly payment will most likely be high.
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Useful in consolidating high-interest debt
If you are riddled with high-interest debt like credit cards, personal loans or a cash-out refinance, consolidating debt can relieve your cash flow and help you save money in the long run. The only drawback to debt consolidation is that you will not be able to deduct the mortgage interest you pay on the amount that is more than the current loan balance if the funds are not used to buy or improve your house. -
If your credit score has improved
If your credit score has improved, you can refinance your mortgage to get a better rate. For instance, a 20-point increase in your credit score can reduce your rate and you can save thousands of dollars in interest over the entirety of the mortgage. Making your monthly repayments on time is one way to improve your credit score. It is a sound financial habit to frequently monitor your credit score to give you a better idea of where you stand. -
You can afford higher monthly repayments
In certain cases, changing the mortgage term has its benefits. If you can afford higher monthly repayments because of an increase in income, you can refinance to a shorter loan and pay it off more quickly. -
The fixed period on your mortgage is ending
While an adjustable-rate mortgage can help you save money on your monthly repayment, once the fixed period ends, your interest rate may increase a bit. This can be avoided by switching from an adjustable-rate mortgage to a fixed-rate mortgage. Even though the new fixed rate will be higher than your original adjustable rate, you will be safe from a rate increase in the future. However, if you are considering selling your property in the next couple of years, it makes sense to switch to an adjustable-rate mortgage as it could lower your fixed monthly payments.
Advantages of refinancing your mortgage:
- As a borrower, you can save thousands of dollars over the entirety of the loan when you lock in a lower interest rate. Furthermore, it can help you pay off high-interest debt.
- By refinancing your mortgage, you can reduce the term of your loan. Since the loan is paid off in a shorter period, you can gain from a lower interest expense.
- If your previous mortgage rate was adjustable, you can replace it with a fixed mortgage by refinancing.
- The built-up equity increases through monthly repayments. An increase in property value can be used for a wide range of purposes. From making home repairs and improvements to paying off a large debt, including college tuition and medical bills.
The best way to refinance a mortgage
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Optimize your credit score
Your credit score plays a pivotal role as lenders will take a look at it at the beginning of the mortgage refinance process. -
Shop around for the best mortgage refinance rates
If your existing lender or bank is not offering a favourable rate and terms, do your due diligence or get in touch with Harpreet Puri Mortgage Agent to help secure the best rates and terms by doing all the heavy lifting. -
Tap into your built-in home equity carefully
Avoid using your built-in home equity for short-term expenses. Homeowners can get a bang for their buck by investing in a business venture, college tuition, or home improvements. -
Know the value of your house
Before beginning the refinance process, know the accurate estimate of your home’s value. If the estimate is high, you may not get a favourable interest rate. -
Negotiate rates and fees with various lenders
You can negotiate fees like third-party fees, escrow, and even origination fees. However, you must maintain a good credit score, as it provides leverage to negotiate a better deal.
Why choose Harpreet Puri Mortgage Agent to refinance your mortgage in Mississauga?
If you are based in the Mississauga region and looking to refinance your mortgage, we can help. Harpreet Puri Mortgage Agent has a wealth of experience in the trade to help secure the best rates and terms. All you need to do is fix an appointment with our team and we will take care of the rest. Please do not hesitate to call a member of our team today for further enquiries.
Call Harpreet Puri Mortgage Agent today to know your mortgage refinancing options.
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