Apply For Mortgage Refinance
Mortgage Refinance- What is it?
When you refinance your mortgage, the terms of that loan will be different from those on your current home. Refinancing is one way people can lower their monthly payments and get more money in hand at once by letting go or paying off an existing balance before taking out another financing agreement with better rates but also shorter-term lengths if they need it. When you refinance your mortgage, it can be an opportunity to pay off outstanding debt or take advantage of recent market trends. You might get a chance at better rates and terms.
Planning to get your mortgage refinanced?
Consider getting in touch with Harpreet Puri. Here, we always go the extra mile to ensure that all your financial needs are met and you are happy with the contract that we offer. Our mortgage services are available to clients across Canada, and we take the time to understand your requirements while offering advice on what would be the best option for you. You can contact our team now and set up a consultation and discuss further on mortgage refinance.
How It Works
Should I choose to refinance my mortgage
Although getting a low-interest rate does sound like a lucrative offer, it’s not the only reason why you should think of getting your mortgage refinanced. Here are some viable reasons why you may think about refinancing your mortgage.
Accessing the equity in your home
When you refinance your mortgage, you may have the option to access the equity in your home. You can potentially access up to 80% of your home's market value, less any outstanding debt. You can use this extra money for investment opportunities, home renovations or save it for your children’s education.
Consolidate your debt
If you have enough equity in your home, you can use this equity to pay-out high-interest loans or debts through a mortgage refinance. For example, if you have several outstanding debts, such as a line of credit or a car loan, a line of credit, or credit card bills, with mortgage refinance you may be able to consolidate this debt through a variety of mortgage refinance options available.
Lower mortgage borrowing costs
If interest rates drop significantly, mortgage refinancing can lower your monthly mortgage payments, in turn, you can quickly pay off your mortgage and own all the equity in your property.
Not happy with your existing mortgage contract
Then with mortgage refinance, you can renegotiate mortgage terms and clauses that you will be happy with.
Getting the best interest rate on your mortgage to refinance
Well, when you are hiring our team at Harpreet Puri Mortgage, you will not have to worry about interest rates. We always try our best to give our clients an affordable interest rate. However, you can opt for a low fixed-rate mortgage (if the option is available) then you can spend less. The downside of this type of interest rate is, if the interest rate falls, you won’t be benefitted. Keeping a good credit score is always helpful and try not to refinance your mortgage a short time before your mortgage is up for renewal. If you do this your existing mortgage lender can charge you hefty mortgage penalties. To find out more, contact Harpreet Puri, we will more than happy to assist you with your queries.
How to get a Mortgage Refinance even with bad credit?
It’s always advisable not to apply for large loans when you do not have a good credit score, saying that, if you really need funds, then there are ways to secure a loan without much hassle. This is true for mortgage refinancing options as well. Here are some options on how you can easily apply for mortgage refinancing with a bad or a low credit score:
- Always make your credit and/or loan payments on time and do that for a least a year before you apply for a mortgage or for refinancing.
- Using more than one type of credit can help you improve your credit score.
- Pay at least the minimum amount to avoid paying penalty charges.
- Try not to access more than 30% of your available credit.
Our team at Harpreet Puri Mortgage can help you with more details, set up a consultation today.
The many benefits of refinancing your existing mortgage
- You can use the funds to renovate your home, clear-off dues and pay bills
- You will be able to consolidate all your debt to a lower interest rate
- You will have the option to access the equity in your home
- You can maximize your investments using the saved money
- If you’re planning to make a big purchase, you can use the loan for that as well
And that’s just a brief summary of the benefits that will be available for you. So what are you still waiting for? Contact Harpreet Puri and get the paperwork started for your mortgage refinance right now!
Want to know more about mortgage refinancing? Schedule an appointment with our team at Harpreet Puri Mortgage today!