Refinance Mortgage in Ontario
What is Refinancing?
Life happens and refinance mortgage in Ontario can be a great way to:
- Achieve your goals
- Consolidate debt
- Tap into your home’s equity
When refinancing your mortgage, it’s essential to know what exactly you are doing. A mortgage refinance is when an existing mortgage is paid out with a new mortgage on different terms. New Haven Mortgage Corporation deals with many refinancing inquiries across Ontario. Many of our inquiries come from borrowers who have already taken out a mortgage with another lender or with us.
Why Do Our Borrowers Refinance?
At New Haven, our borrowers refinance for several reasons:
- Getting a lower interest rate
- Consolidating their debt
- Changing their term or getting a different mortgage
- To tap into their home equity
Other reasons to refinance can be due to needing more cash in an urgent financial situation. As a trusted home mortgage lender, New Haven is here to listen to our borrower’s stories as to why they may be having trouble making payments. We have established ourselves as the Good Lender, and we work with brokers to try to get our clients out of their financial problems.
Are there risks to refinancing your home?
Be aware of the risks when refinancing mortgages in Ontario. The risks can vary depending on why you are refinancing your mortgage. For example, if you are going to consolidate your debt using refinancing, there may be a chance that you will be in debt longer, or even increase your debt.
Furthermore, make sure you factor in fees before you decide if refinancing is right for you. You will have to pay appraisal, legal, lender, and (sometimes) broker fees, in addition to discharge fees and possible prepayment charges (depending on your current mortgage’s terms.) In Ontario, there are lenders that may have higher rates than others. However, do not worry about whether you will carry these risks with you if you choose to refinance. Between your mortgage broker and New Haven, we are there to guide you every step of the way.
If you are interested in starting this process, contact New Haven below to see if refinancing might be right for you!
Faster Processing Times
Our team is fast and efficient when it comes to processing inquiries, analyzing requests, and issuing commitments. This means you get the money you need when you need it.
Credible Reputation
New Haven Mortgage Corporation has worked hard to establish itself as a reputable leader within the mortgage industry. This means that both lawyers and lenders work with us to expedite the process.
Experts in Debt Consolidation
We understand that debt and financial hardships happen. Our team are experts in the alternative mortgage market and can help you find the best solution to your mortgage needs.