Debt consolidation is clearly becoming advantageous to today’s consumer. With current mortgage finance rates at an all time low, more and more consumers are finding this the best way to reduce high interest loans and credit card balances.
Ontario Equity provides full debt consolidation services through mortgage refinancing. Often the new mortgage that we arrange can save our clients up to 75% on their monthly credit bills. Our professionally trained and experienced brokers can have new financing arranged in a timely manner, thus saving you money from those high interest credit cards and finance companies.
By refinancing your mortgage and paying off high interest debts you can prevent any unnecessary profit for large credit card companies while saving more money for yourself each month.
As refinancing becomes more popular, major lenders in Canada welcome prospective clients by offering a variety of products for any debt consolidation situation. Ontario Equity has excellent relationships with every major lender in Canada to ensure that our clients receive the best service and mortgage product for their own personal needs.
A popular misconception with debt consolidation is that a second mortgage must be added and the existing first mortgage must stay in position. Many people are also led to believe that there are always fees involved with a debt consolidation mortgage. This is not the case. Many second mortgages have much higher interest rates and some involve fees. Most mortgages can be arranged to accommodate payout penalties and legal fees as well, so there is no out of pocket cost to you. We believe in providing superior service to our clients by arranging better terms and rates free of charge!!
Mortgage Refinance Rates
There are a number of different reasons why a person may have to consider refinancing. This can be a difficult and lengthy process if not using the services of a professional broker. There are several steps that one can start if interested in starting over with refinancing their loan. A little bit of research goes a long way, with over 70 lenders available in Canada. Navigating one’s way through this sea of lenders can be somewhat confusing, which is why it’s helpful to have a professional to help lead the way. Many times this can be undertaken at no cost to you.
The first step towards refinancing one’s mortgage is to sit down and go over your situation with a professional broker who will know the ins and outs of mortgage refinancing rates, as they apply to your specific situation. There are a number of factors that could influence one’s status, including credit rating, employment, term of the mortgage, and others. A professional broker is able to sit down and determine which of these apply to you and the rates at which you will need to renegotiate towards.
Some documents that are commonly asked for in the case of individuals interested in improving their mortgage refinancing rates include some of the following. Proof of income is one of the most common requests, as well as paperwork indicating one’s monthly debt load. Proof of savings will be required, and credit reports may be asked for as well. All of this will help a broker determine what rates you will be eligible for, when dealing with the lending agencies. Even for those with credit that is not so stellar, chances are that there is a way to find refinancing.
There may be some fees associated with refinancing, such as closing costs. Mortgage refinancing rates will vary wildly depending on one’s credit and savings information. A broker will be able to figure out the ins and outs of this, to get you the peace of mind you are looking for, at the lowest possible cost to you. If looking forward to the future, and the ability to pay off college tuition or finance major vacations, it’s well worth trying to lower your mortgage payments if possible. This is one of the biggest reasons why people visit brokers; because the lingo behind this type of transaction can be extremely confusing for the uninitiated.
Mortgage refinancing is becoming a popular financial remedy. Mortgage brokers can provide you with useful mortgage refinancing tips. Whether you are looking to refinance your mortgage to consolidate debt, lower your current interest rate, or tap into your equity, a Syndicate Mortgages broker or agent can provide you with sound advice to address your mortgage refinance needs. Mortgage refinancing tips and benefits:
- Helps obtain a lower fixed rate
The interest on a fixed rate mortgage that you took several years ago may have dropped drastically. Refinancing the existing mortgage will allow you to reap the benefits of reduced interest rates. - Convert an Adjustable Rate Mortgage into a Fixed Rate Mortgage
The interest rates on an adjustable rate mortgage (ARM) might be low initially, but the fluctuations are unpredictable. Many find these constant variations in the interest rate taxing and prefer to refinance the mortgage into a secure fixed-rate. - Consolidating multiple mortgages into one
Paying the installments of two or more mortgages at the same time can be difficult to manage for many individuals. The best solution in this case is to refinance your mortgage and consolidate the multiple mortgages into a single interest rate with a longer repayment period. - Pay off other debts
Refinance your mortgage to consolidate high interest credit card debt, car loans and other expenses. The interest rate on your mortgage is typically the lowest rate you will get. By lowering the average-weighted interest on all of your debts through mortgage refinancing, you end up saving a considerable amount each and every month. - Make cash provisions for emergency situations
You can refinance your existing mortgage to free a larger amount of cash, depending on your home equity. Since a mortgage is a secured loan, the interest applied is considerably lower than that of an unsecured loan. Access your equity through a mortgage refinance loan or a home equity line of credit.
Syndicate Mortgages Inc. helps you decide whether it is the right time for you to refinance your mortgage. The decision to refinance your mortgage should be carefully evaluated to avoid any complications at a later stage. By carefully studying the status of your current mortgage and comparing it to your income and other debts, we can help you pick the mortgage refinance solution that best suits your current financial status.
Syndicate Mortgages Inc. offers some of the lowest and most competitive mortgage refinance rates in the market. Whether you want to consolidate existing mortgages or obtain a better rate, we will get you the best deal possible. Our experienced mortgage professionals, who have extensive knowledge of the mortgage industry, will provide the necessary guidance that you need in making the right mortgage refinance decision. Read some of our articles below in regards to Mortgage Refinance, there are some very useful information which might help you answer a lot of questions.
What Is Involved In Refinancing Your Home?
Home ownership is a major part of “the dream” that you worked hard to achieve. When you bought your home, if you’re like most people, then you probably assumed that the terms and payments of your mortgage would be the same for the duration of the loan.
How Bad credit home loans in Ontario could be eliminated by debt consolidation
If you are like most Canadians, most of your income is dedicated to paying off credit card bills, car loans, and that new plasma TV. It is in our DNA to spend money on pleasures we can enjoy today, rather than saving for that rainy day. Then you are in the right place! Find out solutions to help you reduce your life expenses, without sacrificing your life style within in minutes!
How Do I Know If Refinancing is the Right Decision for Me?
Home ownership is a major part of “the dream” that you worked hard to achieve. If you’re like most people than you probably assumed that the terms of your mortgage would stay the same throughout the duration of your mortgage.
No Cost Mortgage Refinancing – Transferring Your Mortgage
If someone is paying mortgage rates that they are unhappy with, there’s no need to be kept these terms. Many times a person will not wish to switch lenders or refinance their mortgage because they are afraid it will end up costing more money in the long run or be a difficult task. The truth is, with so many lenders available, there is certain to be a better deal out there for you.
Bad Credit Home Ontario Refinance- What You Need to Know
You don’t have to be Thomas Robert Malthus, the great economist, to see that our economies are on a downtrend. Prices are always shooting up and at times doubling up, there is massive downsizing or reduction in wages and salaries. Most painful of all these would be losing your home because you are unable to sustain your mortgage. If you have bad credit, there is still hope of saving your home and avoiding living in a shelter or in your car.
Ontario Refinance – Mortgage Modification Saving Tips
Do you know of a way of saving your money on a modified mortgage loan? Are you one of the thousands of mortgagees who are choosing to go with the loan refinance package There’s a variety of mortgage modification saving tips that you can follow.
There are often many advantages to refinance your home mortgage early:
- Home mortgage refinancing will often lower your monthly mortgage payments
- Refinancing to a lower cost of borrowing
- Pay down your mortgage faster by lowering the interest rate but keeping your payments the same
- A home mortgage refinance can allow you to take equity out for debt consolidation, investments, vacation
- Refinancing investment properties for better cash flow
- Refinancing multiple mortgages (first, second, third) to a lower first mortgage rate
It is a good idea to contact your current mortgage holder first to find out the exact penalty for breaking your mortgage early. There will often be a 3 month interest penalty or an IRD (interest rate differential) calculation for breaking your mortgage. The penalty can often be incorporated into the new mortgage. The exact cost will depend on how your lender calculates the fee (IRD versus 3 month penalty), your interest rate and the length of time left on the mortgage. See IRD calculation.
Save Money On Your Break Fee: Most lenders offer an annual prepayment option in their mortgage however they seldom incorporate this prepayment privilege in the early termination fee. Be sure to request from your lender that they exclude the amount allowed to you each year as a prepayment privilege from the calculation. When you refinance, what you are doing is prepaying your entire mortgage, they should not penalize you for the prepayment amount allowed to you.
If you are considering home mortgage refinancing, call today or apply online. I would be happy to help discuss your options
Why Refinance your Ontario Canada Mortgage?
Now is a great time to refinance your Ontario Mortgage with Mortgage interest rates at their lowest. Many Canadians are taking advantage of record low interest rates and applying for mortgage refinancing. For some it is a matter of being able to keep on track with their financial goals and of course save thousands of dollars in unnecessary interest payments. For others it’s a way of financing a luxury item such as a new boat, cottage or even a world cruise. Maybe you just feel like your finances are just a constant revolving door – money in your wallet one minute and gone the next! If you feel like you are just never getting ahead and are losing sleep, then a refinance could be the relief you need.
Why refinance? By using the equity in your home, refinancing your existing mortgage can be very advantageous and turns your home into a affordable source of extra financing. Here are some examples: • To improve your most important assist – your home. Use equity in your home and a low interest mortgage refinance to renovate! This is an excellent way to increase the market value of your home
- To reduce your monthly payments. Consolidate high interest credit cards and other loans into ONE lower rate, monthly mortgage payment. Mortgage refinancing will help you save money, increase your monthly cash flow and eliminate the stress of making multiple loan payments
- To purchase an investment property using existing equity in your current home
- To top-up your RRSP investments and at the same time receive an income tax credit!
- To lower your existing mortgage interest rate. By reviewing your current credit rating and debts, there might be an opportunity for you to take advantage of your credit score improvements to refinance an existing high interest mortgage.
- To buy a big ticket item at a lower interest rate that more traditional financing e.g. auto financing, or personal loans etc.
- To help pay for your child’s college or university tuition
- To help finance the care of an elderly family member or cover medical expenses
- To build your home equity faster. If a recent change in your financial situation has made it possible for you increase your monthly payments, you might want to refinance your mortgage with a shorter term. The higher payments will enable you to pay off your home more quickly and to save substantially on long-term interest charges.
Laurie Wilson
