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Debt Consolidation – Refinancing

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 30 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.

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.
  • Terms
  • Posted Rates
  • Our Rates
  • Variable Rates
  • 2.70%
  • 1.80%
  • 1 YEAR
  • 2.99%
  • 2.29%
  • 2 YEARS
  • 2.84%
  • 2.34%
  • 3 YEARS
  • 3.39%
  • 2.39%
  • 4 YEARS
  • 3.89%
  • 2.69%
  • 5 YEARS
  • 4.64%
  • 2.29%
  • 7 YEARS
  • 3.39%
  • 3.19%
  • 10 YEARS
  • 6.10%
  • 3.79%

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