Renewal / Refinance

Renewing your mortgage is as important a financial decision as selecting your first mortgage. Renewing any Mortgage Renewals, you are usually in a stronger financial position as compared to where you were before. Your home equity grows over a period of time and by decreasing your principal mortgage loan balance, you are in a good position to negotiate.

At the time of your mortgage renewal, banks tend to take advantage of your busy schedule and ask you to sign off on a mortgage renewal form indicating their posted rates with little to no discount. Many individuals simply sign their existing lender’s mortgage renewal form without trying to get a good deal on the new mortgage. This results in a higher rate and a mortgage package that does not cater to your individual needs.

In getting your first mortgage, you most likely researched various lenders, asked questions and consulted with Goldenstar mortgage broker. Renewing your mortgage should be no different. With the help and guidance of a Mortgages broker or Agent, you could get the most out of your mortgage renewal. This will allow you to pay off existing debts, clear high-interest credit card bills, access extra funds renovate your home or simply get the best mortgage rate available.

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 Mortgage broker / Agent, 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 Mortgage broker / Agent 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 Goldenstar 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.

Goldenstar Mortgages Ltd. 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.

Goldenstar Mortgages Ltd. 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 broker / Agent, who have extensive knowledge of the mortgage industry, will provide the necessary guidance that you need in making the right mortgage refinance decision..

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