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Mortgage Refinance
Hamilton
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Why Refinance Your Mortgage
The following are some of the reasons why people refinance their mortgages:
Remove Equity From Their Home
Mortgage Refinance in Hamilton involves taking out equity from your property. People refinance their mortgages for a myriad of reasons. Depending on the reason for refinancing a mortgage, it can be a good thing, and it can also be a bad idea.
Refinancing can give you up to 80 percent of your property’s value minus any unpaid mortgages. This extra cash can be used to rebuild or repair the house, renovate, send a child to college, and so on. The easiest way of doing this is by taking a home equity direct line of credit.
Profit From Low-interest Rates:
Even though there are penalties, but you can go ahead and break your mortgage contract for a lower rate. You will pay the penalty, but the benefits in the long term far outweigh the disadvantages.
Debt Consolidation
A refinanced mortgage can help you pay off high-interest rate credits, provided you have a high equity in your home.
Mortgage Offers
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Featured Rates
starting from
6.45%| Term | Rate |
|---|---|
| HELOC | 5.95% (Prime rate) |
| Lender | Rate | Term |
|---|---|---|
 Lendwise |
3.99% | 5 year |
 First National Financial |
4.19% | 4 year |
 RMG Mortgages |
4.09% | 3 year |
 Street Capital Bank |
4.99% | 2 year |
 TD Bank |
4.99% | 1 year |
| Term | Rate |
|---|---|
| 5 year variable | 4.95% (Prime - 1%) |
| 3 year variable | 5.1% (Prime - 0.85%) |
| Term | Rate |
|---|---|
| Line of Credit | Starting at 7.2% |
| Equity Loans | Starting at 6.5% |
| Private Mortgages | Starting at 5.75% |
You have questions. We are here to help!
Methods Of Refinancing A Mortgage
There are many approaches to refinancing a mortgage. They include:
- Adding a Home equity line of credit: Through a home equity line of credit, you can access the equity in your home as you like. Remember that you will need to pay interest each month on the remaining balance.
- Break your current mortgage contract early: Breaking your mortgage early means you cancel your existing mortgage and take a new one with any lender you desire. This can be done when you want to obtain lower mortgage rates, or you wish to access the equity in your property.
- Blend and extend your current mortgage: A blended rate is your existing mortgage added to other loans you borrowed at current market rates.
Cost Of Refinancing A Mortgage
You will need the services of a lawyer who will change the title of the financing, and you will pay penalties if you are breaking your mortgage early.
No matter the route you take, you still have to spend some money. A mortgage broker in Hamilton will advise you on the best action to take.
OUR CUSTOMERS LOVE US
Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.
Hamilton Mortgage Frequently Asked Questions
What is a Mortgage Term?
The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.
You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.
What is a Down Payment?
A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.
But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.
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