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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.

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Methods Of Refinancing A Mortgage

There are many approaches to refinancing a mortgage. They include:

  1. 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.
  2. 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.
  3. 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.

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Afton Jaskolski
2020-12-30

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Davin Mills
2020-12-26

There are a lot of mortgage brokers in toronto to choose from, I was a bit intimidated by that. Don't regret I picked CMB, they took the lead and made sure to cover all the bases

Tracy Wilhoite
2020-11-21

I was renting an apartment for a long time and finally decided to take a big step - get a mortgage instead. Team at certified Mortgage Brokers laid out various options for me. The actual process went smooth and quick, happy with my new home.

Ryder Turcotte
2020-11-16

My wife and I decided to refinance our mortgage and started looking for a mortgage broker in Toronto. There were so many options, so you can imagine how overwhelmed we got! After talking to Leon we decided to proceed with Certified, didn't regret that decision once. They always gave useful recommendations, were attentive, and constantly in touch. And most importantly (for us) they helped us to save some money!!

Lucy Zimmerman
2020-11-11

Vita was great. Helped my son with all the paperwork and got him very good interest rate. On the closing date called to follow up if everything went fine. Quite a pleasant experience. I would recommend this firm for anyone who is looking a mortgage broker.

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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