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Why Refinance Your Mortgage
Mortgage Refinancing Ottawa
Homeowners usually choose to refinance their homes because it provides them with a lump sum of money they can use towards other expenses. If you want to refinance your mortgage but don’t know where to start, we will walk you through the steps. Whether it’s porting, renewals, or transfers, we can help you get the best Mortgage Refinance in Ottawa.
What Will You Get If You Refinance with Us
Mortgage Refinance in Ottawa can entail many different steps such as title insurances, PST, capital premiums, appraisals, and legal fees. If none of these terms are familiar, or you are unsure what each one entails– don’t worry, our mortgage experts will be happy to explain each one of these things to you when you give them a call.
You should also know that we will never let you pay fees that you can avoid. We’ll help you save money. If you work with us we’ll give you all the needed information and we’ll find ways where you can save some cash in the process because we understand that every bit you save is money you earn.
Now, there are pros and cons of refinancing and you should understand the costs that it will take so we can get your property refinanced. We will provide you with several different options and we’ll help you find the most suitable one for you.
Mortgage Broker in Ottawa can walk you through to find product features that will suit your unique situation. We can offer you a variety of lines of credit with some starting as low as 2.7%
We can also furnish you with a second mortgage with a rate of only 4.7%. There are also options that have fixed rates such as 2.29% (1 year fixed rate), 2.09% (2 year fixed rate), 2.24% (3 year fixed rate), and 2.54% (5 year fixed rate) among others.
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|First National Financial|
|Street Capital Bank|
1.88%(prime - 0.35%)
2.6%(prime + 0.15%)
|Line of Credit||Starting at |
|Equity Loans||Starting at |
|Private Mortgages||Starting at |
The Benefits Of Refinancing
When you refinance your current mortgage, you are getting additional funds to pay off your current mortgage and essentially you are replacing it with a new one. Refinancing can help you get extra cash for other purposes like home renovation, travel opportunities, the purchase of additional property, and others. And We can help you get the best Mortgage Refinance in Ottawa.
Refinancing a mortgage, when done right can be very lucrative. There are several different reasons why people would want to refinance their mortgage.
Loans are Cheap with Conditions– it will be a good idea to look for historically cheap loans. Some fixed rate loans can be a better option for you especially if the rates dip 3% and below. Of course, fixed rate loans may not suit every mortgager. Note that variable rate loans are generally cheaper but you need to someone to do the research so you can get the best options given the current market conditions.
Loan Periods are Improved – there are times when shortening the length of your loans can be advantageous to you, thus if that opportunity presents itself, some people would opt to Mortgage Refinance in Ottawa to take advantage of a shortened length. The goal is to lower your monthly payment and/or reduce the length of your loan.
What Refinancing Does
You Get Presented with More Options – We will help you shop around. You can take advantage of our network and connections with lenders to help you find the best deals. Sometimes the gap between a good deal and a bad one can be just one percentage point – but that is already a big advantage for you in the long term. Note that a borrower looking to refinance a home, you don’t have as much pressure on you as a buyer looking for a new home.
Refinancing Gives You Some Leverage When Negotiating with Lenders – When you refinance your home, you get a bit more leverage when negotiating with lenders. The law requires lenders to give you a pretty good estimate. The idea is to bargain so you avoid paying unnecessary fees or fees that some expert call “garbage fees.” Some of these fees can cost you 800 dollars and up if you care to look at the computations.
Gives You The Option to Switch to Fixed Rate Mortgages – There are times when fixed rate mortgages become better options. Refinancing gives you that option to switch from an ARM or adjustable rate mortgage to a fixed one.
You Get Cash in Your Pocket – We have already mentioned this several times. When you refinance, you have the chance to get some extra cash.
Debt Consolidation – refinancing allows you to consolidate your debt. By doing that you avoid paying for fees twice or even several times, which of course saves you a good deal of money.
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