1.What is refinancing?
Mortgage refinancing in Canada is a simple way to reduce your monthly payments and save on interest.
2.When should you avoid refinancing?
You will essentially be getting a new loan for your home at a different interest rate. With a refinance you can change the type of loan you've, build equity quickly and pay off your loan faster.
3.How can I apply for a mortgage refinancing?
Refinancing may not be the best idea if you're planning to sell your house soon. A mortgage refinance works best when you're going to be living in your house and making payments for a long time to come.
4.Can refinancing help me change loan types?
To get a mortgage refinance in Canada, you'll have to apply like you did for your first mortgage. Although each mortgage bank has their own specific criteria, generally you'll have to provide payment history, insurance statements, the status of property tax and your outstanding mortgage balance.
5.Who can give me more information on mortgage refinancing?
Refinancing can be very helpful if you've a variable rate loan and need to move to fixed rate.
Although variable rate loans can be terrific when interest is low, they can put a pinch in your finances when interest rates rise. Before interest rates go higher, plenty of homeowners opt to refinance at a low fixed rate.
To get more information on refinancing your mortgage, you should talk to a mortgage professional. they or they will help you figure out the best scenario for your situation and help you file the appropriate paperwork so you can lower your rate.
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