We can assist you with refinancing your mortgage in a way that best suits your specific situation.
It is not unusual for first-time home buyers to find themselves with mortgage terms that weren’t as favourable as they might have been. If that happened to you when you purchased your Collingwood, Ontario home, you should know you aren’t just stuck with it. At the BRM Lending Team, we can help you refinance your mortgage to terms that better fit your financial plan.
Mortgage refinancing is typically done when you can now qualify for a lower interest rate, but it can also be done if you do not have the type of mortgage you would like. In some instances, your monthly payment could increase, but in most cases, it would go down, allowing you to have extra money to save for family vacations, investing in your home, paying off other debts, or whatever else interests you. We will carefully look at the mortgage you have so you do not end up with an unpleasant surprise, such as a prepayment penalty that makes refinancing less lucrative. We can also assist you if you are nearing the end of your five-year mortgage and need assistance negotiating the rate for the refinancing terms.
We take the time to learn what your objectives are so that we can negotiate on your behalf as your independent mortgage broker. We make sure all your questions are addressed, such as whether you should refinance your mortgage to take advantage of some added equity you have in your home. We are also happy to discuss if a second mortgage or home equity line of credit are also viable solutions to meet your objective.
If you would like to know more about the process of refinancing a mortgage, give us a call to schedule a consultation to discuss the available options for your situation.
Common Questions About Refinancing Your Mortgage
If you own a home, you may want to refinance your mortgage at some point before you pay off your home loan. At the BRM Lending Team, we know you may have questions about this process, and we have answered a few of the questions we frequently get asked about refinancing below.
Why should I refinance?
There are many benefits to refinancing. For example, you could lower your monthly payments, switch from an adjustable-rate mortgage to a traditional loan, cash out on some of your home equity, and/or reduce your loan’s interest rate.
How long does it take to refinance a mortgage?
For most people, it takes a few weeks to complete the process. But we will work quickly and efficiently to make sure the process goes smoothly for you.
What documents will you need from me?
We will need similar documentation to when you applied for the initial mortgage. This documentation may include tax documents, pay stubs, proof of assets, and more.
Why should I choose you to help me refinance?
We work for you to find the best possible loan to suit your finances and goals. We learn about your individual financial plan, so we can make recommendations and identify funding solutions that complement your objectives.
How do I get started?
You can call us directly to set up an appointment, or you can fill out the form on our website. Either way, we can start the refinancing process immediately, so you can start to benefit from refinancing your mortgage as soon as possible.