Refinancing your mortgage in Ontario can be
the perfect solution to various financial issues you may have, including
getting rid of debt or paying for things such as home renovations or your
child’s tuition. Mortgage refinancing can get you the capital you need to finance
these things.
Are you thinking about refinancing your
mortgage but unsure about the path to take? Use these three important mortgage
refinancing tips from The Mortgage Centre to help you decide which route best
suits your current and future financial goals.
Mortgage Refinancing Tip #1: Develop a
strong relationship with your local mortgage broker. In the past, banks were
the major financial institutions that most people went to for financial advice
and assistance. However, today there are so many different options out there
that it is crucial to explore. One of the greatest sources for financial
security and freedom is a mortgage broker, and once you have found one it is a
great idea to establish a good relationship with them. Their expertise can help
in so many different areas, be it the acquisition of your first mortgage,
paying off debt, or refinancing your mortgage.
In the case of mortgage refinancing, it is
often your mortgage broker – not the bank – that can and will secure you the
best interest and mortgage rates, as well as finding alternative sources of
funding if the bank chooses not to approve you.
It is beneficial to depend on a professional mortgage broker when your
financial best interests are at stake.
Mortgage Refinancing Tip #2: Get a credit report check. Before applying for mortgage refinancing, it is a good idea to know where you stand as far as your credit. If your credit score is great, your mortgage broker will have no problem securing you great rates when refinancing your mortgage. When refinancing your mortgage in Ontario, a credit score of 680 is considered good.
If however, you have less than perfect
credit, your mortgage broker will go through your various options and not only
find you funding, but help you rebuild your credit. Being prepared by knowing
your credit score will help you to understand that you may be paying a higher
interest rate, and to know that you should ask for help with budgeting and debt
payment strategies.
Mortgage Refinancing Tip #3: Using an online mortgage calculator, evaluate different amortization periods and assess how they impact mortgage payments. Rather than going into the bank and taking the first offer you are given – which is usually based on an amortization period of 25 to 30 years - being prepared and knowing what different terms offer can save you thousands of dollars in interest. A shorter amortization period may carry slightly higher monthly payments, but in the end you are paying it off much quicker and saving your money.
Being prepared before refinancing your
mortgage in Ontario can mean the difference between money in your pocket and
money in the bank’s. You work hard for your money, so take the time and do your
homework. Use these tips to guide your search for the best mortgage refinancing
you can get.
For more information on mortgage refinancing in Ontario or to get more mortgage financing tips, please contact Paul Mangion at The Mortgage Centre by calling 416 204 0156 or visit www.themortgagecentretoronto.com
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