Mortgage Refinancing & Renewals
Whether your mortgage is coming up for Renewal, or whether you're considering Refinancing, it's best to connect with us to ensure you are getting the best possible Rate AND Product for your upcoming term
Your Current Lender doesn't put their best offer forward
Lenders assume most people will accept whatever renewal offer is put forward for the convenince of just "singing on the dotted line", or because they believe you may not qualify to move your mortgage elsewhere.
We review your current offer and see if there are any better options available to you
You may be eligible for a lower rate if your mortgage remains "insurable"
If you originally put less than 20% down on your home purchase and have not made any changes to your mortgage since, you should be eligible for "insurable" rates which are generally more competitve
All Mortgage Details Stay the Same
When you renew your mortgage, your Mortgage Balance, & Remaining Amortization stay the same even when switching lenders
Not all lenders accept "switches" from all lenders
Some lenders don't accept switches from mortgages originally registered as a Collateral Charg.e
Those that do, may have additional legal fees or a slightly higher rate applicable
You Cannot make any changes to Title
If you're hoping to add a co-signer, or update your last name on Title, this cannot be doing during a switch/transfer process
You generally don't need a lawyer
During a renewal/switch, you are able to meet with FCT at your home for your singing paperwork in lieu of a lawyer.
This is the more cost effective option, and lenders will sometimes have promos where they will cover any FCT fees on your behalf
You want to change your mortgage amount (ie access equity)
If you've owned your home for a few years, you likely have some equity built into your home. You can access your equity by refinancing (or adding a Home Equity Line Of Credit), and use the equity for a variety of reasons
Classified as "Conventional" Mortgages
To qualify for a refinance, you need to have a minimum of 20% equity in your home, plus the value that you are wanting to access
Conventional rates can be a bit higher than Insured rates, unless the lender has an "insurable" category
You want to lower your monthly payment
During the refinace process, you can extend out your amortization back to a maximum of 30 years, which can help reduce your monthly mortgage payment.
Extending your Amortization can offer payment flexibility without setting you back on paying off your home quicker - we review all strategies and options with you to help determine what is best for your situation
You Generally Need A Lawyer
Because there are gnerally changes being made to title during a refinance, the services of a lawyer or notary are required
You want to Add or Remove someone off Title
If you want to make changes to who is registered on title such as adding a soupe or removing a co-signer, your mortgage will qualify as a "refinance" even if you aren't accessing additional funds
Refinancing your mortgage can allow you to "roll in" outstanding liabilities into the new mortgage amount, likely reducing your overall monthly payments going towards interest & debt.
Ask us about Strategies on using a Re-advanceable HELOC for investment Purposes!