Mortgage Refinancing in Kanata
When homeowners are looking to refinance their mortgage for reasons related to home equity access or obtaining lower rates and more favorable terms, they contact Borrowing Made Simple. Homeowners and lenders alike regard us as the brokers who do more than fill out applications—we’re the homeowners who advocate for our client’s financial prosperity.
If you are looking to do away with your mortgage and forge a new path, we are the team for you. Schedule your no-obligation consultation with our brokerage firm by calling (343) 763-2019 today. We cannot wait to work with you.
What Is Mortgage Refinancing?
To refinance a mortgage is to pay off an existing loan with a new one while also setting new terms for the new loan. People may refinance their mortgage to obtain lower interest rates, to access home equity, or take advantage of their home’s increased value.
If you’d like to learn more about refinancing, we invite you to contact us. With our in-depth knowledge of financial markets and long-standing relationships with reputable lenders, we’ll find you a new mortgage with low rates, reduced payments, and more.
How Does Mortgage Refinancing Work?
The process of refinancing a mortgage is quite similar to applying for a first mortgage. There are documents to be collected, applications to be filled out, and negotiations to be made. With our brokers overseeing the refinancing process, we’ll make the process go as smoothly as possible.
When Should You Refinance Your Mortgage?
If ever there is an opportunity to save money on mortgage payments, you should take it. Take advantage of moments when:
Mortgage Rates Have Lowered
Mortgage rates are subject to fluctuation due to issues related to inflation, the economy, market movements, and so on. A drop in mortgage rates is a great time to refinance your mortgage. You may be able to secure a lower interest rate than you already have. This process is known as rate-and-term financing.
There Is an Increase in Your Home’s Value
An increase in your home’s value is a great time to pursue home mortgage refinancing. When your home’s value has increased after securing your first mortgage, you may be able to receive a new mortgage that’s larger than the previous one. You would be free to receive the difference in cash. This approach is known as the cash-out refinance.
What Are the Benefits of Home Refinancing?
Refinancing your mortgage is an opportunity to clear the financial stress from your future. By refinancing your mortgage, you can:
- Adjust monthly payments
- Build and access your home equity
- Pay off high-interest debts
- And more
Refinance Mortgage Rates Today
Mortgage refinancing is about more than just taking out a new loan. It is about taking charge and leveraging your position as a homeowner to get the mortgage you need to thrive financially. Even a 1% decrease in interest rates could save you thousands of dollars over your lifetime.
Build a brighter future for you and your family today by reaching our firm at (343) 763-2019.
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