Refinancing is the process that pays the existing mortgage and/or any other legal claims against the property and sets-up a completely new mortgage. There are many reasons as to why you should consider refinancing your mortgage. In most cases, refinancing your home today could save you thousands of dollars. We provide you with the technical expertise to ensure your debt structure is optimized and your assets are always working as hard as possible in your favour.
Additionally, if you require funds for your home renovation projects, or if you want to consolidate debts to a lower monthly payment, one solution is to borrow using your home equity as security. Your home equity is the difference between the value of your home and the unpaid balance of any current mortgage. Your home equity increases with time as you pay your mortgage down and as the value of your home increases. If you are looking for a loan, you will often be offered a better interest rate if the loan is secured by your home equity. We have access to 60+ lenders who will provide you with equity up to 80% of the appraised value of your home.
At Banyan Mortgage Group, we do a comprehensive review of your current terms and provide a solution based on the costs and savings of your situation to help you make the best decision possible. And if you do decide to refinance your mortgage, we negotiate with your existing lender or switch to a new lender who will give you a more favourable rate. We even have access to lenders who will refinance your mortgage up to 85% of the property’s value.
Our recommendation is that we review your mortgage at least once a year – through our free Mortgage Management Program. We want to ensure you are not one of the many Canadians needlessly spending thousands of dollars on their mortgages that could otherwise be saved
Why Refinance or obtain a Home Equity Line of Credit?:
- Consolidate your debt
- Refinance the second mortgage into the first mortgage
- Buy investments (interest tax-deductible)
- Purchase a second home or investment property
- Finance education costs
- Finance renovations costs
- Take advantage of better rates and terms
- Any other reason you may have to refinance!