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Refinancing A Mortgage

There are several reasons why you may want to refinance your current mortgage and the key to refinancing the right way is to know all the costs associated with breaking your mortgage and what you are looking for in your new mortgage.

5 Reasons for Refinancing a Mortgage

1. Debt consolidation 2. Increase or decrease your monthly cash flow 3. Take advantage of a better interest rate 4. Change your mortgage product for more flexibility 5. Equity take-out for other investments, home renovations and more

Mortgage Refinancing Costs

Breaking a Mortgage may be beneficial to your circumstances and could save you thousands of dollars over the term of your mortgage. But as with any other contract there are fine print details to consider that will be vital in determining if refinancing is your best option. There may be penalties associated with breaking your mortgage such as the Interest Rate Differential, commonly referred to at the IRD among the financial industry. This dreaded IRD penalty is essential the difference in what the lender will need to make up in interest revenue that they would have earned from you if you remained in your current mortgage. The IRD is calculated slightly different by each lender and must be determined in order to accurately calculate refinancing costs. Some mortgages will require that a three months interest penalty be paid to break the mortgage as opposed to the IRD. Penalties will be determined by reviewing your current mortgage documents and by contacting your current mortgage lender for a payout statement. Other expenses may also arise when refinancing including but not limited to administrative expenses, legal fees, appraisal fees, and land title registration fees.

How to Refinance a Mortgage

A full mortgage application review will need to be completed to determine if refinancing is possible. There are quite a few variables that need to be considered when refinancing and a thorough analysis of all aspects of your current circumstances is necessary to determine if refinancing is your best option. What Kathleen Dediluke Mortgage Expert Will Do For You 1. Analyse your current financial circumstances 2. Estimate your refinancing expenses 3. Determine possible new mortgage opportunities 4. Provide a breakdown of options compared to your current circumstances or be forthcoming if refinancing is not your best option As always, if you have questions about breaking your mortgage to secure a lower rate, or general mortgage questions, I'm here to help! Contact me with any mortgage questions you may have.
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BUY MY FIRST HOME CONTACT A MORTGAGE BROKER APPLY  FOR A MORTGAGE
I WOULD LIKE TO:
LEARN ABOUT INTEREST RATES REFINANCE MY MORTGAGE Apply Tweet Me

Refinancing A Mortgage

There are several reasons why you may want to refinance your current mortgage and the key to refinancing the right way is to know all the costs associated with breaking your mortgage and what you are looking for in your new mortgage.

5 Reasons for Refinancing a Mortgage

1. Debt consolidation 2. Increase or decrease your monthly cash flow 3. Take advantage of a better interest rate 4. Change your mortgage product for more flexibility 5. Equity take-out for other investments, home renovations and more

Mortgage Refinancing Costs

Breaking a Mortgage may be beneficial to your circumstances and could save you thousands of dollars over the term of your mortgage. But as with any other contract there are fine print details to consider that will be vital in determining if refinancing is your best option. There may be penalties associated with breaking your mortgage such as the Interest Rate Differential, commonly referred to at the IRD among the financial industry. This dreaded IRD penalty is essential the difference in what the lender will need to make up in interest revenue that they would have earned from you if you remained in your current mortgage. The IRD is calculated slightly different by each lender and must be determined in order to accurately calculate refinancing costs. Some mortgages will require that a three months interest penalty be paid to break the mortgage as opposed to the IRD. Penalties will be determined by reviewing your current mortgage documents and by contacting your current mortgage lender for a payout statement. Other expenses may also arise when refinancing including but not limited to administrative expenses, legal fees, appraisal fees, and land title registration fees.

How to Refinance a Mortgage

A full mortgage application review will need to be completed to determine if refinancing is possible. There are quite a few variables that need to be considered when refinancing and a thorough analysis of all aspects of your current circumstances is necessary to determine if refinancing is your best option. What Kathleen Dediluke Mortgage Expert Will Do For You 1. Analyse your current financial circumstances 2. Estimate your refinancing expenses 3. Determine possible new mortgage opportunities 4. Provide a breakdown of options compared to your current circumstances or be forthcoming if refinancing is not your best option As always, if you have questions about breaking your mortgage to secure a lower rate, or general mortgage questions, I'm here to help! Contact me with any mortgage questions you may have.
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