mortgage refinance2023-03-08T12:34:04-08:00
Home/mortgage refinance
Mortgage Refinance

mortgage refinance

Imagine what you could do with the extra money each month. Take a vacation, put it into savings or use it to pay down your mortgage faster. Whatever you choose, IMI Financial Group will make it happen.

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What Is Mortgage Refinancing?

Mortgage refinancing is the process of replacing an existing home loan with a new mortgage. This allows you to achieve better rates or terms, depending on your specific situation.

You might want to refinance your mortgage if you would like to lower your monthly payments or decrease the interest rate on your loan. Maybe you need cash for a big purchase, such as a wedding or home remodeling. Or maybe you owe more than what your house is worth and refinancing makes sense.

Roof replacement, faulty wiring, or plumbing problems can be expensive. But if you want to fix those problems and you don’t have the money, you might want to use your house equity. That means you borrow money from your home and pay it back later as time goes on.

You may use a home equity refinance package or line of credit to get money to cover life’s major expenditures, such as your children’s education, emergency situations and even for another home purchase.

Are you preparing for your annual tax return and want to make the most of your RRSP or TFSA contributions? Use your home equity to borrow extra money on your mortgage to put toward your savings.

You might be able to pay off high-interest debt with your home. This is a good idea if you have a lot of debts like credit cards and car loans. You can combine all the debts into one big loan and then pay it back over time with your monthly mortgage payments.

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Frequent Asked Questions

What Is The Process Of Mortgage Refinance?2022-10-27T15:53:24-08:00

The process of refinancing a mortgage usually consists of five steps: getting a new quote from a lender, shopping for a lender that offers competitive rates, completing the application and documentation process, approvals, and finally making the actual switch. Mortgage refinance is a major decision that should not be taken lightly. The next section will explain why mortgage refinancing is important to consider when living in an area where property values are growing much faster than one’s income or in an area where financial prospects are uncertain.

What Is A Mortgage Refinance Pre Approval?2022-10-27T15:51:58-08:00

Pre approval is necessary before a refinance application is submitted to lenders for consideration. Pre approvals allow borrowers the opportunity to accurately determine how much they may be able to save via the refinance process. Mortgage refinance pre approvals can be completed online or through an experienced mortgage lender. Mortgage refinance pre approvals are normally completed within minutes, while mortgage refinancing pre approval application should take no longer than 20-30 minutes for accurate results.

What Is A HELOC?2022-10-27T15:50:55-08:00

A Home Equity Line of Credit (HELOC) is a line of credit based on your home’s value. With a HELOC, you can borrow funds for any purpose and repay them concurrently with interest or in one lump sum. You can use this money to pay off existing debts such as credit card obligations and student loans, conduct home improvements, or pay for vacations, cars, college tuition, weddings.

How do I Determine How Much My Home Is Worth?2022-10-27T15:43:49-08:00

A real estate appraiser must go to your property in order to assess the value of your house. They’ll do a comprehensive examination of it and take measurements and evaluations. This is known as a ‘comparative market analysis.’ The process of comparing homes in comparable areas while determining worth is referred to as a comparable market analysis.

How Much Money Can I Borrow Through A Mortgage Refinance2022-10-27T15:44:44-08:00

As you have been building up equity in your home and paying off the principal amount with every payment. You can borrow by refinancing up to 80% of the equity you have in your home. However this is subject to any additional charges and fees.

When Should I Refinance My Home?2022-10-27T15:45:55-08:00

The best time to refinance your mortgage will be determined by your unique financial situation. It’s preferable to refinance your mortgage when you’re approaching the end of your term rather than renewing it. You may do so at any time, and you’ll have to pay prepayment penalty.

How Many Times Can I Refinance My Mortgage?2022-10-27T15:46:58-08:00

While there are no rules stating how often you should refinance your house, lenders will typically set a limit. Keep in mind that each time you refinance, your credit report will be updated, and this can have an impact on your credit score. Because a lender’s decision to grant your refinancing is based on your credit score.

I See Interest Rates Are Falling, Is It A Good Time To Refinance My Mortgage?2022-10-27T15:48:11-08:00

It is always important to check out more than just interest rates. You’ll want to look into your credit score, your home value, and the fees that are associated with refinancing. Also consider how long you intend on keeping your house.

What Is The Difference Between Refinancing And Renewing?2022-10-27T15:49:03-08:00

Refinancing is when you take out new loans for the amount you owe. Renewing your existing loan would only involve paying off the existing loan, usually with new terms and conditions.

How Long Is The Process Of Refinancing My Mortgage?2022-10-27T15:50:22-08:00

The time it takes to refinance your mortgage depends on the lender. Lenders have different requirements, and some may take longer than others. The more complex it is for a company to secure financing for you will result in a delay. Generally, however, you can expect this process to take less than 30 days.

What are the pros and cons of mortgage refinancing?

Advantages Of Mortgage Refinance

  • Combine your debts and reduce your overall payments and interest rate.
  • You can access the equity you’ve amassed in your house.
  • To save money, get a lower interest rate on your new mortgage. You will pay less each month and you will save over time.
  • Renovate your home and increase to increase its value.
advantages of mortgage refinance

Disadvantages Of Mortgage Refinance

  • There may be additional fees, such as a prepayment fee.
  • Your interest rate might be lower, but the amount you owe on your loan may be greater.
  • If you move from a fixed-rate mortgage to a variable-rate one, you may face higher interest rates and increased monthly payments in the future.
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“Tina at IMI Financial Group has been absolutely amazing! ! Tina is very professional and extremely knowledgeable. She helped me re-mortgage my home. During the process we encountered a few roadblocks. Tina was right on top of everything. She kept me in the loop every step of the way and worked endlessly to ensure the outcome was in my favor. Thank you doesn’t seem enough to show my appreciation for all that Tina has done. I would recommend IMI Financial Group to anyone looking for a mortgage for the first time or anyone looking to re-mortgage their home. The mental comfort you feel during the process is priceless..”

Refinance your mortgage today with IMI financial group

Choosing IMI Financial Group for your mortgage refinance pre approval gives you complete confidence when you refinance your mortgage. We have over 25 years of combined experience when it comes to providing exceptional service and financial advice when it comes to mortgage refinancing. We also have a high success rate when it comes to refinancing loans, and aim to help Canadian borrowers save thousands of dollars through the refinancing process. We understand how important a home is for a family from both personal and professional perspectives, so we always go above and beyond to ensure IMI Financial Group clients receive the best rates and best terms.

Looking for a mortgage instead? Here’s 4 simple steps on how you can get approved

Learn How About Mortgage Refinance

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