Refinance your mortgage today with IMI financial group and get the lowest rates and better options you can afford
When you refinance your mortgage, you are replacing your current existing mortgage with a new one on different terms. If you are looking to see if you qualify, your lender calculates your loan to value ratio by dividing the balance owing on your mortgage and any other debts acquired by the property into the current value. Lenders will also look at your income and debt payments. Usually if your loan to value ratio is lower than 80% then you can refinance your mortgage loan.
Mortgage Renewal is when your current mortgage terms is ending and you need to sign a new mortgage term. When your mortgage term is coming to an end. When you are renewing your mortgage you are basically signing a new mortgage contract and terms so if your initial mortgage was $750,000 and the remaining is $450,000 then your new mortgage terms will be based on your new remaining balance.
You can consolidate debt into your mortgage with one easy payment by a way of mortgage refinance. High interest debt from credit cards, loans or line of credits can make it hard to manage your finances. If you are a home owner, you can take advantage of your home’s equity, combine the money you owe into a debt consolidation mortgage.
A home equity loan is a fixed amount of money that is based off the equity of your home. If you were to take out a home equity loan, you would repay the loan with equal monthly payments over a fixed term just like a mortgage. At IMI Financial Group we will explain what are the pros and cons of applying for a home equity loan. Speak with one of our specialists today.
When mortgage refinancing to remodel your home using a cash out refinance. you can take up to 80% of your home equity to increase the value of your home by doing renovations. Learn more