What is mortgage refinancing?
Mortgage refinancing involves re-borrowing on the equity of your property. Equity is the difference between the market value (the price you could sell your property) minus the balance of your current mortgage.
Currently, it is possible to refinance up to 80% of the value of your property.
In which case would it be beneficial to refinance?
Why do business with a mortgage broker instead of going to the bank that already owns my mortgage?
Contractual reasons (penalties) may not make it worthwhile to shop for mortgage refinancing elsewhere, but are you really in a position to evaluate the offer from your financial institution? Does the proposed interest rate allow you to avoid penalties? Was your qualified interest rate determined to your advantage? Whether purchasing, refinancing or renewing your mortgage, you should always shop around. The truth is that few people really have the knowledge to properly evaluate offers and do not necessarily have the time to contact several financial institutions. Your Mortgage Planners mortgage broker will do the work for you. Let them find the best mortgage at the best conditions and the best rates for you, at no cost.
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