Considering a Refinance on Your Property in Regina?
Most money-savvy homeowners know they should look around for a better deal when their mortgage is due for renewal. For many homeowners, this means changing lenders or the terms of the mortgage entirely. This process is called mortgage refinancing, and First Foundation makes it simple in Regina.
What is Mortgage Refinancing?
Mortgage refinancing is when you borrow money from a new lender or from a different program under your current lender to pay off your old mortgage. You are essentially replacing your old mortgage with a new one when you refinance.
Reasons to Refinance
One of the main reasons Regina homeowners refinance is to save money. Current rates are at an all-time low and if you aren't shopping around at mortgage renewal time, you could be missing out on tens of thousands of dollars in savings on your mortgage. Refinancing is also a good option for those wanting to pay off their mortgage sooner. Just let us know what your timing is like, and First Foundation will find rates and terms for you that will help you pay down your mortgage faster. Retirement, downsizing, and job loss can mean a requirement for a lower monthly mortgage payment. This is possible with mortgage refinancing on your Regina home.
Debt Consolidation and Mortgage Refinancing
One of the most common questions our clients have at renewal time is if they can roll debt payments into a new mortgage. This is always possible, and can simplify your life by rolling auto payments and other loan payments into your mortgage. Many car and other loans allow you to pay off the loan at any time with no buyout penalty, so you save on future high interest payments.
Banks Make it Hard to Refinance Your Mortgage
The big banks know that better options are out there for buyers. TD Canada Trust was recently exposed by CBC Marketplace for their practice of only selling collateral mortgages. This type of mortgage does not allow the buyer to easily switch their mortgage at renewal time due to other financing that is attached to the mortgage. Even with the costs involved in moving, the interest saved over the term of your mortgage may make moving a wise choice. Your mortgage broker will be happy to do the math for you and tell you if it works out in your favour.
Mortgage Brokers Make it Easy to Refinance
With the new Canadian mortgage rules introduced in 2012, some buyers can find it hard to refinance with another lender at renewal time, a position which leaves most banks rubbing their hands together like a collection of eager Scrooges. First Foundation knows the go-to lenders and financial institutions that can help you refinance at renewal time, and get you a deal on your mortgage refinancing that your bank just can't.