A refinancing occurs when you take out a new mortgage on your property with a whole new set of terms and conditions, and at a new interest rate. If refinancing is done properly, it provides you with an additional fund of money.
Under some circumstances, it can be cheaper to opt-out of your current mortgage and renegotiate a mortgage at terms and rates that suit your current circumstances.
Refinancing the mortgage is a good option for many different situations and people.
- To take advantage of lower interest rates. A small rate reduction can have a huge impact on what you pay over the term of the mortgage.
- To obtain access to home equity. You can use up to 85% of the equity in your home to finance renovations, pay for education or consolidate high-interest debt. Equity in your home is the current market value of your home less than the unpaid balance of mortgages against it. Interest rates on loans covered by home equity are a lot lower and these loans can be used to consolidate more expensive debts.
- Change the amortization period in accordance with current financial realities. For example, shortening your amortization period can save you thousands of dollars over time or you may wish to extend the amortization period to reduce the monthly payment.
Our Refinancing Strategies
- Early closure of the current mortgage
- Add a Home Equity Line of Credit (HELOC) – This revolving credit option allows you to take out as much as 65% of the equity in your home. You use what you need and pay interest only on the amount that you have borrowed. You can pay back and borrow from the HELOC as required
- Blend and extend – It blends current rates with existing rates and is then extended back to the fixed term of the mortgage
We hold your best intentions when advising you and making changes. By working with us, you will also get the lowest possible rate for your mortgage refinancing. Depending on the amount that you need and for the time that you need, we will create a unique solution for you.
Contact us at 1-855-SAN RATE (726-7283) or Mortgages@SanMortgages.com to discuss your particular situation and we can advise the best way to save you money, reduce your payments and provide you with peace of mind.
Alternate/Private LEnding Fixed Interest rate starting from 2.69% with Interest Only or Amortized payments with amortization up to 40 years and term up to 3 years. We specialize in alternative lending for purchase or refinance of residential, commercial properties, land development, new construction or renovation and to clients with impaired credits or clients that experienced difficulty obtaining financing from traditional lenders (self-employment, new immigrant, non-resident).