Mortgage Refinance, Renewal & Debt Consolidation
Top Mortgage Broker in North York, Toronto
As a first-time buyer, a Home Purchase Mortgage helps you buy the home of your dreams. But when you’re looking to buy another property, choosing Mortgage Refinance can help as it directly pays off the balance of your old home loan.
Refinancing a mortgage means paying off an existing loan and substituting it with a new one. People usually refinance their house to decrease their interest rate, cut monthly payments or tap into their home's equity.
Benefits of Mortgage Refinance:
- The interest on a fixed-rate mortgage that you took many years ago, may have dropped drastically. Refinancing the current lease will allow you to avail of the reduced interest rate.
- Refinancing can consolidate multiple mortgages into one, with a fixed monthly interest rate and a longer repayment duration.
- Refinancing also allows you to clear your mortgage debt in less time. If you've got a 30-year loan, refinancing to a 15-year mortgage indicates that you can own your home free and clear that much sooner.
- You can refinance your current mortgage to free a more substantial amount of cash, depending on your home equity. Considering that a mortgage is a secured loan, the interest applied is considerably lower than that of an unsecured loan.
Buying or refinancing a home can be a difficult task with many pros and cons. To avoid missing out on crucial aspects, seek professional mortgage advice from a qualified and experienced mortgage firm like Mortgage Transit Inc.
Mortgage Renewal Services
Signing on the dotted line without understanding all your mortgage choices is a classic mistake most people make when opting for Mortgage Renewal. It is always wise to do some research, compare your options and do a self-assessment on where you are in your life to analyze if your mortgage aligns with your lifestyle, financial position and future goal.
Here are some Mortgage Renewal tips:
Consider your current financial goals
Review your financial goals before signing on your Mortgage Renewal document. Make sure that your current provider can offer a mortgage product that suits your needs.
Start to shop around early
Preparing for mortgage renewal takes planning. If you want to ensure you get the best rate, you should start looking around at other mortgage rates and options about four months prior to your mortgage expiration. In real life too, the early bird gets the worm!
Ask for a better mortgage rate
Remember, you have a choice to agree on the same terms or revise them. If you don't wish to renew your mortgage with the same lender, it’d be wise to move to another lender who offers a better value.
At Mortgage Transit Inc., we care about your peace of mind. We make your Mortgage Renewal process easy and stress-free. Our aim is to make sure that our clients get the best rate and terms when it is time to renew the mortgage. We work with various lending institutions, and this gives us significant negotiating power to find the best deal to fit your specific situation.
So, don't wait for a renewal letter from your lender. Contact us today!
Home Equity Loans
If you find yourself in a position where you require a large amount of money for your goals, such as a home renovation, wedding, purchase of a new car or an investment, as a homeowner with an excellent mortgage payment history, you can opt for using your home’s equity to obtain a low-interest loan.
A Home Equity Line Of Credit, or HELOC, is a type of loan in which the borrower uses their home equity as collateral. Because you are using an asset to guarantee the debt, the amount you can borrow can be large, and your interest rate will be lower than a credit card loan or personal lines of credit.
Here are some benefits of a Home Equity Loan:
- It has lower interest rates than other loans. They usually come with a fixed interest rate.
- It is one of the simplest ways to get a large sum of money in a short amount of time
- It may be tax-deductible, which means home equity loan is removed from the taxable income, thereby lowering the overall tax expense liability.
- It is also helpful for the lender as they have a tangible asset they can repossess. If the borrower fails to pay the debt, the lender gets ownership of the house.
Opting for a Home Equity Loan requires assistance as the process itself can be complicated. Mortgage Transit Inc is here to work with you and provide an affordable borrowing solution.
Are you grappling with a high amount of debt with no solution in sight? Don't stress; consolidating all your debts into a single loan with a lower interest rate is the way to go. A Debt Consolidation loan is one of the best options in order to clear off all current loans. You can consolidate all your monthly debts and repay them using the funds secured through this form of credit.
Here are some benefits of Debt Consolidation:
- Debt consolidation can result in lower monthly payments due to a longer pay-off period.
- By paying off multiple high-interest debt accounts and moving them into one, you'll be paying less in the long run by securing a lower interest rate on your new single account.
- Even if you choose a longer tenure for the loan, the Debt Consolidation loan will help avoid missed payments.
- Your credit score may rise with a Debt Consolidation loan.
- It makes repayment easier as you will pay interest only on a single loan.
While Debt Consolidation services are helpful for some, they are not the best choice for every individual. If your credit rating is low, it may be difficult to qualify for a low-interest loan. Therefore, before engaging with Debt Consolidation services by yourself, choose the smarter way of consulting an objective consumer debt counsellor such as Mortgage Transit Inc, who can assist you in determining the best way to manage your debt. At Mortgage Transit Inc, we offer free credit counselling on financial matters such as Debt Consolidation, Debt Management and Credit Repair. Contact us today to review your options and immediately start saving money.