Refinance Your Mortgage

What is it?

Refinancing a mortgage replaces your current mortgage with a new one, this includes a new term and interest rate. You can also renegotiate a longer amortization and access additional funds. This allows you as a homeowner to access as much as 80% of the appraised value of your home.

Mortgage Design Group is here to guide you through the entire process.

Some reasons you may consider a refinance are

Reducing your interest rate to lower monthly payments.

Access your home’s equity to help finance large projects or purchases.

Increase the amortization to reduce payments.

Consolidate high-interest credit cards or other consumer debt.

What to consider

When refinancing a mortgage during a term, there are generally some costs involved: an appraisal, payout penalties, title search, and application fees are all possible additional costs. Our agents will explain in detail the costs you may incur and advise you on the best products that may help mitigate some of these fees.

Above all else, we pride ourselves on ensuring that our clients have access to the best products and save thousands of dollars in interest.

See us in action

One of our clients recently approached us to refinance her mortgage so she could lower her monthly debt load. By accessing the equity available in her home, she was able to pay out a car loan, eliminate all credit cards and lines of credit, and still had some funds remaining to put towards a roof.

By refinancing her home up to the maximum 80% of the appraised value and increasing the amortization to 30 years, she was able to make her monthly payments much more manageable. Here’s how the new mortgage funds were dispersed: 

Appraised Value of the Home – $280,000

New Mortgage Amount – $224,000

Payout Current Mortgage and Penalties – $132,000

Lawyer and Legal Fees – $2,000

Car Loan – $30,000

Credit Cards and Line of Credit – $30,000

Total Paid Out – $194,000

The remaining amount of the mortgage, $30,000, was transferred to the client, who was able to replace the roof and invest additional money into a retirement plan. Most important to our client was that she was able to reduce her monthly payments from $1,450 to $950 by eliminating her high-interest credit card and large monthly car payment.

That’s one happy client!

Contact Mortgage Design Group to get started today!

(403) 942-4099

info@mortgagedesigngroup.ca

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