Renewing & Refinacing
Whether your objective is to attain a more favorable interest rate, unlock the equity in your property, or modify the terms of your mortgage, our dedicated team is committed to offering individualized solutions specifically crafted to address your distinctive requirements. By leveraging our expertise, we aim to empower you to optimize your homeownership journey, ensuring that you achieve the utmost benefits and satisfaction from your investment in real estate.
What's the difference between renewing & refinancing your mortgage?
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Renewing a Mortgage: Renewing a mortgage refers to the process of renewing or extending an existing mortgage agreement with your current lender. When your initial mortgage term comes to an end, typically after a fixed period (e.g., 1, 3, or 5 years), you have the option to renew your mortgage for another term. During the renewal process, you negotiate new terms, including the interest rate and duration of the new term. It's an opportunity to reassess your financial situation and make adjustments to your mortgage agreement.
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Refinancing a Mortgage: Refinancing a mortgage involves replacing your existing mortgage with a new one, typically from a different lender. The primary purpose of refinancing is to obtain more favorable terms or take advantage of different financial options. Some common reasons to refinance include securing a lower interest rate, accessing equity in your home, consolidating debts, or changing the mortgage term or type. Refinancing often requires going through the application and approval process, similar to when you initially obtained your mortgage.
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In summary, renewing a mortgage involves extending your existing agreement with the same lender, while refinancing entails replacing your current mortgage with a new one, often from a different lender, in order to achieve specific financial goals or benefits.
How can a mortgage broker help?
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Market Comparison: A mortgage broker has access to a wide range of lenders and can compare the offerings from various financial institutions (We have access to 40+ banks, credit unions, and lenders). They can assess the available options and help you find the most suitable mortgage products for your specific needs and goals.
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Negotiation: A mortgage broker can negotiate on your behalf with your current lender. They can help secure competitive interest rates and favorable terms that align with your financial situation. If you choose to refinance, the broker can negotiate with multiple lenders to find the best rates and terms available.
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Financial Analysis: On occasions, your existing financial institution may not offer you the most competitive rate available in the market. Mortgage brokers can assist you in evaluating the available alternatives, determining the feasibility of transferring your mortgage to a lender with more favorable pricing.
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Save time with a Simplified Process: Mortgage brokers streamline the renewal or refinancing process for you. They handle the paperwork, documentation, and communication with lenders, making the overall process more efficient and less burdensome for you. This saves you time and effort while ensuring that your application is accurate and complete.
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Industry Leading Advice: Mortgage brokers possess in-depth knowledge of the mortgage industry and stay up to date with market trends, interest rates, and lending policies. They can provide you with expert advice tailored to your circumstances, helping you make informed decisions regarding renewing or refinancing your mortgage. Mortgage brokers operate with the exclusive interest of the homebuyer in mind. In contrast to banks that exclusively promote their own products, brokers remain impartial and possess a genuine eagerness to secure the most advantageous rate for you.
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