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How To Refiance Your Mortgage


The concept of refinancing your mortgage is simple. If you currently own a home, and your existing mortgage is close to its renewal date you may want to consider refinancing your mortgage for one, or a combination of, the following reasons:

 

  1. Refinance to get a better mortgage rate
  2. Refinance to get more money (equity take out)
  3. Refinance for more flexible options (fixed vs. variable vs. length of term)
  4. Refinance to add or remove someone from title (title refinance)
  5. Refinance to another company because your current mortgagor is not willing to renew (late payments, poor mortgage history)

The above list shows all very common reasons for mortgage refinances. The process of refinancing your mortgage is easy. Simply put, here are the steps involved:

  1. Seek the assistance of a Broker
  2. Fill out an application  with all information necessary for a full evaluation/meet with broker for consultation
  3. Provide the necessary documentation/explanations requested by your broker (on behalf of the lending institution/private lender)
  4. Once submitted, wait for a response from the lenders with the approval /disapproval of terms, rates, amounts, etc.
  5. Choose the options that best suits your needs
  6. Meet with your broker to sign the paper work, disclosure documents, solicitor letters
  7. Meet with your lawyer to re-sign the documents
  8. Funds are released to you on the day of closing (pre-determined date)
  9. Debrief with broker to finalize process and discuss future mortgage plans

At Canadian Mortgage Services, it’s as simple as that. Like any business, things may not always go as smoothly as planned however we work in your best interest to ensure the end results meet your expectations. We are here to overcome any obstacles, address your concerns and ultimately ensure that your long terms needs are met in addition to your short term needs.

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