Mississauga is a city with many amazing neighbourhoods, so it’s no surprise that home owners love to stay put! Luckily, with the appreciating market, home owners in Mississauga can take advantage of their home values by dipping into their equity through a mortgage refinance. You can imagine that Mississauga, being the 6th largest real estate market in Canada, is a popular city for mortgage refinancing as home owners are seeing appreciation like never before… and mortgage refinance can serve many purposes.
What is does it mean to refinance my mortgage?
The simplest way to explain a mortgage refinance would be to refer to it as ‘re-doing your mortgage’. Mortgage refinancing can take place with your existing bank (internally), but in most cases involves switching from your existing bank to another. The reasons are endless, but typically stem from the need for additional funds to; pay off/consolidate debt, renovate, purchase a second property, cover unexpected costs, seeking out a better mortgage rate/terms, increasing amortization to help lower monthly payments, etc. By mortgage refinancing, you are paying out and replacing your existing mortgage – not to be confused as secondary financing or additional mortgage registrations. Since you are replacing the existing mortgage with a new larger mortgage, factors that can/will change will be; monthly payments, rate, amortization, terms/conditions, penalties, pre-payment privileges, etc. Change can be good though, and a mortgage refinance can often be the solution that solves many financial related problems for home owners in Mississauga!
Residents of Mississauga will often explore a mortgage refinance from a different bank large enough to pay out; their existing mortgage(s), credit card and line of credit debt, vehicles loan(s) and leave them with additional funds to upgrade their kitchen or basement. In such a scenario, they could easily be improving their credit, consolidating payments and increasing cash flow all at the same time.
Another scenario we often see is, Mississauga home owners will take advantage of their upcoming renewal to seek out options for a mortgage refinance with competing banks who are offering lower/competitive rates. If the costs are minimal and the offer is good, a mortgage refinance can save you money and help pay off your mortgage sooner!
What’s the process?
It’s quite simple. If you own a home in Mississauga and you’re interested in a mortgage refinance, let us know and we’ll have you fill out a quick online application. This application will give us the background information and understanding we need to seek out options that make sense for you. Depending on your personal/family goals, a refinance may or may not be the best strategy and we’re here to put it into perspective for you. The turnaround time for a firm approval is typically within the first 72 hours of receiving the completed application, but we typically give feedback within the same day!
Ready to apply?
We have been helping residents of Mississauga and their families with mortgage refinancing for over 3 decades. If you want to find out if you qualify for, or if you are ready to move forward with a mortgage refinance, call us today – (905) 455-5005.