Milton is a continuously growing community located on the west end of the Greater Toronto Area and has experienced vast awareness amongst home owners throughout the past decade. Many Milton residents have seen recent appreciations in their home values that are similar to other major cities within the GTA. This has led to an increased curiosity and interest for Milton home owners to tap into their homes equity, through a mortgage refinance, to help them achieve both personal and family goals.

What is does it mean to refinance my mortgage?

Simply put, mortgage refinancing is the act of placing a new mortgage on your home and often times, using some of the funds to payout the existing mortgage held on the property. These new mortgages are also similar to the existing mortgage in that, they are often held by major banks or large financial lending institutions.  The major difference between the new mortgage and the existing mortgage is that the size of the mortgage during a mortgage refinance increases (though that’s not always the case!). It is also important to note that the terms of the mortgage during a mortgage refinance may change to better suit the needs of the respective home owners in Milton. This can include terms such as interest rates, amortization, length of term, etc. This is one reason that a mortgage refinance can be an effective tool to meet the needs of the average Milton home owner.

For example:

Some residents in Milton will do mortgage refinancing as a strategy to consolidate high interest debts such as credit cards and personal loans. Others may perform a mortgage refinance to complete renovations in their homes, leading to further growth of their homes equity. Sometimes, the goal of a refinance may just be to get a better rate with a different institution, with no intention of accessing any additional funds for personal use.

As you can see, the end-use of completing a mortgage refinance are countless as the motivation is specific to each and every home owner in Milton, but the process of obtaining one is very similar in most cases.

What’s the process?

All you need to do for a mortgage refinance, is to complete a short application that consists of relevant information needed to approve the mortgage refinance. This will allow us to better understand your personal circumstances and the various options that you have available to you. Based on our experience, we will be equipped to offer you options that will be best suitable for your mortgage refinance needs. We will also offer suggestions and advise you on the solutions that will help you with both your short/long-term goals. The turn around time for mortgage refinancing approvals are usually within the first 72 hours of completing an application.

Ready to apply?

We have been helping home owners in the Milton community with their mortgage refinance needs for many years and we look forward to helping you and your family too. If you own a home and are interested in mortgage refinancing, or if you are simply interested to learn more, then please give us a call today to discuss your options. – (905) 455-5005.