Refinancing
Home – Refinancing
Refinancing your mortgage can be a great strategic financial move that helps you reduce your interest and mortgage repayments to save money. Here are the key reasons why you should consider refinancing:
- Lower Interest Rates: There is always a better interest rate offer or lower fee for new customers. Banks compete for new business offering new customers bigger discounts and lower rates leaving existing customers with a less competitive rate. Hence it is smart to ask for a lower rate or refinance as a new customer with a different lender.
- Reduced Monthly Payments: Refinancing can lead to lower monthly payments via lower rate and extended loan term, improving your cash flow and allowing you to allocate funds to other financial goals.
- Debt Consolidation: By refinancing, you can consolidate higher-interest debts into a single, lower-interest mortgage, consolidate personal loans /credit cards into one mortgage streamlining your payments and reducing overall costs.
- Access to Home Equity: A cash-out refinance allows you to tap into your home’s equity for major expenses, such as home renovations, education, or emergencies.
- Better Loan Terms: Transitioning from Variable rate mortgage to a fixed-rate mortgage can provide stability and predictability in your monthly payments.
Why Choose Our Brokerage for Professional Guidance
Finding the best lender can be complex and time-consuming, so we are here to help. With over 20 years of experience working directly with banks, our brokers are equipped with the knowledge and expertise to make the refinancing process quick, simple, and stress-free.
Our Mission if for you to own your home and not have a loan!!
Our BMHL Offers:
Accelerated mortgage program: Payoff your home loan in 10 yrs or less
Mortgage coaching – Review, Refi, Reduce and Repay
- Expert Guidance: Our team provides personalized advice tailored to your financial situation, ensuring you understand every step of the process.
- Streamlined Process: We handle the legwork for you, facilitating communication with lenders and managing paperwork, allowing you to focus on what matters most.
- Cost Savings: Our goal is to help you save thousands of dollars and reduce the term of your home loan, putting more money back in your pocket.
Choosing our brokerage means partnering with professionals who prioritize your financial well-being and simplify your refinancing journey. Let us help you achieve your financial goals with confidence.
Things to Consider when Refinancing
When refinancing, keep the following factors in mind to ensure you get the best deal:
- Fees and Closing Costs: Be aware of all associated costs, such as application fees, valuation fees, annual fee's fixed rate break costs, as these can impact your overall savings.
- Loan Terms: Understand the implications of the loan term you choose. A longer term may lower monthly payments but could increase total interest paid and take you longer to payoff your loan.
- Lender Reputation: Research lenders thoroughly. Look for brokers and banks with strong customer reviews and competitive rates.
- Prepayment Penalties: Check if your loan has prepayment penalties that could affect your ability to pay off the mortgage early without incurring additional costs.
- Credit Score Impact: Refinancing may temporarily impact your credit score. Review your credit report beforehand and address any issues.
- Misplaced Loyalty: There is no benefit being loyal to one lender, your financial benefit comes first refinance to get a lower rate when ever you can to save money and payoff your mortgage.
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