SAVE UP TO $1200/MONTH with mortgage debt consolidation.

Your situationAmountRatesMonthly payments
Mortgage101 000$3,5%600$
Personal loans5 200$12%105$
Windows loan16 000$14%215$
Credit card #112-15000$19%550$
Credit card #25-8000$19%275$
Vehicle loan35 000$5-10%575$
Total2320$
New mortgage180-185 000$1 100$

Explore the Possibilities of Mortgage Refinancing

Do you need capital for a major project in Longueuil or to cover unexpected expenses? Whether you own a residential or commercial property, mortgage refinancing is a strategy that allows you to access a substantial amount of money. When dealing with such significant funds, it’s always best to consult with an experienced mortgage advisor: Mortgage Refinancing can assist you!

Need Mortgage Refinancing?

What is Mortgage Refinancing?

Refinancing a property allows you to borrow money again. Mortgage refinancing is based on the difference between the current value of your home and the remaining mortgage you have to pay. If you own a house valued at $300,000 and owe $200,000 in mortgage, your equity is $100,000. This new source of credit opens up various opportunities and can be used for different projects, such as renovations, buying a car or cottage, or covering expenses. It’s a significant financial decision, so make sure to consult professionals to see if mortgage refinancing could be the solution for you. The experts at Mortgage Refinancing will be happy to assist you!

Why Refinance Your Home Mortgage in Longueuil?

Mortgage refinancing can help you in several situations by giving you access to capital at a favorable interest rate for significant expenses. This money can be used for various projects, covering certain expenses, and consolidating your debts!

How Much Can I Borrow by Refinancing My Home?

Based on your current situation and the mortgage payment you’ve already made, you can borrow up to 80% of the net value of your property. Therefore, it’s advantageous to refinance your mortgage close to the maturity of your current mortgage. This amount may also be affected by certain additional fees.

Speak to a Mortgage Advisor to Discover How Much You Can Get from a Home Refinancing in Longueuil
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Why Choose Mortgage Refinancing?

Unlocking Capital for a Project or Expense

Refinancing your mortgage allows you to obtain up to 80% of the net value of your home, which is the current property value minus your mortgage balance. Mortgage refinancing is often used to fund home renovations, buy real estate or a car, and much more! It’s also a way to unlock capital for covering unexpected expenses at a competitive mortgage rate.

 

Refinancing for a Better Mortgage Rate

It’s possible to refinance your mortgage loan at an interest rate lower than your initial loan. If rates are lower than before, refinancing can be cost-effective in terms of interest costs over the long term.

Calculate the Changes Resulting from Mortgage Refinancing Before Making Your Decision

Calculating the impact of mortgage refinancing is important to ensure you’re making the right move. Ask our mortgage brokers to inform you about potential costs, such as penalties, to assess this alternative.

 

Consolidating Your Debts in a New Mortgage Agreement

Debt restructuring through mortgage refinancing is an excellent way to consolidate all your debts into one mortgage. The capital unlocked by refinancing can be used to repay the majority of personal debts, such as:

  • Car loan;
  • Personal loan;
  • Personal line of credit;
  • Credit card;

Combining all these payments into a single monthly mortgage payment, at a much lower interest rate, is a great way to manage your debt. Interested in debt consolidation services? The advisors at Mortgage Refinancing in Longueuil have the expertise to assist you in this process and present the best available options.

How Much Does Property Refinancing Cost Me?

As with any contract changes, there are various fees that the mortgage refinancing applicant will need to cover. First, since the granted funds are based on the difference between the current value of your home and your mortgage balance, you’ll need to pay appraisal fees. Legal fees and certain penalties are also imposed by your financial institution when breaking a mortgage contract. Mortgage Refinancing can assist you in these steps to minimize costs by taking advantage of current rates!

Speak to our mortgage refinancing advisors to weigh the benefits

A thorough evaluation of your financial situation is crucial before engaging in a mortgage refinancing process. The advisors at Mortgage Refinancing can help you assess the implications of refinancing your home in Longueuil.

When to Refinance a Mortgage in Longueuil?

When is the best time for mortgage refinancing?

The right time to refinance your mortgage depends on your personal situation and immediate needs! Here are some situations where refinancing could be a viable option:

We consider your repayment capabilities!

Consult mortgage refinancing experts today to learn more about your options and the advantages of refinancing your property. Our advisors take into account your needs and financial situation to determine the best course of action for you based on your repayment capacity. You’re not alone – we guide you throughout the process!

What Other Services Does Mortgage Refinancing Offer?

We have expertise in debt consolidation and offer alternative loan services to help residents achieve financial security. Feel free to contact us for private loans!

What Other Services Does Mortgage Refinancing Offer?

We have expertise in debt consolidation and offer alternative loan services to help Longueuil residents achieve financial security. Feel free to contact us for private loans!

Learn More About Mortgage Refinancing

Why Use Refinancing as a Funding Source for Your Projects?

One advantage of mortgage refinancing is that it offers a significantly lower interest rate than credit cards or products like credit lines and personal loans. A mortgage is an excellent way to unlock low-cost capital for various projects or even debt restructuring. Combining different credits and debts into a single mortgage loan, in many cases, allows an individual to reduce payments and regain control over their level of debt. The interest rate of a mortgage loan from mortgage refinancing is often less than half the interest rate offered by credit cards.

How to Calculate a Mortgage Refinancing?

Calculating the refinancing of your mortgage loan is possible using the mortgage calculators of Mortgage Refinancing, and a mortgage broker will be happy to meet you and discuss your situation.

The mortgage refinancing calculation will influence your refinancing rate and will consider several factors such as:

  • The current value of your Longueuil property;
  • The balance of your current mortgage;
  • The amortization period of your mortgage;

Can I Refinance My Property to Invest in Real Estate?

It is possible to finance the purchase of a new property in Longueuil, such as a rental building, using mortgage refinancing. The money obtained through refinancing is usually at a much more advantageous interest rate than a loan from financial institutions and reduces borrowing costs. However, mortgage refinancing for the purpose of investing in a rental property is a complex financial lever, so be sure to consult specialists before taking action!

How to Refinance Your Mortgage?

There are several different ways to approach mortgage refinancing in Quebec: mortgage termination, mortgage credit line, or, if eligible, a reverse mortgage.

Mortgage Termination

You can terminate your mortgage, regardless of the number of years remaining until its term, using mortgage refinancing. This allows you to take out new financing at a lower variable or fixed rate to reduce borrowing costs. However, penalties are calculated on the amount and number of years remaining on your mortgage. Therefore, it’s important to consult a mortgage broker to calculate if this change will be profitable for you!

Mortgage Credit Line

The mortgage credit line allows you to refinance up to 65% of the value of your property in Longueuil, with the advantage of repayment flexibility. Interest is calculated on the balance of your credit line, and as you repay your mortgage, the available amount on the credit line increases.

Reverse Mortgage

The reverse mortgage is only available to individuals aged 55 or older who own a home. This type of mortgage allows you to borrow up to 55% of the current value of your home. You don’t have to make payments until you move, sell the property, or the mortgage matures. Consult our advisors to see if you’re eligible for this offer!

What Are the Differences Between Mortgage Renewal and Refinancing?

When a mortgage contract with a financial institution reaches its term and there’s an unpaid balance, the loan needs to be renewed. This renewal may involve agreeing to new terms and interest rates with the existing financial institution or another one.

Refinancing is a loan that uses the net value of your home as collateral. It can provide additional capital for projects, cover significant expenses, or consolidate debts.

Poor Credit Mortgage Refinancing

Poor credit mortgage refinancing is a type of mortgage refinancing designed for borrowers with below-average credit scores, which can prevent them from obtaining traditional mortgage refinancing from conventional lenders.

Can I Refinance a Mortgage with Poor Credit?

Borrowers with poor credit scores may face challenges in getting credit approval for mortgage refinancing due to their credit history, debt situation, or other financial factors. Options for mortgage refinancing for borrowers with poor credit scores may include higher-rate mortgage loans, second-lien mortgages, higher interest rates, additional borrowing costs, and higher prepayment penalties.

What is Early Mortgage Refinancing?

Early mortgage refinancing is the process of replacing your existing mortgage with a new one before the end of your current mortgage term. This may happen if you find a more advantageous mortgage refinancing offer or if you need to refinance your mortgage due to a change in your financial or personal situation.

However, early mortgage refinancing can incur prepayment penalties. These penalties are fees that lenders impose on borrowers who pay off their mortgage before the end of their initial mortgage term.

How to Determine My Borrowing Capacity During Mortgage Refinancing?

Borrowing capacity is based on your income, credit score, credit history, spending habits, and other financial factors. A service advisor or loan advisor can help you determine your borrowing capacity.

What Are the Costs Associated with Mortgage Refinancing?

Costs can vary depending on the individual situation but may include setup costs, insurance fees, living expenses, property taxes, additional mortgage-related costs, prepayment costs, etc. A financing calculator can help you estimate the costs associated with mortgage refinancing in Longueuil.

What Are the Key Benefits of Mortgage Refinancing?

The main benefits of mortgage refinancing can include competitive rates, a penalty-free time for prepayment, a new source of financing, better management of your business plan or financial plan, and a new opportunity to address financial difficulties.

What Are the Available Options for Mortgage Refinancing?

Available options for mortgage refinancing include conventional mortgages, backup mortgages, reverse mortgages, mortgage investment, specialized mortgages, and mortgage products. A service advisor can help you determine which option is best suited to your situation.

Can I Change Banks or Financial Institutions During a Mortgage Refinance?

Yes, during refinancing, you’re not obligated to stay with your current lender. If you find better terms on the market, you can choose another bank or financial institution.

What Happens If Interest Rates Increase During the Refinancing?

If rates rise, you may have to pay a higher interest rate during your refinancing. However, this depends on your negotiation with your lender and the current market in Longueuil.

What Are the Fees Associated with the Mortgage Refinance Process?

Administrative fees may apply, as well as appraisal fees if you switch lenders. It’s important to consult your current mortgage lender to learn about all potential costs.

Can Mortgage Refinancing Help Me Pay for Tuition or Other Major Expenses?

Yes, mortgage refinancing can provide access to thousands of dollars in equity from your home, which you can use for tuition, renovations, or other financial needs.

Is a New Insurance Premium Required During Refinancing or Mortgage Renewal?

This depends on your situation and the terms of your current mortgage. If you borrow more than the current value of your home or switch lenders, a new insurance premium may be required.