Refinance your mortgage and cut down your monthly payments
Refinance Your Mortgage in Mississauga
If mortgage rates have dropped since you got a mortgage, it is time you consider getting it refinanced. As certified mortgage specialists in Mississauga we can help you get a lower rate with your existing lender or introduce you to new mortgage lenders. Refinancing your mortgage also frees up equity that you can use towards your child’s education, family vacations, or home renovations.
The Answers You Need
It is very common to get confused between mortgage refinance and renewal. But don’t worry because we’ll help you understand both the terms. In mortgage renewal, your lender stays the same but you get another mortgage with a different rate. In mortgage refinance, you break your current mortgage and enter a new agreement either with the same lender or a new one.
1. What is the difference between mortgage refinance and renewal?
Any type of property qualifies for mortgage refinance in Mississauga as long as all property owners agree to it. You can borrow up to 80% of your property’s value. The amount you’re eligible for depends on how much mortgage is paid till date.
2. What type of properties are eligible for mortgage refinance in Mississauga?
We will help you create a Home Equity Line of Credit (HELOC) to access your home equity. Since it is a secured line of credit, the interest rate is lower than a credit card. Your current lender can provide your refinanced mortgage in Mississauga or you choose to go with a different one. Contact us to talk more.
3. How much money can I borrow against my property in Mississauga?
No, you cannot directly refinance your property to gather down payment for another property. Instead you can take out a HELOC, which has a lower interest rate, to offer a private mortgage. This means, you give the funds to someone who needs a down payment and receive returns up to 10%. Please get in touch with us to discuss the possibility of mortgage refinance because no two applications have the same solution.
4. Can I refinance my mortgage to purchase another property?
Yes, there’s a penalty if you close your mortgage account before its end term with your current lender. If you have a variable mortgage, the penalty will be three months’ interest and for a fixed mortgage it is three months’ interest or the interest rate differential penalty, whichever is greater.
5. My current interest rate is too high and I want to switch. Do I have to pay any penalty?
We understand that mortgage refinancing can be complicated. Team BobCat Mortgages promises to offer you educated, unbiased mortgage solutions that best match your financial needs.
Benefits of Working With Team BobCat
Always negotiate in your best interests
We strive to represent your best interests while negotiating a mortgage approval process on your behalf. You don’t need to worry about hidden fees, surprise expenses, or any undisclosed amounts.
Streamline and lower monthly payments
We’ll help you combine your multiple fixed monthly payments including mortgage, credit card bills, and personal loans into one monthly payment.
Managing cash flow during uncertain times
We understand unexpected situations might cause job loss. Team BobCat Mortgages will assist you in refinancing your mortgage against your property’s value, so you can maintain your expenses until you find a permanent money-making method.
Educate you about the pros and cons of refinancing your mortgage
Ever since we started Team BobCat Mortgages, we promised to work in our clients’ best interests. We consider guiding our clients in Mississauga as our biggest responsibility and promise to always offer unbiased advice.
Completely digital mortgage application process
Our application is simple and straightforward and can be done completely online. We are only a call away and always available to answer any questions you have.
Best financial advice for future
Our biggest reason to become mortgage agents is to help Canadians and PRs improve their financial situation through real estate. Once you become our client, you’re forever a member of our Team BobCat Mortgages family.