Your mortgage is not set in stone for the period of its term.
You might want to switch lenders to get a better rate or different mortgage or renegotiate with your current lender. Another lender may have better rates or payment options. Refinancing essentially maying paying off your mortgage and establishing a new mortgage with either a new lender or your current lender. I can help you negotiate with your current lender or switch to a new one.
You are in effect registering a new mortgage with new appraisal, survey and legal costs. In theory you need to pay these over again although in practice lenders might offer incentives to help you switch. It is a competitive market after all.
There are many reasons why you might want to refinance, or increase, your existing mortgage — to consolidate non-mortgage debt, to finance improvements to your home, etc. Let Cindy Janisch – Mortgage Broker in Edmonton help you negotiate with your existing lender or switch to a new lender who will give you a more favourable rate.
Mortgage refinancing is the process of taking out a new loan to pay off an existing mortgage. This can be done for a variety of reasons, such as to get a lower interest rate, to change the term of the loan, or to tap into the equity of the home.
The process of refinancing a mortgage can be a time-consuming and costly one, so it’s important to be sure that it is the right move for you before you begin. There are a few things to keep in mind when considering refinancing, such as the fees involved, the new interest rate, and how long it will take to recoup the costs of refinancing.
A reverse mortgage can be refinanced, but there are a few things to consider first. The main reason to refinance a reverse mortgage is if the value of your home has increased significantly and you want to take advantage of the equity. Another reason to refinance would be if the interest rates have gone down since you originally took out the mortgage.
Before refinancing, you should speak with a financial advisor to see if it’s the right decision for you. There are some drawbacks to refinancing a reverse mortgage, such as having to pay closing costs again and resetting the term of the loan. You also need to be sure that you qualify for the new loan.
The answer is generally no. A second mortgage is a loan that is subordinate to your first mortgage, meaning that if you default on your mortgage payments, your lender can foreclose on your home and sell it to repay the debt. A refinance, on the other hand, pays off your existing first mortgage and replaces it with a new mortgage. So while a second mortgage is essentially a new loan, a refinance pays off your old loan and gives you a new one.