You may have heard your neighbours talk about it, or maybe you’ve been keeping an eye on the market yourself.
Thanks to mortgage interest rates that have been as low as ever, homeowners across the country are opting to refinance their mortgage to save big money on their monthly payments.
People refinance their mortgage by using a new loan associated with a lower mortgage rate to take over their current mortgage that has a higher rate. There are many benefits to refinancing your mortgage, and with rates as low as they have been over the past year, we are seeing refinance numbers rise.
Is refinancing right for everyone, though?
How An Oakville Mortgage Refinance Works
While it may sound appealing at first glance, a mortgage refinance may not actually benefit you. This is where a mortgage agent Oakville can help you, as they will research the market with you and come to a decision whether it’s a good time to refinance based on your specific scenario.
Refinancing a mortgage can come with initial costs that you will have to cover. However, depending on how low the interest rate is and what you are currently paying on a mortgage, you may be able to quickly make up the financial difference.
Mortgage brokers in Oakville, such as our team, will also help you through the application process. We’ll tell you everything you need to bring with you to get approved and can help you manage your credit score. At the end of the day, whether you get approved for a new loan will rely on the lender, but a broker can set you up in the best possible position to succeed.
Once you have been approved for a refinance, the loan will then close, just like your first one. A closing date will be determined where your new mortgage takes over from your old one. Once the closing process is fully complete, so is your mortgage refinance process!
An Oakville mortgage refinance has plenty of benefits to offer but if you’re not in the proper state to apply for a new mortgage it could end up causing you more harm than good. To avoid this, speaking with a mortgage professional can give you the guidance and direction you need to make an educated decision on whether it’s right for you.
To learn even more about refinancing or to speak to one of our qualified brokers, get in touch with us today!