Mortgage Refinance
Mortgage Refinance
Refinancing your mortgage is a significant life decision and often a cost-effective move, but having the professional and experienced team at Grover Mortgage Group by your side will make the process much easier.
Here are some factors to consider before refinancing your mortgage to determine whether the time is right for you.
What To Consider Before Refinancing
The following information will help give you a better idea of how a refinance could benefit you, whether you’re eligible and how to go about refinancing:
1. Current Interest Rate
If you’re able to obtain a lower mortgage rate, refinancing is a viable option for you. However, it’s important to consider the process of recouping from closing costs. For example, if you put down about $2,000 to refinance towards a lower rate mortgage and the payment drops by approximately $150 each month, it will likely take over a year for you to break even.
2. Know Your Credit Score
Even with a great credit score behind you, you may not always qualify for low interest rates. However, if you have been meeting your mortgage payments on time over the past few years, you have a much higher chance of obtaining a lower interest rate. Contact Grover Mortgage Group today, we will help you figure out if your current credit score can help you secure a better interest rate!
3. Your Home’s Equity
Lenders will likely want to see your home’s equity to determine whether or not you qualify for a specific loan. More often than not, the more equity your home has, the much easier the refinance process will be. Refinancing a home with little equity is still possible, it just may be more arduous.
Our mortgage brokers can help you determine whether you qualify for a loan program and discuss your individual needs to make this process much smoother. Most homeowners will be required to have at least 20% equity to qualify for a new loan, however, some allow for 10% even if it is less favourable.
Grover Mortgage Group provides professional, unbiased mortgage advice for those in Burlington, Oakville and Milton. We are accessible every day of the week and work efficiently to find the best refinancing options for you. Get started with us today by filling out the form below!
