When you applied for your original mortgage, you may have agreed to an interest rate and repayment terms that are no longer ideal. Fortunately, you are not committed to the terms of your original mortgage forever. Consider refinancing your mortgage to secure more favorable loan terms and a better interest rate. You could save money and significantly improve your long-term financial outlook.

Although a new mortgage can be a big advantage, mortgage refinancing isn’t for everyone. Before you choose new mortgage financing, contact us for a free consultation. We will help you understand the process and weigh your options for refinancing. As an experienced mortgage refinancing broker, We will make sure you make the smartest choice for you, your budget and your long-term plans.

What is mortgage refinancing?

Mortgage refinancing occurs when you replace the current mortgage or mortgages on your property with a new mortgage, which typically has more favorable terms than the original loan you received. If you choose to refinance your mortgage, you will initiate a new mortgage application process. When approved, the new mortgage is used to repay to original mortgage(s), while you agree to the terms of the new loan.

Refinancing your mortgage can be even more complicated than choosing your first mortgage. Before starting the process, you want to be certain your timing is right by regularly evaluating the market rates in your area. You also want to choose the right type of loan that suits your financial situation and refinancing goals, whether it’s a fixed-rate mortgage or an adjustable rate mortgage. After careful research and weighing your options, you will choose the best mortgage refinancing company for your new loan and submit your application.

Is mortgage refinancing right for you?

If your timing is right, mortgage refinancing can come with several advantages. Let’s consider some of the benefits of refinancing your mortgage.

• Lower interest rates. You might be motivated to find new home financing when you notice interest rates are dropping, yet you’re locked into your current mortgage interest rate. Even if you’re penalized for breaking the contract with your original mortgage financer, refinancing for a lower rate could save you a lot of money in the future.
• Secure your interest rate. If your current interest rate isn’t long-term, you could see your interest rate rising in the future. When refinancing your mortgage, you can lock in a longer-term rate and give yourself more security.
• Consolidate your debt. If you’re juggling multiple loans with different interest rates and complicated payments, mortgage refinancing will give you the option to combine your large debts, including auto loans and credit cards, into one loan with a single interest rate. This will simplify your debt management and it’s likely to save you money.

I want to refinance my mortgage. Now what?

Don’t navigate mortgage refinancing on your own. Have a free consultation with Canada based Duggal Mortgages a refinancing professional firm. We will help you understand your options and next steps for home refinancing. As your mortgage refinancing broker company, We will make sure you’re getting the best possible interest rate and loan terms with your new loan.