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Mortgage News 2022

Here are 5 steps you should follow when refinancing your home mortgage.

7/25/2021

1 Comment

 
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STEP 1: DO THE MATH When refinancing, the biggest factor in determining whether refinancing makes financial sense is the difference between the interest rate on your current loan and what a new lender will offer you.

The math is pretty simple. The refinanced loan amount divided by the new interest rate equals your monthly savings. For example, if you are refinancing a $200,000 mortgage with an interest rate of 6.125% and the refinancing lender is offering a rate of 4.50%, your monthly savings will be $131.43, or $1,650 annually (assuming a 30-year loan with even monthly payments). If you plan on living in your home for the long term, refinancing to lower your interest rate can more than pay for itself.

STEP 2: CHOOSE A LENDER The refinancing process includes choosing a new lender – not just any lender with the lowest advertised rate. You want to choose a lender who will work with you throughout the refinancing process. You should also explore working with a mortgage broker to save you time when shopping for the best mortgage products available.

STEP 3: GATHER YOUR DOCUMENTS You will need to gather several documents when refinancing. These include a copy of your identification, your most recent pay stubs or tax returns, and any other documentation related to your earnings and assets. There are also several legal documents you will need to have prepared by a lawyer.

STEP 4: REFINANCE YOUR LOAN The refinancing process also involves refinancing your loan with the new lender. This will take a couple of weeks to complete, during which time you will be expected to continue making payments on your previous mortgage.

STEP 5: CLOSE THE LOAN Once refinancing is complete, you will have to sign a new mortgage agreement with the lender and have your new mortgage registered against the title to your property. Your old mortgage will be discharged off of title. Your lender will also notify your previous lender of the refinance. And you're done! You now have one simple monthly mortgage payment instead of two.

Do you have mortgage questions? Book a free consultation today ----> https://calendly.com/sarahcoluccimortgage.

Sarah A. Colucci, Senior Mortgage Agent
Mortgage Edge, Broker 10680/Direct: 647-773-4849
www.coluccimortgages.com

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1 Comment
Asher Julian link
12/17/2022 10:52:36

Great Post. Your blog is very helpful and professional. I especially liked the way you structured the content in the post. Thank you for sharing this informative post.
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Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Sherwood Mortgage Group
Licence # 12176

Telephone

Direct: 647-773-4849
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Email: scolucci@sherwoodmortgagegroup.com
Picture
  • Home
  • WHY USE SARAH FOR YOUR NEXT MORTGAGE
  • APPLY ONLINE
  • PRODUCTS
    • Free House Value Tracker Report
    • CASH-BACK MORTGAGE
    • BRIDGE FUNDS
    • REVERSE MORTGAGES
    • SELF-EMPLOYED MORTGAGES
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE DICTIONARY
  • MORTGAGE NEWS
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • HOUSE HUNTING CHECKLIST
  • APPRAISALS
  • FIXED OR VARIABLE RATE?