Refinance mortgage | Mortgage refinancing : Realize your dream project with Multi-Prêts
When you work with Multi-Prêts de Laval’s team of dedicated brokers on your mortgage refinancing application, you will get up to 80% of the value of your property.
Mortgage refinancing makes many projects possible, such as:
Refinancing to access the home equity line of credit
Mortgage refinancing can be used to add a home equity line of credit on your loan. What is convenient about the line of credit is that it is not necessarily disbursed to the notary. It is approved and available for a maximum amount and you can go and get the funds when you need them.
The benefits of mortgage refinancing with Multi-Prêts
How does it work?
The amount that can be loaned to you is determined as follows:
Value of your property on the market (not the cost of the purchase) x 80% = Total
This total – the value of your mortgage = Maximum amount of refinancing
Here is a more concrete example: Assuming your property is worth a current market value of $200,000, 80% of that amount is equal to $160,000.
Your mortgage is $100,000. The difference between the previous total and your mortgage is $60,000. Therefore, you will be able to obtain a maximum of $60,000 through mortgage refinancing.
Who can help me find the best mortgage rate for my refinancing?
The brokerage team at Multi-Prêts! If you are dealing with a single bank, obtaining mortgage refinancing can be complex and will not necessarily land you the best rate. In contrast, our mortage brokers’ primary duty is to find and secure you the lowest rate with the loan terms that are most suitable for you.
If I refinance with another bank, will I pay penalties?
Most likely. Despite the penalties, it is possible that refinancing through another financial institution will actually benefit you in the end. Since saving you money is our top priority, rest assured that we will analyze all possible options.
Why should I refinance my mortgage?
You might be seeing people around you refinance their mortgages. This might prompt you to think: what are some of the benefits of refinancing?
In reality, there are numerous reasons, the most common being:
Refinancing is generally used to reduce the interest an individual pays. For example, a person with a $150,000 mortgage at 3.5%, a $ 3,500 credit card at 20%, a $15,000 car loan at 5% and a personal loan of $5,000$ at 8% would benefit from debt consolidation via mortgage refinancing. She would then sign a new mortgage of $173,500 and save a lot of interest since all her other debts would now be set at a 3.5% interest rate.
Therefore, taking the time to do calculations with a professional mortgage broker is well worth your while.