Refinancing Your Mortgage
We are committed to offering innovative financial mortgage solutions that empower individuals to manage and restructure their existing debt effectively. Refinancing your existing mortgage can be a good idea to explore if you want to access your home equity, consider different mortgage terms, obtain a fixed rate mortgage, or utilize a cash-out refinance. You can save money and reach your financial objectives with our refinance solutions!
Increase Your Cash Flow
Pay Less on Interest
Remortgage
What is Refinancing?
Refinancing is the process of taking out a new loan to settle an old one. The new loan often offers better terms, such as a reduced interest rate, which can help you save money over the course of the loan.
If you have experienced recent changes in your income or are contemplating maternity leave, maintaining a healthy cash flow becomes paramount. It’s important to remember that mortgages encompass more than just an interest rate. Utilizing the equity in your home to pay off debts can often be a prudent financial decision.
Perhaps you currently have a second mortgage obtained a year or two ago, and now you seek viable options to pay off this secondary loan while securing a lower interest rate. Our expertise lies in this domain, even if your current lender has already declined your request.
Get a Free Consultation
Refinancing
We Can Help You!
We specialize in facilitating a financial reset by carefully evaluating your current financial situation and presenting a transformed scenario following debt consolidation. It’s important to note that consolidating debt into your mortgage is not indicative of poor financial stewardship. We understand that life events can lead to unexpected challenges. We are here to help now you are determined to adopt a proactive approach to debt repayment while implementing a well-defined budget.
Even if your credit history has suffered setbacks, rest assured that reputable temporary mortgage solutions are available. You need not resort to obtaining a mortgage from unscrupulous lenders. We offer excellent private mortgage options that allow you to pause momentarily, reducing stress and enabling you to make positive strides in your life. The most remarkable aspect of our process is that we approach it without judgment. We analyze the numbers alongside you and present a forward path that exceeds your initial expectations.
FAQ
Answers to Our Most Frequently Asked Questions
01
Why Would I Want to Refinance my Mortgage?
By lowering your monthly mortgage payment through refinancing, you can free up extra cash each month. This improves your cash flow, giving you more breathing room to manage other expenses and achieve your financial goals.
02
Is Refinancing a Good Option for me?
Refinancing can be smart if you have high-interest debt or tight finances.
It can lower your monthly payment, freeing up cash flow.
03
What is a Home Equity Line of Credit
- Refinance when you mortgage renews.
- Refinance in the middle of the term of my mortgage.
- Refinance my rental property to access equity to purchase other properties or improve cash flow.
Advantages of Refinancing
Lower Monthly Payments
By refinancing, you can lengthen the time your loan must be repaid, lowering your monthly payments and improving their manageability.
Debt Consolidation
Credit card debt and other high-interest debt can be effectively consolidated by refinancing into a single, lower-interest loan.
Lower Interest Rates
You can lower your monthly payments and save money over the course of your loan by refinancing in order to achieve a lower interest rate.
Access To Cash
If your house is worth more than it is currently worth, you might be able to refinance and get cash out to pay for renovations, debt relief, or other costs.
Reasons to Choose Skip the Bank’s Refinancing
- Competitive Rates: You can save money throughout the course of your loan by taking advantage of our competitive interest rates.
- Dedicated Support: From application to funding, our team of knowledgeable financial professionals is available to assist you at every stage of the procedure.
- No Hidden Fees: We are transparent about our fees, and we don’t charge any hidden fees or prepayment penalties.
At Skip the Bank, we are aware that refinancing may be a wise choice to help you reach your financial objectives. We can assist you whether you want to lower your monthly payments, consolidate debt, or have access to cash. Apply right away to start managing your funds!
Mortgage Refinance
Real Success Stories
Minh and Lee had a couple of tough years financially. Minh had lost her job during the pandemic and Lee was the only one working. They also had two children in post-secondary education. They had amassed about $100,000 in debts outside of their mortgage and were struggling. Although the balance on their mortgage was only $250,000 and their house value was significant, they were using payday loan companies to keep up with everything. Finally, Lee asked a friend who they could talk to for some help financially. Their bank had already declined them for a consolidation loan.
Minh and Lee’s friend had some great experience with The Mortgage Centre – skipthebank.ca and was able to confidently refer to them as a trusted mortgage brokerage house. The Mortgage Centre helped them consolidate their debts with their mortgage into a short-term mortgage which allowed them to repair their credit history. In a year they were back to normal and were glad that they were able to manage. The best part of the process was that even though English was their second language, The Mortgage Centre was able to do an efficient job and completed things quickly for Minh and Lee.
Mortgage Refinance Resources
November 20, 2023
How a Lower Rate Doesn’t Always Equal a Lower Mortgage Payment
When it comes to buying a new home or refinancing an existing mortgage, many people are eager...
August 16, 2022
Mortgage Rates Fluctuating But Don’t Panic – Uncertainty Brings Opportunity
I was listening to a New York Times podcast on how inflation can be a self-perpetuating prophecy....
June 15, 2022
Reasons Why Working with the Right Mortgage Broker is Important
Who’s taking care of your biggest asset’s value – your home? With grumblings in the Toronto and...
March 7, 2022
Top 3 Ways to Use Your Home’s Equity
If you currently own a house, you’ve likely built-up equity because your home has appreciated significantly in...
Ready to Talk?
We’ll help you get the mortgage
that’s perfect for you.
