Refinance | Ingram Mortgage Team

By: Ingram Mortgage Team  09-12-2011
Keywords: Mortgage, debt, refinance

There are many good reason why you may wish to refinance, or increase, your existing mortgage. Here are some possible reasons and what you need to know about each:

Consolidate other debt

Most unsecured debt is priced by your bank at a higher rate than your mortgage in order to compensate them for the higher risk of loss if you default. For many people it only makes sense to use available home equity to pay out this debt, as it typically reduces interest costs significantly. If the total of the existing mortgage and the debt to be refinanced is less than 80% of the value of your home, and you qualify in terms of income and credit standing, you should typically be able to refinance your first mortgage.

This calculator is designed to help determine if debt consolidation is right for you

Renovations and home improvements

If you want to spend a significant amount of money on improving your home, you may be able to take out a lot more equity than you realize! We can advise you through this process. All three insurers – CMHC, Genworth, and AIG will insure new mortgages which are "topped up" for this purpose, when the total of your current mortgage and the new funds exceeds 80% of the current home value. Not all improvements are eligible, however. Pools and spas are typical "over-improvements" which may not qualify for a high-ratio equity take-out. Of course, if the total requirement is less than 80% of your home's current value, you should have little trouble getting the "top up" you need – regardless of the degree of luxury you plan to add.

Take advantage of today's low rates

Many people are refinancing their homes to take advantage of today's historically low interest rates. If you are currently in a fixed rate, closed product, there will likely be a penalty to pay out your mortgage early. In some cases these penalties can be extremely high, due to the "fine print" in your mortgage commitment. An Ingram Mortgage Team professional will be able to analyze your situation and help you decide whether it will be worth it for you in the long run to pay this penalty.

Home equity/Loc

Securing a loan against the existing equity in your home for home renovations,  a vacation, a new car, or your dream vacation home, is a very popular option.  Refinancing, whether it be a relatively straightforward refinance of your existing mortgage balance, or utilizing your home equity for any other purpose desired, is a strategic financial decision that requires the assistance of a mortgage expert to get you the best deal from the hundreds of options available. Whether you want to:

  • lower your monthly payment

  • consolidate debt
  • make home renovations
  • pull cash out of your home
  • increase your flexibility with a credit line
  • break your mortgage

We can offer you expert advice on the mortgage strategy that suits your needs.

     or    

Keywords: debt, Debt Consolidation, Mortgage, Mortgage Team, refinance

Other products and services from Ingram Mortgage Team

09-12-2011

Renewal | Ingram Mortgage Team

Over 85% of people will simply sign the form and send it back, not knowing whether they are receiving the best rate or product for their needs. Your current lender, if they haven't already, will send you a 'Mortgage Renewal Notice' not long before your mortgage matures. Our specialized service is provided at no cost to you, as we receive a commission from the lenders for bringing them business. Today to discuss your renewal options.


09-12-2011

Services | Ingram Mortgage Team

We are able to negotiate with over 50 different lenders across the country, allowing us to align you with the most competitive rates and the best possible product to suit your needs, wants and goals. Personalized service and unbiased advice at no cost to you, for as long as you're living. Aligning you with the best solution for your needs is our main priority. Why use a mortgage broker.


09-12-2011

First Time Buyers | Ingram Mortgage Team

Let me help you through the confusing maze of lender options, mortgage documentation, and terminology you are dealing with as you go through this process. The property you are about to purchase is probably the largest single purchase, and biggest investment decision, you will ever make. With electronic access to over 50 lenders, I will ensure that you receive the best rate for the product of your choice. Are you a first-time buyer.


09-12-2011

Repeat Buyers | Ingram Mortgage Team

It is more important now, than ever before, to ensure you are consulting with a professional to make sure you are taking advantage of your rental income to it's fullest capabilities. Recent changes to the way we qualify buyers have affected the way lenders look at things, such as rental income from suites and rental properties. We have the tools to help you succeed in your next purchase. Are you an experienced buyer.