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Mortgage refinancing refers to when a homeowner trades in their current mortgage for a newer one. Refinancing erases the debt on the existing mortgage. It also lets one select the rate and loan terms on their new loan to get a new home mortgage that saves them money or allows them to achieve other financial goals. The outcome is that a homeowner proceeds to pay off their home, but now they are making payments on the new loan rather than their old one.
Remember, as a homeowner, you don’t settle the first mortgage yourself. The mortgage lender handled that part on the back end. As far as you’re concerned, the mortgage refinancing procedure typically looks a lot like your initial home loan process did. Homeowners refinance because you get to choose your new mortgage’s rate and loan terms. So you can take out a new loan that’s more affordable or benefits you in other ways.
Taking advantage of the latest low bank refinancing rates is one of the many reasons to consider refinancing your mortgage with TopRankinMortgages Inc.. Many wise borrowers look to refinance their home loans as a way to lower monthly payments, invest in properties, renovate and repair their current house, or even save on interest in the long run. Whatever the reason may be, we’re here to help you discover the best options to save money for today and down the road.
Our Mortgage Services include: Purchase Mortgages | Refinance Mortgages | Transfers and Switches | Construction Financing | Alternative Lending
Serving all over Ontario including Greater Ottawa Area and the surrounding areas.
Contact TopRankinMortgages Inc. in Orleans, Ontario
Sean Rankin, Mortgage Agent Level 2
Smart Debt Mortgages a Network Partner of Mortgage Intelligence
License #12236
