Refinancing

Refinancing is renegotiating your existing mortgage loan agreement. Through this service, you will be able to choose new terms to suit your current situation and needs. We offer refinancing options through both large lenders and small ones, making us your one-stop-shop for mortgage refinancing.

How Does it Work?

Working with us, homeowners can refinance up to 80% of their property’s value. If that amount is greater than the mortgage, we pay out the existing mortgage and the remaining funds go the the homeowner. Depending on your original rate and terms it’s possible to access equity at an even lower monthly payment then you have currently. We have been able to help thousands of Canadians effectively refinance for various needs and improve their financial situations.

What About Prepayment?

Prepayment penalties allow lenders to encourage homeowners to only pay a certain amount each year. Refinancing at the end of your mortgage term may help you avoid prepayment charges. That being said, in many cases the savings of a new mortgage loan with lower interest may make the prepayment charges worthwhile. Our expert mortgage specialists can help you crunch the numbers in deciding if you would benefit most from refinancing in the middle of your term, or waiting it out.

Why Would I Refinance?

Refinancing offers many benefits. The most obvious of these is that you can lock in lower interest rates and save money in the long run. This extra money can be useful in several different ways:

  • High interest debt consolidation.
  • Home renovations and repairs.
  • Investing.
  • Post-secondary tuition.

Some homeowners even choose to refinance just so that they can switch to a more stable, fixed rate mortgage. Whatever the reason, it is evident that refinancing is a great way to free up some of the equity locked in your home.

Taking into account your present situation and your future goals, our mortgage specialists will be able to match you up with the refinancing option that’s best for you. If you’re interested in how refinancing can help you, contact us today!

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Our Commitment To You

At Source Mortgage Centre, we pride ourselves in being all about our clients and achieving a new level of client experience. After all, we work for you — not the bank. Our services are completely free, and we are only paid if your mortgage funds and you are satisfied.

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