Did you know Canada Accepts approximately 250,000 new immigrants each year and has done so for past 20 years. 50% of these new immigrants purchase a home within 3 years with the help of The New To Canada Mortgage Program. Call or email me for details.
Clients often call me with this question, but of course each case varies significantly as there are many factors to consider. When deciding whether or not to refinance there are two important questions you must ask yourself. Firstly, how soon would you like to realize the savings? Secondly, how much longer do you expect to reside in your current home?
We have all heard the doom and gloom that is surrounding the world economy especially in Real Estate. Although some parts of Canada have being hit by a negative decline in Real Estate Value Toronto and GTA has continuously performed well. As a result the equity in ones property has increased. With current interest rates being as low as they are, now could be an excellent time to tap into that equity take out if needed. Equity in a property belongs to the owner, it yours and can be used for a number of things
A Mortgage Refinance is remortgaging your existing mortgage by using the equity in your home. For example; you have a mortgage of $200,000.00 and a home worth $400,000.00. You can borrow up to 90% of your home value, in this case up to $360,000.00 ($400,000.00 x .90%). Your new mortgage will be the $200,000.00 plus the extra money you take out.