We are happy to say our re-financing has been completed.
Chris and I wanted to thank you very much for all your wonderful help with this. Your help, advice, professionalism and thoroughness were incredible. This was from the first time we spoke to you, right up until the end. At no time through out the process did we at all feel anxious as you advised us what to expect and when to expect it. It was and is very much appreciated.
Jesse, we cannot thank you enough and please know that we would not hesitate to recommend you and your wonderful service to anyone.
Thanks again for everything,
Kind Regards
Remortgaging Your Home in Peterborough, ON: Understanding Remortgages
If you own a home in Peterborough, ON, you may be wondering if remortgaging is the right choice for you. Remortgaging is the process of switching your current mortgage to a new one, often with a different lender, to get better terms or access to equity. A remortgage is one way to tap into the value of your home, and in this article, we’ll explore what it is, how it works, and whether it might be a good option for you.
What is a Remortgage?
A remortgage is a type of loan that allows you to borrow against the equity in your home. Equity is the difference between the current value of your home and the outstanding balance on your mortgage. For example, if your home is worth $400,000 and you still owe $200,000 on your mortgage, your equity is $200,000.
When you take out a remortgage, you’re borrowing money against that equity. The loan is secured by your home, meaning that if you don’t make your payments, the lender can foreclose on your home to recoup their losses. Remortgages usually have fixed interest rates and terms, which means that you’ll have a set monthly payment and repayment schedule.
How Does a Remortgage Work?
To get a remortgage, you’ll need to have equity in your home and apply with a lender. Our mortgage firm can help you through the process of applying for a remortgage in Peterborough, ON.
When you apply for a remortgage, the lender will look at the amount of equity you have, your credit score, and other factors to determine how much they’re willing to lend you and at what interest rate. If you’re approved, you’ll receive a lump sum of money that you can use for any purpose.
You’ll then start making monthly payments on the loan, which will include both principal and interest. The loan term is usually shorter than your primary mortgage, and the interest rate may be higher because remortgages are considered riskier for lenders.
Benefits of a Remortgage
There are several benefits to taking out a remortgage in Peterborough, ON:
Is a Remortgage Right for You?
While there are benefits to taking out a remortgage, it’s not the right choice for everyone. Here are some factors to consider before you apply:
Remortgaging your home can be a daunting process, but using a mortgage agent in Peterborough can provide several benefits. Here are some benefits of using a mortgage agent when remortgaging your home:
In summary, using a mortgage agent in Peterborough for a remortgage can provide homeowners with access to multiple lenders, expert advice, time-saving, competitive rates, personalized service, flexibility, stronger negotiation power, reduced risk of rejection, and ongoing support. These benefits can make the remortgage process smoother, more efficient, and more beneficial for homeowners in Peterborough.