Refinance a Mortgage in Hamilton
To refinance a mortgage in Hamilton means paying off your existing mortgage, or any other legal claims, and then getting a brand new mortgage preferably with a better rate. At Access Mortgage, our professional team can assist you with refinancing your mortgage. We specialize in working with people who already own a home, people who are in debt, people with unprovable income, and even people who have a variety of unfavourable financial situations. We help these people by providing them with debt management and assisting them with getting a first, second, or even third mortgage. Refinancing a mortgage in Hamilton is a better strategy then claiming bankruptcy, consumer proposal, or debt counselling, because of the negative impact on your credit. Read on for more information about refinancing a mortgage with Access Mortgage.
It is recommended that Canadian residents take the time to review their mortgage annually. Canadians are spending needlessly on mortgages that are long overdue for an update that can save them money. Here are a few reasons why refinancing a mortgage in Hamilton is a good idea:
Refinancing can lower your payments:
Refinancing your mortgage at a lower interest rate could mean drastically reducing your payment and saving tens of thousands of dollars in interest. Lowering your mortgage payment could also free up hundreds of dollars per month that could be saved or invested. Although refinancing to lower your payment could increase the term of your loan, it could make sense in your particular situation.
Refinancing from adjustable-rate to fixed-rate:
If you currently have an adjustable-rate mortgage, it could make sense to switch to a fixed-rate mortgage if the interests rates dip low. If interests rates dip low enough, locking yourself into a fixed-rate loan can protect you when the interest rates go up again. Additionally, a fixed payment is easier to plan for and budget.
What are the costs associated with refinancing a mortgage?
Reviewing your mortgage on a regular basis will allow you to become aware, and take advantage of, new products and offers; you could be missing out on hundreds of monthly dollars. Generally, there are penalties associated with breaking a closed mortgage contract in order to get a new mortgage. Those costs are determined by the financial institution. It is common that the penalty charged is based on the greater amount of either 3 months’ interest or the interest rate differential. At Access Mortgage, our team of professional brokers can help you calculate these charges, and also help you minimize these charges. We will analyze your mortgage and financial situation to figure out the best time to refinance and take advantage of lower interest rates.
For more information about refinancing a mortgage in Hamilton with Access Mortgage, please feel free to continue browsing through our website. We can be reached at 1-844-397-3780 or by filling out our contact form.