Mortgage refinancing is a financial strategy that many homeowners consider as a means of lowering their monthly payments, reducing their interest rates, or accessing the equity they have built up in their homes; however, the process can be confusing, and there are many factors to consider before making a decision. The expert mortgage lenders from PHL Capital has put together some information covering everything you need to know about mortgage refinancing in British Columbia, so that you can make an informed decision.
Mortgage refinancing involves substituting an existing mortgage with a new one that features different terms and conditions. This could include a lower interest rate, longer or shorter loan term, or switching from a fixed-rate to a variable-rate mortgage.
Find answers to some of the most common questions about mortgage refinancing.
There are several reasons why homeowners choose to refinance their mortgage, including:
The best time to refinance your mortgage depends on your individual financial situation and goals; however, here are some common scenarios when refinancing may be beneficial.
The refinancing process is similar to the process of obtaining your original mortgage. You will need to provide documentation of your income, assets, and debts, as well as a property appraisal. Once your application is approved, you will need to sign a new mortgage agreement and pay any closing costs associated with the refinance.
Before refinancing your mortgage, it is important to consider the risks and potential downsides, including:
If you are considering refinancing your mortgage, the team at PHL Capital can help you explore your options and make an informed decision that aligns with your financial goals. Contact us today at 604-579-0847.